Approximately 85% of buyers are searching for their next home or investment on the internet. Most internet shoppers never leave page one of Google and rarely go past the first 3 positions. Being on page one of Google means that your condo will receive traffic. That equates to buyers finding your condo and making an appointment to view your condo.
Newspapers, magazines, postcards and other tools of the past just don't do that anymore, despite the claims of some without an internet presence. Ask if they can put your home on page one of Google?
You NEED to hire an Internet Marketing Specialist in today's real estate market if you are considering selling your Manhattan condo.
REALTORSÂ® shall not knowingly or recklessly make false or misleading statements about competitors, their businesses, or their business practices.
# Standard of Practice 15-1
REALTORSÂ® shall not knowingly or recklessly file false or unfounded ethics complaints.
# Standard of Practice 15-2
The obligation to refrain from making false or misleading statements about competitorsâ€™ businesses and competitorsâ€™ business practices includes the duty to not knowingly or recklessly repeat, retransmit, or republish false or misleading statements made by others. This duty applies whether false or misleading statements are repeated in person, in writing, by technological means (e.g., the Internet), or by any other means. (Adopted 1/07)
You'll need to let the Realtor know what your priorities are so a marketing plan can be tailor-made to your situation. Lastly, if you use the same Realtor to sell your home and purchase your new one, ask them if they'll give you a discount. It doesn't hurt to ask and it's not uncommon to receive the discount since they're going to be involved in two separate transactions for you.
The commission is negotiable. It's usually 5, 6 or 7%, with each having it's own advantages and disadvantages. I also suggest that you be realistic on your asking price. The real estate market is fluid. Don't expect to receive an unrealistic amount as most buyers are looking for value and lending guidelines for borrowers have tightened up considerably.
Good luck and feel free to contact me for an interview or if you have additional questions.
1. Your call to the agent was answered, or returned in a prompt manner.
2. The agent showed up on time for the appointment, and was neat and professional in appearance.
3. Be sure to mention the names of other agents you have talked with, or will be interviewing. If the agent you are interviewing gives any indication that could be interpreted as a knock against the competition, he or she has failed on an important criterion. If, on the other hand, the agent is complimentary about his or her colleagues, that is a plus.
4. The agent should be prepared with facts and figures, marketing plan, and offer suggestions. When an agent says "This property is perfect. You don't need to do a thing to it," it could very well be a big red flag.
After finally finding four that have met all of the above criteria, of the four suggested listing price ranges choose between the agents that have the two in the middle. Of those two, choose the agent you felt the most comfortable with. There is a lot to be said about trusting your "gut." The reason I disqualified the one with the high suggested price is that it could be a good chance the agent is just giving the info that you want to hear to get your listing. Not a very honest practice. I threw out the low, based on the possibility that this agent is just looking for a easy and quick sale at your expense. However, easy and quick are not adjectives normally found used in this market. If all four or even three suggested prices would come in extremely close, just go with the Realtor that you have the best feeling about of the group.
ELV!S posted these great interview questions below on another thread. They should be of some help as well. Good luck and remember commissions are negotiable.
â€¢ How many homes, of my type, have you sold? (recently, 6 mos, 1 year, 5 years)
â€¢ What is your list / sale ratio?
â€¢ What is your average "days on market"
â€¢ What is your marketing plan for my home?
does it include internet (where?), do you offer multiple photos, virtual tours, color brochures
â€¢ Do you do open houses (why / why not / how often?)
â€¢ What is your price recommendation (why / how did you arrive at that / do you have comps to back that up?... do you have a "quick sale" price, and a normal sale price")
â€¢ What is your plan if I'm not under contract in 30 days / 60 days / 90 days ...etc....
â€¢ Why should I hire you? What do you bring to the table that's different than the myriad of other agents out there who want my listing.
â€¢ Will you offer a reduced commission (why / why not?)
â€¢ Are you a full-time agent?
â€¢ Do you practice dual-agency? (why / why not?)
â€¢ What do you think of Agent A and Agent B (the two other agents you're interviewing)
â€¢ Are you planning any upcoming vacations or are you going to be unavailable, and who is your back-up when you're gone?
â€¢ What weekly communication can I expect from you?
â€¢ Is there anything I haven't asked you, that you think I should have?
If there is even a remote chance of you eventually going FSBO, try to make sure that in the listing agreement that the Realtor protection period is short as possible. Try for 30 days, and that a protected list of buyers is given to you within a 3 business day period after the expiration of the listing. This should be written in the agreement. Good luck.
Here are a few of points to reference when interviewing an agent...
1. Ask an agent you are interviewing about his/her experience in marketing similar properties to yours.
2. Are they familar with your condo development? Having knowledge in how to market the positives of your condo is critical.
