Gea Elika's Blog, page 104

FSBO NYC: Makes Your Home Look Cheap, Don’t Bother.

What is the point of For Sale By Owner in NYC? Well, there is no point. I cannot understand why Homeowners that have been working hard to pay their mortgages and potentially have invested in renovating their home would want to take on the task of a For Sale By Owner listing whether direct or assisted.

New York City is not Springfield

New York City is not Springfield or like any other city. It is a very different vertical market. The idea of FSBO listing your home that you have so much invested in to only take on the risks highlighted below makes no sense in NYC perhaps even in Springfield.

FSBO NYC Websites are like garage sales

Selling your property FSBO style is like having a garage sale. The difference is that you are not selling $1 items. FSBO Websites that promise to help you sell your home fast and save you thousands of dollars in commission are a business making money from you whether you sell your home or not. FSBO sites have no vested interest in selling your home or more importantly for the highest price possible.

Sure, they don’t charge as much as a real estate agent, nor they should because they are not providing much of a service to you, except making money from you. It’s all about volume for these websites, so they pitch you on the pipe dream on saving money, hoping for you signing up and so they can list your home on lots of irrelevant and unrelated websites. Excuse me for being brash, but a listing on websites alone – does not sell a home. Anyone that tells you the otherwise has no idea, no matter how good their pitch or well designed their website.

ForSaleByOwner.com Founder Sells Condo — Using Real Estate Agent – Time.com

What does a listing agent do that I cannot do?

A seasoned real estate listing agent knows what it takes to package and communicate your home the best way possible. Of course, not all of them. You need a good one. If you have a bad one, then it’s like not having one at all. A great agent will strategize and plan a marketing campaign, use professional photography, write an engaging, concise description, stage or prepare your home for showings, send out emails to other brokers, pre-screen buyers, show qualified buyers anytime, they will do all they possibly can to sell your home because that is how they make a living.

What if a qualified buyer wants to see your home while you need to be at work? In a world of little patience, sensory overload and market headwinds due to a slowing market – it is important to package your home, so it sells a lifestyle, not just the walls.

One may assume: “…well, this article is written by a real estate agent, thus, biased and worthless…”. I am a real estate agent, but I have been an exclusive buyers agent for over a decade and never taken a sales listing and have no vested interest in soliciting any listing including your home.

High-net worth indivuals are disciplined savers yet they hire listing agents to sell their home. The reason is becuase they are also smart.

Not all listing agents work as hard

Not all listing agents are great, nor deserve listing your home. But do not discount the power of a great one. Firstly, part-time agents are not the way to go. You want a full-time career agent, someone that is knowledgeable and a great people’s person. People want to do business with educated and well-informed professionals they like, and, yes, that includes buyers. There are agents that just open doors and achieve no results; often these agents have overpriced your home to get the listing.

Seasoned real estate agents get paid a commission for the same reason you are paid at work. Employees that work harder receive a bonus in the business world. Comparable, in the real estate world, those that work harder – get to sell properties and receive more listings. In my case – I get to represent more buyers based on successful deals.

A real estate listing agent is in the customer service and communications business of packaging and selling a home as fast as possible for the highest price possible. The right one may even exceed your expectations spurring a bidding war and selling your home for more than you had hoped for.

Negotiations

Seasoned agents are expert communicators and negotiators. They know what to say and what not to say. They can protect you from your emotional attachment and professionally guide you through negotiations avoiding amateur seller mistakes.

Unfortunately, FSBO websites fail to understand the importance of negotiations. Negotiations are essential in every step of the sales process. Negotiations are not always just about price, and the smart ones know the inner workings of how to use physiological negotiations.

Home Staging Consultation

If you have been living in your home for over five years, the chances are it needs some TLC. Whether it is painting, deep cleaning, decluttering or reconfiguring furniture – an agent will carefully go through the home to make sure it is ready for market.

After living in a home long enough, many of us have tunnel vision. Thus, having an outside independent opinion on what can help your home appeal to a larger audience of buyers is crucial.

