Resi brokers share their secrets to turning listings into sales

Miami /
Feb.February 23, 2017 01:30 PM

From the New York website: 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 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
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
(iStock)
Home prices across globe hit records, prompting worries of bubble
Home prices across globe hit records, prompting worries of bubble
Steven and Beth Millner with One Thousand Ocean (Patrick McMullan/Getty, Google Maps)
Private equity honcho pays $5M for Boca Raton condo
Private equity honcho pays $5M for Boca Raton condo
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)
South Florida’s pandemic-fueled residential market poised for bull run in 2021
South Florida’s pandemic-fueled residential market poised for bull run in 2021
Kathleen DuRoss Ford and 300 North Lake Way (Getty, Google Maps)
Kate Ford’s Palm Beach estate sells for $55M
Kate Ford’s Palm Beach estate sells for $55M
Oprah Winfrey and (inset) Lawrence Stroll over the unit (Getty)
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
Gables Town Colony apartment complex, Sue Ansel of Gables Residential
Gables Residential scores $85M loan for Boca Raton apartment complex
Gables Residential scores $85M loan for Boca Raton apartment complex
arrow_forward_ios

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

Loading...