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In a coop sale, one of the functions a broker performs, is shepherding the transaction through the coop approval process. Speaking as the president of a coop, I wouldn't trivialize that. I can be done without a broker, but coops are more complicated than SF houses, and, to some extent, condos (although some condos are becoming more coop like in there approval processes.)
Also, a broker may be able to get you enough of a better price (since they usually have better marketing mechanisms, especially in NYC, than FSBOs have access to), to compensate for the brokerage fee.
In a coop sale, one of the functions a broker performs, is shepherding the transaction through the coop approval process. Speaking as the president of a coop, I wouldn't trivialize that. I can be done without a broker, but coops are more complicated than SF houses, and, to some extent, condos (although some condos are becoming more coop like in there approval processes.)
Also, a broker may be able to get you enough of a better price (since they usually have better marketing mechanisms, especially in NYC, than FSBOs have access to), to compensate for the brokerage fee.
In a coop sale, one of the functions a broker performs, is shepherding the transaction through the coop approval process. Speaking as the president of a coop, I wouldn't trivialize that. I can be done without a broker, but coops are more complicated than SF houses, and, to some extent, condos (although some condos are becoming more coop like in there approval processes.)
Also, a broker may be able to get you enough of a better price (since they usually have better marketing mechanisms, especially in NYC, than FSBOs have access to), to compensate for the brokerage fee.
The NYC real estate market right now has extremely low supply. Properties under $1m sell in a few weeks, almost always at/above asking price with loads of backup offers. What this means is that the agent you pay 6% to (so in NYC over $60k) may not have to work more than a few hours to sell your unit. Sure it would be nice for an agent to deal with coop board process, but is it worth paying $60k to have someone spend a few hours doing some admin work, collecting documents and sending a few emails? I don't think so... would rather do this myself and save that $60k.
Sites like Hauseit (mentioned above), FSBO.com etc. (more options here too: What flat-fee MLS service do you use / recommend? ) enable FSBO sellers to have IDENTICAL marketing technology to what a normal seller's agent would offer ... so it's not clear that just by hiring a listing agent you'd sell for a higher price, because you aren't getting any more exposure than by using a FSBO company
^
Keep in mind that NYC (and Manhattan especially) does not have nearly as good an MLS system as other areas. The brokers like to control their listings. Now that alone may be a reason to skip the broker system, maybe. But it also may limit the exposure of a FSBO listing.
And in such a strong market, a seller may very well be able to negotiate a discounted brokerage fee.
^
Keep in mind that NYC (and Manhattan especially) does not have nearly as good an MLS system as other areas. The brokers like to control their listings. Now that alone may be a reason to skip the broker system, maybe. But it also may limit the exposure of a FSBO listing.
And in such a strong market, a seller may very well be able to negotiate a discounted brokerage fee.
The REBNY RLS listing service seems to be pretty dominant. It's effectively the MLS of NYC. As long as you get listed there, you shouldn't have any trouble whatsoever generating traffic from buyer's agents.
Be careful though in choosing a company. The national FSBO sites probably won't list your home on RLS. A friend of mine sold his coop on the UWS through one of the national fsbo sites (forsalebyowner dot com ?) and was complaining that he didn't get listed on the right MLS (i.e. RLS). They listed him on the NY State MLS which didn't generate any traffic at all. He eventually found a buyer, but I guess he will never know if that lack of exposure prevented him from getting an even higher sale price.
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