SELLER'S GUIDE: MAXIMIZING YOUR MANHATTAN COOP OR CONDO SALE
PREPARING TO SELL
Timeline Planning
Begin preparations 3-6 months before listing your property to maximize value and minimize time on market.
Property Assessment
- Conduct a pre-inspection to identify and address potential issues
- Make strategic improvements that offer high ROI (kitchen and bathroom updates, fresh paint, lighting upgrades)
- Address any maintenance issues or building violations
Documentation Preparation
- Gather all relevant documents (offering plan, amendments, proprietary lease, etc.)
- For co-ops: Understand your building's financial health and policies
- For condos: Gather information on any pending assessments or major repairs
Financial Considerations
- Research recent comparable sales in your building and neighborhood
- Understand your mortgage payoff amount and any prepayment penalties
- Calculate potential capital gains tax implications
- For co-ops: Determine if your building charges a flip tax and the amount
- For condos: Check for any special assessments that might affect closing
MARKETING YOUR PROPERTY
Selecting the Right Agent
- Choose an agent with extensive experience in your specific Manhattan neighborhood
- Verify their track record with similar properties
- Discuss their marketing strategy and commission structure
- Ensure they understand co-op and condo distinctions
Setting the Right Price
- Research comparable recent sales in your building and neighborhood
- Consider market conditions (buyer's vs. seller's market)
- Factor in unique features and limitations of your property
- Be strategic about price positioning to attract the right buyers
Property Presentation
- Consider professional staging (virtual or physical)
- Invest in professional photography, floor plans, and possibly virtual tours
- Declutter and depersonalize all spaces
- Consider minor updates for maximum impact (paint, hardware, lighting)
Marketing Execution
- Comprehensive online listing presence across major real estate platforms
- Professional marketing materials and property description
- Strategic open houses and private showings
- Targeted outreach to potential buyers through broker networks
THE SELLING PROCESS
Showing Your Home
- Create a showing schedule that maximizes exposure while minimizing disruption
- Prepare a property information sheet highlighting features and upgrades
- Consider temporarily relocating pets during the showing period
- Maintain immaculate condition throughout the listing period
Evaluating Offers
- Consider not just price but buyer qualifications, particularly for co-ops
- Evaluate contingencies and proposed timelines
- Understand the difference between pre-approval and pre-qualification
- For co-ops: Assess likelihood of board approval for potential buyers
Negotiation Strategies
- Understand your leverage based on market conditions
- Be clear on your bottom-line price and terms
- Consider the full package: price, timeline, and contingencies
- Have a strategy for common negotiation points (closing costs, included items)
Managing the Contract Process
- Work with an experienced real estate attorney
- Understand standard vs. custom contract terms
- Be prepared for due diligence requests
- Know your disclosure obligations
Board Package and Approval (for Co-ops)
- Help your buyer prepare a strong board package
- Provide insights on board preferences and procedures
- Be available to answer questions about the building
- Prepare for possible delays in the approval process
Closing Preparation
- Address any inspection issues or required repairs
- Prepare for the final walk-through
- Coordinate move-out timing with closing date
- Gather all keys, fobs, and building access items
