Question 1

What are small improvements to prepare for sale?

Accepted Answer

When listing your home for sale, it’s important to make design choices that are as widely appealing as possible, to ensure that prospective buyers feel comfortable and at home in the space. While a major renovation for the sake of appealing to more buyers is usually not a sensible investments, small tweaks can mean the difference between multiple offers and hoping for the buyer who can see past your personal choices.

1. Use Cool Paint Colors: Cool tones (blues, greys, greens) create a space that feels calm and quiet. Lighter shades in these family are also the best at reflecting  (thus maximizing) light.

2. Furniture to Scale: Make sure your furniture is scaled to your home. This doesn't necessarily mean physically small items work better, it's all about the amount of visual space items take up relative to the amount of space.

3. Pinterest Worthy Vignettes: Use specific furniture and accent items to highlight the best features of each room – if you have a large corner window, or a particularly beautiful kitchen island, create a vignette that will to draw people’s attention to it.

4. Decluttering: Make sure there is “white space” in every room – clear surfaces, open space on shelves, etc. A room rarely looks good with every square inch filled.

5. Impactful Minimal Décor: Rather than filling every inch of wall space with random art, thing about wall decor as vignettes. Whether it is an oversized painting or a cohesive gallery wall, your art work should create an impact.

Question 2

What is staging?

Accepted Answer

Empty apartments, no matter how visually appealing, force potential buyers to use their imagination to come to a reasoned conclusion, rather than just react with emotion at the onset. While most of us think we are logical beings, the truth is emotion plays a huge role in many of the decisions we make, especially with something as personal as buying a home. Logic can re-affirm these emotional reactions, and presenting a beautiful “home” rather than an empty space can be a powerful marketing tool in selling a home. For empty apartments, this can mean full-scale (placement of actual furniture and decor) or virtual (digitally added) staging.

Full-scale staging can be expensive and is usually reserved for larger, more expensive properties where the return on investment makes sense. For smaller apartments, even a minimal investment in staging can help prospective buyers get a better sense of scale since people tend to underestimate the size of an empty apartment.

A more cost-effective option, and one we employ for many apartments and rentals, is virtual staging. Virtual staging cuts out the cost and hassle of full-scale staging by using advanced software to place items into the space digitally.

While it is not quite the same as being in a space that is actually decorated to the nines, the first impression of the property — viewing the listing online — gives the buyer a glimpse into its potential, provides a sense of scale, and captures the imagination.

Question 3

How are homes priced?

Accepted Answer

While location and square footage are obvious factors, similarly-sized apartments in the same area can sell for vastly different prices, and it often comes down to a handful of both physical and intangible factors.  Take a look at the top five physical attributes that affect the value of a property:

Part 1: The Physical Space

1.) Layout 
Almost as important as overall square footage is how that square footage is distributed within an apartment.

2.) Windows, Walls, & Floors
No, we’re not talking about the actual windows and floors, but rather views, exposures, light, and ceiling height which affect the overall feel and, therefore, desirability of an apartment.  While there is no precise formula, again, it comes down to nuance.

3.) Condition
Renovation value is based more on overall condition than specific finishes or features — i.e. what matters most is whether a home is in mint, good, fair or poor (think estate) condition.  That said, very specific finishes or style of renovation, even if costly or recently done, will not add the same value as one that appeals to a broad audience.

4.) Outdoor Space 
Not all outdoor space is created equal.  A balcony is worth less than a terrace, deck, or yard.

5.) Building Age & Period Details 
Everyone knows that pre-war charm sells — high ceilings, original woodwork, crown mouldings, wood burning fireplaces are all at the top of many buyers lists — and, there are only so many pre-war buildings.  However, not all buyers are in love with pre-war details. Some prefer floor-to-ceiling windows, brand new finishes, high-end amenities, and hi-tech offerings that are typically only available in new buildings.

Watch more here: https://www.youtube.com/watch?v=sS0UGzs_yHc

Part 2: Beyond The Physical

1.) Monthlies 
There is a broad range for what is considered normal or “acceptable” for the monthly carrying cost on an apartment (common charges, taxes, and/or maintenance).  A monthly that is above or below the “acceptable” range can have a massive effect on sale price.

2.) Required Down Payment Amount
A typical down payment for NYC co-ops is 20-25% of the purchase price, but it is not unheard of for some buildings to require a 40-60% down payment.  A high minimum down payment will reduce the pool of potential purchasers and might negatively affect sale value, especially in areas where a higher minimum is less common.

3.) Service Level
Amenities don't just mean high-end features like a roof deck, pool, or fancy new gym -- equally important are things like doorman service, a live-in super, elevators, a laundry room, storage bins, bike storage, etc.  There are certain kinds of amenities, especially elevators and laundry, that matter a great deal to most buyers, and therefore will affect price.

