Five Ways to Get Your New York City Home Sold Quickly
One of the biggest fears a seller has when dealing with their home sale is having their real estate property on the market for an extended period of time. No seller want’s their property sitting on Trulia for 4+ months without any real offers being made. Circumstances can exist that are simply outside of your control as to why your property isn’t being sold such as a slow market or a high level of inventory already up for sale. But more often than not, there are strategies available to you that will help you sell your home fast.
It’s important to remember that selling your home is similar to getting a haircut or changing your engine – it’s better having a professional do it as opposed to you taking the task on yourself. Within the highly regulated real estate industry, this holds even more true. The Multiple Listing Service (MLS) is a platform only available to real estate agents and brokers. If a broker is ready to put a property on the market, they list it on the MLS first which is then syndicated to several other realty platforms. That alone gives you an immense amount of exposure compared to your typical For Sale By Owner listing (FSBO).
Can you still succeed as an FSBO? Certainly. Keep this statistic in mind. In 2016, 8% of all home sales in America were done by FSBOs with an average selling price of $190,000. By having a broker on board, the average home price was $249,000 and agents accounted for 92% of all home sales. These are broad statistics. Certain markets are more favorable for FSBOs and other markets rely heavily on the use of a broker. With that said, when going through the below tips on how to sell your home fast, first decide upon whether an FSBO sale is prudent.
Price The Property Well
As you go through this blog post, I will talk about taking good pictures, doing some advertising, letting your sphere of contacts know about your sale, and touch on other aspects of how to sell your home quickly. In reality, none of these other points matter if you don’t price your property well. Seller’s tend to think they are sitting on a diamond when in fact they have a bland piece of bronze like everyone else. We all have a connection and love for our homes, but the market is emotionless and only reacts positively to good pricing.
The typical way of pricing your home is by looking at recent sales in your neighborhood for similar units, taking the sale price, and dividing it by the square footage of that property. That price per square footage is then applied to your homes dimensions, and that’s what the market price is. This method isn’t necessarily bad but it’s not accounting for many items. Suppose the last apartment in your co-op with the exact same square footage as your home sold for $600,000. Does that mean your apartment should now sell for $600,000? No and that’s because you need to take other factors into account such as the floor level. Apartments in higher floors are more valuable. In addition to that, even though the other apartment sold 6 months ago, is there a whole slew of new developments being built in your area that will be debuting a year from now? More inventory equals lower prices. Buyers will be accounting for new units hitting the market when evaluating your home even if they aren’t for sale in the immediate future.
Renovations are another factor seller’s don’t consider. A comparative sale with a newer renovation than your unit will attract a higher sale price. Not all homes are created equal. When pricing your home, examining square footage alone does not take the whole picture into account. Look at pricing with a bird’s eye view. The better you price your home, the faster it will sell.
Contact Your Social Sphere
There is this tendency to believe that if your property is posted on Trulia, the whole world will know about it and instantly call you. I can think of a dozen realty websites off the top of my head that aren’t named Trulia. Not everyone uses that particular website. In fact, not everyone who is going to buy your home is even using an online platform at all. Your buyer can be someone who just last week had no intention of buying a home until they heard about your apartment being up for sale through an acquaintance.
It is very common for buyers to search day in and day out on Zillow looking for their perfect home but never actually coming across it. So what do they do? They take a 6 month break from house hunting. It is indeed a very exhaustive process. This can happen with your friends and family as well who were in the market and now out of it. There is immense value in letting the people around you know about your home that is up for sale. Even if they aren’t interested, the next time they are at a dinner party and overhear someone wants to move into your neighborhood, perhaps they will let them in on the fact that you’re selling.
Guerilla marketing is an inexpensive and creative way to create buzz around a certain product. You need to become a guerilla marketer when it comes to your real estate sale. Let co-workers, family, friends, and neighbors know that your property is listed. You may even be pleasantly surprised to find that these same people will meet you at your asking price since they may find discomfort in negotiating with someone they already have a relationship with.
Post on Social Media
This is another form of guerilla marketing. Remember how you have hundreds of people on your friends list that you barely know? They have finally come to good use. Post about your home a few times a week and feature various aspects of your property. Talk about how big your kitchen is or all the different types of events you’ve hosted in your backyard. Make listing your property on social media fun for your audience.
Visit various Facebook groups as well including neighborhood/local groups and real estate groups. Create buzz about your sale. You can also use the search functions on social media sites to your advantage. If you go to twitter and type in #dumbo, you’ll get a list of people talking about DUMBO and using that hashtag in their tweets. Directly message them letting them know your DUMBO apartment is on the market. The great thing about all of this is that it’s free. The downside is it can be very time consuming.
Take Quality Photos
I cannot begin to tell you how many properties I look passed on Zillow when just randomly browsing as I look for my future home. The reason is because the photos lack lighting and quality. An imagine that lacks luster will lack an audience. Your iphone just won’t cut it. Either hire a professional photographer and spend the $200 to get high quality photos, or invest in a DSLR camera and take the pictures yourself. Good photos can go a long way.
A nice set of photos can be put on a flyer, in an Instagram post, and any other platform. There are also free editing softwares online where you can adjust the brightness of your picture such as befunky.com.
Hire an agent
This is the reality. You work a full-time job. You have no time to figure out how to use a DSLR camera, where exactly your listing should be posted, how to achieve maximum pricing, conduct negations, and spend several hours a day marketing your property. In addition to that, you probably do not have a budget for marketing. Even if you did, you wouldn’t know where to begin. This is where a quality NYC Real Estate Broker comes in. Working with a broker get’s you exposure. Just from the non-realty platforms we use where we run sponsored ads of a listing, within the first two weeks we capture 5,000 views from local prospects. This doesn’t include the exposure we naturally get on the MLS and all other major realty websites. In addition to digital advertising, we still believe in old-school guerrilla marketing methods such as flyers, direct mail, and post-cards. Do you honestly have the time to go to your local print shop and figure out how to produce 1000 flyers and post-cards? In addition to that, how will you find the database of all of the local addresses you will be mailing these marketing aids to? This is why an agent is so important. Our infrastructure to sell your home as quickly as possible for the highest price possible is already in place. Yours isn’t simply because you are not in the business of selling property for others. We’ve been through the ringer and saw what worked and what didn’t work. We’ve already wasted money on bad ads and found a gold-mine on effective ads. This isn’t to say your incapable of selling your own home. The issue is you simply do not have the time to be a full time parent, full time employee, and now become a full time agent to sell your house/apartment.
If you are ready to sell your home and would like to speak with a brokerage that works around the clock to get you to closing day, call us at (646) 945-3727 or email me directly at Garry@paperstreetrealestate.com.