Complete Seller's Guide to Strategic Real Estate Marketing The Schoman | Johnson Team
A Note to the Seller
First and foremost, we are sincerely honored to have the opportunity to discuss the sale of one of your most significant assets. Because we understand that this is a highly important decision for you, our utmost priority is to give you the honest truth and the most comprehensive explanation of the process and our strategy to ensure your success. Strategy that you understand and are confident in is the most critical element to your success. There is no fixed price that a property will sell for, and best guesses are simply that. There are a multitude of factors that contribute to the end result, all of which this presentation does its best to cover. We will go in depth into what options and outcomes exist, how they affect the overall process and the probability of success, and why we suggest certain practices. Execution of that strategy is equally critical, which is why we choose to position our team at Compass. As you will see throughout this presentation, the Compass platform is by far the most technologically innovative, comprehensive, and effective platform that exists in the industry today. It is without a doubt that by combining our proven Strategy, the Compass platform, and our Personal touch through friendly, professional communication and expert negotiation we can work together to achieve your ultimate success. No matter the final outcome of your decision, we hope that this presentation, along with any further discussion we have with you, provides value to you, and contributes positively to the success of your journey in real estate and beyond. Please take the time to review the contents of this presentation, and let us know of any additional points you would like us to address when we meet. We look forward to the opportunity to work together. Respectfully, Jeffrey M. Schoman, Esq. and Evan J. Jaquias-Johnson
Table of Contents
A Note to the Seller Bio Service Area & Transaction Types Testimonials Marketing Timeline Marketing Strategy Preparing Your Property Marketing Your Property Pricing Strategy Transaction and Closing Costs Discovering Compass
Our mission is to help everyone ďŹ nd their place in the world.
About How our expertise will optimize your seller experience
The Schoman Johnson Team Licensed Associate RE Brokers Certified Negotiation ExpertsTM www.TheSchomanJohnsonTeam.com sjt@compass.com
Jeffrey M. Schoman, Esq. & Evan J. Jaquias-Johnson are highly accomplished real estate professionals with distinguished track records of success over their 20 years+ as NYC brokers. Both associate brokers, as well as Certified Negotiation Experts™, Jeff and Evan have helped hundreds of individuals and families with the purchase, sale, or lease of their home in Manhattan, Brooklyn, and LIC. They are well versed in transactions of all types including condo and co-op resales, new development, estate sales, pieds-à -terre, leasing, and landlord representation. The secret to their success is a knack for forming close, authentic relationships with their clients and a history of delivering top-level results. They pride themselves on an unparalleled knowledge of both residential sales and rental markets as well as individualized customer service. When working with the SJT, one of the most important distinctions is in the way the team operates. Jeff and Evan personally handle every aspect of the process, from the initial client meeting, all the way through the closing. This hands-on, personal approach helps ensure that no detail gets overlooked and each client receives the attention and dedicated service that they deserve. New York City is the most competitive market in the world, so you need an experienced team behind you to help maximize your goals and attain your personal dreams. The SJT has you covered. Whether you need a lender, experienced real estate attorney, architect, reliable contractor, or a sounding board, we know everyone and everything you would ever need to successfully navigate the NYC real estate market.
The Schoman Johnson Team Jeffrey M. Schoman, Esq. Associate Real Estate Broker jeffrey.schoman@compass.com 781.964.1724
Jeff prides himself on delivering top level service and the long standing relationships he has with his loyal clients. His background in law has made him a highly skilled negotiator and equipped him with the tools necessary to give his clients an edge in any transaction. Prior to moving to New York and entering real estate, Jeffrey grew up outside of Boston. He completed his Bachelor’s Degree in Business at University of Massachusetts at Amherst, and subsequently his J.D. from Suffolk University Law School. Although not currently practicing, he is an actively licensed attorney, Certifi d Negotiation Expert™, and a member of REBNY as well as the New York City Bar Association.
Evan J. Jaquias-Johnson Associate Real Estate Broker ejj@compass.com 347.280.3826
Developing an expansive depth and breadth of knowledge from years of experience, Evan has worked in a range of capacities including commercial leasing, residential property management, on-site leasing, rentals, and sales. His straightforward, data-driven approach ensures his clients’ real estate decisions make fi ancial sense – critical for the buyer, seller, or investor. A Southern California native, Evan has lived in Bushwick and Park Slope in Brooklyn, and Midtown and the Upper East Side in Manhattan where he currently resides. Evan graduated Magna Cum Laude from the State University of New York at Stony Brook and holds a B.S. in Business Management with a concentration in Finance, and a Minor in International Studies
Service area and transaction types Offering full-service, end-to-end solutions for all 4 transaction sides: We service all real estate brokerage needs in NYC, as well as in every major metro market across the United States via our in-house partner teams.
