EVERYTHING YOU NEED TO KNOW IN ORDER TO ACHIEVE THE HIGHEST PRICE POSSIBLE FOR YOUR PROPERTY IN THE SHORTEST POSSIBLE TIME!

 

WHY USE AN EXCLUSIVE BROKER

 

HIGHER PRICES

You, of course, can sell your own apartment- the question is at what price? Even if you do get an offers, tend to come in at 7-10% ** below the asking price.

The REALTOR is more likely to sell the apartment in less time and at a higher price than the owner selling his own can achieve. There are two principle reasons:

  • We are members of REBNY (Real Estate of New York) and as such we immediately share your listing with between 8-10,,000 real estate sales agents. Obviously it is more likely that one of these 8-10,,000 agents will have a buyer who will pay a higher price for the apartment than you can get selling on your own;
  • Blue Star is also a member of the NATIONAL ASSOCIATIONOF REALTORS which allows us to put you listings on REALTOR.COM, the largest real estate website in the world with approximately 9,000,000 hits per month. Almost NONE

of the largest real estate firms in Manhattan is a REALTOR and therefore, can not put listings on REALTOR.com.

**This is according to NAR, Which is the largest real estate association in the US with approximately 1,300,000 real estate agents.

WHO DOES THE WORK?
All the potential purchasers may need and all the following: mortgage broker, full-time real estate attorney, completed financial statement, comparable sales in the building and in the neighborhood, appraisal and most importantly, a professionally prepared Board Package (Board acceptance or rejection often depends on this).    

 WHO BUYS FSBO LISTINGS?

  • Many of the people who view FSBO listings are just getting started and use these listings as a learning tool before going to a REALTOR to actually buy.
  • So many are unqualified in that they do not have, at the very least, a pre- approval mortgage letter and a completed financial statement.
  • The buyer is a bargain hunter who is willing and has the time to spend looking. In an attempt to try to save money, these potential buyers will spend months, or even years, LOOKING FOR A STEAL! A very recent NY TIMES article in the Sunday real estate section had a story about four potential buyers who spent between  1.5 ? 3 years AND HUNDREDS OF OPEN HOUSES looking for the perfect apartment.

The actual buyer who uses a REALTOR does not have the 1.5 ? 3 years to waste looking at apartments rather the buyer depends on the REALTOR to screen out the apartments that do not meet his requirements 

WHICH EXCLUSIVE BROKER TO USE

HOW TO GET THE HIGHEST PRICE IN THE SHORTEST TIME?

GO TO A LOCAL BROKER ? who is not a part of Manhattan/ Brooklyn multiple-listings service, where are the between 20-60 agents all fighting over the same listings.

OR

GO TO A MANAHATTAN/BROOKLYN MULTIPLE-LISTING BROKER- and have between 8-10,000 real estate agents all fighting over the same listing.

OR

GO TO A NATIONAL MULITPLE-LISTING BROKER- and have between 8- 10,000 real estate agents all fighting over the same listing as well as the approximately 9,000,000 monthly viewers of REALTOR.COM ,the largest real estate web site in the world, all fighting over the same listing. None of the largest Manhattan real estate firms is a realtor and therefore, can put listings on REALTOR.COM.

BLUE STAR APARTMENTS is a national listing broker as well as part of the Manhattan Multiple Listing Service.

OUR GUARANTEES

OUR MOTTO- SERVICE COMES FIRST

Therefore well make you the following guarantees:

  1. MARKETING PROGRAM

We promise, in writing, exactly what our Marketing Program for your unique property will be. If we fail to complete any of the Marketing Program, after given one business day to correct any errors or omissions, you may cancel our exclusive agreement.

    • Our Marketing Program includes
    • Immediate listing of your property with the 200+ member firms of REBNY (Real Estate Board of New York). We do NOT wait 72 hours to send our listing as some of our competitors do.
    • Immediately list your property on the following real estate websites:
      • Realtor.com
      • The New York Times
      • Real Plus On Line
      • Blue Star Apartments
      • Any other appropriate sites.
    • With seller?s permission, phone canvas, where permitted by law, all other owners in the same building to see if anyone has a friend who might be interested in buying.
    • Virtual tour on your property (price sensitive).
    • Supply individual buyer reactions to the property as well as to the price.
    • Supply weekly and monthly reports directly to the seller.
  1. NET HIGHEST PRICE

 We will show you that we can get the highest net price for your property, with the least work and in the shortest period of time. WE GUARANTEE IT because we pledge to continue working for you using our Marketing Plan until you are satisfied. DO NOT ACCEPT THE PRICE UNTIL YOU ARE SATISFIED.

