This is design month so each week I’m going to focus in a little more on the process of purchasing/designing an apartment. This week we are starting with the basics: online listings and floor plans, because online listings are where you start your search and floor plans are the most base level when evaluating a purchase. Why? Because photos lie but floor plans tell you the size, shape, and other things you cannot change.
I love floor plans. They are the best thing. While listing photos can be edited into oblivion, virtually staged, or simply inaccurate, a good floor plan gives you actual data. They are also part of the first line of attack when looking at a new listing and evaluating whether you want to see it in person. A note to prospective tenants: unless you are looking at a luxury price point, you are not going to get square footage and a floor plan. I love it when rentals have floorpans, but I understand that it isn’t usually cost-effective to do them. For sales, however, it is imperative.
Listing agents on sales have, for the most part, stepped up their game even since I started real estate in 2018. You see fewer and fewer listings with wonky iPhone photos and incoherent descriptions, and far more with beautiful photography. But sometimes an agent is too complacent, happy to do a sub-par job because “someone will buy it.” It’s lazy and brings down the industry as a whole, but it’s also a source of opportunity if you’re a buyer looking for a “sick deal.” If something is poorly marketed it’s not going to get as high a price as if it were done well.
But back to listings/floor plans. As a seller, what should I expect from my agent and as a consumer, what should I be looking at when I’m viewing a listing? An expert will be able to most quickly and thoroughly gauge an apartment (I do this day in and day out), but here are some helpful tips for both sides.
You Need A Floorplan
Period. End of story. If a listing doesn’t have a floor plan I wonder what is wrong with the agent, or I assume there was a technology issue when they were uploading photos. If an agent didn’t have someone come in and do the floor plan, they are legitimately not doing a good job. I can’t think of a single reason or excuse.
Floor plans are also the first thing you should review as a consumer. A floor plan won’t tell you which walls are load bearing vs which ones can be moved, but it can let you know whether the bedroom is actually legal (must be 10x10 ft and have a window) or if there’s a second bedroom at all (because people will market a studio as a one bed if you could, in theory, put up a wall). It will show you where the windows are and what direction they face. It should include dimensions (but even if it doesn’t it will give you a rough idea of the space). It will show if there’s actually private outdoor space or if the agent just checked the wrong box uploading the listing. And it will give you a feel for the layout, flow, and general design of an apartment.
You Need Square Footage
Co-ops, or co-operatives, sell purchasers shares in the company/building rather than real property. There are a few ramifications there, but for the sake of floor plans the big one is that they do not have official square footage.
But as a seller/listing agent you should still be working with a photographer and someone who will do a floor plan and give you the square footage. Some agents will be cagey about it and refuse to give an estimate, but so much time is wasted when an agent’s response is “Co-ops don’t have square footage” and then the second we walk in my clients decide it’s too small. Sellers, if your agent doesn’t have estimated square footage that’s a bad sign.
Buyers, if a listing doesn’t have square footage on it and it’s a condo or townhouse, an agent really dropped the ball. If it’s a co-op it in all likelihood won’t say the square footage, but ask your agent to reach out and check. A good seller’s agent will give an estimate, and if he/she won’t? Well then you have a pretty good idea how communication throughout the deal will go.
You Need Accurate (If Enhanced) Photos, With Disclaimers if Needed
Photography in real estate is inherently misleading; it’s impossible to truly capture a 3D space in a 2D photo. You won’t be able to show a place from every angle, accurately capture the light at every hour of the day, and make sure the size is totally clear from these few images. But there is a point at which it goes from just the reality of life to an actively misleading, when you’re changing views rather than just lightening photos. Don’t do this. It will just make people sad when they arrive and see the real thing (like face-tuning your dating app pics).
There is also the issue of virtual staging, where you are actively changing the reality of a space to add furniture, change wall coverings, add new fixtures, etc. If you are virtually staging a photo you MUST include that information, ideally on the photo itself but at the very least in the description. And it is also good to put the un-edited photos in the listing as well. It makes total sense that if you’re selling a gut or an estate that you’d want to give buyers an idea of the possibilities. But you also want to make sure the reality is clear. Much like with square footage, why waste everyone’s time and disappoint someone when they walk in? Be up front about the condition of the apartment.
You Need Monthly Costs
As a seller, you should know your monthly tax burden and whatever fees are being paid to the building. You should also be aware of any assessments on the building and when they end, same with tax abatements. All of this information is important to perspective buyers, and your agent should ask you for it. If your agent doesn’t ask and isn’t putting this on the listing, this is another red flag. It’s especially important in townhouses, where taxes vary a ton even for similarly priced and sized homes.
As a buyer, your “new rent” or your monthly cost of purchasing (fees to the building, real estate taxes, and mortgage payments) is a huge consideration when figuring out what you can afford.
What’s the New York Value here? That NYC real estate is held to a higher standard than most of the US so overall its listings are high quality. If you’re spending a million dollars on something you probably aren’t . It also means that the listing agents