Reasons why FSBO NYC listings fail

Your listing does not reach all 25,000+ real estate agents in NYC.
Your listing does not sell, you lose a lot of time and still end up hiring a listing agent.
Your FSBO does not incentivize agents to bring clients.
You overprice your home hoping for a windfall that never comes. It causes you further losses: as it takes longer to sell your home while paying property taxes and or maintenance charges.
You underprice your home without an expert valuation analysis.
Your property sits on the market longer than the average days on the market. It becomes stale and undesirable much like a product on a store shelf that has passed its expiration date, is dusty with faded packaging. Nobody wants it.
In case your FSBO listing is well accepted (highly unlikely), be prepared to immediately drop all you are doing and start answering many incoming calls, including spam and solicitation, answer and write a lot of detailed emails, pre-screen and pre-approve buyers, run their credit checks etc. while trying to read between the lines of the buyer’s type you are facing. Instead, you could have been enjoying quality time with your loved ones, play with your children or barbecuing with pals.
You spend countless hours of entertaining unqualified buyers, window shoppers.
You find a buyer only to discover they have lied to you and wasted your time, or, worse, got in the way of a qualified buyer.
Listing your home by FBSO makes you look desperate in a buyer’s market.

Pros

You may eventually sell your home saving on commission.

The post FSBO NYC: Makes Your Home Look Cheap, Don’t Bother. appeared first on ELIKA Real Estate.

FSBO Makes Your Home Look Cheap, Don’t Bother.

What is the point of For Sale By Owner in NYC? Well, there is no point. I cannot understand why Homeowners that have been working hard to pay their mortgages and potentially have invested in renovating their home would want to take on the task of a For Sale By Owner listing whether direct or assisted.

New York City is not Springfield

New York City is not Springfield or like any other city. It is a very different vertical market. The idea of FSBO listing your home that you have so much invested in to only take on the risks highlighted below makes no sense in NYC perhaps even in Springfield.

FSBO Websites are like garage sales

Selling your property FSBO style is like having a garage sale. The difference is that you are not selling $1 items. FSBO Websites that promise to help you sell your home fast and save you thousands of dollars in commission are a business making money from you whether you sell your home or not. FSBO sites have no vested interest in selling your home or more importantly for the highest price possible.

Sure, they don’t charge as much as a real estate agent, nor they should because they are not providing much of a service to you, except making money from you. It’s all about volume for these websites, so they pitch you on the pipe dream on saving money, hoping for you signing up and so they can list your home on lots of irrelevant and unrelated websites. Excuse me for being brash, but a listing on websites alone – does not sell a home. Anyone that tells you the otherwise has no idea, no matter how good their pitch or well designed their website.

ForSaleByOwner.com Founder Sells Condo — Using Real Estate Agent – Time.com

What does a listing agent do that I cannot do?

A seasoned real estate listing agent knows what it takes to package and communicate your home the best way possible. Of course, not all of them. You need a good one. If you have a bad one, then it’s like not having one at all. A great agent will strategize and plan a marketing campaign, use professional photography, write an engaging, concise description, stage or prepare your home for showings, send out emails to other brokers, pre-screen buyers, show qualified buyers anytime, they will do all they possibly can to sell your home because that is how they make a living.

What if a qualified buyer wants to see your home while you need to be at work? In a world of little patience, sensory overload and market headwinds due to a slowing market – it is important to package your home, so it sells a lifestyle, not just the walls.

One may assume: “…well, this article is written by a real estate agent, thus, biased and worthless…”. I am a real estate agent, but I have been an exclusive buyers agent for over a decade and never taken a sales listing and have no vested interest in soliciting any listing including your home.

High-net worth indivuals are disciplined savers yet they hire listing agents to sell their home. The reason is becuase they are also smart.

Not all listing agents work as hard

Not all listing agents are great, nor deserve listing your home. But do not discount the power of a great one. Firstly, part-time agents are not the way to go. You want a full-time career agent, someone that is knowledgeable and a great people’s person. People want to do business with educated and well-informed professionals they like, and, yes, that includes buyers. There are agents that just open doors and achieve no results; often these agents have overpriced your home to get the listing.

Seasoned real estate agents get paid a commission for the same reason you are paid at work. Employees that work harder receive a bonus in the business world. Comparable, in the real estate world, those that work harder – get to sell properties and receive more listings. In my case – I get to represent more buyers based on successful deals.

A real estate listing agent is in the customer service and communications business of packaging and selling a home as fast as possible for the highest price possible. The right one may even exceed your expectations spurring a bidding war and selling your home for more than you had hoped for.

