How to Maximize ROI For Your NYC Property

In 2021 alone, Manhattan real estate topped $30 billion in sales, and the market shows no sign of slowing down in 2022. There's no better time than now for homeowners in Manhattan to leverage the increased demand for New York City residences to maximize your property’s ROI. To do so, you’ll need to have a solid understanding of Manhattan’s real estate market and an experienced agent to guide you through the selling process.

 

The median price of a property is often an indicator of market conditions. The real estate market in Manhattan is currently booming, with median prices increasing by 16.6% over the past two years. Accompanied by the fact that Manhattan sales are higher than they’ve been in three decades, the outlook for sellers of luxury properties is promising.

A closer look at median property prices in Manhattan can help you understand the market’s current state.

 

 

One of the drivers of momentum in the Manhattan real estate market is an increase in younger families looking to upsize. With relatively low cap rates, Manhattan has become a desirable real estate market for sellers despite its fluctuating interest rates.

As an owner, many aspects of the selling price are in your control. You can decide on the listing price and in what condition the property is kept. Despite many factors being beyond your control, like interest rates, stocks, and the prices of neighboring properties, leveraging the power you do have to make your property as attractive as possible to potential buyers can help you overcome any challenges the market may throw at you.

With the help of an experienced real estate agent, the following seven points can help you optimize your property’s value while maximizing your ROI.

Anyone experienced in selling real estate will agree the devil is in the details. Showing an unfurnished residence, even with high-end appliances or finishes, will not engage or interest potential homebuyers the same way a fully furnished living space does.

Many novice buyers may have difficulty visualizing space and dimensions. Without furniture, you run the risk of these buyers potentially underestimating your home's potential, size, and value. Working with an experienced Manhattan real estate agent who can assess your home and determine the best ways to stage it for selling ensures you’re doing everything possible to turn your property into a home people want to buy. Remember, you only have one chance to make a great first impression on a buyer.

Some of the most important rooms to stage in any residence include the entryway, master bedroom, living room, and kitchen. These rooms — when properly staged — allow potential buyers to visualize themselves living there, making your home far more likely to stand out among other unfurnished properties.

 

Choosing the right furniture and decor to highlight your property's best assets and create a sense of spaciousness is essential. Choosing neutral, stylish furniture that doesn’t draw attention away from the property’s architecture and the interior is a good start. Should you be unsure of how best to stage your home, Kimberly Jay is the ideal Manhattan real estate agent to help you showcase its best features.

Before selling your property, it's crucial to get a proper valuation. You could try estimating your property's value by comparing it to those of a similar style or location, but this route is unlikely to be accurate. It can leave you grossly over-or-underpricing your home.

The best way to get an accurate valuation for your property is by consulting with a seasoned New York real estate agent. An agent will ensure a valuation considers every aspect of the home, as well as helping you stage and list your property so you can rest assured knowing you’re earning top dollar for your property.

Kimberly Jay is a trained negotiator with years of experience delivering excellence within the real estate industry. As such, working with Kimberly will offer you every possible advantage when it comes to selling your home. She will oversee staging, provide an accurate valuation, help you determine the best listing price, and do everything else necessary to prepare your property to be listed. Most importantly, Kimberly is an expert at navigating the laws and regulations of selling a property in Manhattan.

Properties sell for different prices depending on the time of year they hit the market. Waiting for the best time to sell your New York City property may seem tedious at first, but the rewards you can reap from a faster sale and a better price will easily outweigh the wait.

In New York City, the best period to list and sell houses is after Labor Day. If you aren’t pressed for time, waiting to list your property around Labor Day weekend could pay off nicely in the long run.

Buyers are often willing to pay significantly more for thoughtful upgrades and high-end finishes. For instance, a well-designed kitchen can potentially add between 5% and 10% to the property value. So, unless your property is already home to a flawless, flowing kitchen design, a remodel may be in order. Having a brag-worthy and impeccably finished kitchen could help you secure a better price for your property at a faster rate.

 

Remodeling your bathroom can also exponentially increase the value of your home. An upgrade here could be anything from installing the latest soaking tub designs, vanities, flooring, or heated towel bars. Still, a total bathroom makeover isn’t always necessary. A fresh coat of paint, new light fixtures, and a rainfall showerhead can elevate your property’s bathroom without wasting valuable time or money.

Coming up with the right price for your house can be a tricky affair. The perfect pricing will net you the most significant amount of money possible in the shortest amount of time, and this is precisely why overpriced properties take longer to sell. In some cases, even underpricing your property can provide benefits, as you’re likely to receive more offers and may eventually close on a price above asking.

It's always advisable to use an experienced agent for this step because your emotions may influence the pricing and professional strategies you use to get the most in return for your property. Agents can offer an unbiased opinion and will first complete a comparative market analysis to determine what similar properties have sold for.  Using this and your property’s valuation, they are the best suited to coming up with a fair price that will ensure your property sells.

Although there are lots of things homeowners can do to increase their property’s ROI, some aspects of selling a home are best left to real estate agents, with extensive training and experience in managing critical aspects of selling a house. These aspects include:

Agents put a lot of work into marketing your property for sale. They often work hand-in-hand with professional photographers and videographers to capture the most flattering and appealing images of your property to ensure potential buyers are enticed and impressed at first glance.

Most buyers begin their property search online, so the importance of the quality of your property’s digital presence cannot be overstated. Listings with low-quality images, or no photos at all, tend to be ignored.

In a city like New York, advertising is everything. Your home will disappear among the hundreds of other properties listed by eager homeowners and agents without adequate exposure. Luckily, Kimberly Jay and her team make use of multiple advertising mediums to ensure your home gets the attention it deserves. By utilizing all the major local, national and international media, Kimberly can guarantee your listing has the greatest reach possible. Other forms of online marketing include using Facebook and Instagram ads. And, for the more classically inclined, mailing and print advertising are included as part of the dedicated PR team’s strategy to sell your home as quickly and effectively as possible.

Negotiations are incredibly tricky, especially for those inexperienced with selling real estate in a market as competitive as New York’s. By using a real estate agent, you’re placing the brunt of the work in their hands. They use their extensive experience to reach out to potential buyers, start the bidding process, and handle any offers and counteroffers that may arise.

The highest bid is not always the best deal, and the agent usually pays attention to the conditions and contingencies in the offer. Some contingencies, such as mortgages, are standard and cannot be waived, and the agent can negotiate to make sure you are entirely comfortable with making the sale. 

A great real estate agent is the key to a successful property sale. Even at its best, the Manhattan real estate market can be overwhelming, but Kimberly can help you navigate the complex processes necessary to sell your home. For more information, or to take the first step towards selling your home, contact Kimberly Jay today for help maximizing the ROI of your Manhattan property.