Home Selling in New York>Question Details

Maria, Both Buyer and Seller in New York, NY

I believe it's better to use an agent to list my co-op rather than sell on my own but in NYC there are so many companies & agents. How do I?

Asked by Maria, New York, NY Mon Mar 28, 2011

pick one?

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32
Jenet Levy’s answer
BEST ANSWER
Maria,
Congratulations on your decision to sell your co-op and more importantly for knowing that the agent you choose is a very important decision with serious ramifications.
There are two main factors to consider - the company and it's marketing capabilities, and the agent their own skill and experience.
The company should be big enough to be able to do a serious marketing campaign that is broad, comprehensive, and takes a multi-media approach, as well as has a name that is respected by, and will be familiar to, the rest of the brokerage community. Not all companies are alike, not by a long-shot. Your agent should be someone who is experienced, skillled and knowledgable, with whom you click. My suggestion would be go to the "Find a Pro" tab on the top, put in "New York, NY" and contact a couple of the top-rated agents that come up.

Hope this helps.

Best,
Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
212 381-4268
http://jenetlevy.halstead.com
1 vote Thank Flag Link Tue Mar 29, 2011
Dear Maria,
I agree, choosing a broker to list your property can be daunting! The most inportant thing in choosing a representative is trust. So ask your friends and family members if there is anyone they have used who they particularly recommend. If that doesn't get you anywhere, take a look on the web at the brokers from the top NY firms (Corcoran, Prudential Douglas Elliman, Brown Harris Stevens, for a start) who have experience/ expertise in your neighborhood. Call a few and set up meetings so you can get a feel for that broker and get their professional opinoion of your unit (what they think it should list for and what needs to be done to it before it goes on the market). Do not automatically assume that the broker who gives you the highst price estimate is the one to go for. Go with the broker who you sense is most professional, hard working and trustworthy. Go with your gut, it is usually right!
Feel free to call me at 917-216-9197 or email at LFC@corcoran.com if you would like to discuss.

Lisa Camillieri
Senior Associate Broker
The Corcoran Group
1 vote Thank Flag Link Mon Mar 28, 2011
The best way to select the right Broker to assist you in selling your co-op to find one whose expertise lies in that particular category....you will not ask a fisherman about apples nor would you ask a plumber about electrical work.
1 vote Thank Flag Link Mon Mar 28, 2011
Hi Maria,

I definitely agree that it's better to use a broker than sell the apartment on your own. By signing an exclusive agreement you'll be able to market your property to every single broker in the city! The vast majority of apartments in the market are co-brokered, with one person representing you and another working with the buyer.

Buying and selling co-ops can be tricky so it's important that you select a broker experienced in 1) selling co-ops and 2) your particular building (ideally).

You may want to get referrals from neighbors who've recently bought/sold in your building. Similarly, the doormen, resident manager and board members can give you insight as to who's good to work with, since they deal with brokers all the time.

You may also want to dedicate a day or two to visiting Sunday open houses in your own building or nearby ones to see listing brokers "in action." If you like a broker's style, salesmanship and professionalism when you meet him/her as a potential buyer, you can assume that the broker will represent your property just as well when you're the client.

Finally, don't underestimate the power of "politics" when it comes to co-ops. It's really important to work with someone with his/her finger on the pulse of your particular building, who understands what requirements the Board has but don't reveal to the general public.

Picking the right broker can save you (and the prospective buyer) time, money and aggravation.

Good luck with your search.
1 vote Thank Flag Link Mon Mar 28, 2011
That’s a good question, it really depends on a few things and the most important one is if you trust your agent/broker. He/she needs to first and foremost be on your side and not look to make a quick buck or try to sell your unit directly in order to make the most amount of money.

Secondly, the agent/broker should know the area, what’s selling in and around your address and be able to relay solid facts as well as marketing ideas. The agent/broker should be able to inform you on where your listing will appear, from websites, to print, etc…

Regarding the firm, if it’s a small boutique or a huge firm, the most important person you are going to be dealing with will be the agent/broker not the firm. You’ll hear “our website gets approx 50,000 hits a day” or we’re the largest firm in the city. That’s all great qualities but it doesn’t apply to your situation. You need to know, where are you going to listing my apartment, what resources, and how much marketing money do you have to list? Are you going to hire a photographer, a floor plan designer, do we need to stage or change the furniture in the unit? All these questions need to be addressed immediately and if you feel for a split second that you’re hesitant then go on to the next agent. It’s all about you and your need.

