No Brokers Please wishes you and your family a great Labor Day Holiday!
We hope you'll get some time to spend outside to enjoy the beautiful weather and enjoy life. We're taking a break and will be back on Tuesday to continue our assault on the marketplace.
Thursday, August 28, 2008
Wednesday, August 27, 2008
An Example of how the game is played.
Let’s assume there are 3 very similar homes for this example – level of renovation, size, layout, building/neighborhood, etc.
Home A – sold in 3/2008 for $800K by a broker. Not including other closing costs the owner nets $752K.
Home B – is listed in 8/2008 for $825K by a broker. This scenario happens all the time, where sellers price above the comparable level in this market.
Home C – is your home and you’ll be selling on your own without a broker. You do the necessary research and find a comparable sale of $800K which Homeowner A netted $752K after the broker’s 6% commission. From this, you now can list a dominating market price. You decide to list your opening price at $780K – $20K below the last sale, to create a deal for buyers while still netting you more money than Homeowner A.
To highlight the deal you’re offering, whenever Home B is having/planning an open house or event, so do you. This is a great comparison and will give an added boost to your sales effort. Plus, since you’re posting your listing online, you’re getting maximum exposure.
While Home A might sell for more money, Homeowner C will net more money and since they’re under the comparable level, they’ve a greater chance for multiple offers and selling in a much shorter period of time. Also, Homeowner C knows that their home is well priced, so they can be firmer in their negotiations.
Home B will probably remain on the market longer and may even need to lower its listing price to generate offers.
Home A – sold in 3/2008 for $800K by a broker. Not including other closing costs the owner nets $752K.
Home B – is listed in 8/2008 for $825K by a broker. This scenario happens all the time, where sellers price above the comparable level in this market.
Home C – is your home and you’ll be selling on your own without a broker. You do the necessary research and find a comparable sale of $800K which Homeowner A netted $752K after the broker’s 6% commission. From this, you now can list a dominating market price. You decide to list your opening price at $780K – $20K below the last sale, to create a deal for buyers while still netting you more money than Homeowner A.
To highlight the deal you’re offering, whenever Home B is having/planning an open house or event, so do you. This is a great comparison and will give an added boost to your sales effort. Plus, since you’re posting your listing online, you’re getting maximum exposure.
While Home A might sell for more money, Homeowner C will net more money and since they’re under the comparable level, they’ve a greater chance for multiple offers and selling in a much shorter period of time. Also, Homeowner C knows that their home is well priced, so they can be firmer in their negotiations.
Home B will probably remain on the market longer and may even need to lower its listing price to generate offers.
Monday, August 25, 2008
Why selling on your own is possible.
Over the last week or so, since I’ve started this blog, I’ve received many e-mails inquiring about how to sell on your own. Therefore, I decided to answer some of these questions to give the readers a little more perspective to this process. This blog will also give the readers a better understanding in what No Brokers Please is trying to accomplish, for the FSBO in the NYC metro area.
Q) Isn’t selling on your own complicated?
A) No, it’s actually fairly simple. The brokers hardest thing to accomplish in real estate isn’t the selling process BUT getting those new leads of buyers and sellers to work with you. Since, you’ll be selling your property on your own, the hardest part gets eliminated from the selling equation. One advantage of selling on your own is that you can set your own showing or open house schedules. Just make sure you advertise your open house showings to maximize efficiency while minimizing the burden on your daily lifestyle.
Q) How do I get educated/qualified buyers interested in my home?
A) In today’s world, the Internet is the number one resource in real estate. By NBPNY.com banding all the For Sale by Owner (FSBO) listings together per area (NYC, Brooklyn, Queens and Long Island), the FSBO will gain market power and be able to utilize the advantages that larger real estate companies employ.
Q) Don’t I need any kind of specialized training?
A) Training, if any, is very basic and certainly doesn’t coach or train brokers on how to service the sellers needs properly. It’s more gauged on how to use the computer system and to generate more business. In fact, most brokers are just dropped into the marketplace to either sink or swim. As a member of No Brokers Please, you’ll have full access to professional coaching throughout your selling process, simplifying each step to give you a better understanding in what needs to be done to maximize results.