Seller / Developer Representation
Resale: full-service including consultation, preparation, staging, marketing, and sale Estate Sales: full-service including junk removal facilitation
New Development: comprehensive marketing suite customized to the particular details of the project • Small Scale Project (i.e. non-doorman, no on-site sales gallery) • Large Scale Project (i.e. on-site sales gallery)
Buyer Representation
Primary Residences and Pieds-à-terre: full-service including consultation, 360-degree advisement, negotiation, moving facilitation, postclosing design consultation and resources.
Investment: full-service acquisitions, asset analysis, on-market & off-market, post- closing Landlord Representation as outlined below • Individual condo unit purchases • Townhouse re-development and conversion • Multi-unit commercial property
Tenant Representation
Long-term and Short-term* Residential: full-service including relocation advisement, local and remote property tours, design and furnishings consultation and facilitation, moving facilitation Commercial Leasing
Landlord Representation
Conventional Rental Portfolio full-service including consultation, renovation and turnover consultation, marketing, application processing and background checks, lease signing, move-in coordination Condo and Co-op unit rentals full-service
New Development comprehensive marketing suite customized to the particular details of the project Small Scale Project (i.e. non-doorman, no on-site rental gallery) Large Scale Project (i.e. on-site rental gallery)
Testimonials
“We recently closed on an apartment for our client. We used the Schoman-Johnson Team for this transaction. The process was challenging due to our issues with having to secure authority to sell the property in our client’s estate. They were very patient and helpful and successfully yielded the estate a higher than asking price.” Mark H. / Estate Attorney / Estate Sale
“The Schoman-Johnson team (Jeff Schoman and Evan “Jeff and Evan make a great team and are the best Jaquias-Johnson) is truly as good as it gets. In a city real estate agents we've ever worked with! They where brokers have a lessthan-nice reputation, this helped us buy a beautiful one bedroom apartment team rises above all others! Jeff Schoman is the best for a great price 4 years ago. We decided to use deal-maker I've ever seen and Evan Jaquias-Johnthem again for our next move to sell that one son is incredibly detail and client-oriented. Together, bedroom apartment and buy a two bedroom they offer their clients the full package. I worked with apartment in a new area of the city! They were them to purchase a co-op apartment this year and extremely knowledgable and guided us through they really took the pain out of the entire process (if the whole process successfully on all fronts. We are you can believe it!). They were there every step of the thrilled with the sale of our one bedroom and even way to ensure I felt comfortable and would make the more excited about our new two bedroom home! right decision. I am now moved into that apartment Thanks again for your hard work and dedication... and couldn't feel happier. Do yourself a favor and use you two are a true find in the NYC area.” them for any real estate needs you may have!” Rebecca L. / Buyer
Blake & Naor S. / Buyer + Seller
Testimonials
“Evan and Jeff were highly effective and helpful in directing us through the difficult and sometimes complicated process of finding an apartment, satisfying the co-op board’s requirements and sealing the deal on our Upper East Side co-op. Many thanks to their team!” Francoise and Mark P. / Buyer
“Evan and Jeff facilitated the sale of an apartment in NYC that was part of an estate I was managing from across the country. They made the process so much less stressful than I imagined it could be. I felt confident in their knowledge of the market, their competency, and their transparency through all stages of the process. They are professional and kind but also have a good sense of humor which was helpful through a stressful time. They were also very responsive and contactedme well outside business hours when he had updates for me. Excellent experience! Thanks again, Evan and Jeff!” Nora P. / Executor / Estate Sale
“I had a great experience working with Jeff and Evan. My situation was a little unique in that I only had ~5 days to look at apartments before making a decision to purchase. They started working with me before I even arrived in New York to look at apartments. They were extremely knowledgable about the market and very organized and tactical about visiting different options in the short amount of time I had to make a decision. Overall, my experience with Jeff and Evan was first class - they are extremely professional and were willing to go the extra mile to make sure I found the right apartment.” Chachu W. / Buyer
Representing Your Home How we'll seamlessly manage every facet of your sale
Your Transaction Timeline Backed by a proven process, Compass listings spend 19 fewer days on market than the industry average. A swifter sale means a more seamless seller experience and greater value for you.
