Why do you need a real estate listing agent in New York City? We'll demystify this
topic in the following video. My name is Chris at Hauseit. Hauseit is the
largest for sale by owner assisted FSBO and flat fee MLS as well as buyer
commission rebate company in New York City established in 2014. If you have any
questions, please shoot us an email team at www.hauseit.com, spelling is below. So the
first and primary reason on why you need a listing agent in today's day and age
of the internet is because of exposure. Believe it or not, only listing with a
real estate listing agent can you have full exposure and that's primarily
because your listing agent will have access to the broker only Multiple
Listing Service otherwise known as the MLS in New York City. The defacto MLS is
the REBNY RLS and it operates as a shared listings database between over
17,000 Real Estate Board of New York member agents. Furthermore once a listing
is uploaded into the RLS the listing is contractually co-broke
with all other member agents. Meaning the listing agent is able to contractually
share or split the commission with buyers agents. Keep in mind as well that
your listing agent has powerful listing syndication tools. For example, once a
listing is uploaded it gets automatically syndicated to dozens and
sometimes hundreds of different websites, websites you've heard of that are also
locally important such as realtor.com, New York Times, StreetEasy, Zillow, Trulia
and such. Another very important reason to have a real estate listing agent is
to get help on pricing analysis and to determine what your initial listing
price is. This initial listing price is extremely important which will explain
later in this video one extremely important reason to have a real estate
listing agent is simply because New Yorkers are busy. Think about it, you'll
have someone to manage a 4-time all the inquiries that come in by phone, email to
schedule and coordinate showings to be there at showings to hold open houses, to
receive and handle and negotiate offers on your behalf.
And generally to give you an overview of the whole process and to manage the
whole process for you. This can be extremely important for a busy New
Yorker who has a full-time job or who otherwise is unable to come home for
example at 2:00 p.m. on a Thursday with 30 minutes notice show a property.
Furthermore it's very important to have a real estate listing agent as a neutral
third party negotiator on your behalf who is unemotional and unattached to the
situation and this perhaps helps because you can then have someone that you can
be emotional yourself to but who will be very stoic and unemotional in relaying
whatever you wish to do to the other side. Now let's go back to the initial
listing price and why it's so important to work with a seasoned real estate
professional when deciding where to list your hole? There are many dangers to list
in your home either too high or too low and many homeowners are often too rosy
or too optimistic and their expectations for what their home is worth perhaps due
to an emotional attachment to where they live. It's important to work with a
industry professional to give you a realistic and experience an unbiased
value of your home and where you should initially list it for. Again let's go
back to some of the issues that could persist or become very problematic for a
seller if the listing price or the initial listing price is either too high
or too low. If the listing price is too high
well you run a number of risks such as the days on market creeping up higher
and higher as you're unable to find a buyer. Furthermore as your day count or
days on market count creeps up on all public sites and the broker databases
buyers will become suspicious and generally wonder well if the price seems
reasonable why isn't it selling yet? Is there some issue that other buyers have
discovered during due diligence that I should be wary of? As your day count goes
higher you also run the risk of running into vulture or other predatory types of
buyers. For example a vulture all-cash buyer may see that your listing is over
a hundred days on the market and perhaps that you've recently reduced your
price in a desperate attempt to sell. Well that certainly shows your hand and
being on the market for too long can certainly attract these types of buyers
who may back you into a corner with it offer which they know might be your only
offer in which case you may be forced to negotiate from a very weakened position
and to ultimately accept an offer much lower than you would have otherwise have
gotten had you priced your home correctly initially. Of course on the
other hand, if you list your property too low, well you could end up selling your
property too quickly to the first voucher buyer that smells an opportunity
when you could have gotten more for it. Furthermore if you price your property
too low, you may get an offer that is quite attractive or you may even accept
an offer too early in the process or you may feel pressure to accept an offer too
early in the process perhaps because of artificial time constraints from the
buyers perspective and of course you don't want the buyer to go away so you may
reduce your time on the market by accepting an offer early. Whereas if you
had held out you might have gotten additional offers and perhaps even had a
bidding war. Another risk believe it or not of
pricing too low perhaps way too low is that sure you may get a lot more traffic,
but a lot of the buyers that come in may ultimately simply not be able to afford
the actual price you hope to sell it for above asking. For example if you wish to
truly sell a property for 3 mil but you want to play a game and press it at 2 mil
mode to attract tons of buyers well you might actually get a lot of
buyers that come in. Especially if it is under priced however how many of those
$2,000,000 buyers do you think will actually be able to afford a $3,000,000
property? So you may end up wasting a lot of time in that regard. We
hope you found this video helpful and if you have any questions about how to save
money when you buy or sell real estate in New York City and how to save money
on broker commissions please check us out www.hauseit.com spelling is below and of
course we have a number of great closing cost calculators and calculators have
all sorts if you wish to see how much do we need to pay at closing and of course
how you can save money on some of those closing costs.