Glenn Minnick, SVP

In todays market with so much more inventory and difficult mortgage programs, selling on your own may turn into a nightmare. Condo and co-op boards are also becoming increasingly selective with potential buyers due to the economic downturn...they want proof of everything. I just sold a condo and the board put the buyer through the hoops....all cash deal...condos never did that in the past. 90% of qualified buyers use an experienced broker to help them make an informed decision. Selling an apartment on your own is just like selling a used car...you never know who is going to show up or if they are qualified to buy it! - Thu Oct 16 2008, 08:55

Hello David:

As your agent to list it for both rental and for sale simultaneously. Take the deal that happens first. Many of my condo listings are set up like this. It keeps the agent in the loop and at least he can try and make the rental commission. Remember, rental commissions are usually paid by the tenant (you may offer to pay part of the fee), you'll find a better qualified tenant faster by using an agent if he co-brokers the listing to all of the other agencies in the city. Trying to get a qualified tenant on your own can turn into a nightmare...a good agents does all of the credit checks/background checks for you before you sign a lease. - Thu Oct 16 2008, 08:48

One of the best ways is to go to one of the top firms in the city (Either Prudential Douglas Elliman...Top in NYC and 4th in the U.S., or Corcoran). Look for the most successful agents (their web pages will tell what they've sold or rented), look for somebody who is a SR. VP or better with at least 5 years experience and a good educational background. There are over 6,000 agents in the city and only 11,000 units sell every year (so many agents are lucky if they do 6-8 transactions a year...I do over 80), so finding someone with a lot of deals under their belt will help you avoid any potential pitfalls. NYC real estate can be very complicated, every deal is different (especially if you're buying a Co-op, each has different requirements and rules), someone with a lot of experience over the years can forsee any potential problems and walk you through the entire process. A lot of people claim that they are "Brokers" when in fact they are only licensed salespeople. The Broker is the person who holds the license for the entire firm...1 person...but some of us are Associate Brokers which means we've completed a lot more education and could actually open our own firms...but we choose to associate ourselves with a larger firm. All listings in the city are co-brokered (or they should be...some smaller don't share their listings), so we basically all have the same inventory to show, but the experience level varies widely. You should also keep the transaction "arms length", never hire a friend of a friend or relative...hire someone based on their track record alone. I'm in the top 1% of all agents nationwide! Check out my web page at http://www.elliman.com/gjm and let me know if I can be of any further assistance. - Mon Sep 1 2008, 06:49

Hiring an experienced (and successful) agent will get you a better price for your property than trying to sell on your own. An experieced agent can help to filter out non-qualified buyers and make your life a lot easier, especially in today's difficult mortgage environment. Selling on your own can be a costly process...in the dollars you lose by not getting the best price by the best qualfied buyer. - Thu Aug 28 2008, 17:08

There have been modest declines in some areas of the market, especially in cooperatives where there is a lot of inventory. However, condominiums continue to increase in price due to all of the foreign buyers now. With the weak U.S Dollar, Europeans are snapping up condos which is helping to keep the overall average prices up. I handle soley high-end condominiums and we're seeing foreign buyers by the "boatload" now...thank goodness as they are doing wonders for the NYC economy. Our office is having a record year again for sales...we've already surpassed 2007 numbers as of the middle of August. - Thu Aug 28 2008, 13:16