1-2 Days
1-2 Days
1-2 Days
1
2
3
Position
Prepare
Launch
Evaluate comparable homes Analyze market trends Competitively price Recommend lawyer Discuss closing costs
Marketing strategy Listing preparation (staging, oorplan, photography) Inspections Surveys Client questionnaires
MLS and syndication Networking Signage
1-2 Days
1-2 Days
1-2 Days
4
5
6
Market
Show
Update
Print and digital advertising Print collateral Targeted mailers and email campaigns
Broker events Open houses Lead follow-up Gather prospective buyer feedback
Client progress reports Listing statistics Price assessment
1-2 Days
1-2 Days
1-2 Days
7
8
9
Negotiate
Escrow
Close
Acceptance Contingency removal
Inspections Title Disclosures
Sales report
Representing Your Home
Representing Your Home
Marketing Your Property
Your Marketing Timeline Working with our in-house marketing and advertising agency, I will target the right audience across the most effective channels through cohesive branding — all to elevate the style and story of your home.
1
2
3
Staging
Imagery
Floorplan
Appliance upgrades Furnishings Virtual staging
Daytime photography Twilight photography Aerial footage Lifestyle video
Traditional oorplan Virtual walkthrough
4
5
6
Listing Launch
Signage
Email Campaign
Compass.com MLS Syndication
Townhouse sign Window decal Open house sign
Property announcement Open house invitations Company email inclusions
7
8
9
Print Campaign
Digital Campaign
Events
Postcards Brochures Advertising Public relations
Paid social media promotion Feature on Compass channels Advertising
Brokers' open house Special events
Representing Your Home | Marketing Your Property
Marketing Strategy for an effective and efficient sale
In order to successfully conduct the sale of your property, we aim to accomplish the following objectives: -
Achieve the most favorable terms of sale for you, the seller
-
With the former objective met, enable you to execute a contract and close a transaction with the most qualified purchaser who poses the least risk to the transaction
In order to achieve the above objectives, our marketing strategy is designed to achieve the following: -
Generate high traffic - attract as many potentially interested, qualified purchasers to view your property as possible
-
Elicit multiple offers - ideally set the stage for a multiple bid situation which will help usher prices and terms as favorably as possible, increase leverage in favor of the seller during negotiations, and allow for a controlled selection of the most qualified purchaser with whom to enter into a contract of sale
Example of the Marketing Strategy in Action 201 West 72nd Street “The Alexandria” Apt. 7L We received this property in estate condition (see before and after photos on the following page). Preparation included removal of personal property, cleaning, minor repairs, painting, and staging. Because of the comprehensiveness of the overall marketing strategy which implemented staging, professional photography, and robust marketing distribution, we received outstanding response immediately upon listing. In our opinion, had we foregone painting and staging, response would have been substantially reduced, and as a result, the property would have seen drastically increased days on market, and decreased sale price. -
45+ people to view the property within 1 week on market
-
14 offers within 1 week
-
Bidding war and accepted offer within 1 week on market
-
Offers as high as $700K all cash
-
Sale closed ~5% above asking price (Listing price $639K, closing price $670K)
Staging Example 201 West 72nd Street “The Alexandria” Apt. 7L
Staged to Market and Sell
Original State
Furnishings Removed
Preparing Your Property for an effective marketing campaign To execute a successful marketing plan, the look and feel of a property must become a real life, 3-dimensional advertisement for a desirable lifestyle based on the targeted buyer pool.
Print and Digital Advertising The most critical factor influencing the success of the marketing campaign is properly preparing the property to be photographed.
In Person Viewings A curated showing environment is critical, yet often overlooked. When showing the property to prospective purchasers, we strategically prepare the environment, including choosing the best time of day, in an attempt to showcase the property in its best light, maximizing the perceivable potential of each positive characteristic. By creating a comfortable and inviting environment with respect to sight, smell, feel, and overall perception, we encourage the highest number of prospects to offer the highest price for the property. Conversely, we understand buyer mentality and their proclivity toward discounting perceived value based on imperfections. By eliminating or minimizing any flaws or characteristics that may be perceived as a negative to a potential purchaser, we remove all barriers to an offer and discounts to the offer price based on these “flaws.”
