Sellers

When you bought your home, you likely used a broker to represent you. The seller was represented by their own broker, and the two brokers split the commission at no cost to you. This time, you’ll be on the other side of the transaction and the payment of commission is your responsibility. Commissions in New York City are typically 6%, which is never a small amount of money. What do you get for that?

A lot. Your agent will run comparable analysis to figure out how to price your home properly based on your desired timeline. They will put together and execute a marketing strategy which includes professional photography, a virtual walk-through, floor plan, digital and/or print marketing. They will field all the inquiries, organize and attend showings. They will negotiate on your behalf, help you to interpret and analyze offers, and coordinate your whole team of professionals to ensure the process is as smooth as possible for you. 

Can you do all this yourself? Definitely. But be clear on how much your time is worth and whether you have the ability to perform these tasks with the same skill and professionalism as an agent who does this for a living. Time and again studies show that homes listed with an agent sell for a higher price.

Once you’ve decided that a professional is the way to go, how do you choose which one? If you have an existing relationship with a broker from when you bought your home and enjoyed working with them before, reach out to that broker first. They already know you, they know the home, so you will save time. Be sure to tell them what, if any, improvements you’ve made to the property.

If you didn’t use a broker to buy, speak to your friends about their brokers, ask for recommendations. Look at your network, is there somebody in your book club, community garden, or other event that you felt connected to and relate to well? Reach out to them. Moving is one of the most stressful events in life. Choosing a broker that you already know or can relate to can help make that path a little smoother. 

In large buildings there are often resident brokers or brokers who specialize in that building or complex. Certain hot neighborhoods also have star brokers that seem to have a lot of listings. There is certainly nothing wrong with using these brokers but before committing because a broker has “done work in the building” or “sold in the neighborhood” take a look at their other listings. If they’re similar to your home make sure to ask the broker how they will help yours stand out against the competition.

My friend has a deep red living room and a deep purple bedroom. I told her when she sells I won’t take the listing unless she paints it white. Why? Neutral is the way to go, and white will make the space feel bright. 

There is no shortage of websites and tv shows where you can find tips for staging and preparing your home for sale. They’re mostly all correct in their advice. You need to organize the closets, fix any cosmetic damage (at a minimum), use neutral paint colors, and keep things tidy. 

I often get pushback from sellers on some of the suggestions I make, most common “but I live here, it won’t look perfect anyway!”. That’s correct, but the more perfect it can look the better chance you have of selling your home quicker for a higher price. 

The standard advice that I disagree with personally is removing all personal pictures from your home. Conventional reasoning is that a buyer is more easily able to visualize themselves in your home. When I work with buyers, I find that they relate better to homes where they can glean some sort of insight into who the sellers are. Personal pictures show that you’ve had happy times both in the home and outside of it, and that may be inspiring to buyers.

In a competitive situation, any information that buyers gain from personal items in your home will likely be used to try to get you to accept their offer. They want to find a way to connect with you. You have race medals up? They’ll talk about their running. Pictures of your dog? They’ll mention theirs. Your broker can help you balance the strength of their offer with their personal appeal.

Every buyer has questions. How old is the roof? The water heater? What’s the history of maintenance increases? Are they any assessments? If you’ve been living your life you are unlikely to remember the details of these things. If you live in a house it’s fine to approximate these dates to the best of your recollection. If you live in a co-op or condo, your board, managing agent, or super are your best sources of information.

The more answers your broker can provide in real time at showings and open houses, the better chance you have of getting a quick offer. If your building raises maintenance every year but has a full-time staff, recently completed a capital improvement, or refinanced, the broker can explain these things and give some assurance to the buyer and their broker that you’re transparent. Buyers get answers to all the questions during the inspection and due diligence phase so if something is less-than-ideal it’s better to provide that information up front.

For co-ops and condos you will have an offering plan, typically with a number of amendments, house rules, bylaws, and at least the last two years of financial statements. Give this to your broker when you list and you’ll never have to think about it again.

When you bought your home your attorney went through all the due diligence documents, negotiated the contract, and answered all your questions. As a seller, their main roll is to keep the transaction moving forward swiftly. An attorney that doesn’t get the contract out to a buyer’s attorney in a timely fashion can cost you the deal. If you have a mortgage, your attorney will speak with your lender to get the pay-off details. If that’s not done early on, your closing could be delayed. Use an attorney that you or your broker has worked with before.

Depending on market conditions, your home may sell the first week or it may take a little longer. If you’re no longer living in the home you don’t care about the showing schedule. If you don’t have the luxury of leaving before you list, try to be accommodating. Your broker will qualify buyers so that they’re not wasting anyone’s time. If they contact you about a showing request, do your best to allow it.

The most common time buyers visit homes is during Sunday open houses. Sometimes they are visiting from somewhere else or have non-traditional schedules where they prefer weekday appointments. Realize that for the two weeks after you list there will be two Sundays and at least one other day when you’ll want to allow showings. You’ll need to vacate during showings and leave the home in the state it was photographed as much as possible. Make sure the toys are put away, that there aren’t dishes in the sink, etc. Your home is a commodity now.

You might get one, you might get several. There’s a myriad of factors that affect timing and the amount of offers. By this point, you will have discussed all of that with your broker. An offer has many elements. There’s the number, the qualifications of the buyer, the timeline, and many more. All of these things are points of negotiation. Work with your broker to decide what combination of elements is desirable and realistic.

Your broker negotiated the most favorable terms for you based on your situation. You might have months to move, you might have weeks. If you haven’t moved for awhile you may underestimate the time it will take to find a new place, pack up, hire movers, and get out. Maybe your buyer needs to close before you’re ready to move. Your broker can help you strategize this based on the details of the contract.

In most instances, closing can be done remotely, or by power-of-attorney so there’s no need for you to attend. The proceeds from the sale will be provided by check or wire transfer. Congratulations!