Negotiations

Seasoned agents are expert communicators and negotiators. They know what to say and what not to say. They can protect you from your emotional attachment and professionally guide you through negotiations avoiding amateur seller mistakes.

Unfortunately, FSBO websites fail to understand the importance of negotiations. Negotiations are essential in every step of the sales process. Negotiations are not always just about price, and the smart ones know the inner workings of how to use physiological negotiations.

Home Staging Consultation

If you have been living in your home for over five years, the chances are it needs some TLC. Whether it is painting, deep cleaning, decluttering or reconfiguring furniture – an agent will carefully go through the home to make sure it is ready for market.

After living in a home long enough, many of us have tunnel vision. Thus, having an outside independent opinion on what can help your home appeal to a larger audience of buyers is crucial.

Reasons why FSBO listings fail

Your listing does not reach all 25,000+ real estate agents in NYC.
Your listing does not sell, you lose a lot of time and still end up hiring a listing agent.
Your FSBO does not incentivize agents to bring clients.
You overprice your home hoping for a windfall that never comes. It causes you further losses: as it takes longer to sell your home while paying property taxes and or maintenance charges.
You underprice your home without an expert valuation analysis.
Your property sits on the market longer than the average days on the market. It becomes stale and undesirable much like a product on a store shelf that has passed its expiration date, is dusty with faded packaging. Nobody wants it.
In case your FSBO listing is well accepted (highly unlikely), be prepared to immediately drop all you are doing and start answering many incoming calls, including spam and solicitation, answer and write a lot of detailed emails, pre-screen and pre-approve buyers, run their credit checks etc. while trying to read between the lines of the buyer’s type you are facing. Instead, you could have been enjoying quality time with your loved ones, play with your children or barbecuing with pals.
You spend countless hours of entertaining unqualified buyers, window shoppers.
You find a buyer only to discover they have lied to you and wasted your time, or, worse, got in the way of a qualified buyer.
Listing your home by FBSO makes you look desperate in a buyer’s market.

Pros

You may eventually sell your home saving on commission.

The post FSBO Makes Your Home Look Cheap, Don’t Bother. appeared first on ELIKA Real Estate.

5 Surprising Questions You’d Never Think to Ask a Buyer’s Agent but Definitely Should

When you’re in the market to buy an apartment in NYC, it’s essential that you take the time to interview your chosen buyer’s agent properly. This person will be your guide, representative and council through the buying process. As such, it’s crucial that you have the right one for the job. The way to do this is by asking them some tough questions.

There will be obvious ones, such as ‘What are your fees?’ ‘What Neighborhoods do you specialize in?’ and ‘How long have you been in the business?’ These are good questions, but there are other more probing ones that you might not think to ask. To give you some ideas, here are five questions you’d never think to ask a buyer’s agent but definitely should.

 1. Who was your most challenging client and how did you handle it?

You’ll want a buyer’s agent that knows how to handle challenges with grace and professionalism. Having them relate a client horror story will give you an insight into how they deal with challenging people and circumstances. Any agent that immediately starts trash talking a former client in the worst terms should raise a few eyebrows. That’s not the way a professional should speak about former clients nor is it an agent you should consider working with. But if they demonstrate patience and expertise in how they handled a difficult situation you can be a lot surer of them.

2. If it was you looking to buy a place. Where would you look and why?

You’ll work best with an agent that has a similar lifestyle to yours. Asking this question gives you an insight into what the up-and-coming neighborhoods are but also your agent’s mindset. You’ll both work together much better if the agent listens properly and understands your needs on a personal level. For instance, if they have a family, they’ll know what neighborhoods are the best for raising kids. If they’re career orientated, they’ll know what amenities and local services are vital to you.

3. How can you help me narrow down my choices and fit house hunting into my busy schedule?

House hunting can be very time consuming and exhausting. You won’t have time to see every place your agent finds so you’ll want to know how much legwork their willing to do for you. Their answer will not just tell you how they’ll help you narrow down your choices but also what their approach to house hunting will be. A good agent will know all this in advance and have a good system that allows you to eliminate options without having to drag you out there. For instance, taking additional photos or videos of each apartment, they preview and giving you an honest opinion on its pros and cons.

