| by Kenneth Chase | 1 comment

Can I Sell an Apartment in NYC Without a Broker? [2019] | Hauseit®

It’s far easier to sell an apartment in
NYC without a broker than most real estate agents will care to admit. With that said, before listing your home FSBO
on the internet it’s important to understand why brokers are relevant even for sellers
who want to avoid paying a 6% broker commission. New York City has an entrenched two-agent
real estate broker model, which means that most deals have two agents involved: a listing
agent representing the seller and a buyer’s agent representing the buyer. Over 75% of buyers in NYC work with a buyer’s
agent as a result. If you do not offer commission to a buyer’s
agent as a seller, you will effectively reduce the size of your potential pool of buyers
to just 25% of the total buyer base. This has ramifications for the amount of demand
you receive, the number of potential offers you receive, your sale price, how quickly
you sell and whether you sell at all. How Can I Sell My Apartment Without a Broker
in NYC? The first step in selling an apartment without
a broker in NYC is to educate yourself on the sale process. You can learn about each step in the sale
process by visiting Hauseit’s Agent Assisted FSBO Seller Training Portal at www.hauseit.com. Once you’re familiar with the process, the
next step is to choose your level of marketing exposure. If you’re comfortable missing out on the
75% of buyers who are represented, you can simply list your home FSBO online. If you’d like full-exposure to direct buyers
as well as buyers who are represented, you can list in RLS and everywhere online with
an Agent Assisted FSBO, also known as a Flat Fee MLS Listing. This approach allows you to save up to 6%
in commission if your buyer is unrepresented while also giving you full exposure to buyers
with brokers. What Is the Typical Buyer Agent Commission
Percentage in NYC? The most common range for buyer agent commission
fees in NYC is between 2% to 3%. How much commission you should offer ultimate
depends on the amount of competition you anticipate from fellow sellers. If you are selling a generic apartment in
a large condo building in Midtown or FiDi, chances are there are dozens if not hundreds
of apartments competing against yours. On the other hand, you may be able to offer
a lower buyer agent commission without materially impacting buyer demand if you have a unique
apartment and there is limited inventory. Is It Difficult to Sell FSBO in NYC? Yes and no. If you list ‘traditional’ FSBO by posting
a few ads online, selling in NYC becomes quite difficult since you’ve essentially cut out
75% of the buyer base comprised of represented buyers. Traditional FSBO sellers in NYC are routinely
solicited by brokers and fed lies and misinformation in an attempt to persuade sellers to hire
a traditional, 6% listing agent. The lack of exposure combined with time-wasting
harassment results in a high failure rate for traditional FSBO sellers in NYC. Assuming you list on RLS and comprehensively
market your apartment through an Agent Assisted FSBO, selling in NYC becomes a much easier
proposition. With that said, the sale process is by no
means automatic nor is there any guarantee of outcome. The most common reasons why Agent Assisted
FSBO sellers fail is due to unrealistic pricing, poor photos, lack of patience or being unfamiliar
or uncomfortable with the ‘sales’ element of the process.

1 Comment

Jaime Resendiz

Jul 7, 2019, 1:02 pm Reply

Great Video. ? Looking Forward To More Content. Video Liked!

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