4 years ago

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Why do you need a real estate listing agent in New York City? We'll demystify this topic in the following video. My name is Chris at Hauseit. Hauseit is the largest For Sale By Owner, Assisted FSBO and Flat Fee MLS as well as Buyer Commission Rebate Company in New York City, established in 2014. If you have any questions, please shoot us an email: team@hauseit.com

So, the first and primary reason on why you need a listing agent in today's day and age of the internet is because of exposure. Believe it or not, only listing with a real estate listing agent can you have full exposure and that's primarily because your listing agent will have access to the broker only Multiple Listing Service otherwise known as the MLS in New York City. The defacto MLS is the REBNY RLS and it operates as a shared listings database between over 17,000 Real Estate Board of New York member agents.

Furthermore, once a listing is uploaded into the RLS the listing is contractually co-broked with all other member agents. Meaning the listing agent is able to contractually share or split the commission with buyers’ agents. Keep in mind as well that your listing agent has powerful listing syndication tools. For example, once a listing is uploaded it gets automatically syndicated to dozens and sometimes hundreds of different websites, websites you've heard of that are also locally important such as realtor.com, New York Times, StreetEasy, Zillow, Trulia and such.

Another very important reason to have a real estate listing agent is to get help on pricing analysis and to determine what your initial listing price is. This initial listing price is extremely important which we'll explain later in this video. One extremely important reason to have a real estate listing agent is simply because New Yorkers are busy. Think about it, you'll have someone to manage full time all the inquiries that come in by phone, email to schedule and coordinate showings to be there at showings to hold open houses, to receive and handle and negotiate offers on your behalf. And generally, to give you an overview of the whole process and to manage the whole process for you.

This can be extremely important for a busy New Yorker who has a full-time job or who otherwise is unable to come home for example at 2:00 p.m. on a Thursday with 30 minutes notice show a property. Furthermore it's very important to have a real estate listing agent as a neutral third party negotiator on your behalf who is unemotional and unattached to the situation and this perhaps helps because you can then have someone that you can be emotional yourself to but who will be very stoic and unemotional in relaying whatever you wish to do to the other side.

Now let's go back to the initial listing price and why it's so important to work with a seasoned real estate professional when deciding where to list your home. There are many dangers to list in your home either too high or too low and many homeowners are often too rosy or too optimistic and their expectations for what their home is worth, perhaps due to an emotional attachment to where they live. It's important to work with an industry professional to give you a realistic an unbiased valuation of your home and where you should initially list it for.

Again, let's go back to some of the issues that could persist or become very problematic for a seller if the listing price or the initial listing price is either too high or too low. If the listing price is too high well you run a number of risks such as the days on market creeping up higher and higher as you're unable to find a buyer. Furthermore, as your day count or days on market count creeps up on all public sites and the broker databases buyers will become suspicious and generally wonder well if the price seems reasonable why isn't it selling yet? Is there some issue that other buyers have discovered during due diligence that I should be wary of?

As your day count goes higher you also run the risk of running into vulture or other predatory types of buyers. For example, a vulture all-cash buyer may see that your listing is over a hundred days on the market and perhaps that you've recently reduced your price in a desperate attempt to sell. Well that certainly shows your hand and being on the market for too long can certainly attract these types of buyers who may back you into a corner.

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NYC Seller Closing Cost Calculator: https://www.hauseit.com/closing-cost-estimator-for-seller-nyc/
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Hauseit LLC, Licensed Real Estate Broker
Tel: (888) 494-8258 | https://www.hauseit.com
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