A great buyers agent should tell you when it is a lemon. – Gea Elika, Principal Broker of Elika Real Estate

4. What are some ways I could make my offer more attractive other than raising the price?

Money always opens doors expect for a Co-op, if you’re to compete in a hot market like New York, you’ll need an agent with a few more tricks up their sleeve then just upping the price. They should demonstrate the right market knowledge and negotiation skills that will give you an advantage over the competitors. This is as simple as asking the sellers agent the right questions to find out what is most important to them. It could be a quick closing, a delayed closing, a post possession agreement a specific contingency or just a buyer they like and trust.

5. How do you help the buyer’s come to the right decision?

Sometimes a simple list of pros and cons won’t be enough. That’s when having an agent who fully understands your needs and has clarity of vision can help move things along. You should be able to feel comfortable talking with them about any issues or concerns you might have including property valuation and future potential of a particular property or neighborhood. An experienced agent will help you look past the small details and see the bigger picture.

The post 5 Surprising Questions You’d Never Think to Ask a Buyer’s Agent but Definitely Should appeared first on ELIKA Real Estate.

What are the Pros and Cons of Buying a Townhouse in NYC?

In a crowded city like New York, privacy is always a luxury. But if that’s a high priority on your home wish list, then there’s no reason you can’t have it assuming you have the means. Owning a townhouse not only gives you greater privacy. You also get greater flexibility to make renovations without having to go through a pesky co-op board for approval. Nor will you have to deal with a downstairs neighbor making noise complaints. But it’s not all smooth sailing. Townhouse living also comes with maintenance responsibilities, which can be both a pro and a con depending on how you look at it. Here are the pros and cons to consider when buying a townhouse in NYC.

First off, what is a townhouse?

If you’ve recently moved to the city, or have only lived in apartment buildings until now, you may be a little uncertain as to what constitutes a townhouse. A townhouse is a multilevel residential structure which usually shares a wall with an adjacent property. They’re narrower than a detached house but typically provide some outdoor space in the rear. They can be found throughout NYC and are differentiated depending on the architecture and building material used.

Probably the best-known type is brownstones, named for the reddish-brown sandstone from which they are made. Other categories include clapboard, limestone, vinyl-sided and brick. Only about 2% of New York’s available residential properties are townhouses which makes for a competitive market and safer investment. You can gain the most advantage over other interested buyers by working with an experienced real estate agent.

Pros

Lots of living space – Townhouses mean lots of living space. The average width of an NYC townhouse is 18-20 feet. Anything less is considered narrow while anything above 25 feet would be called a trophy property. This makes them perfect for a growing family as you won’t need to rent out storage over time.
It could have excess FAR – If the building has any extra, FAR this can be used to add extensions or additions onto the back of the building. When done right you can reap profits if you choose to sell in the future.
Privacy – Compared to an apartment building you have total privacy within a townhouse as you own the entire unit. You won’t need to worry about neighbors above or below you causing a nuisance with renovations or late night cocktail parties. Or if that’s what you plan on doing, then you won’t need to worry about much noise complaints.
Convenient location – Unlike detached houses, which are found in the suburbs, most townhouses are located in the city. This means you get the benefits of your own private space along with all the amenities and conveniences of living in the city.
You own the land – Owning a townhouse doesn’t just mean you own the structure, you also own the land it’s on. This is great as an investment because if there’s one thing that only goes up in value over the years, it’s land. This is perfectly captured in a quote by John Jacob Astor, America’s first multimillionaire. On his deathbed in 1848 Mr. Astor is said to have exclaimed:

“Could I begin life again, knowing what I now know, and had money to invest, I would buy every foot of land on the island of Manhattan.”

Cons

Limited freedoms – Depending on the NYC Department of Buildings and when applicable the Landmarks Preservation Commission, there may be strict restrictions on what improvements you can make both inside and outside the home. If you envision yourself making major renovations, this could severely limit your options and stifle your creativity. Before you buy, check first to see which laws and rules you’ll be bound by.
Small yards – While a townhouse can be very spacious the same can’t often be said for the backyard. Don’t expect to have a lot of space for landscaping. However, this does depend on the design of the townhouse.

If you’re considering buying a townhouse, then your budget will be the main factor. Prices can vary widely depending on the neighborhood. On the Upper West Side, the highest prices are in the 70s on the block between Central Park West and Columbus. For the Upper East Side, it’s between Fifth Avenue and Madison. In Chelsea, it’s on 21st and 22nd Street between 10th and 11th Avenue. The West Village also has some of the most prestigious properties.