Staging Contributing value in a multitude of ways, staging both has an incredibly high return on investment when selling a property, but is pivotal for providing the stimulus that buyers need in order to take action in 2 distinct steps: 1)
to see the advertised property and decide to view in person
2) to be compelled to submit an offer because the curated look and feel offers them immersion into a real life, physical manifestation of their desired home. Vacant properties do not provide inspiration to buyers the same way. Because most buyers cannot imagine what the property will look like with their furnishings, we must remove this barrier, and give them the best example of what their lives could look like. Ask us how Compass Concierge can cover this cost.
Virtual Staging While virtual staging is an option, we do not recommend it in place of physical staging for the reasons listed above. However, for certain properties, we may incorporate virtual staging for a property with a flexible layout, giving visual justification to multiple proposed floor plans or furniture setups.
Organizing, Cleaning, Painting, & Minor Repairs When a property is already furnished, sometimes all that is needed may be light organization small adjustments. Ask us how Compass Concierge can cover the cost of light renovation or painting.
Photography Proponents of powerful imagery, Compass invests in visuals editors, creative producers, and the industry's most respected photographers to capture your home's ďŹ nest selling points.
Our photographers' work has appeared in such publications as:
Representing Your Home | Marketing Your Property
Pre-Marketing Your Home Drive buyer interest and buzz with Compass Coming Soon, which affords prospective buyers a glimpse of your home before it ofďŹ cially comes on the market.
Create Early Demand
Drive Buyer and Seller Excitement.
Get More Exposure
Listing your property ďŹ rst on Compass Coming Soon can build anticipation among potential buyers, drive up its value, and shorten the sales timeline.
By creating visibility for your home early on, you can start engaging your network. 2.4x more potential buyers will attend the open house of a Compass Coming Soon listing.
Build momentum by launching your home twice: ďŹ rst on compass.com; then to the rest of the market, taking advantage of a strategic promotional phase of marketing.
Representing Your Home | Marketing Your Property
Sourcing Your Buyer The next owner of your home could be searching for properties anywhere. That’s why I’ll pair predictive data with a multifaceted marketing plan — to ensure your listing is seen by each and every prospect.
51% Buyers who found their home online
30% Buyers who found their home by working with a dedicated buyer's agent
19% Buyers who found their home via signage, networking, print ads, or other method
Source: National Asssociation of Realtors, 2018
Representing Your Home | Marketing Your Property
Networking Capabilities Aided by state-of-the-art Compass technology, I'm strategically connected to the market's entire brokerage community.
Unprecedented reach Using the Network tool, I can analyze your property across 350+ parameters to determine similar sold listings, identify the right brokers, and correspond with ideal prospective buyers through a series of email campaigns and targeted outreach.
Representing Your Home | Marketing Your Property
Innovative Signage Illuminating and interactive, our reimagined real estate sign engages prospective buyers and surfaces the most resonant information regarding your listing. Communicate critical selling points with strategically-curated content. Access live data on consumer engagement. Know how many people requested more detail via QR code.
Agent Name xxx-xxx-xxxx
Representing Your Home | Marketing Your Property
Open House Events There's no better way for buyers to experience a home's merits than in person. Our seamless, well-conceived open houses invite them to truly connect with the space.
45% The percentage of buyers who attend open houses over the course of their search process
Representing Your Home | Marketing Your Property
Print Materials Every single Compass marketing piece — from multipage brochures to custom mailers to open house handouts — creates a cohesive story around your property and elevates. it to luxury status.
Formats Postcards Notecards Bi-folds Mailing Brochures Tri-folds Gate-folds
Representing Your Home | Marketing Your Property
Digital Presence At the forefront of modern marketing, Compass takes a multi-pronged approach to the digital promotion of your property.
1.9M+
15K
800+
Average monthly page views on Compass.com, where your property's critical selling points are presented via an intuitive, searchable platform
Luxury agents worldwide who receive our monthly Compass Connect newsletter featuring our highest-end exclusives
Partner websites to which your listing is automatically syndicated for maximum digital coverage
Representing Your Home | Marketing Your Property
Social Media We engage brokers and buyers every day across five dynamic platforms. With this suite of promotional opportunities, your home will be spotlighted in a real-time, relatable, and quantifiable way.
