How We Sell NYC Apartments In A Tough Market
Here are six ways we’re selling apartments, even in a trying market.
First and foremost: pricing.
You've got to know the inventory and you've got to try to price your home as close as possible to where it's going to sell. No one's purchasing overpriced homes right now and we've had these hard-hitting conversations upfront with sellers so that when we go on the market, we're at the right price.
Secondly: marketing and presentation.
We find too many sellers and their agents are trying to rush their properties onto the market and they don't really have enough care as to what it's going to look like and how it's going to appear online to the buyer community. If need be, we're taking the extra week, maybe extra two weeks, to ensure our homes are presented as ideally as possible. It's working. We've put 12 homes in-contract in the last few weeks and it's working. We're getting a lot of homes sold.
Thirdly, very simply but important: communication.
The buyers market we keep hearing about means a longer market. Buyers are moving more slowly. Negotiations are taking a lot longer. Contracts are taking longer to get signed. You see the theme here. Constant followup and communication is key. We need to communicate regularly with our sellers, with our brokers, with the attorneys, with the bank.
Everybody needs to be communicating with each other regularly. We find a lot of brokers in this market are getting way too comfortable or have gotten way too comfortable with the breakneck speed that we were accustomed to in 2014 through 2017. But the reality is they took for granted the necessity of having open dialogues with everyone involved because it just happened so quickly and you almost didn't need to communicate.
I'm shocked even that there are so many brokers who don't even follow up with us after we bring a buyer to one of their exclusives for feedback because feedback on a showing is important. As I mentioned with pricing being key, if you have more feedback, you have more to communicate to your seller and you can speak more informed about the price.
Those are three tips for sellers.
For buyers, you've got to know the inventory.
You got to know what's on the market and where the market is. There are opportunities across the board, but the market is still pretty healthy and you've got to make sure the buyers know if their price of the home that they're interested in is fair market or not. If you know the market, you'll be able to answer that.
Secondly, with buyers, very simply again: have patience.
As I've said before, if you're trying to rush the process when the market has slowed, you'll just kind of look like a desperate salesperson. Our buyers have more time, so we're more patient with them than we ever have been before. We let them have the air they need to figure out what the right home is for them. Have faith that eventually they'll find the right home. For us on the Glazer team, we'll be there to guide them to it.
Last but not least: don't knock the hustle.
There is no time off in this business. I hate to say it, but I've seen a lot of agents who complain about how difficult the market is, and how their buyers aren't crossing the finish line, and they can't close transactions. Yet, I'll look on social media, and what do I see? They're halfway across the world on a three-week vacation. There's no substitute for being available to your clients, to show them property, to walk them through the process, and, of course, staying current on the market and inventory, which I believe is best done when you're available and in your office and totally plugged in.
Those are six tips that we've employed to help get 12 deals in contract and accepted offers over the last few weeks. Follow the basics, and you should find success.