Buyers should do their research on expected prices and consult a real estate agent for advice and guidance on finding the right one for them.

The post What are the Pros and Cons of Buying a Townhouse in NYC? appeared first on ELIKA Real Estate.

Consider this When Buying an Older Co-op or Condo

You may love the history and architectural details in an older co-op or condo building, and feel newer building do not have the same features. These nuances might include parquet floors and ornate decorations with a lot of beautiful details. Additionally, the individual units may have items that are expensive to replicate, such as solid wood floors.

You may have a certain period in mind and enjoy the idea of living in a building from the time. While older buildings have a reputation for being well constructed, there are some things you should carefully consider before moving forward with your purchase.

Amenities

An older building may not have the same amenities, such as a pool and a workout room. However, many of these co-ops and condos are changing to compete with newer buildings. You should inquire about the availability of certain items if these are important to you.

Of course, if it is currently being added, you should ask how the board is funding the improvement. They can fund major capital improvements with a special assessment, reserve fund, increasing the regular monthly maintenance or common charges.

Maintenance

You and your lawyer should review the board minutes as part of the due diligence process. Both of you want to check to see if any maintenance issues are cropping up. New York’s laws governing corporations require the board to keep the minutes. You can review those from the regularly scheduled meetings, typically monthly.

Perusing the minutes from the shareholder’s meeting, which is generally held annually, is another good way to find the information. Also check the building’s financial statements, which should let you know how much the board has spent on maintenance over the last several years.

As a prospective buyer, it is in your interest to ask the managing agent about the age of the boiler and elevator. You can also look into when the windows were replaced since older ones are likely less efficient, which cause elevated heating and air conditioning bills compared to the more modern ones. 

Watch the plumbing/electrical system

It is worth asking about the plumbing and electrical system. While the city requires virtually all managing agents to ensure the building complies with the code, you want to make sure it can accommodate the modern lifestyle. For instance, many older buildings have no capacity for a washer and dryer. You can check if the building’s management allows them. Otherwise, you need to figure out other options.

The exterior

New York City’s Local Law 11 mandates inspection reports for a building’s façade. This applies to buildings taller than six stories and helps ensure pedestrian safety. There are three classifications, including Safe With a Repair and Maintenance Program. This covers safety, an important issue. But, you also want to check for other things. You should ask about the age of the major items, such as the roof.

An Inspector

It is always a smart idea to hire an inspector. But, it takes on critical importance when you are purchasing a unit in an older building. While you pay the inspector even if you do not go through with the purchase, it is money well spent. It can save you from making a poor decision that ends up costing you a lot more in the long run.

Putting it together

An older building’s charm and sturdy construction might fit the bill. However, we suggest doing your diligence to ensure it is not only aesthetically pleasing but also meets our daily living needs.

The post Consider this When Buying an Older Co-op or Condo appeared first on ELIKA Real Estate.

Buyers You’re Likely to encounter When Selling Your Home

In a perfect world, every potential buyer who passes through your doors would be deadly serious about their offer and put no obstacles down in the selling process. But like almost every aspect of life, you’ll encounter a host of different characters in real estate. Even if it does take a while before you finally meet them face-to-face, it’s good to have an idea early on of what sort of buyer they are. Know your buyer and you’ll how best to deal with them. Here are the five most common you’ll encounter when selling your home.

1. The all-cash showoff

At first, an all-cash buyer can seem like a gift sent from heaven. The financial guarantee of an all-cash buyer certainly makes them a surer thing. Especially when other interested buyers only have a mortgage pre-qualification. But know that this can make them a little arrogant and more demanding with contingencies. They’re also more likely to make a lower offer. If that offer is too low or their demands become too much be willing to walk away. In the end, you’ll still get the same amount of net proceeds in cash regardless of how the buyer pays as long as the bank funds the loan.

2. The scrappy underdog

This is the opposite of the all-cash buyer, the buyer who has little money to put down. Most people with FHA loans fall into this category. This can present a problem for sellers as FHA loans have stricter home qualifications. Along with this, the more help a buyer needs financing the purchase, the more you might be required to give such as contributing to closing costs or potentially face the deal falling apart. Still, don’t allow that to make you overlook these types of buyers. They tend to be far more flexible with a seller’s needs.

