California Guides

Partner with a Professional

The Agent Advantage
Your home is among your most precious personal assets. Deciding to sell it is the first step in a journey that is best undertaken with the guidance of a trusted real estate advisor. A licensed agent has the knowledge, experience and professional network to package, promote and put your property in front of highly qualified buyers.

What to Ask Your Agent
Clearly communicate your expectations to your agent and ask questions to ensure you are on the same page.

What is your communication style?
Let your agent know how you would like to communicate throughout the sales process, including how frequently you will receive updates and whether you prefer phone calls, emails or print reports.

How do you advocate for your clients?
Look for an agent who is a skilled negotiator and who pushes for the best terms and conditions for you. Feel empowered to ask for examples of success stories or client testimonials.

What is your marketing plan?
Ask what strategies your agent will use (e.g., advertising, social media, open houses) to promote your property to the right audience.

The Elliman Advantage
As the #1 residential brokerage by sales volume in Manhattan, Douglas Elliman dominates the market. And with a network of 7,000 agents in 120 offices across the country, each Elliman agent has unrivaled scale, marketing resources and media reach to connect your property with buyers from around the world.

Signing a Listing Agreement with an Agent
It is common practice to sign an exclusive right-to-sell listing agreement that ensures only one agent or team has access to your listing. Consider them the gatekeeper to your home. Their job is to represent you in the sale while working with the brokerage community to find you the right buyer. Standard contracts run for a minimum of six months and typically highlight what access your agent will have and how much their services will cost. If your home hasn’t sold by the end of the exclusivity agreement, work with your agent to determine a new sales and marketing strategy, which may include adjusting the price.

Key Terms of Your Partnership

Closing Costs
Taxes and fees that sellers must pay upon signing a mortgage and taking possession of a property. See below for a complete breakdown of costs.

Commission
In exchange for the brokerage’s services, sellers pay a percentage of the property’s sales price at the closing table.

Exclusivity
An exclusive right-to-sell listing agreement specifies that the selected agent now has the sole right to list, market and sell your property for the duration of the agreement, even if you find a buyer yourself.

Marketing
The marketing plan typically highlights what marketing strategies (staging, advertising, etc.) will be implemented.

Timing
If your home hasn’t sold by the end of the exclusive right-to-sell listing agreement, work with your agent to determine a new sales and marketing strategy, which may include a potential price drop.

Price Your Property

The Numbers Game
A well-priced home is the difference between a savvy sale and a costly setback. It is the fastest route to inspiring competitive offers, the best terms and the highest price. Your real estate agent will conduct a Comparative Market Analysis (CMA)—an evaluation of comparable properties—to determine a realistic price for your home.

Our Advice

Survey the Neighborhood
Prime locations are often priced higher than developing ones. Your real estate agent will evaluate comparable homes that have recently sold to make sure that yours is priced correctly.

Determine Accessibility
Proximity to transport options, restaurants and parks can make your property more desirable and will usually increase its value.

Note the Condition
Upgrades and high-quality updates often raise your property’s sales price.

Study the Size
Square footage, layout and the number of bedrooms and bathrooms are important factors in determining a competitive sales price.

Assess the Market
Consider the state of the market when deciding whether it is a good time to sell. Analyze the sales of similar homes in your neighborhood over the past six months, and look specifically at days on market and list-to-sale price ratios.

Online Home Valuations
Online tools, such as Zestimates, often base your home’s worth on zip codes rather than comparable data. Your real estate agent will advise on the most accurate home price based on a combination of comparable properties and the above factors.

The Elliman Advantage
With our quarterly Market Reports, monthly Contracts Signed reports and other sources of data, Elliman agents have access to proprietary insights about market dynamics and qualified buyers that enable them to optimally price and position your property.

Prepare Your Property

Stage Right
In the world of real estate, looks sell. Embark on a mission to pack up, pare down and create an alluring, well-organized space that enables buyers to envision themselves in every room. A nominal investment in cosmetic improvements and mechanical repairs often results in an increased selling price and reduced time on market.

