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When selling your apartment, should you be at the open house?

by | Dec 2, 2015

The open house is one of the most pivotal moments in the sales process. It is the source of first impressions from a quality perspective, and also gives local real estate professionals the chance to assess value.

We all like to go into our neighborhood stores or a chain store, and test out the item in question. The brick and mortar stores are our demo centers for online shopping.

This concept translates into the real estate world as well. Buyers will likely find your apartment online first, but the open house is an unveiling of your NYC apartment to the world. Open houses bring in interested buyers, curious neighbors, and the general real estate community.

The quickest way to sour the opportunity for first impressions is for the seller to be present at the open house. While this was your home, the place you made so many memories, no one else has an emotional attachment to your apartment – not yet at least. As a seller, you want interested buyers to walk into your apartment and be able to visualize making a lifetime of memories, their own memories. When potential buyers see the current owners in the apartment, it can ruin the chances of making a memorable first impression.

Legally Required Disclosures.

When listing your apartment for sale, there are standard legal disclosures that must be made in order to sell your apartment. These disclosures give the seller the opportunity to communicate directly to all prospective buyers regarding the history and condition of the apartment being sold, as well as fulfilling the legal requirements imposed by the city and state of New York to do so.

As the owner, you are required to make these disclosures in order to list your apartment for sale. You are also required to make these disclosures to the best of your knowledge, providing the most accurate representation of your apartment as possible. Intentionally trying to mislead or deceive potential buyers could lead to legal problems down the road.

The Walking Disclosure.

While the required legal disclosure is unavoidable, by being present at the open house, you will be offering potential buyers a Q&A session regarding the current condition of your apartment and the major systems (electrical, heating, plumbing, etc.). While every apartment has its own quirks, reading about the issues in a standard disclosure format is far different than being able to interview the current owner.

For anyone who has ever bought an apartment, we all know that the issues listed in the disclosure never fully cover all of the neat little €œquirks€ that you uncover over the years. When potential buyers know you’re the owner, your open house will be turned into more of an interrogation rather than an open house. In that moment, you will be the best and worst selling point for your apartment.

You have now trumped your listing, your realtor, and any online advertising done by the listing agent. All that matters now is what comes out of your mouth. What will be the first question asked be each and every buyer? Drum roll please€¦€¦ Why are you selling? This will be asked every single time be every prospective buyer.   Because if you were the lucky one that found the best apartment in New York City, then why are you selling? It’s a losing situation no matter how you respond.

Your Realtor Knows Best.

Your realtor is here to guide you through the listing process for your apartment. Confer with your realtor on whether or not you should be present at the open house. I think most, if not all realtors will want you to miss the open house. The apartment should speak for itself, and your disclosures will take care of the rest. Your realtor is your representative to help you through the sale of your apartment.

Yes, the open house is extremely important, and that’s why it matters who you choose to represent you and your apartment. The team at TripleMint has proven time and time again that they have the experience and tools available to help clients maximize their return on investment when selling their apartments. You don’t get a second chance at a first impression. Let the team at TripleMint make sure your apartment creates the right first impression with potential buyers.

In closing.

Closing on the sale of your apartment is the ultimate goal. When the seller is present at the open house, the focus can quickly turn from your apartment to you, the seller.

Listen to your realtor, and let your realtor sell your apartment. While you may be the expert on your apartment, your realtor is the expert on selling your apartment. Let them do their job.

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