3. The emotionally attached charity case

These are the buyers that fall in love with your home and include tear-inducing love letters with their offer. While these types of buyers can be the most heart-warming just know that love won’t pay the bills. The bottom line still matters so unless their offer price and financing also look good, be on your guard against anyone who tries to play to your emotions. You can always negotiate with these types of buyers. Maybe their holding out on some cash and using this as a tactic to get a better deal. Maybe their feelings are genuine, but the financing isn’t there. Focus on the bottom line and don’t get distracted.

4. The casual shopper

Every seller encounters this type. These are the people that regularly attend open houses, take up the agent’s time asking a lot of questions and sometimes make low-ball offers that they know will be rejected. They are buyers, but they’re just not committed buyers yet. They probably want to buy one day, but for now, all they can do is look, dream and take up your time. These people can be big time wasters so the sooner you can identify them the better. Find out if they’re looking at multiple properties and how soon their planning to move. The vaguer their answer, the more careful you should be of placing your faith in them.

5. The Coyote

These types of buyers are part market-enthusiast, part bargain hunter and part serious buyer. They’ll usually have been looking for the right property for some time and are just looking for a good deal before they pounce. They know what similar properties are going for and they’ll want to know about any potential defects in your home. Just be honest with them. If their serious about doing a deal and aren’t trying to underpay you, then they can be a winning card.

The post Buyers You’re Likely to encounter When Selling Your Home appeared first on ELIKA Real Estate.

How To Sell A Tenant-Occupied Apartment

Selling an apartment in NYC is complicated enough, even more so when you already have a tenant in place. If you’re looking to sell but already have a tenant on a lease, then you need to make some careful considerations before you proceed. Your ability to advertise the property and conduct showings will have to take account of your tenants’ rights under the lease, state laws, and your own needs as a seller. Here’s what to consider when you want to sell your NYC apartment with a tenant already in place.

What does the lease say?

First off, consider approaching the tenant to see if they would be interested in buying the property. This could save you money by avoiding a sales commision and a lot of hassle and doesn’t cost you anything to ask. If they decline, then move on to checking the lease they signed with you. You have to be crystal clear with interested buyers about what they’re getting into. If you misrepresent the property, you risk getting into legal trouble. So check and double check the lease to make sure it’s not a rent-regulated apartment and what the terms are if you wish to sell.

The good thing is that in NYS you have the right to sell if a tenant is already in place. Of course, that still depends on the lease. Chances are, there will be a term stipulating that the lease will remain in full effect should the owner/landlord choose to sell.

Advertising and listing

Marketing a property that already has a tenant in place can be an attractive option for investment buyers. It means they’ll be able to start making money from day one and they’ll easily be able to compare current income and expenditure to see how profitable it is. Just make sure that the listing ad states “investment property only” so it’s clear to buyers that they can’t move in. However, if the tenant is behind on their rent or paying below-market value, then it won’t look so attractive to buyers, and you should consider other options.

One option would be to try negotiating with the tenant for a lease modification or termination. In return for a monetary sum, the tenant could agree to move out by a certain date. However, this can look risky to buyers as the tenant could always refuse to comply with the renegotiated terms and remain in place beyond closing. The new owner would then have to file for an eviction and could hold you responsible for all the costs involved.

Facing this possible scenario, it may be best to wait until the tenant’s lease is up before you list the apartment. By the manner specified in the rental lease, you should notify the tenant that you are planning to sell and will not be renewing the lease. Most month-by-month rental agreements require 30-day’s notice for this.

Showings

Ideally, you should already have photos and video recordings of the apartment before it was rented out. This way you can show it to prospective buyers without having to bother the tenant. But if you don’t or the buyer still wishes to see the apartment, then you’ll need to work out a way to do showings. Check the lease to see how much notice you must give the tenant for showings if you end up wanting to sell the apartment. Other helpful advice includes:

Make showing times easy for the tenant by giving them at least 24 hours’ notice. Also, inform the sales agent of what times the property cannot be shown due to the tenant’s schedule.
It’s always better if the tenant is not around during showings. They’ll be more likely to play ball if you offer them a reduced rent for the duration of the sales process.
If the tenant is behind on their rent now is the time to get them up-to-date. One option would be to forgive any delinquency in rent in exchange for the tenant agreeing to move out.

