Be Prepared When Selling Your Property Broker-Free
For New Yorkers looking to sell their property, there's always the question of whether or not it's worth it skip out on using a broker. NY1's Jill Urban filed the following report.
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Teresa Delany is selling her one bedroom apartment. Rather than paying a broker the average six percent to list it, she has decided to do it on her own.
"It’s been very educational. I have had a lot of brokers come through the apartment trying to convince me to hire them. I have resisted. I may change my mind in a few weeks, but right now I am very happy I made the decision I made," says Delany.
Like many "For Sale By Owners" or FSBO sellers, Delany had a lot of questions and getting answers wasn’t always easy. So we asked Doug Perlson of RealDirect.com, a service that helps guide FSBO sellers through the process, for advice.
"If you want the widest potential buyer pool you are going to want to include the New York City buyers-broker community. It’s usually a two and a half to three percent commission to be paid to the buyers brokers and you want to explicitly include that in your listing," suggests Perlson.
Pricing is also key. Take the emotion out of what you'd like for the apartment and rely on comps to determine a realistic value. Also, make sure you market your home well. You should pay to advertise on key listings sites and consider paying to get your listing inside the Real Estate Board Database or any other appropriate MLS services where brokers are looking.
Additionally, sellers should invest in good photos. Perlson says all too often FSBO sellers skimp on photography and pay the price. And when buyers come in, don't oversell.
"Be really careful about following people around and telling about every last detail of your apartment. Best to pick two to three things that made you buy that apartment in the first place and go over those items to let them know it’s a great place to live," says Perlson.
It’s also good to time your open houses with others in your building to drive traffic.
"You need to have pretty thick skin for the process. Not only for people coming through and criticizing or commenting on your home, but also for the things brokers will tell you to try and convince you to hire them," adds Delany.
Her apartment hasn't been on the market long, yet Delany has seen a lot of interest. So for her, a little tough skin and a lot of determination could be just what it takes to get a deal done.