Lastly the agent/broker should be able to tell you after their research what price the unit should be listed at. If you disagree then you should change the price but listen to advise of the agent first pitch first. I’d be honored to assist in anyway possible, feel free to contact me anytime and best of luck.


Tony Lara
Licensed Real Estate Salesperson
Rutenberg Realty
tlara@crrnyc.com
0 votes Thank Flag Link Thu Apr 7, 2011
Maria,

Unless you live in an all cash building and one that is similar to 740 Park or Dakota, you will be in good hands if you go with an agent who has previous coop and board package experience.

Believe me when I say… even seasoned brokers who sold dozens upon dozens of co-ops still ask for advice, ask their colleagues and managers for assistance. It’s very easy to miss something on an application, the work is daunting, it can be frustrating, time consuming and for this reason we check, double check and have it triple checked by fresh set of eyes before we deliver it.
At the end of the day, you will find that most reputable firms have similar marketing arms. They aren't equal, just similar. One firm always gets more exposure over another, and this is especially important when we are targeting international customers. Because we never where the buyer finds us.

In my opinion some of your main points of interest should be as follows.

Does this broker work for a firm which can easily be found on the web? Is the website easy to navigate or will someone spend an hour trying to find a property without much luck, give up and move to the next company? You’d be surprised how often certain websites frustrate and turn buyers off because they are too difficult to work. They might be attractive, but the user interface fails to deliver.

Where do they advertise? How do they conduct showings and open house? Do they work alone, with a team, are they responsive or do you have to chase them? Do you think they are likeable people, enough for other agents to want to conduct business with them and bring their buyers to your property or do they repel everyone in site? When you ask them direct questions, do they give you direct answers or vague ones?

Are they willing to drop their commission the moment you bring it up? If they do, I wouldn’t hire them. If they can’t negotiate their worth to you, believe that they won’t negotiate the highest price on your behalf.

Do they do anything above and beyond conventional marketing? Do they take professional photos, videos, would they build a website for your apartment and your property alone? Do they have resources to direct web traffic with thousands of eye balls to your property? It’s all about exposure. They don’t have to be the #1 agent on the West Side or the East Side to sell your apartment.
I hope this helps a little and I wish you a quick sale.

Best,
0 votes Thank Flag Link Wed Mar 30, 2011
Hi Maria,

I am actually a Real Estate Broker in Riverdale and I believe it is important to interview several different companies before deciding on who you are going to choose to represent you. Depending on whether you are selling a house a co-op or a condo, there are different issues that can come up and not all real estate agents are created equal. In terms of Co-ops, you need an agent that will make sure that the buyers that are coming in are financially suited for your apartment and building AND that the agent and office has a policy of reviewing, correcting and preparing for presentation all board packages prior to having the package delivered to the managing company.

Does the Real Estate company and agent Co-broke your listing with all other companies, not only in NYC, but throughout the region (Including Co-Broking with agents in Westchester, Manhattan the Bronx, Queens, Brooklyn, Long Island, etc…).

A short list of questions to ask your potential agent:
1. Do you have a website?
2. How many search engines are you associated with?
3. How many Multiple Listing Services do you subscribe to?
4. Do you Co-Broke with everyone?
5. Do you Co-Broke my property immediately (Many companies try to hold onto your listing for at least a few weeks to make more money by not co-broking)?
6. Do you do Open Houses? How Often?
7. Do you use a professional photographer?
8. Do you have policies and forms for vetting potential buyers?
9. Do you require pre-approvals from reputable banks and mortgage companies?
10. How have you dealt with the recent problems in the mortgage industry?
11. Does your company have a relationship with a reputable mortgage company?
12. And many more.
There are many questions you should ask your potential agent and there are many agents that you may not "click" with. So be sure to be thorough.

If you have any more questions, please feel free to contact me.

Joe Greene
Broker/Owner
WEICHERT, REALTORS - House & Home
718-432-5000 (W)
917-974-2600 (C)
joegreene@weichert.com
0 votes Thank Flag Link Tue Mar 29, 2011
Hello Maria,

Simple question simple answer. Look for agents not only sell coops but they like selling coops. Coops require lots of knowledge and preparation. Ask these realtors What do they do diffrently from others? What is the their coop board approval rate? How many coops they have sold in either your building or your area? Are they currently in contacts with lending institutions that have approved your coop? And of course all other Real Estate questions. Make sure they are actually selling the coops they currently have listed as well.

