The Market

Copycat sellers: when "keeping up with the Joneses" means putting your apartment on the market

By Leigh Kamping-Carder  | October 3, 2014 - 1:59PM

Forget cups of sugar. Here in New York, neighbors rely on each other for real estate strategies, apparently. Apartment owners are seeing fellow residents of the building sell, and are following suit, The Real Deal reports. The thinking seems to be that, as prices go up, it’s a good time to test out how much their places are worth, even if they weren’t planning to move. (“Everyone is a seller at a certain price,” quips one broker.)

In some cases, neighbors have teamed up and listed their apartments together, enticing buyers who want more space and are willing to combine next-door digs. “Everyone knows what’s going on in their building. They know the prices are changing; they know there are bidding wars,” Jamie Fedorko, an agent at Warburg Realty, tells the magazine.

If you’re selling alongside others in the building, there are a few ways to make your abode stand out (and get the highest price):

  • Call out the competition. It can’t hurt to acknowledge that other apartments in the building are on sale and to highlight the differences between them (with a positive spin, naturally). If your place is renovated and your neighbor’s isn’t, for example, note that in marketing materials.
  • Set the stage. Get rid of clutter, and consider having your place professionally staged. In short, make sure yours is the cleanest and most welcoming apartment in the building.
  • "Show" off. By scheduling as many showings and open houses as possible--both on weekends and weekdays--you’ll get more buyers in the door, and increase your chances of getting multiple offers.
  • Strategize on price. Don’t be afraid to list your apartment for more than the others on sale, if it’s really worth more (say, if it’s on a higher floor or in better shape). Likewise, don’t be afraid to undercut the other listings, since you may generate a lot more interest that way.

For more tips, read "6 ways to outdo your neighbor when you're both selling your apartments."


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