We're back with another episode of Real Talk Real Estate and we're going to talk about success today. How are we succeeding where others are failing? We want to share what we've done with you and make your lives easier in the current real estate economy. So this week, we put two homes in a contract that I am particularly proud of because all we keep hearing from other agents is how difficult the market is and that they're not having a great go of it. And that very well may be true in some cases.
But we have two sales where we bucked the market trend. The first sale is a record-setting price for a one-bedroom in its building. And not only do we get the highest ever price for a one-bedroom sale, we cleared the $1 million mark and thus, this mansion tax hurdle that often comes into play around this price point. A lot of buyers don't want to pay over a million dollars if the price is hovering around that point. And we were able to get over a million, and as I said, set the highest price for a one-bedroom sale in this building, in this down market.
And I'm even prouder of the second apartment we put into contract, which the seller actually only purchased a year ago. We put it into contract a year later, literally a year later, for more than he paid for it, despite having made no improvements to the home. So, let me just repeat that. We put it into contract a year later when the market is down, for a higher price than what he paid for it. So let me share with you these tips that we used to get these successful sales accomplished.
Tip number one: price appropriately.
You can't get off the ground if you aren't in the right hemisphere. While we did negotiate on both of these sales, we were able to draw immediate attention to the properties for being in the right price zone. So if you're completely mispriced, very few buyers will even consider the home. They won't even bother low-balling. You'll just be so far apart that they won't come and then they won't offer. You can't sell a home that people aren't remotely interested in.
Tip number two: market the heck out of the home.
I still see so many listings that are poorly marketed in every way, shape, and form. It doesn't just mean some version of bad photos or no floor plan, poor syndication strategy. It means a complete lack of prepping the home for the sale. In particular, we on our team spent a ton of time in the days leading up to the launch, making sure we absolutely maximize the presentation of the physical space of the home. So, a simple shift of the couch, for example, can go a very long way with selling a property, and we saw these with both of these sales. We saw a very, very high level of interest because we really prepped the home and made it as presentable as possible.
Tip number three: show the property until your feet hurt.
Brokers lament the market conditions but, I guess, haven't felt enough pain to get into the action to show their properties around the clock. When a customer wants to see one of our homes, we hop to. Simple as that. We don't make it difficult to get access to our homes, whether it's the first, second, or fifth showing. If you want in, we will make it happen. As I always say, you can't buy a home that you can't see. So, let them in early and let them in often. We always do and I'm certain, it has helped us secure buyers for these properties.
And the last tip, have options.
Try not to put all of your eggs in one basket and encourage as many offers as you can. Even a bad offer is something that you can use to maximize another offer. So, not all offers are going to be good or going to be qualified, but use it to leverage everything else that you have. Despite the state of the market, when you have more than one offer, you have leverage. So, as I always say, the more the merrier.
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A New York native, Jay Glazer has been practicing real estate for over 10 years and has been ranked as one of the top 250 real estate agents in the nation by Wall Street Journal & Real Trends. He is currently ranked as the #36 broker in NYC by volume and the #68 team in NYC by volume.
The Glazer Team takes immense pride in its unmatched service combined with our informed perspective on New York City’s real estate markets, with special emphasis on Greenwich Village, the Upper West Side, and established and emerging areas of Brooklyn. Focused on their clients and powered by The Corcoran Group, The Glazer Team is uniquely equipped to analyze and provide detailed data, industry, and market analyses, while providing clients and customers with attention and understanding.
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