Our Advice

Scale Back & Organize
Eliminate clutter from every room. Designate bags for donation, trash and storage, and pack up personal items.

Deep Clean
Tidy your home from top to bottom and corner to corner. Prying eyes will always find the crumbsand the cobwebs.

Wash Windows
Clean glass, dust blinds and remove screens to maximize light and views.

Paint Walls & Cabinets
Light-toned grays or beiges are neutral, soft and inviting.

Upgrade Lighting
A well-lit room expands and brightens up a space. New outlet covers and light switches are the ultimate finishing touch.

Update Appliances
Make the kitchen look modern and new.

Refinish Wood Floors
Carpets and rugs should be professionally cleaned.

Organize Closets
If your closets appear to be bursting at the seams, potential buyers might assume they are too small.

The Elliman Advantage
Our agents can tap a network of photographers, videographers, virtual tour, staging and other vendors to assess your space and ensure your property is ready for the spotlight.

Putting Your Property on the Market

Launching Your Listing
When it’s time for your property to go on the market, it’s important that you prepare yourself for a range of possible pathways to get to a signed contract. Whether your listing instantly receives multiple competitive bids or takes time to get traction after multiple showings, a trusted agent can be a powerful ally and source of guidance at critical moments of the sales process.

Promoting Your Property
In addition to ensuring your listing appears in publications and on websites where buyers are searching, your agent can employ a number of tactics to help your property stand out, from creative marketing on social media to leveraging a network of professional contacts to reach qualified buyers. Your agent will market your listing to the entire NYC brokerage community of more than 10,000 agents, including many that work exclusively with buyers.

Evaluating Bids
Once interested buyers submit their bids and demonstrate they are financially qualified to purchase your property, your agent will help you judge which are worth considering, countering or rejecting altogether. Remember: a higher bid isn’t necessarily the best one.

The Art of Negotiation
Even when you agree on an offering price for your property, you may have to negotiate on a number of other points before getting to a signed contract, from repairs, furnishings and fixtures to responsibility for fees and taxes at closing.

The Elliman Advantage
With our commanding online presence, including 800,000 monthly visitors to Elliman.com and listing syndication across the top real estate websites, Douglas Elliman agents can tap a powerful distribution engine to amplify their own networks and ensure your listing gets the exposure it deserves. Their experience, market knowledge and access to actionable data empowers them to help you make informed decisions throughout the bidding and negotiation process.

From Contract to Close

1. Prepare for the Home Inspection

What to Expect
When purchasing a townhome or some co-ops and condos, an inspection is sometimes ordered by a buyer to identify any repairs that would require a major investment of time or money.

Key Player
Home Inspector

2. Negotiate Repairs

What to Expect
If there is an inspection contingency in your buyer’s offer, the buyer may try to negotiate repairs prior to signing the contract.

Key Players
Seller’s attorney and agent, buyer’s attorney & agent

3. Sign the Contract

What to Expect
Once the price, terms and closing date have been agreed upon, both you andyour buyer will sign a purchase agreement. Your buyer will typically present a deposit of 10% of the sales price, which will be held in your attorney’s escrow account until the closing date.

Key Players
Seller’s attorney and agent, buyer’s attorney

4. Prepare for the Appraisal

What to Expect
An appraisal is ordered by a buyer’s lender to determine the amount the lender will provide for the purchase.

Key Players
Buyer’s lender, home appraiser

5. Prepare for Approvals

What to Expect
If you are selling a co-op or a condo, introduce your real estate agent to the management company (or the managing agent acting on its behalf), as well as a point person on the Board of Directors so your agent can streamline board approvals on your behalf. When purchasing a co-op, a board package will need to be prepared and submitted. Your agent will liaise between the buyer, the seller and the building’s managing agent at every step in the approval process.