15M Our total audience on social media
2.1M Total views on Compass YouTube channel
133K Our following across all social media platforms
Unmatched Resources
Strategic Audiences
Dynamic Storytelling
Supported by a dedicated,
I have access to an exclusive
With listing promotion
in-house social media team,
list of social media stars,
accounting for 75% of our
I'm able to stay on the
putting your home in front
company's social content, we
leading
of their influential followers.
highlight our exclusives with
edge of social media
a mix of interior images,
strategy.
press mentions, listing videos, and client features. Representing Your Home | Marketing Your Property
Advertising Our in-house media team has fostered relationships with key print and digital publications. Based on your buyer proďŹ le, I'm able to craft an effective, targeted campaign strategy unique to your listing.
Representing Your Home | Marketing Your Property
National Advertising Our in-house media team has fostered relationships with key print and digital publications. Based on your buyer proďŹ le, I'm able to craft an effective, targeted campaign strategy unique to your listing.
Representing Your Home | Marketing Your Property
Regional Advertising Using an array of high-impact opportunities, we put our listings at the local intersections that matter most.
Wired
Wall Street Journal
The New York Times
3M Print readership
1.3M+ US circulation
4.8M Readers
4M HHI $100K+
6.4M Global print audience
$189K+ Median HHI
15M Total audience
$1.6M+ Average HH net worth
$283K+ Average HHI
30M Total audience reach
8M Page views
12M Digital readership
$100K+ Median HHI
$100K+ Median HHI
4M HHI $100K+
11.7M Digital readership
1.3M Unique visitors
15M Total audience
Digital
56M+ Monthly worldwide multiplatform visitors 348M Monthly page views $287K Average HHI
Representing Your Home | Marketing Your Property
Driving Tra c to your Listing We attract prospective buyers to Compass.com, then leverage their site activity and saved preferences to position your listing in front of the right audience.
Your prospective buyer decides they're interested in purchasing a property.
They arrive on Compass.com via paid ads on Google or Facebook, social media, press coverage, or organically.
Once on the Compass site, they determine their search criteria, including price point, neighborhood, and desired layout
We track these browsing preferences and use them to form your listing's buyer proďŹ le.
We then deploy digital listing campaigns, targeting users based on these characteristics.
Representing Your Home | Marketing Your Property
Intelligent Digital Marketing We can promote your listing on platforms like Facebook and Instagram, using data and industry experience to showcase your property to the right people at the right time.
Precise targeting
We ďŹ nd the most likely buyers for your property using exclusive data.
Optimized performance
In-Depth Analytics
We perform continuous testing to deliver the most successful ads.
We track and measure the results of every campaign for continued optimization.
Why paid advertising matters Reaches passive buyers Drives more private tour requests Brings more open house visitors Accelerates the transaction timeline Improves chances of competing offers Can drive a higher purchase price
Representing Your Home | Marketing Your Property
Global Presence Owing to a considered geo-targeting strategy, Compass listings have a digital presence in over 50 nations around the world.
3.8B
51
78
1.8M
Our international impressions per year
International real estate syndication portals
Countries to which Compass syndicates listings
1.7M
Unique international users on compass.com per year
Potential international social impressions each year
Representing Your Home | Marketing Your Property
Overseas Partnerships Recognizing that your buyer may be sourced abroad, Compass has forged connections with the key digital real estate destinations on every continent.
lkeria.com
xe.com
privateproperty.com.ng
globaliza.com
homesales.com.au
property852.com
propertyindex.com.ng
kamicasa.com
realestateworld
99acres.com
zameen.com
pisos.com
rentbuy.com.au
rumah123.com
hausples.com.pg
immostreet.ch
willhaben.at
homehippo.com
iproperty.com.ph
darproperty.co.tz
imot.bg
myhome.ie
myproperty.ph
thailand-property.com
realestate.com.kh
propertysteps.ie
persquare.com.pg
thailand-property-gate.com
kangalou.com
homeglobally.com
domy.pl
sokna.tn
icasas.cl
immobiliare.it
morizon.pl
emlaktown.com
fang.com
realestate.co.jp
oferty.net
bayut.com
sodichan.com
buyrentkenya.com
kamicasa.pt
rightmove.co.uk
icasas.com.co
city24.lv
magazinuldecase.ro
bestpropertiesoverseas.co.uk
city24.ee
city24.lt
arkadia.com
edenway.co.uk
housingparadise.com
immotop.lu
domofond.ru
thehouseshop.com
acheter-louer.fr
go853.com
senegalcity.com
zezoom.co.uk
cotelittoral.fr
iproperty.com.my
imovina.net
mesto.ua
immostreet.com
icasas.mx
iproperty.com.sg
bestpropertiesoverseas.com
seloger.com
mubawab.com
reality.sk
realtyindexer.com
zezoom.fr
selektimmo.com
persquare.co.za
sz-immo.de
shweproperty.com
privateproperty.co.za
Representing Your Home | Marketing Your Property
Representing Your Home
Seller Communication
How will I monitor the market? Called the Pinterest of real estate, Collections allows us to track the local landscape for the duration of your sale in a centralized, visual space.
