I own and am currently living in a studio apartment condo, in Lower Manhattan and am looking to sell. The

Asked by Scott D, 10005 Wed May 13, 2009

building is a new conversion of an art deco style office building from the 1930's. My question is, why should I sacrifice the 6% in potential return to use a broker? Why not just use Craigslist, For Sale By Owner, Condo.com, Zillow.com, etc. I need every dollar I can get to why vive up the 6%?

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57
Alen Moshkov…, Agent, New York, NY
Thu May 14, 2009
This almost sounds like you are doing us a favor Scott, by throwing your question out as to WHY you should use a broker.

You already got some great replies in this post, and let me throw in my two cents.

Yes it's true that majority of FSBO's without quoting any percentages here end up listing with a broker. I know this from personal experience because I work FSBO's all the time. At first they are confident that they can do it on their own. The building they live in is always the nicest building, the apartment they live in is always the nicest apartment with best renovations, in the best line, with the best views and best light and on and on etc...

Then they tell you that they have done this before or their friend did it back in 2006, 2007 when people were buying with eyes closed, site on seen. It's now 2009 and we may never see 2007 again.

Selling is emotional, unfortunately people have a very hard time separating emotions with a business transaction (because that’s exactly what this is, a business transaction)
Most buyers don't care for the red paint or a bathroom that you spent $50,000 which looks like it belongs in a Goth club. I think you get the point.

Most motivated sellers do not advertise on Craigs List when it comes to selling an apartment in New York. Most FSBO's I work with have had their AD on NYTimes, and For Sale by Owner, and FSBO.com and all the others. SO WHAT?

Here is the REALITY of things. I haven't met any buyer that I previously worked with who went onto FSBO sites to look for their next home? After all why would they, when they can go on the major brokerage sites or sites like Trulia and Zillow to browse, and New York Times?
Majority of buyers work with a broker anyway. Why? Because a buyer doesn't pay for the services offered.
Most buyers coming in directly are bottom feeders or sharks, they will smell blood and low ball you, even if you are priced correctly. Or the less savvy ones can ruin the deal by not having all of their financials in place, paper work, time issues...Lack of proper research, lack of comps, lack of building knowledge, area, the right attorney for the deal, etc...

If you aren't offering at minimum 3% to a buyer’s broker, chances are very slim that any would bother bringing their client to show your apartment. Depending on the seller and the level of motivation, brokers tend to shy away and prefer not working with FSBO's because it can complicate the transaction. Back to Emotions. There should be a Neutral Party like a broker who can tell them (Look it's a good offer, your apartment is cookie cutter just like 50 others in your price range, and you better take this offer or Bob down the block will because he wants to sell right now not back in 2007).

If you go FSBO, and you get no action for a month, or two, or three you will be forced to lower your price, otherwise your apartment will linger for another 3 months. Now.......When you lower your price it won’t be by $10,000 or $20,000 because no one will take you seriously. It should be around 10%.
So 4 months later and 10% lower, that seller is sitting there and is thinking why did I waste 4 months and now I'm 10% less and still can't get people in when I could have had guidance and professional marketing for 6%. Now if I get an offer, it will take on average 3 months to close, if prices drop further I can have a tough buyer who will tell me at the closing table that prices dropped some more and he wants to rework the contract or otherwise he's walking away from this deal, at which point you would have to START ALL OVER AGAIN. And when it's your turn to buy, interest rates may have gone up, and prices stopped falling.

At that point, it's too late for that conversation.

You also mentioned living in Lower East Side in a new conversion from an office building. I may be wrong, but this to me sounds like Financial District. Renters go there because landlords are offering great incentives; it's very hard to attract a buyer into that area. And when you do, they will be afraid of New Developments and New Conversions for the simple fact of not knowing how stable the building is, how many units are sold, in contract, investor units. They will need to know that and the Bank will need to know that.

I believe Lincoln once said. "Any lawyer who represents himself has a client for a fool." (Not being directed at you or anyone specifically, it's just a great quote)

You just have to let go sometimes and hand it over to a pro. Let them do what they do best.

I wish you luck Scott and I'm sure that you will make the right decision, whatever it is for you.

