How to Sell Luxury Homes For Sale By Owner in New York City

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Luxury homes in the New York City market are homes which are priced higher than $10 million. There’s very little that you need to do differently if you want to sell luxury homes For Sale By Owner in NYC versus selling the average $2 million NYC apartment For Sale By Owner.

Because of the slightly increased sophistication of real estate agents in wealthier circles, luxury home owners are more likely to be duped by their agent “friends” into thinking that paying 6% commission is some sort of law and that they need to work with an agent specializing in luxury home sales.

Little could be further from the truth.

Real estate agents in NYC focused on the luxury market are often “momma’s boys” who are getting clients exclusively from their parents’ networks. As a result, the difference in service and marketing is zero versus working with an agent who is less entitled and more hungry.

At Hauseit, we’ve proven that $10 million penthouse condos in Lower Manhattan and $20 million townhouses on the Upper West Side can be bought or sold with zero or significantly reduced broker fees.

Do I need special marketing to sell luxury homes For Sale By Owner in NYC?

No. The marketing exposure you’ll need to sell luxury homes For Sale By Owner in NYC is identical to that you’ll need to sell an average $2 million apartment in NYC.

Most importantly, you’ll need access to the city’s shared listings database for brokers so you can effectively engage and offer commission to the city’s buyers’ agents. This shared property database is operated by REBNY and is called the RLS (REBNY Listing Service).

While only brokers are allowed to list property in the RLS, you certainly don’t need to pay 6% or even 5% just to list your property there. Through Hauseit’s Agent Assisted FSBO listing service, our brand name broker partners can list your home in the RLS for a small, one-time flat fee. No strings attached.

Note: It’s important to work with a reputable broker who can list you in the RLS for flat fee versus just any discount broker as you don’t want to scare off buyers’ agents or give them any reason to doubt the validity of your co-broke.

Are buyers’ agents more important to sell luxury homes For Sale By Owner in NYC?

Yes. 90% of all buyers in New York City are represented by real estate agents. That ratio of represented buyers is even higher once you enter the luxury market.

Just like your average home buyer, luxury home buyers have at least 5 real estate agent friends who will tempt them with “free services” since broker commissions are a built-in seller closing cost.

Luxury home buyers can be celebrities or heads of state who will have even less time than your average home buyer to search for properties on their own. As a result, very wealthy home buyers will almost always be assisted by a real estate agent.

Fortunately, you can easily offer commission to and get the attention of the city’s buyers’ agents by listing your home through Hauseit’s flat fee MLS listing service. Every listing in RLS is contractually co-broked between firms, so buyers’ agents will know that if they send their buyer and close on your home, they’ll certainly be paid.

Do I need any special offline marketing to sell luxury homes For Sale By Owner in NYC?

No. Advertising your home on luxury magazines and newspapers is a scam perpetrated by luxury listing agents to justify their enormous commissions.

All luxury home buyers will have at least 5 real estate agent friends who are keeping an eye on the market on their behalf. If the home buyer is actively searching, he or she will be consistently checking out listings sent by buyers’ agents or browsing popular real estate search websites.

Hoping to catch the eye of a luxury magazine reader is not an effective way to generate interest in your home sale.

In the unlikely event that a serious buyer notices a luxury home in a luxury magazine advertisement, you can be sure that the buyer’s agent has already sent the buyer that listing at least once. A buyer’s agent is highly motivated to show suitable listings to an active luxury home buyer, so you can be sure that the listing has already been shown to the buyer!

Do I need an agent with a deep personal network to sell my luxury home in NYC?

No. This is a scam perpetrated by luxury listing agents to justify you paying 6% commission to have them list your home in the RLS.

As many luxury home owners have told us before, they felt that their traditional listing agents simply listed their home online and sat back to wait for their phone to ring.

Hauseit LLC, Licensed Real Estate Broker
Tel: (888) 494-8258 | https://www.hauseit.com
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