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|
|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.