~Alen
3 votes
Adina Greenb…, , New York, NY
Wed May 13, 2009
You will be bombarded by brokers who are going to tell you why its better to use us. And they are all right, it is proven that 95% of all for sale by owners work eventually with a broker.
But, why don't you try it first?
If you feel you want to give it a shot by trying yourself, go for it.
Good luck and if you decide to interview brokers after a while, please let me have a shot on telling you why I think you should work with me and my company. Coldwell banker Previews International.
3 votes
MAP1922, Other Pro, Newport, OR
Wed Jul 21, 2010
Trulia is filled with brokers answering this question and justifying their commission. I say - try it. See how you do. There's a very good reason why real estate brokers exist. They pre-screen potential clients, they are there to receive the calls and the repetitive questions saving you time and money. There is nothing in the law that says you must pay a 6% commission.
Over the past 25 years of working in real estate, I always use a real estate broker because I want someone to be the "buffer" between the potential client and me.
Remember under New York's Law of Agency - your listing agent must represent YOUR interests - not the other way around.
And just to think about - Residential real estate is emotion driven and it's better to keep yourself out of the mix until the decision making. Just my opinion...
Best wishes,
Michele Peters
Web Reference:  http://www.mpetersesq.com
1 vote
Michael Char…, , New York, NY
Wed May 4, 2011
because you don't want to be caught in a situation where the buyers is offering a lower price which he/she will always do when they speak directly with the home owner because they assume you desperately need the money and have no choice but to take it or leave it. Having a broker insures that the price you set for sale will be stressed firmly to all buyers who usually respect and don't go against until an offer has been made and closing begins . Its the same reason why people like having a lawyer or a secretary of state to the president. It is always better to have someone carry out your agenda of what price you want and the credential needed to acquire before a purchase can be made because they cant go against it until they finally meet you, the owner and those who qualify gains access to sit down and do business with you which you'll be happy to deal with than having to do it your self and have people make offers you really don't want to have to accept which could delay the process for months or even years that you'll eventually have to settle with less which can become frustrating. Then your calling us to sell your property at last minute expecting a fast miracle after having it visible on the market so long which makes it more hard to sell because many now know of this property before hand and will be blunt with us about there past experiences dealing with you and what they will only offer, which is never the price you want again.
0 votes
Pioneers Exp…, Both Buyer And Seller, New York, NY
Sat Apr 16, 2011
Sometime, sacrificing that kind of money may be worthy. But you do yourself a great service by asking whomever you decide to work with that important question before hiring him. When done properly, a brokerage does not often do a disservice, quite to the contrary. In pursue of cheap, many buyers and sellers in real estates have often made irreversible mistakes by not letting experts handle critical legal matters with the local authorities for example. Unfortunately mistakes are sometimes very costly in one way or another. Perhaps, negotiating down the 6% fees can also be a viable option. The service of a broker is simply an advisable option.
Web Reference:  http://richeswithrental.com/
0 votes
J R, , New York, NY
Fri Apr 15, 2011
Dj Jaffe: Perhaps the biggest negative is that unless you pay buyers brokers they won't bring you clients and they control most clients.

JR: I would take issue with the statement they control most clients. Most clients PREFER to work with an agent, they don't want to deal directly with an owner. I also don't know if it's your wording or what, but "the biggest negative is that unless you pay buyers brokers they won't bring you clients". Is that a surprise that they'd like to be paid?
0 votes
Alen Moshkov…, Agent, New York, NY
Wed Mar 30, 2011
Hi there Dj Jaffe,

I actually remember seeing your AD sometime ago on NYTimes. It also shows that you have been advertising on Trulia for 133 days under the same current price and 80 plus days on another site.

You are currently listed with a company you mention below. In our internal system the commission is quoted as 6%, by REBNY rules this is a 50/50 split, on their website with 3% going to buyer’s broker. As listed on their site, 1% will go to the buyer (I’m assuming this is only on a direct deal). So we have the 3% you were already offering plus paying this firm additional fee’s and or commissions. At the end of the day, your property can be listed with a top NY Firm which will offer you greater exposure and better broker participation.

My one concern which I would like to voice is as follows. You placed your apartment for sale roughly four and a half months ago without a price reduction. Has this company that is helping you manage your sale ever advise you to perhaps lower your asking price? In all reality we know that seller doesn’t set the price, broker doesn’t set the price it’s the actual buyer who has the money and offers to purchase who sets the price and the market. Without knowing any background on your situation, you may want to consider adjusting your asking price. Real estate hasn’t picked up, rather leveled out. And being listed at the same price doesn’t say “motivated”.