Collections Together, we can keep a close eye on homes similar to yours, keeping tabs on the competition in order to make strategic decisions based on price and status updates.
Representing Your Home | Seller Communication
How will I assess our strategy? Using our digital dashboard, I can remain fully accountable for the key metrics you need to know and deliver regular performance updates throughout the selling process.
Insights The Insights dashboard grants me access to real-time data about your listing’s traffic, so I'm able to refine marketing and pricing strategy and discover new leadgeneration opportunities.
Representing Your Home | Seller Communication
Representing Your Home
Analyzing the Market
Pricing Strategy Choosing a listing price
While conducting careful analysis of the features and characteristics of your property, as well as data from comparable properties listed, in contract, and sold, it is important to consider several points: -
Market Value, Listing Price, and the ultimate Sales Price are three distinctly separate factors
-
These three numbers are not necessarily equal and are rarely the same
-
Each of the numbers can fluctuate, are calculated differently, and have different purposes
-
The Listing Price can only be effectively calculated after the marketing is ready, and at the moment the property is ready to go live on the market - consider that if competing properties are listed the day before yours, the price may need to be adjusted in order to be competitive
Market Value “The most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress.” - The Appraisal Institute Listing Price One of the four “P’s” of Marketing, Price is a tool utilized to position the property based on the goals of the marketing strategy. The Listing Price that we choose will determine the specific segment or segments of prospective buyers that we intend to attract. Pricing is very specific and has a major effect on both the level of exposure to potential customers as well as leverage during negotiations. Sales Price The ultimate sales price is the culmination of the efforts of all prior steps, and their ability to elicit one or more offers on the property. With the appropriate pricing strategy, a properly executed marketing plan, and our negotiation tactics, we aim to select from offers that exceed both Market Value and the Listing Price.
Pricing Strategy Choosing a listing price Aspirational Because the pricing is higher than the estimated market value, and is also higher than any comparable properties, inquiries and viewership traffic will be suppressed. This is due in part to falling above the price bands of buyers’ search criteria. When priced higher, your property competes with other properties that are worth much more. When comparing side by side, the other properties look like a better “deal”, which results in less inquiries and viewership traffic. This strategy tends to take the longest to sell. Additionally, while some buyers will take the bait and engage in aggressive negotiations, most opt to view and submit offers instead on what seems to be the “best deal” on the market at any given time, i.e. the most attractive property characteristics for the lowest asking price. The further the price is above market, the less offers will come in, and the ones that do tend to be equally aggressive, employing 1 of 2 strategies: 1) a low, take it or leave it offer; or 2) mid-point strategy, aka “meet in the middle” starting with a lowball offer. Because there is less viewership, interest, and ultimately less offers on the table at any given time (if any), the buyer typically gains leverage as they know that you are not negotiating with anyone else. This tends to result in a sales price that is less than both the listing price and market value. Market Pricing Priced within the range of other comparable closed sales and on market listings, this gives exposure to many of the buyers who are looking for this type of property. It shows to the agent and buyer community that we are realistic about being competitive with the market, and are serious about selling the property. Expect 1-2 offers within the average number of days on market for that segment and class of property. Furthermore, pricing on the lower end of the range presents the property as a “good deal”, relative to the others, which in turn makes it a priority for buyers to view when scheduling their tours. Sell in a week Priced ~5-10% below market value, with proper staging and marketing, it is made clear to a large portion of the buyer pool that this property is the “best deal” on the market and cannot be missed, which will attract multiple bids after the first few showings, if not before. This strategy typically leads to a competitive bidding war, with many offers coming in well above asking price, and very likely surpassing the estimated market value. This benefits the seller both with higher offer prices, as well as a wide selection of the most qualified buyers to choose from, all in a relatively short period of time.
