Seller Guide

Selling one’s property can be a complex and emotional process. A real estate sales professional can help you at every stage, from pricing it realistically to marketing the property to closing the sale.

1. Pre-Sale Check Lists

  • Check with your tax accountant to assess the tax impact and to legally optimize the most profits from the sale of the property.
  • Check with your investment advisor, if applicable, the best way to invest the sale proceed and / or the capital gains.
  • Retain the legal service of an experienced and reputable real estate attorney in advance to ensure that a sale contract can quickly be drawn up once there is an accepted offer on the property.
  • Renovate or not to renovate. The real estate sales professional advises the seller if the property needs repair or cosmetic work that will significantly impact and enhance the salability of the property.
  • Staging. If the property is vacant, the real estate sales professional may suggest staging with furniture so that the property will show elegantly.

2. Setting the Realistic Listing Price

The real estate sales professional can and will provide the latest comparable market analysis including the price of what had been sold, and the currently available for sale; thus enabling the seller to determine a most realistic asking price to attract more buyers and traffic to view the property, ultimately leading to a done deal for the best selling price. It is advisable to list it about 5% below market rate to draw the most traffic to view the property resulting in a quick sale.

3. Marketing Strategy

  • Marketing exposes the for sale property to the public and to other real estate
    agents through a multiple listing service such as via REBNY (Real Estate Board
    Of New York) and other cooperative marketing networks.
  • Online and print marketing for the property for sale. The real estate sales professional will know when, where and how to advertise – which medium, format and frequency will work best for your property.
  • As a bi-lingual sales professional well-versed in the English and Chinese languages and culture, for sale properties will be posted in the Chinese real estate websites and in the local Chinese newspaper advertisements to reach out to the many financially qualified buyers.
  • Contract professional photographer to photo shoot the property.
  • Create professional marketing pieces to showcase the property if applicable.
  • Mailing to the neighbors and nearby buildings about the property for sale.

4. Negotiating, Monitoring & Co-coordinating

The seller’s agent can help the seller objectively to evaluate every buyer’s offer without compromising the marketing position. The seller’s agent will monitor and coordinate all the related tasks from listing the property in all the appropriate real estate websites, showing the property, accepting and negotiating the offer, monitor the sale contract sign status, the mortgage application status (if applicable), inspection / walkthrough to closing.

Condominium SELLER Closing Costs

Broker’s Fee: Typically 6% of sale price
Seller Lawyer Fee: $1800 & up. Discuss with the lawyer
New York City Property Transfer Tax: Under $500,000 = 1% of sale price
Over $500,000 = 1.425% of entire sale price
New York State Transfer Tax: 0.4% (.004) of sale price
Payoff Bank Fee (if applicable) $450 & up
Managing Agent Fee $250 – $750
E-Tax Filing (ACRIS) $50

This is a general closing costs estimate for the condominium seller. The actual closing costs will have to come from the seller’s real estate lawyer.

Co-Op SELLER Closing Costs

Broker’s Fee Typically 6% of sale price
Seller Lawyer Fee Consult lawyer
Co-op lawyer $600+
New York City Transfer Tax Under $500,000 = 1% of sale price
Over $500,000 = 1.425% of entire price
New York State Transfer Tax 0.4% (.004) of sale price
Flip Tax 1-3% and depending on the building
Stock Transfer Tax $0.05 per share
Pick-Up / Payoff Fee $500 – $700
Managing Agent Fee $250 – $750
UCC-3 Filing Fee $100

This is a general closing costs estimate for the co-op seller. The actual closing costs will have to come from the seller’s real estate lawyer.