If for any reason this doesn’t work out and you consider other options. I can personally guarantee that my team can offer you every option any other agent offers in this town, but also in addition give you an unfair advantage over your competition with internet exposure (excluding all major RE websites people already search, that’s standard). Proof is in the pudding, and we can show you exactly how we accomplish this.

Best of luck.
0 votes
Dj Jaffe, Other Pro, NY,
Wed Mar 30, 2011
I am selling FSBO in Manhattan. There are pluses and minuses that may not apply elsewhere:

Minuses: FSBO is very time consuming: showing apt, arranging appointments, doing open houses, also updating and tracking ads, and most importantly from a time-consumption standpoint is dealing with hundreds of calls from brokers who don't want to accept the fact you are selling FSBO. Many many call and say they have a client they want to preview for and coming over to make their pitch. Perhaps the biggest negative is that unless you pay buyers brokers they won't bring you clients and they control most clients. Selling FSBO also does not get you on the websites of the brokers. I found that my advertising costs going FSBO are around $300-$400 a month to get in Times, Trulia, Street Easy etc. My experience is most brokers will tell you your apt is worth more than it is to get listing, and less than it is when it comes time to sell so they get commission faster.

Pluses: You save 3% (I found I do have to offer a buyers commission). Do not believe the claims of brokers that they get you more money. If you go to NY Times, Street Easy, etc. and search price reductions, you will see that the vast majority are stuff being sold with brokers. In fact, I have offered to pay buyers 3% of my advertising price plus 100% of amt over that. No takers. (They say law doesn't allow it, but I don't see any effort to change that law). You will see very few price increases.

Net:
I am now going semi-FSBO. I hired a company (Real Direct) that places ads in all the right places. That service costs me less than placing ads in those places myself, and accomplishes something I can't: get's me on broker websites. However, I am buyers brokers a commission. So far, I am pleased with results.
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Sun Mar 27, 2011
Hi Ami
Not really sure how it works, either, but I think once someone, for whatever reason, resurrects an old thread, anyone who posted there gets an alert....same with anyone who set up alerts for that particular area.

It's easy to miss the date when you're not looking for it, as the font is very faint!

Have a nice day!

ps obviously, Sandra didn't notice the date, either !
:)
0 votes
Ami Schulman, Agent, NY,
Sun Mar 27, 2011
Hi Debbie. Didn't notice when, just got an e-alert on line fro Truglia today. Wonder why they sent me this?
Thanks for your advice.
Ami
0 votes
Sandra Ospina, Agent,
Sun Mar 27, 2011
If you need help and support give me a call. I would first of all like to see your apartment and give you some input on pricing in today's market.

S a n d r a O s p i n a
Licensed Real Estate Broker
REBNY Member
M: 917-257-4169
sandospi@me.com
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Sun Mar 27, 2011
Ami - in case you didn't notice - this question was asked almost 2 years ago...I highly doubt Scott is still waiting for an answer
0 votes
Ami Schulman, Agent, NY,
Sun Mar 27, 2011
Hi Scott. It is not mandatory you use a broker, but what is important to remember is that we are licensed by the state of New York, take contiuing education classes, and focus on constant learning and improvement. When a broker is involved you do pay a fee yes, but you also recieve the advice from someone who is expert in this, and knows how to handle most any situation.
If you'd like to use my service, I can be reached at Aschulman@wbmay.com and i have 99% success rate in getting my customers and sellers sold.
Thanks.
Ami
0 votes
Edward Viech…, , New York, NY
Sat Mar 26, 2011
If you post it on craigslist, that is only one place that you can advertise. Brokers put it up on the MLS and many other sites including the NY Times, at the cost of $3,000 per month. This gives your apartment lots of exposure and guarantees that you will get asking price or more.
My company will charge 5% and we are located on Wall Street bringing in lots of investors.

All the best,
Edward Viechec
Senior Sales Agent
FirstPropertiesNY
14 Wall Street
Suite 2009
New York NY 10005
Office: 212-786-2275
Cell: 917-653-3062
0 votes
Ronnie Shuma…, Agent, New York, NY
Sat Mar 26, 2011
Scott,

Very simply, if you are serious about selling and really need every dollar, you use a broker.
If you are just looking for people to "window shop, kick your tires or squeeze your charmin", you go at it yourself and get half of the exposure.

