The top 3 reasons why NYC FSBO sellers fail to sell include poor listing syndication,
unrealistic pricing and a lack of professional photos and a floor plan.
NYC FSBO sellers are also vulnerable to low confidence and self-doubt.
This results in FSBO sellers prematurely delisting their homes
without statistically giving the sale enough time to succeed,
even when there was nothing wrong with their sale strategy.
It’s entirely possible to save up to 6% in commission when selling in NYC by following a simple game plan.
These steps include choosing a realistic sale price, taking professional photos,
listing on the RLS Broker Database and learning how the sale process works in NYC.
Here are the top 3 reasons why FSBO sellers fail in NYC:
Poor Listing Syndication
The vast majority of NYC FSBO sellers fail
because they do not comprehensively advertise their listings on the correct real estate websites and the local New York City broker database.
Advertising to buyer’s agents by listing in RLS is especially important in NYC
since over 75% of the buyer base is represented by buyer brokers.
The possible outcomes of poor listing syndication as a seller in NYC include a lower sale price,
failure to sell or the gradual loss of confidence to the point that you succumb to a devastating double whammy of financial pain:
agreeing to pay 6% in commission to a traditional listing agent while also reducing your asking price.
No Professional Photos or a Floor Plan
Listings without professional photos and a floor plan almost always experience underwhelming traffic
and limp demand while also giving an edge to the competition.
Some buyer agents in NYC won’t ever send a listing to a buyer for consideration
unless the agent can review a floor plan to make sure the layout works for his or her buyer(s).
Ordering professional photography and a custom floor plan is relatively inexpensive and offers a high return on investment,
and that’s one of the reasons why all legitimate listing agents always invest money in professional media.
Unrealistic Listing Price
Setting a realistic listing price is the most important part of the exercise of selling FSBO in NYC.
NYC’s real estate market is generally quite robust even during market downturns,
however buyers are smart and they simply won’t over pay.
Not all apartments or brownstones are candidates for a bidding war, regardless of market conditions.
Ultimately, your asking price needs to be in line with comparable listings and recent sales
if you intend on selling it within the average amount of days it takes for other listings to sell in today’s market.
If the profit or sales price you envision is not in line with the current market,
we suggest you either reset your expectations or hold off on selling until your targets are in line with actual market pricing.
FSBO Seller Loses Confidence
The sale process in NYC usually takes 3 to 6 months even in a strong market.
Unfortunately, far too many sellers simply assume that their home will sell in two weeks in a bidding war
just like what they read about in that Sunday New York Times article from know knows when.
As the weeks pass, these sellers are naturally inclined to think they’re doing something wrong even if that isn’t the case.
When pricing your home, it’s a good idea to research the average days on market for comparable sales in your neighborhood
so you can set accurate sale timing expectations.
Looking to buy or sell a home in New York?
Learn how you can save on commission and closing costs at
www.hauseit.com