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Hiring the Right Broker

Finding the right professional agent to represent the listing and sale of your apartment could be a very stressful and confusing process. Here are some things to note when you find yourself looking to start interviewing real estate agents for your home sale.

First, ask Friends and Family

Real estate is a people business and as such, the first thing you should do when searching for the perfect agent is to ask your trusted friends and family.

This could be a quick way to find at least one agent to interview.

Second, Consider 2-3 agents to interview

While you may have an urge to interview 10 agents, it's best if you focus on two or three preselected agents that are either referred from family or friends or matched to you based on the needs of your home sale.

This service will match you with 3 professional agents based on the attributes of your property and the production metrics of professional agents in our Agent Connect Program.

Third, Look for Data to backup Conclusions

It’s well known that some real estate agents prey upon a sellers “desire for a high price” to win you over and sign you to a multi-month listing agreement.

Seller: You are telling me a price that is much higher than I thought I could get and what other agents are saying my apartment is worth?

Agent: Yes, that is because we excel at marketing and we already have investors overseas that are seeking to put money to work in your neighborhood. If you work with us, we will bring these buyers in.

You get the story.

This could be the most important step in the selling process: pricing right.

It is up to YOU, the seller, to ask professional real estate agents you are interviewing for actual data to back up the price strategies. And if you are fooled into listing with an agent that ‘catered to your ego’ by promising an aspirational price to get the listing, it could place your home in a very bad position that ultimately will require large price reductions to fix.

Sellers should always look to back up an agents pricing strategy by:

  • Validating the comps used for pricing conclusions - Are the comps relevant to your property?
  • Differences - Have differences between the comps and your property been accounted for?
  • Market Changes - How old are the comps and how has the market changed since each has sold?

It is ok to question the broker you bring in by being prepared with some information you gained yourself. UrbanDigs.com for example will allow you to see every past sale in your NYC building as well as recent building sales trends and current active listing inventory.

Selecting an Agent

Finally, Selecting an Agent

Selecting the right agent boils down to one question: which agent makes you feel the most comfortable. Remember, it is possible you will be dealing with this person for the next 6 months.

For me, being comfortable means answering all of these questions as a YES:

  • Yes, this agent has a grasp of current market conditions, my sector’s current listing trends, my buildings past sales trends.
  • Yes, this agent has demonstrated a clear pricing strategy using relevant comps with reasonable adjustments for differences for each comp
  • Yes, this agent has presented an aggressive and clear marketing strategy to optimize traffic volume
  • Yes, this agent has answered all of my questions regarding the listing process and specifically, my building.
  • Yes, I feel comfortable with this agent.

Answer yes to all of those, and your on the right track.

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