Q) Don’t I need a broker to market or “push” my property?
A) Today, over 90% of all buyers use the Internet to research and pre-shop properties. So, by having a centralized marketing platform (NBPNY.com), proper pricing and a great presentation, you’ll to be able to attract a multiple amount of qualified buyers needed to sell your property.
If your motivated to save a broker’s 6% commission and are willing to put some time and effort in; then showing your property, managing your listing and communicating directly with the buyer is a well worth investment.
Q) Isn’t selling on your own complicated?
A) No, it’s actually fairly simple. The brokers hardest thing to accomplish in real estate isn’t the selling process BUT getting those new leads of buyers and sellers to work with you. Since, you’ll be selling your property on your own, the hardest part gets eliminated from the selling equation. One advantage of selling on your own is that you can set your own showing or open house schedules. Just make sure you advertise your open house showings to maximize efficiency while minimizing the burden on your daily lifestyle.
Q) How do I get educated/qualified buyers interested in my home?
A) In today’s world, the Internet is the number one resource in real estate. By NBPNY.com banding all the For Sale by Owner (FSBO) listings together per area (NYC, Brooklyn, Queens and Long Island), the FSBO will gain market power and be able to utilize the advantages that larger real estate companies employ.
Q) Don’t I need any kind of specialized training?
A) Training, if any, is very basic and certainly doesn’t coach or train brokers on how to service the sellers needs properly. It’s more gauged on how to use the computer system and to generate more business. In fact, most brokers are just dropped into the marketplace to either sink or swim. As a member of No Brokers Please, you’ll have full access to professional coaching throughout your selling process, simplifying each step to give you a better understanding in what needs to be done to maximize results.
Q) Don’t I need a broker to market or “push” my property?
A) Today, over 90% of all buyers use the Internet to research and pre-shop properties. So, by having a centralized marketing platform (NBPNY.com), proper pricing and a great presentation, you’ll to be able to attract a multiple amount of qualified buyers needed to sell your property.
If your motivated to save a broker’s 6% commission and are willing to put some time and effort in; then showing your property, managing your listing and communicating directly with the buyer is a well worth investment.
Friday, August 22, 2008
How to handle an Appraisal
When you have an appraisal scheduled, you'll need to do a couple of minor things to ensure the best possible results.
1) Have a copy of the first 2 pages of the contract for the appraiser. This will give the appraiser the deal information he needs for his file.
2) Have a floor plan for the appraiser.
3) If available, present some comparable sales (comps) to the appraiser.
These 3 items will help assist the appraiser and make his job a bit easier.
Also, present a clean home that's pleasing to the eye.
1) Have a copy of the first 2 pages of the contract for the appraiser. This will give the appraiser the deal information he needs for his file.
2) Have a floor plan for the appraiser.
3) If available, present some comparable sales (comps) to the appraiser.
These 3 items will help assist the appraiser and make his job a bit easier.
Also, present a clean home that's pleasing to the eye.
Thursday, August 21, 2008
Selling is all about...
Asking the appropriate questions to determine the buyers needs and most importantly, presenting the buyers psyche a mental picture of comfort and tranquility throughout the whole selling and showing process. Psychologically, the key to success will be the buyer’s initial entrance into your home, so make these first few steps count!
1) Once you receive the answers to your first set of questions, it’s important to take the conversation a step further by asking the potential buyer a follow-up question, “Why is that important to you”? The answer to this follow-up question is what the buyer is looking for, in his or her next dream home. Utilize this valuable information to your advantage to explain why your home fits the aspects they’re looking for.
2) Every step of your selling process should be represented at its highest quality, beginning with your Internet page and show sheet. Always display your home in its best light no matter which step of the selling process you’re representing, especially at your home showing. Sub-consciously, you need to show the buyer that your home is of utmost value, validating their choice to come see your home. This type of representation will draw or attract educated buyers, while others who represent themselves in a bad light, tend to remain on the market for longer periods of time.
