Seller's Guide

1. Initial Consultation

Discuss your reasons for selling and the ideal timeline. What are your goals? Is it strictly the highest price possible? In the case of a co-op, careful consideration must be paid to the buyer's ability to pass the co-op board approval process. Sometimes, the highest price will not be the strongest offer if the buyer is not well-qualified. 

Or is a well-timed transaction more crucial to you? No sale can be planned perfectly, but making note of important dates can help guide the process.

2. Pricing Strategy

Understand your home’s value and market positioning. Choose an asking price that will attract strong buyers. A good agent will prepare a Comparative Market Analysis (CMA) to compare similar homes in your area and guide your pricing.

5. Pre-Market Strategy

Private Exclusive or off-market exposure is a great way to test pricing and gather market feedback before going public, without accumulating days on market. With one of the largest networks of agents, Compass can offer significant exposure before a listing goes live to the general public.

6. Marketing Launch Plan

Listing copy and property storytelling are important tools of the trade. Choose an agent who can convey the qualities of your home in a style and manner that suits both the property and potential buyers. Marketing plans may include digital, email, print, social media, and agent-to-agent outreach. The goal is to capture buyer attention at peak interest, which is typically within the first month.

9. Due Diligence Period

Before contracts are signed, the buyer’s attorney will research the home through city databases, title searches, and, for apartments, communication with building management. Buyers may also choose to conduct a home inspection with a professional inspector, though not all buyers will opt for one.

For example, some condo and co-op buyers in NYC often skip inspections, as they can confirm that everything in the apartment is functioning and rely on board minutes and questionnaires requested by the attorney and lender to identify any building issues. If something does come up during an inspection, the buyer may request credits or repairs prior to closing.

10. Contract Negotiation

A sales contract is issued by the seller’s attorney. Both sides will work on the contract, fine-tuning it to reflect the details of the transaction. The buyer’s attorney will also conduct due diligence in the meantime (see section 9). In NYC, due diligence—including inspections—typically occurs before contracts are signed. Things move quickly at this stage, so it’s important to be available to your attorney and agent to keep the process moving in a timely manner.

13. Purchase Application / Board Package Prep (for apartments only)

For the purchase of a condo or co-op, the buyer will need to complete an application. Condo applications tend to be simpler and are often processed more quickly than co-op applications. From preparation, to submission, to approval, timelines can vary widely, but the goal is to submit the application to management as soon as possible.

If you are selling an apartment, it’s helpful to understand how long your board typically takes to review applications in order to manage expectations around timing. Please note that if the purchase requires a mortgage, the application will not be submitted until the bank issues a commitment letter. Once the buyer is approved, the closing can be scheduled.