Manhattan Condos - New Developments - Conversions - Resales: What Manhattan Sellers Actually Have Control Over

What Manhattan Sellers Actually Have Control Over

The volume of options in Manhattan apartments tends to result in a pretty efficient marketplace where attractive opportunities result in action.

What Do Manhattan Sellers Actually Have Control Over?

Location? No

Room Count? No

Square Footage? No

Floor? No

View? No

Building Amenities? No

Lets looks at some of the key drivers that sellers actually have control over

  • Price: Nothing matters more than the initial list price. Buyers and buyers’ brokers are very tuned into to marketplace valuation and the power dynamic shifts to the sellers when an attractive pricing means an apartment is seen as something to be pursued actively. If your goal as a seller is to get the most amount of net proceeds at closing in the shortest most efficient way, an attractive price is the only way to achieve that. Even in very soft markets, a well priced opportunity will attract a great deal of interest and offers and an overpriced one will not.
  • Sales Site Preparation: The way a home looks, feels, smells and presents is very important. Buyers make very fast decision when they walk into a home or first see the pictures online. I’ve watched the evolution occur where more and more buyers have spent a great deal of time scrutinizing pictures and then arrive to either have their impressions confirmed or disappointed. Sellers need to invest in creating an appealing home that buyers want to live in.

A few obvious but worth repeating suggestions

  • Clean like crazy! The home should be glowing and sparkling clean, not just for the first Open House but for every single showing. No dust. No clutter not a single thing that may evoke a “yuck” reaction. Sellers do well to remove into storage as much as possible.
  • Depersonalize. Buyers want to imagine living in their home not yours. I advise sellers to remove all photographs, kids drawings or overly personal items.
  • Paint. A fresh coat of paint can be one of the best investments you can make to increase the value of your apartment. Keep colors neutral and light.
  • Stage. This means hiring a professional to come to your home and rearrange, bring in new furniture and generally make the home as appealing as possible. Simply swapping in new towels, sheets  etc can have a huge impact. 
  • Marketing. The Price you get is a function of the Marketing you choose.
  • Negotiating Attitude: This is a key component of a successful deal and one that is hard to convey. Years of negotiating deals has given me a sense of the tone, attitude and timeline expectation. A good broker will walk the line between keeping the pressure on to get clients to act but not scaring them away with overly aggressive tactics

SOLD by Mitchell Hall, Manhattan Real Estate Broker,

More tips on increasing your home's value through home sales preparation in Manhattan Home Enhancement Guide.

As always I’m very happy to talk to people at any stage of the Real Estate process and can discuss the opportunities in each neighborhood, price point and room count.

courtesy of:

Mitchell Hall, Associate Broker, The Corcoran Group

 
   

________________

©Mitchell Hall 2006-2016

All content/images, unless noted, are the property of Mitchell Hall & may not be used without permission. 

Blogging about Manhattan Real Estate since 2006

Mitchell Hall (Licensed as Mitchell J Hall)

Licensed Associate Real Estate Broker
Office (212) 877-6268 | iPhone (917) 312-0924
MHALL@Corcoran.com

Manhattan Seller | Manhattan Buyer | New Developments | Market Reports | Neighborhoods

 

My Google Profile

Corcoran Group         Google +

 
          Call Mitchell Hall @ 347-921 HALL (4255)
Comment balloon 10 commentsMitchell J Hall • November 14 2011 09:35PM

Comments

Gee, Mitch!  I think you covered every possible base on this one! 

Posted by Patricia Kennedy, Home in the Capital (RLAH Real Estate) almost 7 years ago

Mitchell seller really have control over many factors that contributes to the success or failure in selling a home.  If all the above poinst are addressed success is more likely.   I agree with Pat, you covered it all.

Posted by Jennifer Fivelsdal, Mid Hudson Valley real estate connection ( JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571) almost 7 years ago

Mitchell, simple and to the point.  Now, why is this so difficult for sellers to understand!

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) almost 7 years ago

Mitchell,

Excellent to the point and brilliant.  Game, set, match, perfection.  You noticed I have not used a single verb here...spontaneous compliments! A

Posted by Ron and Alexandra Seigel, Luxury Real Estate Branding, Marketing & Strategy (Napa Consultants) almost 7 years ago

Mitchell   Love this it is so so true ..not just in NYC but all over

Hannah

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) almost 7 years ago

Hey Mitch.  I included this post in Last Week's Favorites.  Have a great Sunday!

Posted by Patricia Kennedy, Home in the Capital (RLAH Real Estate) almost 7 years ago

Great post -sellers have control over more things than they realize and it is important they realize that selling is a partnership between agent and seller both have to do their part.

Posted by Sara Garden, MBA, HSE, HSR, APSD, Home Stager (Rocky Mountain Home Staging) almost 7 years ago

Mitch, these points are true for sellers everywhere, but especially helpful to Manhattan Sellers if they really want to sell their home.

Sharon

Posted by Sharon Alters, Realtor - Homes for Sale Fleming Island FL (Coldwell Banker Vanguard Realty - 904-673-2308) almost 7 years ago

Hi Mitchell! You have done a great job of presenting this information. By saving the things they can control for last, it emphasizes the importance of doing it all! Great post!

Posted by Rose King, Friendswood / Pearland / Houston Bay Area (UTR, Texas Realtors) almost 7 years ago

Great, great advice.  Certainly true in our market as well.  I'm going to reblog.  Kristine :)

 

Posted by Kim & Kristine Halverson, Realtors (www.LiveWorkSiliconBeach.com, Santa Monica Real Estate :) ) almost 7 years ago

Participate