Our Strategy to Exceed Market Value By employing a custom tailored marketing and pricing strategy that is based on the specific characteristics of your property, we aim to maximize your net profits from the sale. In many cases, we are able to elicit above market offers, which can ultimately increase your overall return on investment by a significant margin.
Pricing vs Potential Buyers (Exposure) Properly priced, you will have the possibility of many more buyers competing for your property.
% of buyers who will view your property
Priced Below Market Value
Listing Price At Market Value
Priced Above Market Value
Listing price relative to market value
Pricing Your Property Intelligent pricing is among the most crucial determinants of a successful sale. By considering both timing and value, I’m able to strategically assess your home and price it for maximum impact.
80%
7 Days
9%
The percentage of buyers who purchase their home at its fair market value
The period of time during which your home receives peak attention once it's been listed
The average percentage below market value that homes sell for after 24+ weeks on the market
Representing Your Home | Analyzing the Market
What is the value of your property? Our team of industry-leading software engineers and data scientists have created competitive analytical tools that empower me to conďŹ dently answer this key question.
Valuation The Compass Valuation tool, complete with advanced, in-building view and rich search capabilities, allows me to instantly compare your home with similar properties to accurately determine its value.
Representing Your Home | Marketing Your Property
Transaction Costs
Preparation The seller assumes the cost of preparing the property for marketing and showing. Compass Concierge This new program, unique to Compass, will pay the upfront costs of staging and light renovation costs for qualifying properties. We are happy to discuss details further. Marketing Costs The Schoman|Johnson Team and Compass will assume all costs associated with marketing and showing the property upfront, as the 6% commission payable to Compass covers our professional services, as well as the commission to the cooperating brokerage community should a broker represent the buyer. Typical Closing Costs Please review the following page which list typical closing costs for the sale of a co-op and condominium for both buyer and seller.
Co-ops Closing cost estimates for the purchaser
GOVERNMENT
BUILDING
BANK
ATTORNEY
FEE
Your Attorney
ESTIMATED COST
Varies. Consult your attorney (~$2,500+)
Points
0%-3% of loan value*
Bank Application, Credit Check, etc
$400-$600
Bank Attorney
$900-$1,500
Mortgage Origination Rate
0-3% of loan amount*
UCC 1 Filing
$125
Appraisal
$300-$1,500**
Lien Search Fee
~$350
Board Package Processing Fees
$500-$2,000
Credit Check Fee
$100-$300 per buyer
Move-in Fee
$250-$500
Move-in Deposit
$500-$1,000 (refundable)
Maintenance Adjustment
Pro-rated for the month of closing
Recognition Agreement Fee
$200-$300
Miscellaneous Co-op Charges
Varies by building. Consult the cooperative's transfer agent & board package
Mansion Tax
1% of all sales of $1M or more
Non-Deed Transfers (i.e., Co-ops)
$50
*varies depending on lead product/program selected
**varies based upon size of loan and lender
Co-ops
ESTIMATED COST
BROKER
Broker
6%
BANK
Payoff Bank Fees
$500-$1,000
Your Attorney
Varies. Consult your attorney (~$2,500+)
Co-op's Attorney/Managing Agent Closing Fee
$400-$1,000
Move-out Deposit
Varies by co-op, typically $500-$1,000 (refundable)
Move-in Fee
$500-$1,000 (non-refundable)
Admin Fee
$250-$1,000
Flip Tax or Transfer Tax
Refer to managing agent (typically 1-3% of price or $ per share)
Residential NYC Transfer Tax: up to $500,000 * $500,000+
1% 1.425%, plus filing fee of $100
NY * State Transfer Tax
0.4% of purchase price
Transfer Tax Filing Fee
$100
UCC-3 Filing Fee
$125
GOVERNMENT
BUILDING
FEE
ATTORNEY
Closing cost estimates for the seller
*varies depending on lead product/program selected
**varies based upon size of loan and lender
Condominiums
ESTIMATED COST
BROKER
Broker
6%
BANK
Payoff Bank Fees
$300-$1,000
Your Attorney
Varies. Consult your attorney (~$2,500+)
Managing Agent Closing Fee
$500+
Move out Fee
$500-$1,000
Move out Deposit
$500-$1,000 (refundable)
RECORDING & CLOSING
GOVERNMENT
BUILDING
FEE
ATTORNEY
Closing cost estimates for the seller
* Residential NYC Transfer Tax: up to $500,000 $500,000+
1% 1.425%
* NY State Transfer Tax
.4% of purchase price
NYS Equalization Fee
$75
Pick up/Payoff Fee to Title Closer
$250-$500
Pick up/Payoff Fee to Title Closer
$250-$500
*NYC & NYS Transfer Taxes are paid by the purchaser in case of a new development
Condominiums
BUILDING
BANK
ATTORNEY
Closing cost estimates for the purchaser
FEE
ESTIMATED COST
Your Attorney
Varies. Consult your attorney (~$2,500+)
Points
0%-3% of loan value*
Bank Application, Credit Check, etc.
