How is open house traffic in Park Slope lately?
Our open houses have not had many visitors lately. Curious to hear from others on how much traffic they’ve seen and whether its been particularly slow lately. The apt in question is in a good location in park slope and reasonably priced, but open house traffic has been very low. Is this across the board?…
Our open houses have not had many visitors lately. Curious to hear from others on how much traffic they’ve seen and whether its been particularly slow lately. The apt in question is in a good location in park slope and reasonably priced, but open house traffic has been very low. Is this across the board? or should I be questioning my broker? Is it seasonal? thanks for your help.
yes, you need a broker who co-brokes.
and you need to price it right
when your property is not priced right, no one wants to buy it.
are they putting it on REBNY list and NYTIMES??
I think most buyers are savvy enough to recognize that even a buyer’s broker only gets paid if there’s a sale, so buyers brokers can still be seen to represent themselves, mostly.
I think the advantage of REBNY is that brokers who know what certain potential buyers are looking for will get your listing, and will bring people to see your place (via open house or by appointment.) That’s what happened when I sold. Also, the clients they brought tended to be more serious buyers, and better educated about the price and how to get through the coop buying process than some who came alone to an open house. They also brought people from outside the neighborhood.
Some actually prefer 4th floor walk-ups. If top floor, thats the best way to not be woken up by neighbors above you. The light is great, too. Many of my favorite apartments have been 4th floor walk-ups. The constant stairs, with lugging stuff (groceries, laundry, bike, luggage) kept me in better shape, too – still have top floor, but my elevator, which makes my life easier, isn’t better for my health.
And I second the REBNY recommendation – if the broker you’re using doesn’t co-broke, you’ll only get direct buyers – and more and more buyers are realizing the advantage of using their own, dedicated broker, especially now that agency disclosure laws require seller’s brokers to identify themselves as such and make clear the fact that they have the seller’s best interests at heart, not the buyer’s.
I was at three open houses in Park Slope last Sunday. One, in a landmark mansion on Eighth Avenue at Carroll St., was absolutely mobbed – because of its location, its relatively low asking price, and its huge private deck. However, I think most of the people seeing it felt it was too small (which ii probably is for many of them). I was also at a large one bedroom on Sixth Avenue at 3rd St. Traffic while I was there was low. It’s a nice place and a great location, but high-priced for the market. Finally I was at a fourth-floor walkup on Union St., between 5th and 6th Avenues. Nice location, but not the best, nice apartment, but somewhat small, and four flights up, so not for everyone; also kind of high-priced considering these negatives. No-on else was there when I and my client were.
However, heavy open house traffic does not guarantee a sale, any more than low traffic means that someone won’t fall in love with the place – it only takes one buyer for a sale. I tend not to worry about low traffic at apartments with potential disadvantages, like a fourth floor walk-up (which I never conceal in listings) – the buyers who come are aware of the situation and have chosen to come anyway. This is as opposed to ads calculated to bring out crowds, via omission of key details. People aren’t stupid – as soon as they see what’s wrong with a listing they’ll leave, and have a bad feeling about that listing broker to boot.
How long has your apartment been on the market? Have you re-evaluated the price? If it’s been more than two or three weeks that it’s been listed, and there’s no strong interest, you may need to reduce it somewhat.
Also, at what time is your open house? If it’s on Saturdays vs. Sundays, or at an odd hour (especially if it’s before 12 or after 4, you may attract fewer crowds, as people tend to group their visits.
Good luck!
You aren’t very specific in your post. The only way to know if your broker will easily let you out of the contract is to ask them.
If they won’t let you out easily, it might make sense to discuss in detail what they are doing, and what more can be done by them.
If you didn’t spell out in detail what you expect them to do to get word out, you may have the same problem with the next broker. You need to be involved in this process at every step for best results.
For a Park Slope apt., right pricing, good (and many) pictures showing absence of clutter, good floorplan, on a user-friendly broker website, a NYTimes online ad, and REBNY listing should bring droves to your door. A lousy location, unusually high maintenance, or unattractive building may need to be taken into account in the pricing. You need to do some work yourseld to determine if the price is right. My guess is that either it isn’t, or that may be you went with a local non-REBNY firm that doesn’t cobroke, in either case, yourself severely limiting traffic to your door.