I am curious as to what ever happened since this original post. I know that I have had two children since then, so a lot can happen. You should come back with an update for all of the 45 other curious people who took time to answer.

Cheers!
0 votes
Jennifer Chi…, Agent, New York, NY
Wed Feb 23, 2011
All brokers will give you the standard catch phrase, "Because whave access to the broker community and we can sell your property quickly, etc.". Yes, this is true. But-- more importantly, if something goes wrong in the negotiations, contract, or with a host of other things, you have just opened yourself up to potential liability to be sued! It is a kin to being penny wise pound foolish; with more often than not, one of the largest investment you own.
0 votes
David Vipler, Agent, NY,
Wed Jan 12, 2011
The job of a broker is to bring a qualified buyer to the table at a price given by the seller. Add the 6% commisision to the price and it doesn't cost you anything. In reality the buyer pays the commisison because owners/ sellers always tell brokers what the net price is that they are looking for. I am a "Resident Broker" in the Corinthian Condominiums in Murray Hill so i would not be able to help you downtown. Good Luck.
David Vipler
Vipelr Realty LLC
The Corinthian Condominiums
330 E 38th St
New York, NY 10016
Web Reference:  http://www.viplerrealty.com
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Tue Jan 4, 2011
So Scott (if you;re still out there, which is doubtful) - since you asked this question way back in May, 2009 - what did you ultimately decide to do?
0 votes
Sandra Ospina, Agent,
Tue Jan 4, 2011
Try it you might like it. It 's good work. Do you have another job? Sandra Ospina Broker
0 votes
Ross Ellis, Agent, New York, NY
Wed Dec 29, 2010
Hi Scott,

Rather than tell you that research has shown that only 2% of homeowners sell their own apartments, I will ask how you can market your apartment as well as brokers can? I will ask you how you ensure that your board package is perfect so that the condo board does waive the first right of refusal? I will ask you what you will do when problems arise with your buyer (and they often do) and how you can save the deal and actually get it to go through? I will ask you how you will objectively price it when the market is abundant with studios?

Board packages depending on the condo can be endless and if you don't get it right it will be kicked back. Are you going to do the credit check on your potential buyer?

New conversions in a down market can bring many questions and problems.

To my knowledge Craigslist, For Sale By Owner, Condo.com. Zillow or any other for sale by owner web site cannot do these things for you. However a good broker can. And a good broker will market the apartment to all of their contacts.

If you are sure paying the 6% isn't worth all that, than try selling the apartment yourself. If you have any doubts as to whether you can handle these situations that can and do arise, then you may want to consider hiring an experienced and professional broker. You may need the money but you do want it to sell. and not sit on the market for a long time.

If you do decide to hire a broker and would like my assistance, do feel free to call me. No matter what you decide, best of luck and Happy New Year.

Ross Ellis
Licensed New York Sales Agent
Halstead Property
770 Lexington Avenue, 10th Floor
New York, NY 10065
212-317-7828
rellis@halstead.com
0 votes
Andrew Woodf…, , New York, NY
Wed Dec 22, 2010
U could be a realtor playing Devil Advocate, lol
0 votes
Matthew Pope, Agent, Palos Verdes, CA
Tue Dec 21, 2010
Hello Scott,

Call me if you would like to discuss further over the phone, we have other solutions as well

Matthew Pope
http://www.TownandHudson.com
917-687-9145
Web Reference:  http://www.TownandHudson.com
0 votes
Spencer Sutt…, , New York, NY
Wed Dec 15, 2010
Hi Scott:

It's plain and simple answer. If you want to sell by yourself, you save money, but If you want to use a broker, they're provide you a services, which cost money - 6%!

Best regards,

Spencer Sutton

BondNewYork
25 Hudson Street
New York, NY 10013
Phone: 212 792-9155
Cell: 914 574-3279
0 votes
Edward Viech…, , New York, NY
Wed Dec 15, 2010
My broker's office is in Lower Manhattan. We can do a lower commission for you. Please call me.

