Step 1—Choose your real estate broker.
Find a qualified and recommended real estate broker to represent your interests. Your broker will be an invaluable resource guiding you through each step of the process, advising you on preparing your property to get the best return, pricing and showing your property, and negotiating offers on your behalf. Brokers' relationships in the real estate community can be of infinite value in making your transaction a smooth and successful process, so take your time to find the right broker.
Step 2—Prepare your property.
Hire an inspector to examine your property and then conduct any necessary improvements. You may choose to perform various renovations and staging to add value to your property and increase general appeal. Your real estate broker will be able to advise you on what aspects of your property should be improved to get the best price possible.
Step 3—Price and market your property.
Your real estate broker will conduct a Comparative Market Analysis to help you determine the appropriate listing price of your property. The listing price should take into account how quickly you need to sell—the more competitively you price the property, the quicker it will sell. Once a price is determined, a custom marketing plan will be developed by your real estate broker. This may include having a professional photographer shoot your property, conducting open houses, advertising your listing in various publications, et cetera.
Step 4—Conduct showings.
Your real estate broker will begin conducting showings to interested buyers. For showings, it is best if you do not remain on the property in order for potential buyers to explore and discuss your property freely.
Step 5—Negotiate offers.
As offers roll in from potential buyers, you and your real estate broker will determine how to respond to each. You have the final say when it comes to accepting an offer or returning a counter offer, but your broker will advise you on the best strategy for reaching your target selling price.
Once you and the buyer have had a meeting of the minds—when both parties come to an agreement on all terms of the deal—it is time to sign the contract and begin the closing process. The buyer will need to submit their board package and apply for financing at this point, which may take a few weeks. While they do so, your real estate broker and real estate attorney will help you prepare all necessary documents for closing.
As soon as you and the buyer are ready, you can close on the property.
NYC Transfer Tax
NY State Transfer Tax
Managing Agent Fees
Misc. Title Company Fees
Working Capital Contribution or Flip Tax
6% of purchase price (may vary depending on the price point)
1% of purchase price if $500,000 or less | 1.425% if over $500,000
0.4% of purchase price
$3,000 + up
$1,000 (usually refundable if no damage)
$500 + up
Varies and sometimes paid by the buyer
Please note that the above are only estimates. Consult your attorney and/or mortgage broker to confirm closing costs for your specific transaction.