You may not know, but there are a few seemingly minor details that may keep your apartment from selling at the price it can and should be sold for. When putting your apartment on the market, it is important to keep in mind this list of factors that you may consider nit-picky, however are crucial to getting the most money out of your sale. Good brokers will be sure to tip you off to these, since they are so in tune with the market. However, you might want to check out this list before you consider making any further moves towards marketing and selling your home.
The day of the week on which you are listing:
People feel differently every day of the week, and it’s important to pay close attention to which days may be the most successful for a sale for you. It’s been noted that the best day to list an apartment is Thursday. This makes the apartment fresh for its upcoming weekend open houses, and is also best for hosting open houses two weekends in a row, because it doesn’t seem as if it’s been on the market for too long. If you list on Monday, for example, a weekend open house may feel like a lifetime away, and it can be forgotten about and pushed into the background of apartments listed just days afterward.
Not having a broker:
Few sellers tend to at first steer away from having their apartment represented by a broker. However, for those that do – the lack of a broker might be a detriment to your success and could potentially cost you more money, time, and energy in the process. Brokers that help you sell often remain predominantly in contact with buyers’ brokers. With 90% of buyers in Manhattan being represented by a broker you could be cutting out the largest segment buyers by listing on your own and not soliciting brokers. It is easy to get pushed under the radar as an independent seller, and you might be missing out on a lot of expert tips that you might not even consider. Additionally, many buyers expect to a deal to be cut because of the lack of brokers involved, and so you may end up getting your apartment for slightly less than you expected. And the legal work involved with selling an apartment in New York City causes enough stress on its own and may slow down your process.
The exact price of your apartment:
Pricing your apartment can be tricky, with a lot of factors to consider. Once you have a general idea of your apartment’s market value, it can be beneficial to make sure that your price can fit within a couple of different ranges. For example, price searches StreetEasy round to the nearest thousand, so pricing your apartment at an exact thousand can put it in at least a few different price range searches. More specifically, if your home is worth $1,000,000 it would be prudent to price it at $1,000,000 instead of $999,999. This way you’ll show up in searches for people who search for $900K – $1M and $1-$2M. It’s important to not put yourself in a smaller box when pricing, and making sure that your price number is accessible in online searches. This really can give your apartment a lot of visibility.
The cleanliness of your closets:
It’s been suggested by HGTV to declutter your closets before showing your apartment. They even recommend that you take out half of the items in your closets so as to give the idea that your closet is more spacious. Across the board, it is important to buyers that they have ample space, especially in closets where a lot of “stuff” tends to accumulate. Additionally, it has been noted that expensive items in your closet may even increase the offer on your place. These will cause those looking inside to develop a longing to be “in your shoes,” and thus in your apartment.
Key terms in your listings:
Depending on which neighborhood you’re selling in, you’ll want to tailor the description of your apartment. For each borough in New York, there is a certain set of attributes that buyers typically look for. For example, peaceful neighborhoods and amenities such as renovations rank higher in homes in Manhattan than in Brooklyn, where an “Old-New York” is more often sought after. DNA info had information on these trends and how sensitive buyers could be to certain words and phrases when hunting for the perfect place. Certain attributes that you may highlight or neglect to highlight can keep buyers from ever looking into your apartment as an option.
Charging too much for an apartment initially is a big problem that ends up devaluing a lot of sales. It is crucial to have a good idea of how much your apartment is worth before deciding to broadcast your asking price. Many sellers, when heavily attached to their home, list their house above market price because of their experiences in the home, and their sense of pride in having built such a home for themselves. This is known as the IKEA effect, and it usually does not do sellers any favors. The IKEA effect is characterized by those who feel their product is worth more because they “built it themselves,” to some extent. Many people feel that through making their apartment a home for themselves, they deserve more from it. When it comes to pricing, sellers must learn to detach themselves from their homes and realize that buyers aren’t interested in the personal history a seller may have with their apartment. Often times, overpricing results in underselling.
When it comes time to put your home on the market, make sure that you pay close attention to how you are selling your home. There are a lot of factors to consider, some more obvious than others. Details really do matter! Having an experienced broker on your side can make this much easier.