Edward Viechec
Senior Sales Agent
FirstPropertiesNY
14 Wall Street
Suite 2009
New York NY 10005
Office: 212-786-2275
Cell: 917-653-3062
0 votes
Filippa Edbe…, Agent, New York, NY
Thu Nov 18, 2010
Hi Scott,

you shouldn't have to feel like you are "sacrificing potential return" if you are working with a broker.

You have already heard that 95% of the properties that are selling in Manhattan are selling with a broker. The longer a seller's home is on the market, the less attractive the home becomes to buyers. The best home selling tricks are to price it right, prepare it for sale, hire the best listing agent and attract that excited home buyer who will offer top dollar in record time.

Your broker's job is to inform you and help you analyze the ever-changing New York real estate market, so that your decisions are the right ones. You broker should have your back. Your broker should help you price your property correctly for the current market and for your specific goals.

The Seller's Broker's goal is to the get their seller the highers possible price in the shortest possible time.
AND
The Buyer's Broker's goal is to get their buyer the best available property for the best possible price - in the buyers case this is usually the lowest possible price.

If you are working without a broker don't forget that the broker on the other side of the transaction is looking out for their client's best interest, not yours.

My advice to you is to meet and interview a couple of brokers (preferably brokers that work in the neighborhood your property is located) and see who you feel will best represent you.

If you decide to start interviewing a few brokers I'd be happy to meet with you and explain more in detail how I can help you. Ask any broker you interview to give you a free CMA (Comparative Market Analysis).

If you decide to go at it on your own, you should be prepared to spend a lot of time on this. Selling an apartment is usually a full time job. It is fun and exciting, but it also has it's challenges. Best of luck!

Filippa Edberg
BOND NEW YORK
64 W 21st Street
filippa@bondnewyork.com
0 votes
., , New York, NY
Wed Nov 17, 2010
HI Scott. I really believe that the 94% of the sales price you keep will be much higher if you are willing to pay 6% to a good broker.
A broker offers you exposure to all buyers via websites, Open Houses, networking and advertising. A broker is not just about exposure though, she also offers you a professional voice in the transaction, an advocate for the property, a mediator between you and the buyer.
THink of it this way, A broker might also say, as you do, "why should I sacrifice 3% of my 6% to another firm, if I can sell on my own," and the answer is that the best and highest price is accomplished for the seller through co-operation, that is the name of the game.
0 votes
Pura Evangel…, , New York, NY
Wed Nov 3, 2010
It is always wise to use a broker because 1) you will get a buyer that is qualified, ready, willing and able to purchase a property right away 2) you can use your time in doing something else, 3) broker will make sure when you are in contract that the transaction will definitely closed 4) if there are problems , broker will solve for you., broker will be there from marketing , to showings, to negotiating, to contract, to all the paperworks, and finally to closing and to make sure it will remain closed. On the other hand you can try it yourself and let me know, Goodluck.
0 votes
Daniel Gersh…, Other Pro, New York, NE
Fri Oct 29, 2010
Im a Real Estate lawyer so I don't have to pitch you, but I can tell you Adina just gave the best answer out of all of them in my opinion.
0 votes
Gil Breef, , 10017
Wed Oct 27, 2010
Hi Scott,
It is a full time job job... if you are not experienced with selling real estate, you can hire one to provide the traditional services, including listing your home for sale, showing it to prospective buyers, and negotiating on your behalf. Keep in mind that you don't have to decide this right away -- if you have time, you can try selling on your own first, then choose an agent if that doesn't seem to be working.
Good luck,

