WORKING WITH A REAL ESTATE PROFESSIONAL
Engaging a licensed real estate professional to assist in selling your home means signing a contract that gives an agent the exclusive right to represent and sell the property for an agreed upon time period which is typically six months to one year. During that period the agent is responsible for setting the initial offering price, developing and executing a marketing plan, showing the listing to potential purchasers and negotiating with interested parties to achieve the highest and best offer. Once an offer is accepted, the agent is responsible for managing the transaction paperwork and process, including any necessary board approvals, through the successful conclusion of the sale at the closing.
Engel & Völkers New York City advisors are all members of REBNY (the Real Estate Board of New York) and well qualified to handle all aspects of the listing, marketing and sale process. They are part of a global organization that provides them with everything from specialized real estate training to marketing tools and resources that offer local and global visibility for listings. Additionally our advisors understand how challenging and important this process can be, (something about how we listen to our clients and tailor our service to meet their needs?)
SETTING THE LISTING PRICE
Establishing the right price for your property takes into account many factors, including your home’s unique features and improvements, its location (neighborhood and block), type (townhouse, co-op, condo, condop), building features (amenities, policies and fees), and the current state of the real estate market. The right price can be achieved by taking into consideration all of these factors. Our advisors combine current market data and research and their knowledge of the city and experience and work with your objectives to set the most favorable price.
PREPARING FOR SHOWINGS
When selling a property that you have lived in even for a short time, the biggest challenge can be preparing it for inspection by new potential owners. Our advisors can help you to see your home through the eyes of potential buyers, identifying any improvements or staging needed to motivate the best offers. These are often simple changes such as clearing away clutter and personal items or a fresh coat of paint. The goal is to make the transition from your home, to a clean canvas one that the buyers can picture themselves in.
THE MARKETING PROCESS
The two most critical factors in marketing your property are the initial offering price and the exposure the listing receives.
In addition to thoroughly researching and evaluating the current market and comparable listings and sales to determine the price, our advisors have the expertise, tools and resources to make sure that your listing receives maximum exposure to the right audience. This includes not just other agents and potential customers in New York City, but also those across the country and overseas.
THE OPEN HOUSE
As long as the building allows them (in rare instances they may not), an open house is an important part of the initial and sometimes ongoing marketing strategy. Our advisors will not only work to ensure that the property is as inviting as possible, but will collect feedback from visitors that allows them to make adjustments to the market strategy or how the listing is presented. As always throughout the process, they will keep you informed every step of the way.
RECEIVING AND REVIEWING OFFERS
When a buyer is interested in your property, an offer will be submitted, and sometimes more than one if you have several buyers who are interested. The offer will include the buyer’s price, which will be typically below your listed or asking price, and it will include terms, which will be conditions set forth by the buyer such as certain requested home repairs that you would be responsible to complete at your expense, or any furnishings or appliances the buyer would like to include as part of a successful transaction. An offer that comes in at the listed price should still be considered, based on the terms. The offer should also include a good faith deposit to show a commitment to the property as well as contingencies, which are events the buyer needs to rely on in order to purchase the home successfully.
In response to an offer you can choose to reject it, counter offer or accept it if it meets or exceeds your expectations. Unless the offer is exactly what you want, it is the beginning of an exchange in which price, terms and contingencies are negotiable.
MAKING A COUNTER OFFER
Counter offers may go back and forth between seller and buyer several times as part of the negotiation process. All terms of an offer are negotiable and when both parties approve an offer, a real estate attorney should review the contract before signing.
Final steps that should be taken at this time are:
- Agreement of closing date
- Agreement on date of loan approval
- Agreement on a date that the buyer could move in
- A receipt should be provided for the buyer’s good-faith deposit
- A decision on whether repairs are made before or after the closing.
AFTER THE CONTRACT IS SIGNED
After the contract is signed, steps are taken to meet the agreed upon terms of the final approved offer. When all the terms are met and prior to the closing, the buyer takes a final walk-through of the house to ensure that all the repairs and other items of the agreement have been fulfilled. Before all three events, the appraisal, the inspection and the walk-through, the home should be cleaned and prepared or each occasion.
This is the process that takes place during a meeting of the parties involved in which the transaction is completed and the title of the property is passed from seller to new owner. Before the closing, the buyer conducts a final walk through of the home to make sure that the property is as it was when you viewed it and that all repairs that may have been stipulated in the offer have been completed to satisfaction.
During the closing, paperwork that has been prepared by all parties involved, including the agents, the bank providing the mortgage, lawyers and title companies, are signed.
Enjoy your new home!