Egen Warner
Web Reference: http://GetEgen.com
0 votes Thank Flag Link Mon Mar 28, 2011
Maria
Meet with at least 3 agents an just have your questions ready.
Request For A Free Home Evaluation Today.
Please DON'T HESITATE, CALL US TODAY if you have any questions!
Web Reference: http://www.desire2own.com
0 votes Thank Flag Link Mon Mar 28, 2011
The best way to select the right Broker to assist you in selling your co-op to find one whose expertise lies in that particular category, any question about transfer taxes (if any applies), or what requirement is needed from the purchaser would be answered by this person....you will not ask a fisherman about apples nor would you ask a plumber about electrical work.
0 votes Thank Flag Link Mon Mar 28, 2011
Hi Maria-

When selling a coop there is a huge amount of paper work as well as making sure that the buyer is fully qualified so the board does not reject them. I would be delighted to go into all pertinant details more formally with you as well as discuss your property and also current market trends with you. Please email me or call me so we can discuss your situation/apartment further.
Laura@kwnyc.com 917 399 5954
Fondly,
Laura Schwartz
Keller Williams NYC
http://www.kwnyc.com
http://www.kw.com
0 votes Thank Flag Link Mon Mar 28, 2011
Maria,

It would be to your advantage in using a real estate broker. Which you are correct there are many to choose from. I would do a preliminary interview over the phone a couple maybe 2 or 3 more if need be. Than the ones you like their responses set up an face to face interview. In this market you want the best value for your Co-op and working with an agent will definitely get you that. At Fenwick Keats Real Estate we are Realtors! We are apart of National Association of Realtors where many of our competitors are not. Meaning, we are able to give you far more exposure.

If you like I can be one of your preliminary agents you check out! I would give you exceptional service and get your Co-op listed and work with you asking for the right price!
Sharon Littles
Licensed Salesperson, REALTOR®
FENWICK KEATS Real Estate
W: 646-237-2624
Fax: 212-308-3526
http://www.FKrealestate.com
slittles@FKrealestate.com
0 votes Thank Flag Link Mon Mar 28, 2011
Hi Maria, you are absolutely right...using a broker to list and sell is much more efficient . We pre-qualify prospective buyers to not waste your time or ours. Making sure buyers qualify for financing and/or verify cash buyers. Whether their purchase would be contingent on a sale or a renter. We can coordinate your sale with your purchase and make it a smooth transition. Prudential Douglas Elliman has 12 offices thoughout Manhattan,48 offices Brooklyn, Queens, Bronx and Long Island with over 3500 agents - we all share listing information. Since noone knows where your buyer will be coming from- having access to all areas is beneficial for a seller as well as buyers. Of all Prudential Offices Nationwide we are #1 in the Prea Network over 60,000 agents. Terry K 718-614-3167 cell or email me therese.korahais@elliman.com
0 votes Thank Flag Link Mon Mar 28, 2011
Hi Maria,
The agent you are about to chose should be able to give you accurate property evaluations and pricing strategies. If we work together your property will be featured on our website where it will get immediate exposure to over 3 million visitors per month. Take someone you feel confortable with (this is key) and who works for a leading brokerage firm in New York.
If you wish to talk about it any further please feel free to call me or e-mail me at:
plaligant@corcoran.com
Patricia Laligant Corcoran
917-362-7749
Thank you very much!
0 votes Thank Flag Link Mon Mar 28, 2011
You will not go wrong by either contacting a reputable real estate company and working with an agent that even if new in the industry s/he is backed up by more expericed brokers from the office. Or, by hiring an agent that has closed on properties similar to yours.

An experienced real estate professional is an asset to a seller as the emotional aspect of the transaction is removed. Best of luck.

Cheers!
0 votes Thank Flag Link Mon Mar 28, 2011
GREAT QUESTION:

Choice of an agent who does marketing for your property, than just posting in MLS.

Request examples of past homes they have been listing agent on , we had a home listed based on address over 40 pages on Google search.