Gil Breef
Licensed Sales Professional

Nest Seekers International
415 Madison Avenue
New York, NY 10017
C. (646) 533 0442
F. (646)478 9251
mailto:Gilb@nestseekers.com
0 votes
Andrew Woodf…, , New York, NY
Wed Oct 20, 2010
You could negotiate down the realtor fee to 5% or less. The value in using the realtor would be to get exposure with all the local agents. The agents know your local area and may have a buyer. Additionally, you may be overvaluing or undervaluing your home in today's market...Andrew
Web Reference:  http://Freehomefinder.org
0 votes
Michael Davis, , New York, NY
Wed Sep 29, 2010
Just remember you get what you pay for. Everyone thinks they can do it themselves. It's knd of like going to trial and defending yourself. If you've got a ton of time to commit and are prepared to not have a weekend till it's sold then go ahead. But like most FSBOs you'll try yourelf then get tired and try to find someone to sell it for you. Of course, you'lll loose the ever important first month of marketing but....
0 votes
Lynda Deppe, , New York, NY
Thu Sep 23, 2010
USE A DISCOUNT BROKER AND SAVE A BUNDLE.........There is so much more to selling a unit than just placing an ad. Each buyer has to be qualified in various respects, you need to know the market, how to price the property, negotiate, sometimes with more than on buyer at a time, read between the lines as to what buyers are saying and asking, follow up paper work with buyers, management companies, especially buyers requiring financing can be very difficult in today's market, buyers are not always comfortable working with owners for various reasons..... besides we offer 1.5% commission so let us handle it for you. We have various programs to suit every buyers and sellers needs.
Good luck in any event
LYNDA DEPPE- ALLSITE REALTY 212-979-7756
0 votes
Ellen Kapit, Agent, NY,
Thu Sep 23, 2010
If you are able to be home much of the time for various showings and coordinate information and questions and scheduling AND you are a good negotiator, then by all means give it a try.
0 votes
Jerry Feeney,…, , New York, NY
Sun Sep 19, 2010
You will need a lawyer in the process also, and be sure to engage someone who is experienced. Our office does not charge unless a deal closes, so there is no down side to engaging us early. Feel free to contact me at 212.842.0237.
Web Reference:  http://www.jerryfeeney.com
0 votes
Masa Ma, , Gramercy Park, New York, NY
Wed Sep 15, 2010
some people find that representing themselves is not a good idea. having a person in between is worth the 6%. i.e. you can make more money, or make it faster, when you sell if you have a professional middlepaerson. Also it is convenient to delegate to somebodyelse the showing, etc. But if you have time and a friend willing to act for free as your shield (so you dont interface directly with buyer or her broker) then Craiglist will be of some help (obviously the adds get burried in no tiome at the bottom of the list)
Also many foreigners - who would be likelly buyers of your studio would tipically come through a broker and brokers dont work for free - so no commission, no client... anyway I understand your point of view
0 votes
Aneicia Smik…, , New York, NY
Wed Sep 1, 2010
If you have the time to sit the apartment and do the details then your the man on the scene.
How ever if you like so many busy New Yorkers have a life style that makes staying home a no, you need a broker/agent to handle the details so that you can get on with the business of life and close the sale.
0 votes
Tony Lara, , New York, NY
Wed Jul 21, 2010
That's a good question Scott and my answer is the same: if you have the time, the patience to hold open houses, screen callers and emails then by all means sell it. You can use the various websites but I can tell you that if you give it the old college try and still don't sell it then please refer it to us the professionals. You should be looking for someone that's obvioulsy competant but also trustworthy!! Best of luck, I"m here if I can be of assistance.

Tony Lara
Licensed Real Estate Sales Agent
Charles Rutenberg Realty
0 votes
Michael Davis, , New York, NY
Wed Jul 21, 2010
I know the area in Fidi. I worked downtown exclusively for 3 years. One of the problems you are going to have is that in a declining market which NYC is the secondary areas get hit the hardest. Areas like FiDi need all the marketing help you can give. Did you pay the transfer tax going in to the new development? If you did then you're going to be hit twice which is tough. You can try on your own but you should be aware of a couple of things. One is that good professional marketing will get you a higher number. You'll get more traffic and better more qualified clients. You'll be inundated by brokers wanting to list your property and by bottom feeders who just want to take advantage or your situation. Secondly, you should know that if a property stays on the market longer than 30 days you may have issues with appraisals. Even if something else has closed nearby or even in your building you could very easily get an appraisal that will come in low causing issues at the closing table. If you have the time you can try it but there is a reason why real estate professionals are successful. There's a lot more to the process than just throwing some pics up on Streeteasy. If you would like to talk to anyone or need advise please call me. I won't try to pitch you. You probably live on John Street. Let me know.

Michael Davis
Halstead Property
646-321-0983
mdavis@halstead.com
0 votes
orseli pena, Agent, NEW YORK, NY
Sat Jul 17, 2010
Hi the last 3 years it has been very a hard time for Real Estate market to survive, but we can always find a buyer even though no clients are available right now to invest. This market is very down and it is picking up very low percentage rate. You can always try to sell your property yourself instead to hire an experience broker or real estate agent that will dedicate time and money to find a buyer.

