Key Insights to Renovate Expired Listings in Manhattan
When prospecting to expired listings in Manhattan and the greater New York City area, one key component of discussion is renovations. Perhaps their home or apartment in Manhattan didn’t sell because the apartment lacked key renovations or updates. Although we’re still in a seller’s market with low inventory and high demand, an apartment can still languish for too long and eventually expire. Part of your job as a real estate agent tapping into the expired listings pool, is to be focused on what you can recommend that these sellers do before relisting. They will come to you for advice on which renovations and upgrades are the most vital to selling their property. Here are a few insights that you can share.
Start with the kitchen
The kitchen is a great place to start thinking about renovations when selling. Yes, these sellers are on their way out. But kitchen renos can lead to big returns when the apartment or home does sell. If the kitchen is dated or in disrepair, it can turn away potential buyers who don’t want a big project immediately after buying. Buyers often look at the kitchen first and as one of their top priorities. They want to know what features it has and how updated and appealing it is.
If your client has the budget for a larger overhaul to improve the kitchen, advise them to go for it as they will recoup that quickly and be able to sell for more. If their budget is limited, that’s ok. There are still projects that will help improve their chances of selling but help them stay in budget. Some options include repainting or replacing cabinets, replacing hardware and the sink faucet, and fixing any broken handles or stuck drawers. These renovations give the kitchen a nice facelift without becoming a lengthy or expensive operation.
The other piece of advice to pass along to your expired listing clients is to deep clean. Move appliances. Clean out the oven so it sparkles. Remove all grime, dirt, and stains. A clean kitchen is much easier to sell.
Move on to the bathroom
Next, move to the bathroom (s). This is another room that buyers in NYC look at right away. A dingy, small, and gross bathroom is an immediate turn off for potential buyers. But if your listing’s bathroom fits those descriptions, don’t worry. There are some great ideas to help make the bathroom feel larger, brighter, and more inviting. Start with a fresh coat of neutral paint to brighten the space. Replace tile in the shower or on the floor (especially if it’s stained and/or chipped). Replace showerheads and sink faucets for an instant, sleek, upgrade. Recaulk the tub to make it feel new. And then, of course, deep clean in here as well. A small bathroom will feel tinier and claustrophobic if it’s dirty and dim. Use these tips to advise your clients how to help take their bathroom from cringy to inviting.
End with adding charm throughout
The last insight is to add charm throughout the apartment or home. NYC is a booming market, especially in the current seller’s market. However, you still want these properties to stand out from nearby comps, especially as they’ve already expired once. So, help these listings maximize their property’s potential by adding in charm. They could add in built ins in the living room or add unique moldings throughout. Or if those options are over budget, a less expensive option is to stage to add that charm. For example, lighting makes a huge difference in how warm, spacious, and chic a home feels. Advise your clients to invest in new pendant lighting in the kitchen or soft, charming lamps in the living room. And add character through accents such as rugs, throws, pillows and other furnishings.
Help expired listings sell and sell quickly using these insights for inspiration. And remember, even small renovations, cleaning projects, and staging will go a long way to helping these properties sell for top dollar in Manhattan.
*ExpLiMO provides high quality leads on a daily basis and offers a unique opportunity for Manhattan and Brooklyn real estate agents to prospect for expired listing leads and grow their business exponentially.