• SALES GUIDE

There can be a lot of catalysts for why you want to sell your property whether it be downsizing, upgrading, or it’s just time to live in a new neighborhood. At Byson Real Estate, we want to make the selling process smooth and transparent for you.

Before you list your property, we have some helpful tips for you to follow to ensure you sell it quickly for the price you want.

 

Pre-Listing

Before you even think about taking listing photos, it’s a good idea to channel your inner Marie Kondo. It’s time to toss or store some of your belongings. Decluttering your space will help make it more attractive to prospective buyers and reduce the cost of moving for you because there are fewer things to bring to your new home.

Closets should be tidy. Nothing should fall out when a cabinet door is open. Clear, bare surfaces on any tables or dressers are best to make the space look visually appealing.

We also suggest going one step further by storing any family photos during the staging and showing process of the sale. While your 2-year-old nephew is adorable, it hinders the buyer from envisioning a life in your space. Replace any personal photos with some inexpensive artwork from Wayfair or Overstock.

Next, consider if you need to paint the walls to help lighten and freshen up your place. This entire process may take a couple of weeks, but it will be worth the time investment to help sell your home.

Finally, take a look at your kitchen and your bathroom. People want to walk into a bathroom and feel like they’re at a spa. While this seems laughable in New York City, there are a few things you can do to help create that feeling. Put some white towels on display, regrout the shower and maybe even add a scented candle.

 

Do I need a real estate broker to sell my apartment?

Listen, we’ll be honest: clients are capable of selling their property without a broker. But it’s usually at the expense of time, money, and a lot of frustration on the seller’s part.

At Byson, we are industry experts that want to make this process easier for you. We extend our clients a network of professionals (i.e., mortgage bankers, plumbers, movers, etc.) and have technologies in place to properly market your property online in a way that will attract more prospective buyers. We will also handle your open houses and interact with potential buyers and their agents on your behalf.

In the end, this helps you. Some sellers are very emotionally attached to their home -- and you might be too, but don’t realize it yet. If a potential buyer makes a low-ball offer, it’s not a personal attack on you, and we can help filter this for you and make the negotiating process smoother.

It will save you time and money to hire Byson to help assist you through the selling process.

 

Setting the price of your property

We want you to profit off of your investment, but it’s also important to list your property at fair market value.

There are a few key factors that will go into setting the right price for your property: location, square footage, nearby transportation, schools, building type, and amenities.

In our experience, properties that are listed at too high of a price stay on the market longer and end up selling for less than apartments that are listed at a fair, but competitive, price upfront.

Do your research before setting a price. If you live in a co-op or condo, ask your board for the sale price history in your building for the last few years. This will be able to give you insight into what comparable units are selling for and help you set your price.

Don’t worry; you don’t have to do this alone. At Byson, we want to be your trusted advisor throughout this process. We’ll perform a comparative market analysis to help you set the right price.

 

Congratulations, your property is on the market!

At Byson, we pride ourselves on transparency, so we want to tell you upfront that the average New York City apartment has stayed on the market between six and seven months this year. In the fourth quarter of 2018, it took an average of 152 days for a listing to go into contract in Manhattan. That’s up from 101 days in 2017.

But we’re here to help throughout the process. One of the biggest factors to aiding your property to sell quickly is being ready to show it at any time.

For us, that means having scheduled, regular open-houses, but it’s essential to keep the space clean and neat, so if a buyer wants to see it that day, they can.

We understand it’s a bit inconvenient, but in the end, it will be worth it when your property sells for the price you want.

 

It’s time to negotiate

Our goal is to get you a few offers on your property. Once they come in, we’ll present them to you and advise you accordingly. It’s natural for buyers to make a low-offer, so we can come back and make a counteroffer until both parties are comfortable with the price.

This entire process usually takes one to three days, as you and the buyer consider your finances and the phone calls back and forth.

 

What does it actually cost to sell my property?

You may incur some upfront costs like paint or staging materials, but consider those an investment you’ll make back in the selling price.

On top of those, you do have fees that come along with closing. These vary based on the type of property you own.

 

Closing Costs - New York City

Fees

Cooperatives

Condo/Townhouse

Broker Commission Fee

6%

6%

Seller Attorney Fees

Consult your attorney

Consult your attorney

Managing Agent Fee

$400-$1,000

N/A

Flip Tax

1-3% of sale price

N/A

Stock Transfer Tax

$.05 Per Share

N/A

Move Out Deposit Fee

$250-$1,000

N/A

New York City Transfer Tax

1% (Up to $500,000)

 1.425% ($500,000+)

1% (Up to $500,000)

 1.425% ($500,000+)

New York State Transfer Tax

4% of sale price

4% of sale price

Transfer Tax Filing Fee

$25

N/A

Non-Deed Transfers

$50

N/A

UCC-3 Filing Fee

$50-$150

$100

Admin Fee

$250-$1,000

N/A

 

 

It’s closing time

Before it's time to sign on the dotted line, there will likely be an inspection of your home to make sure everything is in working order.

Next, if you're selling in a condo or co-op, the new buyer will have to submit an application and in a cooperative, have to go through a board interview and approval process. If the boards only meet once a month, this can slow things down for both parties.

Once the buyer is approved, we can set a closing date. You'll come with us, your lawyer, and the buyer and the buyer's lawyer and agent to officially hand over the keys.