Service is our priority- especially since all the 200+ REBNY firms share the same listings. We will simply work harder and smarter than anyone else to achieve your goals.

REALTOR.COM

Realtor.com is by far the number one real estate web site in the world. Realtor.com gets approximately 9 million hits per month and Billions of pages viewed worldwide each month.

Realtor has over 2 million listings for sale at any time. ALMOST NONE of major
      Manhattan real estate firms is a realtor and cannot place listings on realtor.com.

NAR (NATIONAL ASSOCAITION OF REALTORS),  which has a membership of more than 1,300.000 real estate agents in the United  States,  recently reported that 77 percent of  ALL buyers, who actually purchased, start on the internet and the New York Times reported that Realtor.com is # 1 website in the world . Any real estate that is unable to place your listing on Realtor.com places you at a great disadvantage especially how that the 263 members of REBNY (Real Estate Board of NY) now share all their exclusive listings.

At Blue Star Apartments, SERVICE come first The New York Times recently said:
?This (meaning REBNY) shifts the focus from listings to service, because instead of scrambling to get listings from other companies, brokers can now be assured of having those listings, and clients will look for the company that offers the best personalized service.?

Blue Star Apartments offers that kind of personalized service as well as Realtor.com.

WHAT WE WILL DO TO SELL
YOUR PROPERTY

Blue Star Apartments will take immediate action to get your apartment sold.

  • Co- Broke your property immediately NOT in 72 hours.
  • Within 24 hours, list your unique property on all major websites including (but not limited to):
    • Realtor.com-only ?REALTORS? can advertise on this site.
    • Real Plus on Line ? immediately not in 72 hours
    • New York Times. Com
    • Blue Star Sales.net
  • Hold broker Open Houses Immediately

This is to encourage as many people to see the apartment as quickly as possible; to generate the most excitement and obtain the highest price in the shortest period of time.

  • Hold Buyer Open Houses
  • Professionally stage the property ( See ?Things to Do? below)
  • Place the Open House Schedule- (with floor plans and pictures) on All major websites
  • The exclusive broker (salesperson) shall go on all showings and professionally present the property in the best light possible.
  • Pre-qualify all buyers; require a financial statement as part of any bid on the property.
  • Negotiate (if necessary) in a professional manner.
  • Produce a ?very high? quality Board Package. The director of Sales for Blue Star Sales has never had a Board turndown. He will personally approve all Board Packages.
  • Follow through on all details up and even after the Closing.
  • ALWAYS keep you informed every step of the way.

HOW BLUE STAR APARTMENTS
MEETS THE NEEDS OF SELLERS

LISTENING TO OUR CUSTOMERS
While other firms talk about customer service, we ask, we listen and we take action. For Blue Star Apartments, listening and learning is our highest priority.

CUSTOMIZED MARKETING PLAN
We will present you with a Marketing Action Plan specifically designed for each individual seller.

OUR PERSONAL COMMITMENT
We will devote our energy to meeting your needs, and we will stay in touch with you and keep you informed throughout the entire process.

MARKETING ACTION PLAN
We will work with you to develop a marketing plan to attract prospective buyers to your particular property. We will supply you with a thorough Competitive Market Analysis, We will work to pre-qualify and pre- approve all prospective buyers. Negotiate terms if necessary and manage the details of the transaction.

TIMELY RESPONSE
We will report the results of all events such as open houses and property showings. Should current trends appear to change (interest rate, competitive prices, etc) we will let you know.

OPEN HOUSE
An open house is a very important part of our marketing plan. A WELL-STAGED open house is a powerful way to best show off your property to interested buyers. We will aggressively promote the open house to attract the most buyers. The open house will be listed with The Real Estate Board of New York (approximately 263 member firms), NY Times.Com, Real Plus on Line and CraigsList.com as well as advertised in Sunday?s New York Times real estate section.

STAGING AN OPEN HOUSE
Working with you we will develop a custom tailored home enhancement plan, which can make a DRAMATIC difference in how quickly your property sells and the price you receive.  These home enhancements usually require a minimum amount of time and expense to complete, and are designed to make your property stand out from the competition. By preparing your home for sale, we?ll assist you in realizing the best price obtainable in the shortest period of time.

A WORD OF CAUTION
In order to get the highest price possible, we recommend that you do NOT discuss any of the following information with any potential buyers or other real estate brokers:

  • Reason for selling
  • Personal property you might be willing to sell
  • Urgency to sell
  • Timing and benefits from your company (if any)
  • Willingness to consider an offer less than asking price
  • Any other confidential information

CLOSING THE SALE
When an offer is presented, we will negotiate on your behalf to help you obtain the most favorable price and terms, and we will work on your behalf throughout the transaction successful close the sale.