3. Advertisng...you want to know the multiple avenues that will be used. Unless you are entering into a contract that indicates the seller pays for all the advertising in addition to a commission, I wouldn't be concerned as the agent/company will be assuming all those costs including MLS, internet, websites & enhanced listings on these sites, flyers, mailers, etc.
4. The agent you hire should be able to provide you with a hard copy of an evaluation of your property to include properties( 3) that have Sold within the last 6 months, properties(3) that are Under Agreement and your competition. A knowledgeable real estate professional will be able to make "like kind" comparisons. In this market an experienced agent will save you time and money.
5. Commissions...they are negotiable but your agent must be competitive in offering a co-broke fee .
In this market, if an agent offers you a reduced fee and encourages you to list your property an asking price higher than the market will bear, this is not a strong agent and it is a recipe for failure.
6. You need a knowledgeable negotiator working for you!
Hope you are able to be a smart seller and turn into a fortunate buyer.
Best of luck!
Do not be concerned if they have "sold" properties in your area....you do not want to hire a selling agent; you need to hire a Marketing agent.
Make sure you are on a multiple listing service; do NOT sign any exclusives. Exclusives keep other agents from know your property is on the market. The best Marketing agent markets first and foremost to other agents. You are not hiring someone to sell your condo; you are hiring someone to get your condo sold. There is a big difference between the two.
Make sure the person you hire is a Realtor (trademark of the National Association of Realtors) who is bound by a Code of Ethics as opposed to a licensed real estate agent who does not have to answer to ethics and rules.
Commissions are negotiable, but do not hire a Realtor based on their commission or the suggested sales price. They should be hired on their experience, integrity and quality of their marketing plan. Commissions are a marketing tool; the more co-broke you offer out, the more attention the property will get from other agents bringing in their buyers.
Any further questions you may have, feel free to contact me off line at Gail@GailGladstone.com. I may be able to recommend someone as well.
The major NYC agencies are Halstead, Brown-Harris, Corcoran (Inc Citi Habitats) and Douglas Elliman. Then second tier and niche agencies like Bellmarc, Sothebys, Ashforth and Stribling among others. You will notice only one of these has an affiliation with the suburban franchises and that is because they were bought by a Long Island Agency a few years ago. These agencies I mention account for well over 80% of the sales in Manhattan.
I'm catching this question a little late. And hopefully you will get some info from this if your broker isn't already doing these things.
Ask them how they will market and ask specifics.
How many open houses will they hold. will they hold a brokers open house for you.
Will they put your apartment on the internet and on how many different websites. The companies website alone may or may not do the trick.
Ask them if they will do a video tour of your property.
Ask them if they will email and contact all the brokers in New York to tell them about your property
( I wouldn't ask how much they spend )
Ask them how they follow up with sellers on any feed back, offers, etc...
Ask them if they are aggressive or laid back ( if you care )
Ask them what type of marketing their firm does and where they advertise (aside from personal marketing the broker will do)
Ask them if they will market toyour building and buildings near by
I hope whoever you picked is all about internet marketing. No one goes to Paper Ads anymore, so if they aren't displaying you on dozens and dozens of websites, you aren't getting the right exposure.
Hope that helped.
Now to my fellow brokers here.
I am way too late on this, but I'll put in my two cent's anyway.
Love the conversation on REALTOR and REBNY. In NYC we don't have REALTOR, although some firms do belong to them, ex, Coldwell Banker and Century 21.
Someone below mentioned that the word REALTOR stands for the highest standards of ethics. I won't disagree with that statement, but what I will say is that so far any firm that I had to deal with that is not part of REBNY was a very unpleasant experience. Since my firm does not use MLS to advertise it's listings or search through them, it was almost impossible for me to get any useful information from these brokers who are on it.
They refused to tell me days on the market for the property and they refused to tell me their commission structure. Now I actually hear that MLS doesn't need to display the commission. ( I can't back that up, just something I heard from a fellow broker).
So please answer me this. From dealing with 6 different brokers who were not REBNY members, and getting the same run around ( bring in your client and we'll discuss the details after ). Who are they up keeping the highest standard of ethics with?
Commission is negotiable- that's a conversation that you can initiate when you meet them individually.
Commissions are always negotiable and shared by the listing and buyer's broker. As long as they are a NYS licensed agent or broker they can represent your listing they do not have to be a realtor,most agents in Manhattan are members of REBNY but even that is not mandatory, especially as most of the listings can be found here on Trulia. You should be presented with the details of their marketing plan, and what other steps they will take to get your home sold such as:Open houses, broker's and neighbors open houses, professional grade photographs, flyers, web listings, mailings to neighbors and contacts, a comparative market analysis so that you can arrive at the best listing price, suggestions for staging. You might want to make sure that they aren't too busy to really give your sale the proper attention and that they are available to show your home as necessary. Some agent/brokers at Elliman even have video listings for properties in the higher range! Good luck! (Let me know when you have listed it so I can find you a buyer..)