1% Listing Fee for Full Service in NYC

[eleanor]

Already connected to an agent - but who would charge significantly more than 1%. (1+ 2.5% if represented buyer and 2.5% if unrepresented buyer.) Would be interested in being connected to an agent for the advertised 1% rate. (Disclaimer on site about commission being at agent's discretion is noted.)

If it helps, I'm also looking to buy. Williamsburg, Greenpoint, Cobble Hill, Boerum Hill, Carroll Gardens, Gowanus, Red Hook, Lefferts Gardens. Ideally <1 million but more focused on estimated monthly payment (ideally <4k but up to <6k500) and property value. Won't be prepared to look in earnest and be in a position to make an offer until sale of current apartment is completed.

[HauseitAdmin]

Hi Eleanor, please read this great article which addresses your question: https://www.hauseit.com/for-sale-by-...ommission-nyc/ (especially the last section).

Please let us know if you’d still like a call to discuss after reading this. We’re happy to explain it further. Thank you!

[eleanor]

Thanks for the article. That all makes a lot of sense. I just wish Hauseit advertised as 1% v. 3% instead of advertising 1% v. 6%.

[mina]

Hi. Thank you for your response to my chat.

The property locates at Murray hill, Manhattan area. It is co-op, studio. The price is around $500K. Tenant inside now and she is moving out mid of July. I would like to sell before the date if possible. I am out of town right now and will be back to NY this coming Sat.

I have some questions.

Q1: I am planing to chose 1% full service. I would like to make sure this 1% full service includes REBNY, streeteasy etc. listing. Tenant inside, but the tenant is using the unit only Mon-Thu. So I believe it is not too difficult to show the unit between Fri - Sun.

Q2: If I use 1% full service, will my broker/agent contact my tenant to set the schedule up to show the unit? or I have to contact my tenant each time the agent shows the unit?

Q3: I am thinking to give 2% commission to buyer's side. Let me know if I have to give 2.5 ~ 3% to buyer's side broker.

Q4: I have not decided yet, but I am thinking to do 1031 exchange/ from co-op to condo. I prefer an agent/broker who is familiar 1031 exchange just in case.

Thank you

Mina

[HauseitAdmin]

Great questions Mina! Here are our answers. Please let us know when you’re free for a quick call this week with our partner brokers. Tomorrow afternoon is the next availability. Thank you!

1. Yes, RLS (REBNY Listing Service) and StreetEasy are indeed included etc. Ideally our partner brokers can show all days, but Fri to Sun is acceptable as they can at least host open houses.

2. It’s up to you, but it’s more efficient if the broker schedules directly with the tenant, assuming that is okay with you.

3. 2.5% is ideally the minimum to attract the attention of buyer’s agents. At 2% you will get some flak, but you can still sell it depending on how reasonably it is priced.

4. All of our partner brokers are familiar with 1031 exchange transactions. You should more importantly consider hiring a lawyer who is familiar with such deals, our partner brokers can refer you to some good ones. See the article we linked below to learn more about how to do a 1031 exchange in NYC.