THINGS TO DO

Prior to ANY showing or Open Houses of the property, it is necessary to have the place show to its very best advantage. It is necessary ?TO STAGE? the apartment.

Staging the property can often result in a dramatic increase in price and/ /or result in selling the property in much less time. Most times, staging takes very little time and money to do properly. Among MANY suggestions would be:

  • Wash windows/ floors/ carpets
  • Clean drapes/blinds
  • Put away or store (temporarily) away bikes, exercise equipment, children?s toys, overflowing books, magazines, newspapers
  • Empty overflow in each closet
  • Eliminate all pet hairs
  • Repaint any peeling paint if possible
  • Repair/ replace all broken or missing items (example-door knobs)
  • OTHER SUGGESTIONS WOULD DEPEND UPON ACTUALLY VIEWING THE PROPERTY

MOST IMPORTANT- use candles, potpourri, etc. to make the property smell wonderful.

ESTIMATED CLOSING COSTS (Revised April, 2005)

COOPERATIVE APARTMENT
 
Broker
Own Attorney
Managing agent
Flip Tax (if any)
Stock Transfer Tax
Move-Out Deposit or Fee
New York City Transfer Tax


New York State Transfer Tax
Payoff bank Attorney (If seller has a mortgage)
UCC-3 Filing Fee
E Tax Filing (ACRIS)
Gains Tax Witheld (out of State Seller)
Non US Resident (FIRPTA)
Typically 6%
1800 and up
$600.00
Consult Managing Agent
.05 per share
1,000.00
1% of price up to $500, 00 or 1.425% of entire price when price is $500,000 or greater.

.4% (.004) of Price
$450.00
$50.00
$150.00
7.7% of gain
10% of price withheld

CONDOMIMUM/TOWNHOUSE AND 1-3 FAMILY DWELLINGS
 
Broker
Own Attorney
Managing agent
Move-Out Deposit of Fee
New York City Transfer Tax


New York State Transfer Tax
Satisfaction of Mortgage Fees
E Tax Filing (ACRIS)
Gains Tax Without (out of State Seller)
Non- US Resident (FIRPTA)
Typically 6%
$1,800 and up
$500.00
$1,000.00
1% of price up to $500,000 or 1.425% of entire price when price is $500,000 or greater.

.4% (.004) of Price
$450.00
$150.00
7.7% of gain paid
10% of price withheld paid

MULTI-FAMILY RESIDENTIAL/COMMERCIAL PROPERTY
 
Broker
Own Attorney
New York City Transfer Tax


New York State Transfer Tax
Payoff bank Attorney (If seller has a mortgage) Miscellaneous
Transfer security deposits
E Tax Filing (ACRIS)
Gains Tax Without (out of State Seller)
Non- US Resident (FIRPTA)
Typically 6%
$5,000 and up
1.425% of price up to $500,000. 2.625% of entire price when it exceeds $500.000.

.4% (.004) of Price
$500.00
$500.00
TBD
$150.00
7.7% of gain paid
10% of price withheld paid
   

INCOME TAX POINTERS FOR SELLER

  1. If  the sale is of the Seller?s principle residence, have owned and lived in at least two (2) of five (5) years preceding the sale, 250,000 of the gain ($500,000) for married Sellers) will be excluded  from capital gains taxes.
  1. The federal tax rate on long-term capital gains (property owned for at least a year) has been reduced to 15% Adding New York City and States capital gains taxes you can estimate around 24% as the total capital gains taxes.
  1. A tax-free exchange will allow a Seller to defer payment of capital gains taxes.

    By not paying taxes, the Seller will have the use of those dollars for investments into the next deal.

    Property being sold must have been held for investment, not as the Seller?s home.
  1. An Installment Sale involves Seller financing. It will enable a Seller to defer paying capital gains taxes to a time when the Seller may be in a lower tax bracket. Seller financing might also be used to bridge the gap where the parties cannot agree on the purchase price- and excellent deal saver.

 

FIRPTA

Whenever a seller is not a United States taxpayer (e.g. foreign person) the IRS requires that 10% of the purchase be paid to it at closing.

This payment is not necessarily the capital gains tax due on the sale.

A good attorney will utilize a ?pre- closing audit? with the IRS to establish the capital gains tax that will be due. Only the tax, which can be well below 10%, of the price, need be paid to the IRS

NEW YORK STATE ESTIMATED TAX PAYMENT

On the sale of a condominium unit or other real property (co-ops are exempt) by an individual seller (corporations, trusts and Limited Liability Companies are exempt) who did not use the property as Seller?s primary residence for two (2) of the five (5) years preceding the sale New York State requires that 7.7% of the taxable capital gain be paid at the time of closing.