I had sellers telling me my property it has been with you for six month, but you have not find a buyer, but I will show proof that I had buyer but offers has been declined due to sellers must be aware how the market is an everybody is looking for opportunities to in this case this is a buyer market no a seller market. SELLER MUST BE FLEXIBLE HOW THEY OFFER THEIR PROPERTIES RIGHT NOW.
0 votes
orseli pena, Agent, NEW YORK, NY
Sat Jul 17, 2010
Hi the last 3 years it has been very a hard time for Real Estate market to survive, but we can always find a buyer even though no clients are available right now to invest. This market is very down and it is picking up very low percentage rate. You can always try to sell your property yourself instead to hire an experience broker or real estate agent that will dedicate time and money to find a buyer.

I had sellers telling me my property it has been with you for six month, but you have not find a buyer, but I will show proof that I had buyer but offers has been declined due to sellers must be aware how the market is an everybody is looking for opportunities to in this case this is a buyer market no a seller market. SELLER MUST BE FLEXIBLE HOW THEY OFFER THEIR PROPERTIES RIGHT NOW.
0 votes
Jeanne Feeni…, Agent, Basking Ridge, NJ
Sat Jun 5, 2010
Hi there Scott, would be great to hear whether you were successful in selling on your own or if you hired an agent to assist you. Whatever the case, I hope you succeeded, but do tell us, we are interested to know.

Best,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference:  http://www.feenick.com
0 votes
Jenet Levy, Agent, New York, NY
Sun Oct 11, 2009
Scott,
It is 6 months since your post. I am wondering if you went the For Sale by Owner route or if you hired an agent and how it worked out for you. I would love to hear a follow-up.

Jenet Levy
Halstead Property
jlevy@halstead.com
(212) 381-4268
0 votes
Tony Lara, , New York, NY
Thu Aug 13, 2009
Good question Scott, sell it yourself if you feel strongly about it. Give yourself at least four to six months to sell it and price it accordingly to the market not what your personal feelings about the 1930's art deco building or the apartment. At the end of the day it's a studio and should be priced accordingly. Lastly, regarding us brokers and agents and the misrepresentation that we don't do anything and collect a 6% commission. I challenge anyone to work on comission and give as much time as we do, and oftentimes the good buyers or sellers will turn around and use our information to their advantage and we're left with nothing. It's not as clear cut as it seems and it's damn hard but go for it dude, good luck.
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Erin Rodrigu…, Agent, New York, NY
Tue Aug 11, 2009
Hi! If you have ever watched channel 64 you'd know why. Brokers live and breathe this and know all the paperwork that goes along with a sale. Brokers also have a pool of prospective buyers...try a broker for 3 months and if it does work try marketing it yourself...or vice-a-versa. And if you need a broker I lie in LES and can help you out if you decide to use a broker.erinr@ccrny.com
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Tony Lara, , New York, NY
Mon Aug 10, 2009
I agree with most of the comments and most importanly that it'll take longer to sell on your own. In this market it takes us brokers approx 160 days to sell can you imagine what it'll take a FSBO? You "might" be able sell it quicker if you do your homework,and price it ahead of the market. You stand a better chance but nothing's guranteed. The bottom line is this, if you have an issue with brokers because we're evil and money hungry etc..and you have the time and go for it dude. Anyone can sell anything if they have the knowledge, patience and time. Good luck.
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First Last, , 90002
Sun Aug 9, 2009
I do agree that you should try it yourself and see what it's like.

But I don't think you have to worry about crooks coming into your apartment, I do think you will find a lot of buyers who aren't at all serious or able to afford your place.

I hit some open houses today, and the most noticeable thing is that hardly anyone showed up. You may find that is your biggest problem--lack of interest. Careful, strategic pricing will help you.

Be sure to demand to see a pre-approval letter from buyers once it gets to that stage. Also, if you are willing to pay a buyer's broker 3%, I suggest you put that into your ads (or just say "brokers protected"), we know what that means. Otherwise you won't get traffic from brokers who are working with buyers.

All the best to you!

http://www.nestseekers.com/Company/Agent/874
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Alen Moshkov…, Agent, New York, NY
Wed Aug 5, 2009
Bob,

I completely agree with you on your first and second point.