4.) Building Policies 
Of course, every building is going to have its own policies or rules.  But if a building’s policies are especially restrictive or severe, potential buyers may be deterred.

5.) Building's Financial Health
Buildings with a history of hefty assessments, or sudden large increases in monthly charges, will usually be a red flag to prospective buyers, as they can indicate disorganization or poor budgeting on the part of the management company or Board.

Whether you live in your home for 5 or 35 years, these considerations should factor into your bottom line both in terms of your monthly outlay and what to expect when it comes time for resale. Home values depend on much more than what meets the eye, so it’s important to have a complete picture before committing to such a significant investment.

Watch more here: https://www.youtube.com/watch?v=sS0UGzs_yHc

Question 4

Why is it important to price correctly?

Accepted Answer

In New York City, buyers focus their property search within their price range, so if you’re overpriced you will not be in front of the right buyer pool to begin with. Sellers who are priced too high — outside of the reasonable range — may acknowledge they are priced high but wonder why they are receiving no offers, even low balls. The short answer is, those buyers do not want the property at any price. They are simply not the right audience.

Once you are within the reasonable pricing range and in front of the right audience, it is still important to be priced attractively within your market. If a buyer thinks a property is a good value, they will be looking for all the ways it is better than it’s competitors. On the other hand, if the property is priced on the higher end, buyers will be focused on its flaws.

The data backs this up. Properties priced right consistently outperform overpriced properties. They receive higher traffic — which we can track online — and close with a higher purchase price in a shorter amount of time.

Question 5

What are my estimated closing costs?

Question 6

What are the benefits of working with a cooperating broker?

Accepted Answer

Working with a professional buyer’s agent can provide a host of benefits you may not have considered. In partnership with a buyer’s agent, I can show your home in its best light to a widened pool of qualified buyers and ensure a more efficient contract-to-close process for everyone involved.

Increased Exposure for Your Listing
More eyes means more interest. A buyer’s agent can help get your listing in front of interested buyers they are currently representing, which maximizes your home’s exposure in a competitive market. By listing as a Compass Private Exclusive, you can even pre-market your home to buyers and the agents they are working with to build early demand before launching to the public.

More Qualified Buyers
Working with a buyer’s agent helps increase the likelihood that your home will be seen by qualified and vetted buyers who are educated about the market and ready to transact.

Seamless Contract-to-Close
Buyer agents provide guidance, counseling, and support to buyers throughout the contract-to-close process to troubleshoot and resolve potential issues. Having dedicated agents on both sides of the deal will ensure an objective approach and increase the likelihood of a seamless transaction.

Reduced Liability & Exposure
Having professional representation more readily ensures that the buyer completes their investigations to their satisfaction, thoroughly reviews and understands seller disclosures, and completes each required step. The result? A well-informed client without buyer’s remorse.

Question 7

What are the benefits of offering buyer agent compensation?

Accepted Answer

In the United States, real estate commissions can be paid by the seller, listing agent or the buyer. Continuing the practice of offering buyer compensation by the seller or listing agent increases the likelihood of having a professional buyer’s agent on the other side of the transaction and provides you with a number of advantages.

By paying commission or authorizing your listing broker to pay commission, you have potential to:

Increase Interest From Qualified Buyers
When you offer compensation to the buyer’s agent, the property may become more attractive to serious buyers and increase its exposure, a critical advantage in competitive markets. This also makes your home more accessible to a wider pool of buyers, some of whom might have limited cash for upfront costs.

Secure a Higher Purchase Price
If buyers don’t need to reserve funds for commission, they may be able to offer a higher purchase price.

Sell Faster
Removing the financial burden on buyers can help reduce the time your property is on the market.

Simplify Negotiations
With commission costs off the table, negotiations are less complex, allowing all parties to stay focused on the property’s price, which streamlines the negotiation.

Question 8

Does your team work with estate sales?

Accepted Answer

Yes, our team has represented many estates and are well versed in navigating the legal, emotional, and physical challenges that accompany estate sales.

Learn more about our approach to working with estates here.

High-Impact
Refresh Plan

The High-Impact Refresh Plan is our hands-on approach to preparing a home for market. We identify the updates that will have the greatest impact, then coordinate vendors, approvals, repairs, painting, cleaning, and staging to position the property for maximum buyer demand.

CURIOUS HOW WE CAN TRANSFORM YOUR SALE?

OUR SUCCESS STORIES

What are small improvements to prepare for sale?

What is staging?

How are homes priced?

Why is it important to price correctly?

What are my estimated closing costs?

What are the benefits of working with a cooperating broker?

What are the benefits of offering buyer agent compensation?

Does your team work with estate sales?

Frequently Asked Questions

WHAT’S YOUR PROPERTY WORTH?

HEAR IT FROM OUR SELLERS

Isil Yildiz Team