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Previewing NYC Apartments - How to Pick the Right One

October 1, 2007

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Pumpkins from Melicks Farm in Oldwick New Jersey 9/29/2007

Previewing an apartment for your home buyer is like picking the perfect pumpkin. From afar, they all pretty much look alike. But when you get up close to touch and feel them, you can weed out the rotten ones and pick the winners. Seeing a picture or reading a description of an apartment is no substitute for actually being there.

Previewing a home will give you a real feel for the building and apartment. It will build your knowledge base of the market and prepare you for any questions your home buyers may have. Buyers will appreciate the fact that you have done the necessary homework for them - in person, online and on paper. Make the most of your time and theirs by hitting the pavement. Besides, the exercise will do you well.

After you preview the apartments within your home buyers range, it’s time to analyze the data. Select the best candidates first and compare them with recent activity within the building. That includes previous sales, apartments that are in contract and active listings. Create a spreadsheet that highlights each homes best and worst features. Include days on market, original asking price and price reductions,if any. Make notes as to what’s included in the maintenance - it’s a typical buyer question. Detail the condition of the apartment - original or renovated. Then simply do the math.

Being a good real estate broker means having a pulse on the local real estate market. Not only should you understand what apartment units are currently available, but you should also understand all of the other intangibles that matter to your potential home buyer, including:

  • Neighborhood Characteristics
  • Transportation - Proximity
  • Traffic Conditions
  • Parking Availability
  • Restaurants
  • Shopping
  • Building features and amenities
  • Apartment views
  • Sound - Indoor and outdoor
  • Smell - Yes, smell :)
  • etc….

All these little things matter to a home buyer. They are not just purchasing an apartment or shares in a corporation, they are buying into a lifestyle. By helping them understand the intangibles, you are adding value to the relationship. If you don’t know something, just ask the doorman, tenant or even a stranger walking on the street. People love to talk. At the end of the day, a home buyer just wants to be a happy homeowner.

Note - I have used this obviously simple technique for many years and continue to do so. Sometimes I have found that it’s best viewing apartments together with the buyer. You just have to adapt to the situation and roll with the punches.

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Posted by Rudolph D. Bachraty III | Filed Under NYC Home Buyers 

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One Response to “Previewing NYC Apartments - How to Pick the Right One”

  1. Manhattan Open House Report - Midtown East 1 Bedrooms on October 6th, 2007 9:45 am

    [...] past two Sunday’s, I previewed a number of Open Houses in the Midtown East area - Sutton Place, Turtle Bay, Beekman and the [...]

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