When selling an apartment with a tenant in place, you should ensure that the tenant remains happy and cooperative. Offering them a reduced rent until the sale is finalized will go a long way towards this. But being considerate of the tenant and respecting that the property is still their home shouldn’t be overlooked either.

The post How To Sell A Tenant-Occupied Apartment appeared first on ELIKA Real Estate.

Virtual Staging: Virtual Home Staging Saves Money

Every real estate professional knows that vacant homes usually sit on the market longer because most clients can’t picture themselves in a property with bare walls and empty floors. Virtual Staging allows your clients to see the full potential.

In today’s marketplace, it’s more important than ever to present your online listings in their best possible light. According to the National Association of Realtors, 90% of buyers use the Internet to search for a home, and 97% find the photographs to be the most useful features on brokers’ sites. With Virtual Staging, you can quickly and inexpensively stage an empty property online to help attract more potential buyers without the time and trouble of traditional staging.

Traditional Home Staging?

In general terms, home staging means getting your home ready for market and making it look its absolute best…. Both the interior and exterior. Home staging includes doing all the nitty-gritty stuff like cleaning the home, so it’s Q-tip clean, decluttering, doing any needed repairs, landscaping, painting and taking care of curb appeal and the actual staging with furniture and accessories.

Professional home stagers can put together a home staging checklist for the sellers that includes all the nitty-gritty items that need to be completed. The staging company then comes out to see the home, takes photos and measurements and then writes up a quote. A few days later, their truck and crew will reverse up the driveway and begin working with a blank canvas.

What is virtual home staging?

In recent years, another option has emerged.  It’s called virtual staging.  It’s the process of digitally altering a photo of a room to make it more appealing to buyers.  With specialized software, the changes could range from changing paint colors to removing the furniture and replacing with ‘new’ furniture.  It could be merely furnishing a new, vacant listing.  Beautiful photos for the MLS or any online advertising are the result.  This, in turn, attracts more buyers to view the property

Virtual home involves the listing agent emailing photos of the vacant home to an online virtual staging company. Then somebody sitting in front of a computer uses virtual staging software to Photoshop furniture and accessories onto the photos.

Voila! The home is transformed from a soulless, empty box to a home with personality.

Is It Cost-Effective?

Virtual staging costs far less than traditional home staging. The latter runs, on average, between $2,000 to $5,000 to set up the property and anywhere from $500 to $1,000 to pay for additional rental fees each month. The average cost to digitally stage real estate is between $200 and $400, depending on the company and the number of photos.

Customize any way you want

One of the benefits of virtual staging is that you can customize each home to the style and preference of your target market. This technology allows you to make the home look modern and contemporary or more traditional or perhaps even Victorian! Th0is will make the listing more appealing to the specific buyers you are trying to reach.

Being able to redecorate a room virtually allows you to take out some of the existing furnishings and redesign it in a way that will attract more of your target market.  It can be easy for homeowners to overlook all their personal belongings which may only hinder the sale of the property. Through virtual declutter, you remove the distracting items to show off the actual room.

The post Virtual Staging: Virtual Home Staging Saves Money appeared first on ELIKA Real Estate.

Virtual Home Staging Saves Money

Every real estate professional knows that vacant homes usually sit on the market longer because most clients can’t picture themselves in a property with bare walls and empty floors. Virtual Staging allows your clients to see the full potential.

In today’s marketplace, it’s more important than ever to present your online listings in their best possible light. According to the National Association of Realtors, 90% of buyers use the Internet to search for a home, and 97% find the photographs to be the most useful features on brokers’ sites. With Virtual Staging, you can quickly and inexpensively stage an empty property online to help attract more potential buyers without the time and trouble of traditional staging.

Traditional Home Staging?

In general terms, home staging means getting your home ready for market and making it look its absolute best…. Both the interior and exterior. Home staging includes doing all the nitty-gritty stuff like cleaning the home, so it’s Q-tip clean, decluttering, doing any needed repairs, landscaping, painting and taking care of curb appeal and the actual staging with furniture and accessories.

Professional home stagers can put together a home staging checklist for the sellers that includes all the nitty-gritty items that need to be completed. The staging company then comes out to see the home, takes photos and measurements and then writes up a quote. A few days later, their truck and crew will reverse up the driveway and begin working with a blank canvas.

What is virtual home staging?