Key Players
Seller’s attorney and agent, buyer’s attorney & agent, co-op board (if applicable) and management company

6. Close the Sale

What to Expect
On closing day, be prepared to officially transfer your property to your buyer, pay all closing costs and receive any sales proceeds. At closing, you will turn over the keys to the buyer’s new home and move onto yours. Congratulations!

Key Players
Seller’s attorney and agent, buyer’s attorney & agent, buyer’s mortgage lender

Partner with a Professional

The Elliman Advantage
By empowering our agents to go above and beyond for our clients, we have established a decades-long reputation as New York City’s leading brokerage. Douglas Elliman agents are not just full-service partners on the way to closing a deal— they are also ongoing resources for professional referrals, personal recommendations and knowledge of the city.

The Agent Advantage
Buying a home can be a wonderfully rewarding experience, especially if you’re doing it for the first time. It is also a complex process, with a sequence of steps that requires knowledge, patience and attention to detail. A licensed agent provides the experience and steady guidance to manage the process and enable you to focus on the journey.

Reasons to Partner with Professional

An agent will always act on your behalf.
From navigating paperwork to negotiating offers, your best interest is always the priority.

An agent will guide you with data.
You get the inside track on market trends and timely opportunities, including unlisted properties.

Becoming a Buyer

The Ownership Advantage
While there are many benefits to renting a home in New York City, owning your home comes with powerful advantages.

Build Your Equity
When you pay a monthly mortgage, you increase your equity, or ownership stake, in your property. The greater your equity, the more you can capitalize on your home’s value as it increases over time.

Fix Your Costs
Unlike paying rent to a landlord or property manager, which can increase your rates year over year, securing a fixed-rate mortgage ensures you won’t have to worry about rising monthly housing costs.

Create Your Space
Want to retile a bathroom or open up the kitchen by removing a wall? It’s your home. As long as you abide by your building’s guidelines and NYC codes, you have the freedom to personalize your space.

The Elliman Advantage
Douglas Elliman’s expertise spans New York City’s buying, selling and rental markets. With exclusive access to data-driven insights from industry-leading sources like Douglas Elliman’s Market Report and Wealth Report, our agents can help you decide when the time is right to go from renting to owning.

The Buyer’s Journey

Mapping Out Your Home-Buying Journey
The process of buying a home in New York City involves a series of steps in three phases:

The Finances
The Search
The Close

The Elliman Advantage
After sitting with you to outline the home-buying process from start to finish, your Elliman agent will guide you through every step with trusted referrals to mortgage brokers, lawyers and inspectors, as well as vital experience in getting all the documents in order.

Preparing Your Financial Profile

Clean Up Your Credit
Credit scores help banks evaluate the risk of lending to individuals. Use a reputable website to access your credit details without damaging your score and explore ways to improve it, if necessary.

Calculate Your Savings
Expect to pay as much as 20% of the sale price for a down payment, along with associated closing costs. For a complete breakdown of costs, refer to pages 33-36 and connect with your real estate attorney.

Get Pre-Qualified
To help you estimate your price range, a loan officer will inquire about your employment status, income, assets, debts and projected down payment to determine if you qualify for a loan and at what amount.

Get Pre-Approved
After getting pre-qualified, you can work with a lending institution to receive a pre-approved loan statement (typically valid for 60 days), which estimates the amount that you will be able to borrow. You will be asked to submit additional financial documents, including pay stubs, bank statements and tax returns.

Conducting Your Search

As you begin your search, your agent will help bring your vision of home into clearer focus by surveying the market landscape, setting parameters based on price, location and inventory, and establishing an initial timeline.

Co-ops, Condos and Townhouses

The housing stock in New York City primarily consists of cooperatively-owned buildings, condominium buildings and, to a lesser extent, townhouses.

Co-ops account for approximately 75% of available NYC apartments at any given time. Condos make up the bulk of the remainder, while townhouses represent around 2%.