Remember: Buyers tend to buy off their feelings or that “sense of feel” first, and then utilize logic and reasoning to support their decision. So, create the most pleasant atmosphere possible!
1) Once you receive the answers to your first set of questions, it’s important to take the conversation a step further by asking the potential buyer a follow-up question, “Why is that important to you”? The answer to this follow-up question is what the buyer is looking for, in his or her next dream home. Utilize this valuable information to your advantage to explain why your home fits the aspects they’re looking for.
2) Every step of your selling process should be represented at its highest quality, beginning with your Internet page and show sheet. Always display your home in its best light no matter which step of the selling process you’re representing, especially at your home showing. Sub-consciously, you need to show the buyer that your home is of utmost value, validating their choice to come see your home. This type of representation will draw or attract educated buyers, while others who represent themselves in a bad light, tend to remain on the market for longer periods of time.
Remember: Buyers tend to buy off their feelings or that “sense of feel” first, and then utilize logic and reasoning to support their decision. So, create the most pleasant atmosphere possible!
Wednesday, August 20, 2008
Top 10 – What not to do when showing a home
1) To talk consistently while the buyer is trying to get a sense of feel for the home. Every buyer is different – evaluate the buyer’s need for information by listening closely to what is being asked.
2) To break-off or start telling random stories about your personal items or home décor.
3) To be late for the scheduled appointment.
4) To confine the buyer the freedom to tour the space. The buyer will gravitate to the areas that he or she is most interested in seeing – Use this to your advantage.
5) To give or make up information that you may think is correct. Always provide 100% correct information or just state that you’ll need to research the matter further, to be 100% sure.
6) To take or make cell phone calls during the showing. This shows blatant disrespect to the buyer.
7) To state, “isn’t this great” while the buyer is looking at certain features of the home. Allow the buyers to come to their own conclusions. Ask pertinent questions to educe answers with informational value.
8) To disparage and discredit the competition. Psychologically, this creates a negative mindset in the buyer towards you and it displays bad character on your part.
9) To appear desperate or weak, when offers and negotiations are presented.
10) To lie about current offers on the home. Don’t make up false or fictitious offers in an effort to push buyers.
2) To break-off or start telling random stories about your personal items or home décor.
3) To be late for the scheduled appointment.
4) To confine the buyer the freedom to tour the space. The buyer will gravitate to the areas that he or she is most interested in seeing – Use this to your advantage.
5) To give or make up information that you may think is correct. Always provide 100% correct information or just state that you’ll need to research the matter further, to be 100% sure.
6) To take or make cell phone calls during the showing. This shows blatant disrespect to the buyer.
7) To state, “isn’t this great” while the buyer is looking at certain features of the home. Allow the buyers to come to their own conclusions. Ask pertinent questions to educe answers with informational value.
8) To disparage and discredit the competition. Psychologically, this creates a negative mindset in the buyer towards you and it displays bad character on your part.
9) To appear desperate or weak, when offers and negotiations are presented.
10) To lie about current offers on the home. Don’t make up false or fictitious offers in an effort to push buyers.
Tuesday, August 19, 2008
Marketing for a FSBO - Ideas to Help Buyers and Sellers
Not every marketing resource today is created and established in an effort to save you money. Today’s post will provide extensive and thorough information regarding this topic.
Selling a property in New York City, Queens, Brooklyn and Long Island is uniquely different than any other market across the country. So why would you market your property on a national FSBO website? These national websites have very limited NYC metro area exposure resulting in a very small percentage or even possibly zero qualified buyers, that are actually getting directed to your property. As a NYC resident, you need more specificity for your area. Also, it’s a common strategy for national websites to just place your property listing to as many places in an effort to simulate exposure but the results never show up. By doing this, national FSBO’s websites give the seller that “sense of feeling” that they’re doing so much more – a psychological justification for the price it costs to market on their website. Unfortunately, educated NYC buyers aren’t researching these national websites for their next dream home.