As for point #3 and #4, I have to disagree. And I disagree for the following reasons.

A broker can achieve a higher sales price for the seller by getting buyers in the door sooner. Depends on how a property is priced, get bidders go against each other and even if the offers are identical on price, one or the other will stand out on terms and conditions. i.e., quicker close date, more money down, pre-approved, etc...
The quicker people know about the property the faster this sale can happen.

With a FSBO, properties stay on the market longer. We all know that.
On the buying side, a broker can deliver accurate and most current comps to justify an offer. Something not every buyer can do on their own, or would know where or how to start that process. They rarely compare apples to apples, and they rarely know the condition of apartment A vs. apartment B, time on market, views, seller’s motivation behind the sale, etc...

Perfect example of exact things I'm referring to is a new show on HDTV. "Real Estate Intervention".
It's there in plain site, FSBO's who try to sell and fail at it or lose money on it. They are emotional, they are attached, they put blood-sweat and tears into renovations and can’t seem to understand why similar properties are selling while theirs is sitting.

It’s obvious that we won’t agree on everything, and that’s expected. You speak from your past experience and I speak from mine.

Scott on the other hand could have given us some indication on how he decided to proceed, and if his 6% has been justified.
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Bob, Home Buyer, New York, NY
Wed Aug 5, 2009
Alen,

I don't want to get into a pointless argument, but to clarify what I meant:

1. It is definitely true that a broker takes the time out of their schedule to arrange viewings. That is worth something. No doubt.
2. Almost all apartment sales in Manhattan are brokered. If you dont use a broker, you are are definitely at a disadvantage in terms of prospective buyers. No doubt.
3. It is certainly NOT true that brokers help you get a higher price as a seller and a lower price as a buyer. I have found that the single motivating factor for every broker I have dealt with so far is to close the deal as fast as possible. As a consequence, first time buyers and sellers will not do much better than going out on their own.
4. As far as real useful information to buyers and sellers (inside picture of financials) brokers are useless. They either do not have the pertinent information or will not give it to you. Never ask your broker for an opinion and never trust what they say, either as a seller or a buyer.

FYI, I have used brokers for almost all the apartments I have been involved in. I have found that the best way to deal with them is to tell them what you want to do and not listen to their opinion. It has served me well. Think of the 6% as the cost of doing business.
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Alen Moshkov…, Agent, New York, NY
Wed Aug 5, 2009
Bob,

Please....let's not over exedurate the situation here. No one is trapping you, and if someone is there is always a way out.

You have to realize that most people are not like you and they haven't Sold and Bought 12 apartments. Which by the way I'm very curious about now that you brought it up. Out of these 12 apartments, have you profited on every sale, and if you are such an expert why do you feel trapped with brokers if you can market on your own and find your own direct buyers and do your own research? After selling and buying 12 apartments you don't need a broker to tell you anything new. You need a broker who can tell you where the market is, some stats and someone who can sell your place and save you the time of finding a place.

No one said it's impossible to sell on your own. The "GIST" of the blog here is that going the FSBO route will take a lot longer. If it takes over 160 days to sell an apartment with a broker, do you honestly think that time would be cut in half if the owner was selling on his own? Doubtful. I don't have to tell you that time in this market costs money. The longer the property sits the less desirable it becomes and now no one wants to pay top dollar. Why? Because FSBO's goal is to NET the highest possible sale price and a Buyers goal is to pay the least possible price. (Different goals). We all know the psychology of direct buyers and FSBO's..."Oh great here is a FSBO not using a broker, I will automatically deduct the 6% off the price and then negotiate further". Welcome to reality.
Most people are busy professionals; they can't leave work at two in the afternoon twice a week when a hot buyer wants to see it. If YOU can't show when it's inconvenient for you, I guarantee you that the seller down the block listed with a broker CAN show it.

No one forces anyone to do anything.
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Bob, Home Buyer, New York, NY
Wed Aug 5, 2009
The gist of the answers I am getting is - we brokers already have the market - you dont stand a chance on your own.

Sad but mostly true.

Brokers are a pain in the *** for both buyers and sellers, and we are trapped with them. I have never yet met a broker who has given me any useful advice on either buying or selling, in the12 apartments I have been involved in Manhattan.
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