	Co-op	Condo	Townhouse
Approval Process	The board interviews all prospective owners and has the right to approve or reject any applicant.	No interviews are required. Application is not as rigorous as the co-op board process.	No condo or co-op board involved in the purchase or sale, creating a much faster transaction from contract signing to closing.
Financing	Be prepared to put down at least 20% of the purchase price, plus closing costs.	Be prepared to put down at least 10% of the purchase price, plus closing costs.	Be prepared to put down at least 10% of the purchase price, plus closing costs, depending on the loan-to-value ratio determined by your bank.
Monthly Fees	Maintenance fees based the number of shares the tenant owns (typically dictated by apartment size and floor level).	Common charges, for services and amenities shared by residents, and property taxes.	All maintenance costs and property taxes.
Subletting	Must be approved by the co-op board.	Typically permitted	Permitted
Selling	Buyer must be approved by the co-op board.	Can be sold at will	Can be sold at will

From Offer to Contract

Making an offer and signing a contract are pivotal moments when leveraging your agent’s skills and knowledge is especially critical.

Negotiating the Offer
Your agent will help you determine an appropriate offer amount and terms, and will convey the offer to the seller (via the seller’s agent or directly) and prepare to negotiate the best possible price, terms and closing date.

Reviewing the Terms
Your attorney will examine the contract of sale, by-laws and financial condition of the building to conclude that everything is satisfactory before you sign.

Signing the Contract
Upon signing, the contract and deposit (typically 10% but up to 20% of the offer price) will be safeguarded in an escrow account until closing. Keep in mind that the seller can still entertain and accept other offers until the contract is fully executed.

From Contract to Close

At this stage of the buying journey, your agent will help you assemble the remaining documents and finalize the necessary approvals.

Loan Application
Once your application is complete, your financial institution will schedule a third-party appraisal to verify the value of the property.

Co-op Board Application (If Applicable)
In addition to helping you assemble your bank statements, tax returns and letters of reference (personal, professional and financial), your agent will help you navigate the nuances of winning board approval.

Scheduling the Close
Once you’ve received approval (if applicable) and the bank provides clearance to close, your agent will coordinate a final walk-through and closing date.

The Home Stretch

In this penultimate phase of the process, your agent will join you on a final visit to assess the property and compile a punch list of outstanding items to be resolved prior to the close.

Final Walk-Through Checklist

Kitchen

Turn oven and microwave on and off
Check vents and lighting
Check each gas burner on the stove for leaks and ensure igniters work
Check the hinges and slides on the cabinets and drawers
Run hot and cold water and test the garbage disposal

Doors, Windows & Exterior

Check that all doors open and close without obstruction
Check all knobs and handles
Check that all windows open and close smoothly and seal properly
Test the doorbell, intercoms, concierge phone and alarm system

Bathroom

Run hot and cold water and test water pressure
Flush all toilets
Check seals, caulking and grout for damage or mold

Electrical Outlets

Bring an outlet tester, phone charger or night light
Test all light switches
Check that all outlet plates are straight and secure
Test all light bulbs

HVAC

Check thermostat and test heating and air conditioning in various modes

Walls & Floors

Check for stains, marks or damaged boards/tiles
Check walls and paint for dents, marks or discoloration

Appliances

Begin cycling the appliances to run during the walk-through
Run dishwasher (15 minutes)
Run washer/dryer (5 minutes to test belts)

The Elliman Advantage
With a personal approach that puts you first, our agents are here to help you find your way home. The next move is yours

Your Vision, Your Home
The deal is closed. The keys are in hand. You are now a homeowner. Time to settle in, make your home your own and begin to love where you live.

