Brian Rayman, Both Buyer and Seller in Brooklyn, NY

I'm hoping to save some money by selling my apartment on my own. Anyone have any advice?

Asked by Brian Rayman, Brooklyn, NY Tue Jul 23, 2013

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Dear Brian:

90% of the time when a homeowner tries to sell their property themselves, the property does not get sold and the homeowner winds up listing with a real estate agent. Especially here in Brooklyn... the buyers are very smart and savvy. Many of them seek out properties that are for sale by owner because they feel that it will be easier for them to get a good deal. In other words, because you do not have to pay a commission, the buyers are going to feel that they can get the property for less and they will give you a lower offer. Hence, the buyer winds up saving money and not you.

In addition to that you have to know that you will be letting strangers into your home without them being qualified as real buyer who can afford your property. based on all of this, my advice is as follows...

1) Before you even speak to anyone about your property, make sure you have their first and last name and phone number and do not give them any information until after you call them back. Also do a Google search with the name and number to see what you can find out about them, 2) When you call them back ask them if they were going to need to get a mortgage, if they do tell them you will need to see a pre-qualification letter before they enter your home, 3) If they make you an offer, have them put it in writing and get their attorney's name to give to your attorney.

Most of the time the best option for a consumer is to simply list their home with an agent and have the agent do all the leg work, make sure the house is marketed to it's fullest extent and that the buyers are qualified. Even though you will be paying a fee, a good agent will still get you to net more money the vast majority of the time.

Even if you do not list with an agent, you should have a couple of agents view your property to get some realistic opinions as to how much your home is worth and then decide from there how you want to do it. Most agent in Brooklyn will do that as a courtesy with no obligation. Even though the agents will try to get you to list with them, you will get a multitude of good insights when you do that regardless if you list or not.

If I can be of further assistance, please contact me direct. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales/ e-Pro Realtor
Fillmore Real Estate
Office: (718) 252-2000/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
1 vote Thank Flag Link Wed Jul 24, 2013
Since you are asking agents such a question, are you sure you are up to the task...
1 vote Thank Flag Link Tue Jul 23, 2013
Honestly its a big job but if your willing to commit to it i can give you some hints.
Realize that theres a lot of time that will be invested, and you will get offers that are lower then what you want, real estate agents may help you get a better price for it.
Advertise Advertise Advertise! Trulia, property shark, and CL. Put the price a little higher, say 800k so that way when they get it for what you want 775k They feel like a good deal for them, and your happy. Also prepare to wait for a couple of months, showing the property, getting phone calls at any time of day, and people who waste your time, who are just "looking" or aren't qualified but will put offers in anyways.
Be careful as there may be Robbers, rapists, or thieves looking for pray, and an unoccupied apartment is like a dark alley to them.
Get signs to advertise that its an open house, get more pictures up of the actual place, to attract the people that dont like, and do scare away those that will waste your time because its not what they are looking for.
Hope It helps!
1 vote Thank Flag Link Tue Jul 23, 2013
Thanks so much, this was really helpful!
Flag Thu Jul 25, 2013
Honestly its a big job but if your willing to commit to it i can give you some hints.
Realize that theres a lot of time that will be invested, and you will get offers that are lower then what you want, real estate agents may help you get a better price for it.
Advertise Advertise Advertise! Trulia, property shark, and CL. Put the price a little higher, say 800k so that way when they get it for what you want 775k They feel like a good deal for them, and your happy. Also prepare to wait for a couple of months, showing the property, getting phone calls at any time of day, and people who waste your time, who are just "looking" or aren't qualified but will put offers in anyways.
Be careful as there may be Robbers, rapists, or thieves looking for pray, and an unoccupied apartment is like a dark alley to them.
Get signs to advertise that its an open house, get more pictures up of the actual place, to attract the people that dont like, and do scare away those that will waste your time because its not what they are looking for.
Hope It helps!
1 vote Thank Flag Link Tue Jul 23, 2013
The owner of the company ForSaleByOwner.com tried to sell his apartment on his own. Did you know that after 6 months he listed with a Realtor?? He actually wound up selling quickly and over what he anticipated. You can google the NY Times article about it.
0 votes Thank Flag Link Thu Mar 19, 2015
The owner of the company ForSaleByOwner.com tried to sell his apartment on his own. Did you know that after 6 months he listed with a Realtor?? He actually wound up selling quickly and over what he anticipated. You can google the NY Times article about it.
0 votes Thank Flag Link Thu Mar 19, 2015
Suggest you use a broker if you want to get the highest price for your apartment. Have done this with many potential FOR SALE BY OWNERS and each time they received more than expected considering the number of buyers (exposure) we bring in. Perhaps we can discuss....we provide professional photographs, professional floor plan, advertised EVERYWHERE and do open houses....and does not cost you anything other than the broker commission due at the closing.

Mitch Wexler
Corcoran
mwexler@corcoran.com
917-679-8688
0 votes Thank Flag Link Tue Jul 23, 2013
The best advice is to Hire a Realtor -
0 votes Thank Flag Link Tue Jul 23, 2013
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