Both The New York Times and Newsday are great supplemental and secondary resources that may help you with your marketing network and campaign. Educated buyers utilize these resources more frequently and offer far better exposure.
In the past, Craigslist was one of the most popular marketing platforms for FSBO but over the years it has lost its effectiveness due to the overload of ads, fake ads and the massive infiltration of brokers. Craigslist still has its advantages but should be used only as a second-level marketing resource.
The general issues For Sale By Owner’s (FSBO’S) have is:
a) a lack of centralized exposure to the right target market
b) understanding the selling and buying process
c) utilizing the tools of the trade in one’s favor
d) the most intimidating issue, the fact that FSBO’s are one person marketing alone
The two major advantages brokerage firms have over the individual FSBO is 1) their centralized marketing platform and 2) their company website. With these advantages, they’re able to market specific listings all at once. The brokerage firm then has the ability and means to branch off this centralized marketing with secondary resources such as The New York Times.
In order for the FSBO to combat these large brokerage firms, a centralized, web-based marketing platform needs to be established to gain these types of advantages that brokerage firms employ. Since FSBO’s are one person marketing alone, it would be beneficial to have an expert in the field of real estate to guide and coach you throughout the whole process of selling your property on your own. Wouldn’t it be nice to have someone to speak to or lean on, who is qualified in all assets of NYC real estate?
We have remedied these issues with No Brokers Please, by creating a unique top-notch website that will band FSBO’s together for power. This unity will give FSBO’s a strong marketing presence for qualified buyers and will establish and create a centralized marketing platform for their properties.
All members will be able to receive professional coaching, when needed, from a Licensed Broker and staff members who have successfully ran their own brokerage business.
Coming September – Soft Launch
(NBPNY.Com)
Selling a property in New York City, Queens, Brooklyn and Long Island is uniquely different than any other market across the country. So why would you market your property on a national FSBO website? These national websites have very limited NYC metro area exposure resulting in a very small percentage or even possibly zero qualified buyers, that are actually getting directed to your property. As a NYC resident, you need more specificity for your area. Also, it’s a common strategy for national websites to just place your property listing to as many places in an effort to simulate exposure but the results never show up. By doing this, national FSBO’s websites give the seller that “sense of feeling” that they’re doing so much more – a psychological justification for the price it costs to market on their website. Unfortunately, educated NYC buyers aren’t researching these national websites for their next dream home.
Both The New York Times and Newsday are great supplemental and secondary resources that may help you with your marketing network and campaign. Educated buyers utilize these resources more frequently and offer far better exposure.
In the past, Craigslist was one of the most popular marketing platforms for FSBO but over the years it has lost its effectiveness due to the overload of ads, fake ads and the massive infiltration of brokers. Craigslist still has its advantages but should be used only as a second-level marketing resource.
The general issues For Sale By Owner’s (FSBO’S) have is:
a) a lack of centralized exposure to the right target market
b) understanding the selling and buying process
c) utilizing the tools of the trade in one’s favor
d) the most intimidating issue, the fact that FSBO’s are one person marketing alone
The two major advantages brokerage firms have over the individual FSBO is 1) their centralized marketing platform and 2) their company website. With these advantages, they’re able to market specific listings all at once. The brokerage firm then has the ability and means to branch off this centralized marketing with secondary resources such as The New York Times.
In order for the FSBO to combat these large brokerage firms, a centralized, web-based marketing platform needs to be established to gain these types of advantages that brokerage firms employ. Since FSBO’s are one person marketing alone, it would be beneficial to have an expert in the field of real estate to guide and coach you throughout the whole process of selling your property on your own. Wouldn’t it be nice to have someone to speak to or lean on, who is qualified in all assets of NYC real estate?
We have remedied these issues with No Brokers Please, by creating a unique top-notch website that will band FSBO’s together for power. This unity will give FSBO’s a strong marketing presence for qualified buyers and will establish and create a centralized marketing platform for their properties.
All members will be able to receive professional coaching, when needed, from a Licensed Broker and staff members who have successfully ran their own brokerage business.
Coming September – Soft Launch
(NBPNY.Com)
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