Call Douglas Elliman's Global Relocation Division at 212.350.5250, to begin your process. On this call we will review:
- Your housing needs (search criteria) and timing
- The Market
- The application process and requirements
- Any additional items and questions specific to your move
- Funding
Upon conclusion of this call, your Douglas Elliman move consultant will assign the best agent to work with you to find your new home
Your agent will search for properties based on your search criteria and budget
Your agent will schedule viewings and accompany you to each apartment based on your availability
Once you find an apartment, your agent will walk you through the entire application process and requirements

Most landlords will require proof of sufficient income to satisfactorily cover the monthly rent as determined by the landlord and applicable law. Please keep in mind the requirements are not standardized so requirements can vary. Historically property management companies have asked for the following documents to the extent applicable. The requirements for your lease will be specified by the landlord at the time of application and are not the requirements of Douglas Elliman. If you have any questions regarding a landlord's requirement, you are encouraged to ask your assigned agent.

Income of 40X the monthly rent, or other proof of source(s) of income or ability to pay rent
Employment letter
Fully completed and signed application
Bank account information (checking/savings)– 3 statements
Letter or names, addresses and phone numbers of previous landlord. If applicable, include the same for your accountant
Names, addresses and phone numbers of personal and business references
Tax returns (first two pages) – last 2 returns
Personal identification with photograph – e.g., driver's license or passport

Upon receipt and review of the documents, the landlord will review the details and determine if the application will be accepted. Once it is accepted, they will outline the final payments due at lease signing. The approval process can vary from a few days to over a month, with the approval for a Co-op or Condominium taking the most time.

It's important to prepare the necessary funds before coming to New York. Landlords will not accept personal or out-of-state checks. They require certified funds. With this in mind, you should:

Try to establish a New York bank account before you begin your search so you can get funds easily
If this is not possible, landlords typically request that you have available funds with you to cover first month’s rent and one month security
Bring funds to cover the other costs in leasing an apartment which can include:
- Broker's fee 12-15% of the first years rent (paid by the tenant)
- Application fee
- Credit check fee
- Possible move-in/move-out fees (See Co-op/Condo Funds needed).

Note: Renting a condominium or Co-op can mean higher application fees and possibly a board approval process

If your salary level or available source(s) of income and total financial picture does not meet the landlord's requirements, you will need a co-signor or guarantor, to guarantee the lease. Landlords prefer a tri-state guarantor.

(Subject to change based on each management company's requirement):

Income of 80X the monthly rent, or other proof of source(s) of income or ability to pay rent
Fully completed and signed application.
Bank account information (checking/savings) – 3 statements
Tax return (First 2 pages)– last 2 returns
Personal identification with photograph – e.g., driver's license or passport
Names, addresses and phone numbers of previous landlord, or if applicable, accountant, or proof of ownership

Upon Acceptance, at lease signing you will need the following funds:

First months rent
Security deposit
Brokers' commission
Co-op’s or Condominiums will typically require additional fees such as a move-in or move-out fee. Pets may also require additional security or insurance

In addition to buildings that cater solely to the rental community, there are opportunities for you to rent co-operative (Co-op) and condominium (Condo) apartments in the city, as referenced in the previously. The conditions attached to the leasing of these types of units are totally determined by the building and vary considerably. Your Douglas Elliman agent can guide you through that process.

Seller's Guide

Buyer's Guide

Renter's Guide

California Seller's Guide

Step One

Step Two

Step Three

Step Four

Step Five

California Buyer's Guide

Step One

Step Two

Step Three

Renting an apartment in CA

The Basic Steps

The Application Requirements

Funding

Guarantors - Typical Landlord Requirements

Types of Rental Buildings

Work With Us

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California Guides

Seller's Guide

Buyer's Guide

Renter's Guide

California Seller's Guide

Step One

Step Two

Step Three

Step Four

Step Five

California Buyer's Guide

Step One

Step Two

Step Three

Renting an apartment in CA

The Basic Steps

The Application Requirements

Funding

Guarantors - Typical Landlord Requirements

Types of Rental Buildings

Work With Us

Follow Us on Instagram

Contact Details

LAURA CAO TEAM | NY License #10301204567 | CA DRE# 02131038

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