SELLING WITH A Broker vs. ON YOUR OWN
There are 10 reasons you should sell a home through a broker
1
A broker will price the apartment properly, relying on years of experience, knowledge of the current state of the market, comparable statistics and history of sales in the building and location. Pricing an apartment is a crucial component to selling a property. If priced too high, it will sit on the market and get stale. Continuous price drops following the market on a downward path is not a good strategy. If you price it too low in a market place where ‘bidding wars’ are not occurring, you will not achieve your goal since no one is going to be offering a higher price.
2
A broker will help prepare your property for sale and advise a seller about steps to take to depersonalize the space, pack up and store items, make repairs and prevent wasting time and money. This can include rearranging furniture, painting, removing items, staging as well as options such as virtual staging. The goal is to maximize the home’s appeal and raise its value. A broker will organize and host open houses and is committed to show the property at any time.
3
A broker can get the word out that the apartment is on the market and give the property the most exposure. If no one knows it is available for sale, no one will come. Depending on websites such as Zillow or StreetEasy and various other search engines is not enough to spread the word. A broker uses a database that is shared with thousands of brokers. If a homeowner is not advertising their home where buyer’s agents are searching, they often are not reaching potential buyers.
4
A broker acts as your financial partner. Brokers bear the substantial cost of marketing. We arrange for a photographer to take professional photos to show the property in the best possible light. We use skilled floorplan professionals to take accurate measurements. We create specialized marketing material including show sheets, generate eblasts to the brokerage community informing about open houses, price changes, and any updates to the listing. We offer a strategy for digitally marketing the property on search engines and social media campaigns.
5
A broker will develop a targeted advertising and public relations campaign to market the property, bearing all costs. This could include print advertising, social media campaigns, digital advertising and press opportunities for publications and specialty online ‘magazines’ that reach the targeted audience.
6
A broker can feature a property on their company and personal websites, which gets a high amount of website traffic. In addition, a brokerage’s social media accounts reach a wide range of people.
7
A broker can save you time and effort by vetting potential buyers before they arrive. Showing a home to those who are not qualified to purchase it is a waste of time and effort. A broker will pre-qualify and pre-screen a buyer and advise them about the property before they see it. Most professional brokers work with earnest, qualified and motivated buyers.
8
A broker will act as a liason between the owner and the buyer. Often, a buyer and a seller are uncomfortable dealing directly with each other and so negotiating is easier when it is done through a third party. Sellers can be emotionally attached to their home which can inhibit their comfort level to negotiate a good deal. In addition, buyers can feel awkward touring a home when the owner is there. Buyers are reluctant to speak openly and ask questions when the owner is present.
9
A broker will follow up with the people who visited and gather feedback for the homeowner. The broker is a neutral party and therefore, can get honest feedback and ideas that can help moving forward.
10
A broker will prepare the buyer’s board package and present them in the best possible light. Our experience dealing with managing agents, coop and condo boards throughout the city gives us the knowledge and experience to help add value to this often arduous process. The amount of paperwork and organization it takes to guide a sale transaction from offer through closing is immense. Many unrepresented sellers are not familiar with the process, the potential pitfalls and legal protections necessary in a real estate transaction.
There is one reason to sell your home on your own, otherwise known as FSBO
1
Owners will try to sell their home on their own if they think they are going to be saving a commission. They might be doing that, but they also may be selling the home for a reduced price. The only way to really recognize the value of your home is to test the marketplace by promoting it through the proper channels and bring in a large number of potential buyers. In general, properties take longer to sell and often sell for less money when a broker is not involved. In the long run, selling your home through a broker eliminates a huge amount of stress, personal time and money.