Ever sold your NYC home yourself, without a broker?

Obviously, people do this all the time, but I was wondering how it works, especially with a co-op. Where do you advertise? Is it possible to advertise in some “old-fashioned” way, the way newspaper ads used to be, without over-sharing, or do all sites require everything, starting with name/address? What information of your own do you have to collect to provide people? Although you can’t reject people for protected categories, how does one reject a prospective buyer for other reasons – like he’s just so unpleasant to deal with? At what point does the inevitable lawyer get involved?

FishieFishie

in General Discussion 9 years and 2 months ago

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carmenf | 9 years and 2 months ago

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cmu we bought our place without a buyers broker, but the seller had one so we technically had a dual agent. With that said, we basically did everything ourselves with our attorney. I don’t often see FSBO listings i NYC, but we would certainly have looked at them if we saw something we liked. I think people, especially first-time buyers, are terrified of the real estate market and buying/selling process in NYC. The news and online media outlets make it seem like an impossibly difficult processes to enter into, when, in fact, it’s really not. It’s a lot of contracts and a lot of money, but I do think that most people could do it without a broker as long as they have good legal representation and realistic expectations.

cordeliamilesx | 9 years and 2 months ago

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It can’t hurt to talk to a couple of agents from top firms and see what they can offer before you decide. As people have pointed out in other comment threads, it’s really a matter of whether you are ready to do the work and trust yourself to do it well, or yif ou feel it is better for a specialist to do much of the heavy lifting. For what it’s worth, sale prices are typically higher when listed with leading brokerage firms, and sharing a small percentage almost always pays for itself several times over. A good agent will invest hundreds or even thousands of dollars of their own funds on advertising, professional photography, mailings, etc. to promote your property to the widest possible audience, far beyond just Streeteasy. After the advertising and contract negotiation, a good agent also coordinates with the lawyers, lenders, inspector, appraisers, and sometimes acts as a personal therapist ? all to help ensure your transaction closes as smoothly and efficiently as possible. Selling it yourself may be the best choice for you in the end, but I highly recommend talking with a couple of different agents from top firms before deciding. When you meet with the agents, press them for details on how they will market your property, what their fee will be and why, and let them know you expect to get what you pay for. Hope this helps! Rob Millis rob.millis@corcoran.com

cmu | 9 years and 2 months ago

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With house prices so high, it seems like insanity to even pay 3% for a broker’s efforts. I bought a place without a broker, and so did a couple of others I know…so I wonder if most people do? It seems from what DIBS says is that your universe of buyers will be restricted to those not using brokers if you don’t want to pay the commission. Is that correct? Last time I sold a house, in SF, I offered 4% instead of 6% to the broker and he agreed almost instantly. Is this possible here?

daveinbedstuy | 9 years and 2 months ago

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I sold both my Manhattan condo and years later my Brooklyn brownstone FSBO (For Sale By Owner). I advertised in the NY Times and here on Brownstoner. I also stated that I would coop with brokers for 3% and eventually both sold through a buyers broker to whom I paid the 3%. You will get a lot of pushy brokers trying to talk you into signing a contract with them (moreso in Manhattan than Brooklyn). I suspect that above a certain price point, people don’t use Craigslist but not sure where that is..I didn’t use it. Paying the 3% to the buyers broker really does help things especially with first time buyers since they really have difficulty reaching decisions and their broker will push them to do and, since most of those buyers are using a broker, he/she will steer them away from your unit if you don’t offer the 3%.

neweco | 9 years and 2 months ago

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