Resi brokers share their secrets to turning listings into sales

Neutral spaces, pricing tricks ... & more

New York /
Feb.February 23, 2017 10:30 AM

Why do some apartments linger while others breed bidding wars? Is the address of a building important, and what about the paint?

In today’s market — with plenty of options out there, and more inventory on its way — closing a deal sometimes depends on brokers playing psychologist.

One notable strategy is pricing properties “just below” a round number. “There is a psychological effect of being just a hair under,” Warburg Realty’s TRData LogoTINY Claire Groome told DNAinfo.

Buyers also prefer neutral spaces — which brokers can achieve by de-cluttering, painting and staging. Groome said she recently took over a $15.5 million listing that had lingered on the market. After painting over garish pink and green paint, and furnishing the Upper East Side co-op with modern pieces, she quickly received offers for the apartment, she said. Still, StreetEasy records indicate that an apartment fitting that description at 1060 Fifth Avenue remains on the market at $15.5 million, unsold since July 2016.

Listings that sit on the market for 60 to 90 days are a big turn off, Mdrn. Residential CEO Zach Ehrlich told DNAinfo. Properties on the market for more than 90 days, he said, “have a 95 percent change they won’t sell unless the seller drops the price.” To avoid the stench of an old listing, the property description is extremely important, brokers said.

These days, brokers have phased out overused terms like “extraordinary” and “majestic,” according to an analysis of broker babble by The Real Deal last year. These days, brokers are also staying away from the word “huge,” a popular refrain of President Donald Trump, Stephen Kliegerman of Halstead Property Development Marketing told DNAinfo.

Kliegerman said building names are also important — particularly if the street address causes confusion or is perceived to be unlucky, such as 1313 13th Street. “When we’re naming a building,” Kliegerman said, “we work hard to make sure the name has some relevance to the history of the building or neighborhood, something that’s more contextual to the property.” [DNAinfo]E.B. Solomont


Related Articles

arrow_forward_ios
75 Park Lane South (Plaza Construction)
This year’s top-selling Hudson County homes
This year’s top-selling Hudson County homes
(Illustration by The Real Deal with Getty)
Housing affordability hits 33-year low
Housing affordability hits 33-year low
Daniel Grollo and 106 Central Park South (Photo Illustration by Steven DIlakian for The Real Deal with Getty Images)
Trump Parc condo tied to embattled Australian construction magnate hits market
Trump Parc condo tied to embattled Australian construction magnate hits market
Richard Gere and Ryan Murphy with 81 Lyndel Road (Redfin, Getty)
Celeb buyer of Richard Gere’s Westchester estate revealed
Celeb buyer of Richard Gere’s Westchester estate revealed
REAL NY's Louis Adler, Compass' Eugene Litvak, and ROART's Ran Oron with the Milk Factory (REAL New York, Compass, ROART, Milk Factory)
East Williamsburg’s resi market reaches new heights
East Williamsburg’s resi market reaches new heights
Homeward founder Tim Heyl (Homeward, Getty Images)
Power buyer Homeward lays off 20% of staff
Power buyer Homeward lays off 20% of staff
Louise Blouin with 366 and 376 Gin Lane (Realtor, Getty)
Art publisher wants $150M for Southampton estate
Art publisher wants $150M for Southampton estate
From left: Richard Gere, Paul Simon and Edie Brickell in front of 82 Brookwood Lane in New Canaan, Connecticut (Getty Images, William Pitt Sotheby's International Realty)
Richard Gere revealed as discount buyer of Paul Simon’s estate
Richard Gere revealed as discount buyer of Paul Simon’s estate
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...