Real Estate Agent · New York, NY · Member since 2018 · 45 posts · 13 votes
Hi Everybody,
I'm relocating to Dallas from NYC and am looking for advice on if selling my 1bd 1 ba apartment in Greenwich Village FSBO (for sale by owner) is worth the savings in commission cost.
The apartment will probably be listed at $750k which would save ~20k in seller agent fees and commission
Disclosure: I am a licensed RE Agent, but have not utilized my certification to any degree
-I can run comps to make sure the apartment is listed at market value
-I can take professional photos and get a layout of the apartment made
-I can show the apartment at my convenience
The only issue I see is finding a way to list it on the local MLS (RLS) so that it reaches mass buyers. Am I missing anything that I should consider? Also if anybody has any experience with FSBO deals in NYC please feel free to reach out!
Investor · New York, NY · Member since 2017 · 14 posts · 6 votes
5y
Hi Tommy,
I sold my co-op apartment last year without using a broker. I had it listed on the MLS using https://www.hauseit.com I offered buyer's agents a commission if they brought me a buyer I ended up closing with. I was satisfied with the result. Please let me know if you have any questions.
Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes
5y
Hello Dallas and welcome to Texas. Goodbye high income taxes and welcome to high property taxes.
Seems tempting I know to try FSBO. I would think in a market that has taken a bloodbath over the past year, that you would want to utilize every resource you can in NYC to get the highest possible price. FSBOs almost always sell for less. I'll tell you what buyer's think of FSBOs....BARGAIN.....that's what they say every time in my car as I am showing them houses when they see a FSBO sign. The immediately take 10% off the asking price....they think "no agent" no commission, I'll save a ton and I'm going to take the seller to the cleaners since they're not represented. Some sellers think, wait the commission I'm trying to save is not 10%, but that's the number buyer's always say....at least in my car. So who saves the $20,000 you or the buyer? You don't both get to save it. All the research shows homes listed by agents sell for more than FSBOs, and that's probably why. I would think these days in NYC you want all the help, all the resources, all the network, all the exposure you can get from an excellent agent. To me you want your agent for example to be blasting all their buyer clients, all their past clients, and screaming at the next sales meeting with 50 or 100 agents attending, that they have a HOT new listing in GV that is ready to move....so those 50-100 agents take it back to their network, their buyers, their past clients.
Best wishes on the sale....and be ready to join the party in Dallas....very hot market here.
Investor · New York, NY · Member since 2017 · 14 posts · 6 votes
5y
Hi Tommy,
I sold my co-op apartment last year without using a broker. I had it listed on the MLS using https://www.hauseit.com I offered buyer's agents a commission if they brought me a buyer I ended up closing with. I was satisfied with the result. Please let me know if you have any questions.
Insurance Agent · Ozone Park, NY · Member since 2018 · 17 posts · 7 votes
5y
It doesn't hurt to try but do keep in mind that a realtor will always bring more money to you and his commission will be paid for in the deal. Good luck with the sale.
Real Estate Agent · New York, NY · Member since 2015 · 401 posts · 235 votes
5y
It can be done but you haven't even mentioned co-op board approval which is a bit of a red flag. You don't know what you don't know and even experienced agents have board turn downs. A co-op sale is not something you want to try to wing. I'd want my hand held. You can do it on your own but you're probably going to pay tuition. Good luck!
Real Estate Agent · Member since 2020 · 8 posts · 4 votes
5y
Hello Tommy! Hope all is well. Congratulations on relocating to Dallas, I've only heard great things about the city. I see you're in search of advice on how to sell your Greenwich Co-op apartment in NYC.
As a Realtor in New York, and having experience on several co-op deals in both Long Island and the 5 boroughs, I am here to inform you that selling your apartment is definitely achievable.
You're going to need to focus on the proper marketing, and ensuring the buyers that you're dealing with are highly qualified. The reason behind this is a co-op deals after contract can normally take 2-4 months depending on how quickly the board works.
Now, a problem you may encounter is while under contract, the board may deny your buyer from purchasing the apartment due to various reasons such as income, credit, failing the interview etc. Which in your scenario having to deal with a deal dying that you are personally in charge of may be difficult while being away in Dallas. Especially, if you need to begin showing the property once again. This deal seems like it needs to be done right the first time in order to save you time, and stress.
Another problem that you may encounter in regards to marketing is not syndicating the property to enough people and limiting yourself to the amount of offers you may receive. Assuming you'd like to make the most money possibly off of your property, you're going to want to syndicate the property to as many people as you possibly can. The more buyers coming through the door, the more offers you will receive which will results in you selling your property for the highest price possible and to the most qualified buyer.
I hope all this information was helpful, and I'm wishing you the best of luck with the sale of the apartment and your move to Dallas!
I ended up using Hauseit FSBO and went under contract in around a month. It was definitely work in terms of getting photos, staging, and showing, but it saved me a ton of money. I wouldn't recommend it for anybody who wants a hands-off approach, but being a licensed salesperson helps.