Agent who responds within a reasonable time of leaving voice or email

Where your personalities match . Some clients we decline foresee future problem

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Mon Mar 28, 2011
Hi Maria,
coops are a funny thing and allot of agents don't know how it works or how to handle them i have worked and read allot of book in this mater so i know what I'm doing to help out my client/s 100% and the owner so he or she gets the best price for there unit if their are sell or buying and sometimes it better to work with a small firm then a very big out yes sometimes clients get star struck on the big names and if they don't sell fast you get lost in the mix sometimes and then your unit just sits there i would like to help if you let me but good luck who ever you use

Best Regards,
James

James Lehrieder
Director of Sales
Senior Sales & Rental Agent
Certified Property Manager


Living Source Residential
1 west Street Suite 100
New York, NY10038
Lic. Real Estate Agents

For Rentals (914)450.5116
For Sales (646)943.1610
http://www.lsr-nyc.com
0 votes Thank Flag Link Mon Mar 28, 2011
Hi Maria,

The price you get for your coop is a function of the marketing you choose. Optimal exposure comes from innovative and inclusive marketing, state-of-the-art technology, exceptional service, knowledge and expertise.

My goal is to get you the highest and best price for your coop apartment. I welcome the opportunity to discuss with you in detail how we can put my expertise and unparralleled resources at your service.

Please contact me at your earliest convenience. I look forward to hearing from you.

Best,

Mitchell Hall, Associate Broker
The Corcoran Group
mhall@corcoran.com
917-312-0924
Web Reference: http://nycblogestate.com
0 votes Thank Flag Link Mon Mar 28, 2011
Mitchell Hall, Real Estate Pro in New York, NY
MVP'08
Contact
Call several agents and have an initial conversation to see if you feel they may be a good match. Narrow to a few and have one-on-one interviews to pick the correct agent. Never overprice the listing. If it's priced right or underpriced it will attract buyers not lookers and possibly start a bidding war. If it is overpriced, it will sit.

Please call to discuss further and the opportunity to work for you.

Arthur Golden | Licensed Real Estate Associate| REBNY Member
Prudential Douglas Elliman | 1995 Broadway, 4th Fl | New York, NY 10023
C: 212.866.8717| P: 212.712.6078| F: 646.497.5476 | E: agolden@elliman.com
Listings: http://www.elliman.com/aug
Web Reference: http://www.elliman.com/aug
0 votes Thank Flag Link Mon Mar 28, 2011
It is better to use an agent that is experienced in selling co-ops and has a proven track record. Any reputable company's broker should have a bio page with their agent profile and sold listing history. Have a conversation with that broker and see if they are a good fit for you on a personal level as well as professional level. Some brokers and sellers do not click and not every agent is right for every owner.

Scotty Elyanow
Associate Broker/VP
Citi Habitats
0 votes Thank Flag Link Mon Mar 28, 2011
Hi Maria

You are correct in wanting to use an agent to list your co-op. An experienced agent can save you time and help you get the best price for your home. You will want to meet with a few different agents. During your meeting you will want to find out what they will do to help market your apartment. You don't want to pick someone just beause they give you the highest price to list. You want to find an agent that you have a good rapport with since this is the person you will be working with from the time you sign the contract until the closing. Do you feel comfortable with them? Do you trust them? Are they someone you want opening teh door to your home to greet potential buyers?

Recommendations from friends and colleagues are usually a good place to start. I woudl personally love to help you with the marketing and sale of your home. At Halstead we have an outstanding marketing department at our disposal and generous advertising budgets. This is extremely important beucase if buyers or other agents can't find your home, how can you sell it? We are also the only company that regularly uses videos tours of the property. In addition we have an extremely user friend web-site.

Jennifer H. Roberts
Licensed Real Estate Sales Associate
Halstead Property, LLC
Phone: 212-381-4229
Cell: 917-226-6555
Email: jroberts@halstead.com

view my current listings and all NYC listings at jenniferroberts.halstead.com
0 votes Thank Flag Link Mon Mar 28, 2011
Typically friends, family and colleagues will recommend someone with whom you can work. I believe is important to work with someone you like and trust. It would be my pleasure to meet with you about listing your co-op. Here is a link to my profile on Corcoran.com: http://www.corcoran.com/agents/profile.aspx?pref=Y&regio…
0 votes Thank Flag Link Mon Mar 28, 2011
I highly suggest that you do your research for your prospective agent. You also want to make sure that they service your needs to the level that you expect. They should be responsive; which is a HUGE problem in this industry; be knowledgable and have a good reputation. You will be able to research them online by reviews; ask friends if they can recommend you someone they may have used and were happy with; and lastly, you and your agent must be able to work harmoniously because you will be working with someone for an extended period of time and you want to make it a fun and happy experience. They are your gatekeeper, trusted friend and team member.

