What are Customary Listing Agent Duties in NYC?
What are the traditional listing agent duties for a full service real estate broker? Is there any difference between the level of service I will receive through a 1% for Full Service Listing?
There is absolutely no difference in the level of service you would receive through a 1% for Full Service listing versus a traditional full service listing. Hauseit pairs busy New York City home sellers with highly rated, full-service real estate brokers who have discreetly agreed to a reduction in commission. In fact, your listing will appear exactly like a traditional, full commission listing to other agents. The only difference will be a discreet reduction in your broker fee which can only be revealed by looking at your listing agreement.
Since we’ve established that a Full Service for 1% Listing through a well-regarded Hauseit affiliate broker is a traditional full service listing, let’s talk about what actual listing agent duties are in NYC.
Pricing your property to sell
It’s important for sellers to have an idea of how much they want to sell their home for and to communicate this to their agent. One of the most important listing agent duties is verifying whether the owner’s selling price is realistic or not. It’s critical for sellers to realize that both parties must agree on a realistic listing price before proceeding. This is because the agent and brokerage invests substantial time and resources into marketing and showing the property so there needs to be a reasonable chance of selling the property.
Note: this is critical in a building with many active listings and recent sales. The fact that a listing is priced too high will be glaringly obvious and buyers will only request to view the listing in order to get a comparison versus the other, more reasonably priced listings in the building. As you can imagine, this will be an extreme waste of time and effort for your agent.
Organizing professional photographs and floorplan drawings
Traditional listing agent duties in NYC include the coordination and ordering of a professional photography and floorplan measurement session at the property. Our affiliate brokers typically have both the photographs and floorplan done in the same appointment on site. Furthermore, our photographers are always available and simply need a 48 hour notice before your requested appointment. After the photoshoot, it will typically take up to 48 hours for the photographs to be digitally re-touched and delivered. The floorplan will typically be 2-D and black and white and will also take approximately 48 hours to be delivered.
Who pays for the professional photographs and floorplan? While it’s true that this cost is typically included in the commission if it sells, all exclusive listing agreements have a marketing expense reimbursement clause whereby the owner agrees to pay the broker a fixed dollar amount if the property does not sell. This amount varies from several hundred dollars to over $1,000 depending on the situation and party.
Note: because few brokers will want to pursue a former client in small claims court for such a small sum, the marketing expense reimbursement is typically paid upfront but rolled into the commission if the property sells. In this way, the photographs and floorplan are still “included” within the commission but the broker does not need to risk having to chase the seller in small claims court.
Writing the listing description
One of the traditional listing agent duties involves writing an eye catching description of your home. Your listing agent may acquire inspiration from listing descriptions of other apartments in your building. If you are a talented writer, your listing agent would be more than happy to work from what you have written about your home.
It’s important to keep it short, sweet and informational. The first short paragraph should be about the home itself. Make sure to highlight important features like a recently renovated kitchen, high ceiling, split bedroom layouts or bright southern exposures. The second paragraph can be about the building and neighborhood.
Collect buyer due diligence information
This step is very important among listing agent duties typical in NYC. Because condo and co-op apartments are unique and specialized investments, a buyer will want to know much more information than can be gleaned by just visiting an open house. For example, if you are selling a co-op, your agent will need this extensive list of deal documentation in our article on selling a co-op without a broker in NYC.
Pro Tip: get a head start by providing the minimum amount of information your agent will need to list your property! Submit your listing details on our website and we’ll make sure to relay it our affiliate broker
Host private showings and open houses
One of the most beneficial listing agent duties is showing the apartment. This is especially important for busy NYC professionals who cannot step out during the day for a showing. Furthermore, your listing agent will coordinate and schedule all showings and inquiries on your behalf. You’ll have the luxury to sit back and receive periodic, summary updates from your personal real estate adviser.
The ability to show the apartment at all times is critical in a market like New York City where there are many international buyers visiting from out of town. Often times, these overseas buyers only have a limited window to view properties and as a result their showing schedule is packed with back to back appointments. So when a buyer’s agent asks whether you can show at 10am on Monday, you’ll be glad that you had a good real estate listing agent on your side!
Pro Tip: Another benefit of having a listing agent show the apartment is the fact that buyers won’t be able to “read” you when they ask tough questions like “how reasonable is the board?”
One of the most prized listing agent duties is negotiating offers and counter-offers on your behalf. Real estate is one of the world’s most illiquid assets and the sale process is as opaque as trading in publicly listed stocks is transparent. There are no hard and fast rules in the offer submission and acceptance process. Nothing is binding for the buyer until they sign the purchase contract and deliver a good faith deposit to your attorney. In turn, nothing is final for the seller until the seller counter-signs the contract and returns it to the buyer’s attorney. Either party could walk away and do a deal with someone else before they sign the contract as all offers in real estate, both verbal and written, are non-binding.
Because of this, real estate sales is known as the “Wild West” among industry professionals. You’ll need an experienced salesperson who will be able to get the last dollar of value out of buyers. Fortunately, all Hauseit affiliates are highly rated, extremely experienced and well regarded by the broker community. They come from sophisticated backgrounds such as investment banking, management consulting, corporate law, institutional bond trading, commercial real estate or they simply have a boatload of industry experience. With Hauseit’s 1% Full Service listing option, you truly have access to a superior level of service for a fraction of the price!
Guiding you through the closing process
An experienced real estate broker will be able to explain to you how the entire offer acceptance through closing process works. They’ll be able to refer you to multiple, experienced real estate attorneys who are the ones actually responsible for negotiating the contract on your behalf and managing the closing.
This service is extremely valuable by itself, even if you are contemplating selling FSBO or Hauseit’s self-service flat fee MLS listing service. For only 1% commission, you can have a top rated, full-service listing agent guide you through the entire process!
Please note: this article is not intended to serve as legal or tax advice. You should consult your lawyer and tax attorney for all aspects of your real estate transaction.