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If your condo is worth that much, you need to work with an experienced realtor who has the network and buyer leads to get it sold. A major issue is security and another one is non qualified buyers.
You need to understand that selling your condo by owner will get low income buyers who want a peak at a luxury condo. You're also subjecting your home to theft. Working with a highly experienced realtor will get you highly qualified buyers who can afford to purchase your condo. Remember some of these buyers are international investors which realtors have worked with previously.
Interview 5 different realtors from different brokerages and do NOT sign anything until you have slept on it and very comfortable with your choice. Realtors are expert salespeople and they will convince you to sign with them. Let them wait. This is your investment - not theirs. Remember, both the commission and listing contract is negotiable. Don't let any realtor tell you otherwise and as the seller, it's your job to negotiate for terms that benefit you. Example: sign a 3 month listing contract and tell the realtor if they bring a financially qualified buyer within 3 months, you will be happy to renew the listing. If no buyer with an offer, time to say goodbye and move on to another realtor.
As for the commission, anything you can do to reduce the commission will help. Also you don't need to pay for all the services offered, so don't.
As for taxes and fees, taxes is fixed but fees as mentioned above is negotiable. Therefore, it's impossible to answer your question.... more
I am constantly surprised at this question. Have you heard of Hauseit? Use them if you want to get access to buyer agents and avoid harassment from all these agents here with little to do. That is called an agent assisted FSBO.
Alternatively, you can do a straight FSBO via sites like this (Trulia, Zillow etc) however be warned that you will likely lose out on all the buyers represented by agents. I believe something like 90% of all deals in NYC are agent to agent. So you would be hoping to get lucky with a direct buyer that is not working with an agent. Also be warned you will be cold called and emailed probably 400 times (no joke) by rookie agents staffed to do this in the slim hopes of converting you to a full commission listing.... more
Agree that high property prices in NYC mean that the standard 6% commission makes absolutely no sense, these guys will earn more on the average $2mm deal than most people make in a year ($120,000)!
I believe new development deals and commercial deals are a bit more negotiated than just 6% but it is still unbelievable. I am not sure why more developers are not signing up for agent assisted FSBOs so they can get the same exposure without paying away all of their returns. At the very least you would think they would agree to do a 1% option vs 6%..unbelievable the status quo...... more
Owners is not the right choice for NYC. I believe they along with forsalebyowner.com and a few other sites may get a decent amount of traffic in middle america ... however you are wasting your money with them in nyc. Problem with them is they will not get you on StreetEasy, RLS, Brownstoner or any of the places that matter in New York City. There are a few choices however, check out Hauseit they are a new internet company that does an agent helped FSBO .. a bit different but it works. Good luck !... more
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The NY Times I find especially expensive and not that effective (never seem to get many responses), also I know a lot of brokers don't bother to post on there because they charge something like $1000+ a month to brokers to have a feed...
StreetEasy for sure is very effective, zillow and trulia not as much, especially not for NYC. The other big source of buyers will be RLS - it's basically the NYC MLS and you'll need a firm like hauseit or another fsbo broker to get you exposure there. Good luck!... more
Step 1: pay as little as $90 for your online pre-licensing course at realestateu.tv with coupon code "NYC10"
Step 2: pass the state exam and associate with a broker http://realestateu.tv/sponsoring-brokers/
(I'm personally a fan of the first choice they offered - Mont Sky Real Estate - why say no to free buyer and seller leads ... on demand?)
Step 3: spread the word with your friends and family - hopefully you have a lot!... more
Posting it FSBO on zillow or streeteasy will be disaster for you unless you have an inordinate amount of free time. You will get some direct buyers yes but it's always said that over three quarters of all buyers in NYC are represented by agents. And if you list fsbo they'll all avoid you. And what's more frustrating is that you'll receive 200 cold calls from brokers with little to do trying to solicit you as a listing client!
Same issue with craigslist unfortunately - sorry Andrew. You can post FSBO on Trulia Scott - but run into the same issues I described above. Jackie - that's a good idea - "agent managed FSBO" I've heard of it before.... more
Jackie's pretty spot on. I've heard of some of the others but hauseit is definitely the most reliable, or "established" brand for nyc fsbo sales. It's actually more of an agent assisted FSBO because they pair you with a real full service broker who lists you on all the sites.... more
You don't want to pay 6% so you have two options. FSBO if you have time to spare and a lot of patience. Or you can do an agent managed (i.e. assisted) FSBO via a firm like Hauseit to get you full exposure (RLS, StreetEasy, etc).
Either way, not a good idea to take a 6% immediate capital loss. Good luck.... more
It legally should be negotiable, but I've actually had agents tell me their firm policy is 6% and they can't waver from that. Regardless, if you're trying to sell via an agent but also save money I recommend just doing an agent managed FSBO listing in NYC.
I learned a lot of this through these guys - pretty much the authority on NYC FSBO and how to sell your home yourself http://www.hauseit.com/3-reasons-nyc-fsbo-sellers-fail/... more