Most FSBO's are very concerned with exposure yet they miss their number one starting point, proper pricing. Without proper pricing, apartments sit on the market and nothing happens leading to frustration and the feeling of the need for more exposure. When in fact it isn't the exposure but how they are priced. I'm not saying exposure isn't important, but if you aren't priced right no matter how much exposure you get nothing will happen.
If you looked at starting prices compared to prices that people got a signed contract - there were massive decreases from original pricing. (based on brokerage sales) This shows that there has been over pricing and slowness to respond to the changing market.
Forget about the past and what you think it's worth and price accurately off older comps from 2007 or a comparable with a contract signed in late October and forward.
Saturday, January 31, 2009
Wednesday, January 28, 2009
Marketing
Marketing can't offset improper pricing or the consumer's reactions to an apartments or lofts offering. There are no tricks or more websites to post on because proper pricing is the key now to any sale.
The ability to offer a strong apartment for a solid price will beat out any marketing gimmicks.
You should look at comparables from 2006/2007 and use these figures to come up with starting prices. 2008 comparables are out of the picture in terms of proper pricing. (remember: like kind comps - same building and same apartment line.)
The ability to offer a strong apartment for a solid price will beat out any marketing gimmicks.
You should look at comparables from 2006/2007 and use these figures to come up with starting prices. 2008 comparables are out of the picture in terms of proper pricing. (remember: like kind comps - same building and same apartment line.)
Friday, January 23, 2009
Newest Members on No Brokers Please
Today we have four new members on No Brokers Please...
142 East 16th, 350 West 42nd, West 127th and 520 East 72nd
and
a price reduction at 200 East 24th - a high floor renovated 1 br - 600sf for 505K.
Question: How did we come up with no brokers please as a name?
Answer: It came from the FSBO ads we read which the majority had listed No Brokers Please!. We felt it was a funny name and that is why we choose to call the consulting service No Brokers Please.
142 East 16th, 350 West 42nd, West 127th and 520 East 72nd
and
a price reduction at 200 East 24th - a high floor renovated 1 br - 600sf for 505K.
Question: How did we come up with no brokers please as a name?
Answer: It came from the FSBO ads we read which the majority had listed No Brokers Please!. We felt it was a funny name and that is why we choose to call the consulting service No Brokers Please.
Wednesday, January 21, 2009
The Purpose of No Brokers Please
The business is about consulting for sale by owners - so they get the benefits of an experienced broker without having to pay a 6% fee. The site, while in it's infancy, is generating traffic with a gradual increase from day to day. It is only 10 days old but still does offer fsbos more power because they are joining together in one place, utilizing their own marketing and our marketing.
It is not about eradicating people.
There will always be people that want full service - just as there will be people who want to do things on there own.
FSBO's needed some guidance and now they have a chance to get the necessary tools and information without having to pay large fees. It will have ramifications of allowing people who want to do the sale on their own to reap more money and price better in a tough economy.
Right now pricing and not marketing are the biggest aspect of getting sales. You do need to market but without a solid price all the marketing in the world won't save your efforts.
What is different - is that we are highly experienced and successful brokers consulting with sellers to ensure success. We have sold millions worth of properties and we're offering the expertise at a flat rate for membership. So you get the same instruction without the heavy costs.
It is not about eradicating people.
There will always be people that want full service - just as there will be people who want to do things on there own.
FSBO's needed some guidance and now they have a chance to get the necessary tools and information without having to pay large fees. It will have ramifications of allowing people who want to do the sale on their own to reap more money and price better in a tough economy.
Right now pricing and not marketing are the biggest aspect of getting sales. You do need to market but without a solid price all the marketing in the world won't save your efforts.
What is different - is that we are highly experienced and successful brokers consulting with sellers to ensure success. We have sold millions worth of properties and we're offering the expertise at a flat rate for membership. So you get the same instruction without the heavy costs.
Tuesday, January 13, 2009
Market conditions
Well, the market is still in a very slow mode with sales volume down each of the last 3 consecutive months. The information in the Q4 market reports looks at contracts that were signed before the end of September so it really gives an accurate picture of what Q3 was like. To really the effect of the slow down, we'll need to see Q1 and Q2 market reports to gauge the level of the market.
With conditions as they are it is very important when selling to:
1) Make sure you understand what someone will need to obtain a mortgage for your property. Speak with a mortgage broker and have them put something together for you so you can provide prospects with all the information. Greater transparency = greater sales.
2) Pricing - don't add appreciation on comps from 2007 as the market today is soft currently. Since you have some flexibility, you should use this to provide the best deals to buyers while still taking home more money. Price sharp and use the fact that you aren't paying a commission to differentiate your pricing.
3) Know the comps in your building and use them wisely. All buyers will be checking them out too so best to be informed and help people through the transaction.
With conditions as they are it is very important when selling to:
1) Make sure you understand what someone will need to obtain a mortgage for your property. Speak with a mortgage broker and have them put something together for you so you can provide prospects with all the information. Greater transparency = greater sales.
2) Pricing - don't add appreciation on comps from 2007 as the market today is soft currently. Since you have some flexibility, you should use this to provide the best deals to buyers while still taking home more money. Price sharp and use the fact that you aren't paying a commission to differentiate your pricing.
3) Know the comps in your building and use them wisely. All buyers will be checking them out too so best to be informed and help people through the transaction.
Monday, January 12, 2009
Launch + FSBO Property
We are fully launched at www.nbpny.com - No Brokers Please and have seen traffic growing to the site.
Here are open houses coming this week - 1/18/09.
200 East 24th
OH - 12pm - 3pm
425 East 89th
11:30 - 2pm
Here are open houses coming this week - 1/18/09.
200 East 24th
OH - 12pm - 3pm
425 East 89th
11:30 - 2pm
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