$400-$600
Bank Attorney
$900-$1,500
Appraisal
$300-$1,500*
Tax Escrow
Typically 2-6 months of property taxes**
Homeowners Insurance (HOI)
$400-$1,000 per year
Mortgage Tax (if less than $500,000)
1.80%
Mortgage Tax ($500,000+ on 1-3 family dwellings)
1.925%
Mortgage Origination Rate
0-3% of loan amount*
Mortgage Title Insurance
.5%-.8% depending on purchase price and loan amount
Board Package Processing Fees
$500-$2,000
Move-in Fee
$250-$1,000
Move-in Deposit
$500-$1,000 (refundable)
Common Charges Adjustment
Pro-rated during the month of closing
Condo Credit Check
$300-$500 per buyer
*varies depending on lead product/program selected **varies based upon size of loan and lender
ESTIMATED COST
ATTORNEY
Your Attorney
Consult your attorney (~$2,500-$5,000+
Payoff Bank Fees
$500-$1,000
GOVERNMENT
FEE
BANK
Closing cost estimates for the seller
Residential NYC Transfer Tax: up to $500,000 *$500,000+
1% 1.425%, plus filing fee of $100
* NY State Transfer Tax
0.4% of purchase price
Transfer Tax Filing Fee
$100
UCC-3 Filing Fee
$125
*NYC & NYS Transfer Taxes are paid by the purchaser in case of a new development
Townhouses & Multi Family Homes
Discovering Compass How we’re building the ďŹ rst modern real estate platform
The Compass Advantage Compass takes a tech-driven, personalized approach, combining a collaborative agent community, in-house creative agency, and the industry’s most tenured leadership team.
Our leaders hail from the world's most innovative companies:
#1
1.9M+
$4.4B
150+
Our rank as the nation’s largest independent brokerage
Our company valuation, with $1.2B in ďŹ nancing raised to date
Average monthly page views on Compass.com
Compass designers, creative producers, and marketing strategists hailing from top brands
Discovering Compass
A Nationwide Network Since our launch in 2012, we’ve aimed to simplify the real estate process, one market at a time. With 140+ offices across 20+ regions, Compass is the country’s fastest-growing, most innovative brokerage.
7000+
20+
Number of Compass agents nationwide
Number of our major markets
140+
$30B+
Number of Compass offices
Total sales volume to date
Discovering Compass
Our Regional Success A look back at how we've transformed the market.
2012
2014
2016
2017
2018
October
June
May
January
February
Ori Allon and Robert Reffkin found Compass
Leonard Steinberg, America's number one real estate agent, joins as President
Launches Open House app
Maëlle Gavet, former Priceline COO, joins Compass
Launches market in Westchester
November Opens first NYC office; closes on $8M seed round
July Closes $42M Series B round of financing
2013
2015
May
February
Publically launches as Urban Compass in NYC with Mayor Bloomberg
Rebrands from Urban Compass to Compass
August Launches consumer mobile app
September Closes $25M Series A round of financing
July
August Closes $90M Series D with a reported valuation of more than $1 billion
May Updates agent app
July
November
Launch Marketing Center
Launches Collections
August Madan Nagaldinne joins as Chief People Officer
November
Closes $60M Series C
Compass raises $100M in Series E round with participation from Fidelity Investments, IVP, and Wellington
October
December
Launches fifth market in the Hamptons; unveils Market app
Compass raises $450M as part of Series E fundraise, with participation of SoftBank Vision Fund
Launches Valuation tool
September
May Khurrum Malik joins as CMO; May Matt Rosenberg joins as CRO
Our mission is to help everyone find their place in the world.