In recent years, another option has emerged.  It’s called virtual staging.  It’s the process of digitally altering a photo of a room to make it more appealing to buyers.  With specialized software, the changes could range from changing paint colors to removing the furniture and replacing with ‘new’ furniture.  It could be merely furnishing a new, vacant listing.  Beautiful photos for the MLS or any online advertising are the result.  This, in turn, attracts more buyers to view the property

Virtual home involves the listing agent emailing photos of the vacant home to an online virtual staging company. Then somebody sitting in front of a computer uses virtual staging software to Photoshop furniture and accessories onto the photos.

Voila! The home is transformed from a soulless, empty box to a home with personality.

Is It Cost-Effective?

Virtual staging costs far less than traditional home staging. The latter runs, on average, between $2,000 to $5,000 to set up the property and anywhere from $500 to $1,000 to pay for additional rental fees each month. The average cost to digitally stage real estate is between $200 and $400, depending on the company and the number of photos.

Customize any way you want

One of the benefits of virtual staging is that you can customize each home to the style and preference of your target market. This technology allows you to make the home look modern and contemporary or more traditional or perhaps even Victorian! Th0is will make the listing more appealing to the specific buyers you are trying to reach.

Being able to redecorate a room virtually allows you to take out some of the existing furnishings and redesign it in a way that will attract more of your target market.  It can be easy for homeowners to overlook all their personal belongings which may only hinder the sale of the property. Through virtual declutter, you remove the distracting items to show off the actual room.

The post Virtual Home Staging Saves Money appeared first on ELIKA Real Estate.

Your Guide to Virtual Home Staging

Every real estate professional knows that vacant homes usually sit on the market longer because most clients can’t picture themselves in a property with bare walls and empty floors. Virtual Staging allows your clients to see the full potential.

In today’s marketplace, it’s more important than ever to present your online listings in their best possible light. According to the National Association of Realtors, 90% of buyers use the Internet to search for a home, and 97% find the photographs to be the most useful features on brokers’ sites. With Virtual Staging, you can quickly and inexpensively stage an empty property online to help attract more potential buyers without the time and trouble of traditional staging.

Traditional Home Staging?

In general terms, home staging means getting your home ready for market and making it look its absolute best…. Both the interior and exterior. Home staging includes doing all the nitty-gritty stuff like cleaning the home, so it’s Q-tip clean, decluttering, doing any needed repairs, landscaping, painting and taking care of curb appeal and the actual staging with furniture and accessories.

Professional home stagers can put together a home staging checklist for the sellers that includes all the nitty-gritty items that need to be completed. The staging company then comes out to see the home, takes photos and measurements and then writes up a quote. A few days later, their truck and crew will reverse up the driveway and begin working with a blank canvas.

What is virtual home staging?

In recent years, another option has emerged.  It’s called virtual staging.  It’s the process of digitally altering a photo of a room to make it more appealing to buyers.  With specialized software, the changes could range from changing paint colors to removing the furniture and replacing with ‘new’ furniture.  It could be merely furnishing a new, vacant listing.  Beautiful photos for the MLS or any online advertising are the result.  This, in turn, attracts more buyers to view the property

Virtual home involves the listing agent emailing photos of the vacant home to an online virtual staging company. Then somebody sitting in front of a computer uses virtual staging software to Photoshop furniture and accessories onto the photos.

Voila! The home is transformed from a soulless, empty box to a home with personality.

Is It Cost-Effective?

Virtual staging costs far less than traditional home staging. The latter runs, on average, between $2,000 to $5,000 to set up the property and anywhere from $500 to $1,000 to pay for additional rental fees each month. The average cost to digitally stage real estate is between $200 and $400, depending on the company and the number of photos.

Customize any way you want

One of the benefits of virtual staging is that you can customize each home to the style and preference of your target market. This technology allows you to make the home look modern and contemporary or more traditional or perhaps even Victorian! Th0is will make the listing more appealing to the specific buyers you are trying to reach.

Being able to redecorate a room virtually allows you to take out some of the existing furnishings and redesign it in a way that will attract more of your target market.  It can be easy for homeowners to overlook all their personal belongings which may only hinder the sale of the property. Through virtual declutter, you remove the distracting items to show off the actual room.

The post Your Guide to Virtual Home Staging appeared first on ELIKA Real Estate.