Feel free to research my testimonials and search approximately 20,000 exclusive listings, representing the ENTIRE database of residential listings available through the membership of the Real Estate Board of New York (REBNY). You will be able to see what prices are doing in your building, what's for sale and other pertinent buyer and seller information.
0 votes Thank Flag Link Mon Mar 28, 2011
Also make sure that the agent/broker is transparent. They should back their pricing with past sales in the bldg and share all that info with you. Also, that they partner up with you serve to serve your best interest. Feel free to contact me if you need any help.
Regards
Al Chhibber
212.521.5732 Office
917.604.3555 Cell
0 votes Thank Flag Link Mon Mar 28, 2011
Maria

Call a few neighborhood real estate companies. They would need to come in and evaluate and give you a marketing plan, comps of recent sold and in contract similiar properties, and give your their pricing of what they feel you should ask incorporating the Brokers Commission.

Feel free to reach out to me via email at vprakash@rutenbergrealtyny.com so I can suggest and recommend a few good agents in your vicinity if I know of any since I dont know where your property is located in NYC.

Thanks

Veena Prakash

Associate Broker

Charles Rutenberg Realty
0 votes Thank Flag Link Mon Mar 28, 2011
Hi Maria, Getting a referral from a family member of friend is always a great way to find an agent. Then you have to meet with them and see if you are comfortable with their knowledge and professionalism. I can refer you to a top notch agent in the city if you like. I am part of a large network of reputable agents.

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
914.406.9023
0 votes Thank Flag Link Mon Mar 28, 2011
Hey Maria-This is a very important decision and the best way is to interview a few agents from different companies in person. This is your best way to make an informed decision. It would be my pleasure to meet with you and tell you more about my company and background.

Eric Mendelsohn, MBA
Rubicon Property, LLC
Vice President, Licensed Real Estate Agent

Direct Dial: 516-840-3516
Fax: 646-390-6654
Email: eric@rubiconNYC.com
Twitter: @eimendel
http://www.rubiconNYC.com
0 votes Thank Flag Link Mon Mar 28, 2011
Google the area first, see if there is anyone recommended. Then you should pick 3-4 agents you see with listings in the area of your apt. If all else fails, get a suggestion from a trusted colleague or friend. Sometimes you will get lucky and meet a GREAT agent while going through your normal routine. A lot of good agents are on this network (hint hint) Check us out!
Melanie
BOND New York
http://www.the76diva.wordpress.com
0 votes Thank Flag Link Mon Mar 28, 2011
hello Maria,
I will be happy to meet with you and discuss the sale process and price your coop and package it so you can get the right price for your co-op. I am a hybrid agent and I deal with many sellers, buyers and renters. Many times I buy for my clients as well as sell their properties. I work with my husband who is also associated with Citi-Habitats. I can stage your coop so it would sell faster.
I have included a sample of my listings.
http://www.citi-habitats.com/agent_profile.php?id=FHA
Please feel free to call me at 646-660-0060 or email me at fhamberger@citi-habitats.com
Fern Hamberger
Sr. Associate broker.
Fhamberger@citi-habitats.com
646-660-0060
0 votes Thank Flag Link Mon Mar 28, 2011
Go with the best me :)), I recently completed my MS in Real Estate and work with a large broker CitiHabitats. Let me take a look at your apartment and I will bring you the prices at which your comps are selling. If our meeting goes well then let me have the exclusive for your apartment. We make your listing visible to the entire broker community in NYC once the exclusive is signed.

Feel free to call me

pssarna@gmail.com
C- 347 546 5453
0 votes Thank Flag Link Mon Mar 28, 2011
Consider interviewing in person a few agents, or as many as needed, from different realty companies, then choose the one you like best and who has the most to offer; ask what marketing strategies will be implemented; what plans will be put in place to coordinate meetings with buyers; what feedback/ communication can you expect and with what frequency; will data be supplied to help establish a fair and marketable asking price; will buyers be pre-screened and required to have mortgage pre-approvals when submitting offers; what other services does the agency offer, if any; choose your agent with care.
0 votes Thank Flag Link Mon Mar 28, 2011
If you are interested in a referral to someone I refer to in the city quite often, send me an email so I can give you the information.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Mon Mar 28, 2011
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