Buying real estate is a tremendous decision financially as well as emotionally. The purchase process can be extremely overwhelming and time consuming anywhere, but especially so in NYC. New York City Real estate market is complex, ever-changing and presents a unique set of challenges and intricacies. As a buyer you are without doubt benefiting by using the services of a dedicated agent who can facilitate the process and guide you through every single aspect of the transaction.
Why Use a Buyer's Broker in New York City: Basic Reasons
No cost to you.
It saves time.
It reduces stress
It makes you a more informed and educated buyer.
It helps you navigate through the complicated process
Most importantly - it provides you with your own NYC buyer's broker representation - someone who owes their fiduciary duty to you, the buyer and not to the seller.
NYC Real Estate Purchase Process: Important Aspects Buyer's Broker Should Assist You With
Determining needs & wants in an apartment
Determining the type of an apartment - Condo , Coop, New Development, Townhouse.....
Determining cost versus price
How much can you afford and evaluating financing options.
Finds the right mortgage broker, the right attorney and other service providers you may need
Searching, selecting, scheduling and viewing appropriate properties
Helps you narrow down your search in terms of your true needs, likes and preferences.
Guides you to gain your own understanding of the market and properties.
Gives you an unbiased feedback and advice on viewed properties.
Helps you establish a sense for what is a good value
Does research and gives you advise on the right market value of your chosen property
Putting together a strong offer on your behalf ...showing you at your best
Negotiating the best price and other terms of contract for you
Coordinates, monitors and protects all aspects of the transaction amongst all brokers, banks, attorneys, managing agents......holds the deal together
Assists you in assembling a perfect board package and submits it on your behalf.
Coaches you for the board interview process and helps ensure you pass.
Comes with you to make the final pre-closing inspection of the apartment
Comes with you to closing
Great Buyer's Broker: What You Should Look For
You as a buyer and your best interests always come first. Your broker is there here every step of the way throughout your search. ( Yes that includes accompanying you to open houses) Your broker should be more of your trusted consultant or guide rather than a "salesperson". He/she works as your advocate and represents YOUR needs and throughout the purchase process. They provide you with the most accurate market information, listing information, statistics data, and information on comparable sales to ensure your decisions will be the right one. They give you an unbiased real estate advice and feedback on viewed properties which is based on market value as well as tailored to your specific needs. If you are on a open time line they do not push you, pressure you, convince you, or persuade you to do anything. They allow for your own timing for you to arrive to your own conclusions as you educate yourself about what is on the market, quality of apartments , pricing etc. If you are on a tight time line for one reason or another, your broker makes herself available to your satisfaction to work within your time constraint. Most importantly : Your broker looks further than just their next pay day. Of course closing a sale and making their commission means that they are getting compensated and this is how they make their living but mainly it is YOUR satisfaction with their services that builds the very matrix of the future success of their real estate business. Only happy clients will contribute to a broker's professional growth by sharing their success story with others and passing on referrals.
Some More Tips : Do's and Dont's
Do not work with multiple brokers - none of them commit to you unless you commit to them and they all have the same listings. Do not hesitate to let a broker go and find someone else that suits you if you are not happy with the service you are getting. Do not withhold information from your broker as he can not assist you properly. Be prepared to communicate any changes in your mindset along the way in your search process so your broker is on board.
At all times you real estate broker should provide you with Honesty, Knowledge, Accessibility, Availability Accountability, Professionalism, Dedication
New York City Buyer's Broker Representation: FAQs
How is the Real Estate Broker Paid and When?
Brokers in NYC are paid through the commission/fee built into the selling price of the property. The seller’s broker has a contract with the seller for how much this will be when the sale is done. The brokers commission is already built into the price prior to any marketing of the property begins. Half of the commission is paid to real estate firm that brings in the buyer and the other half goes to the firm representing the seller. The seller's broker is getting paid for working on behalf of the seller. The buyers broker for doing work on behalf of the buyer. Both get paid through the proceeds of the sale, at closing - by the seller. This means that using a buyer's broker results in no additional costs to the buyer. Is it Usual to Have More Than One Broker During the Process of Buying?
It is the standard in the NYC real estate industry and a common practice to have two brokers present during the process of buying. As much as a buyer is able to purchase without having a broker on his side, 90-95% of all sales transactions in NYC happen with a broker representing the seller and the other broker representing the buyer. It is very much to your advantage as a buyer to work with someone on your side, not just because they help you locate the the properties, set up the appointments, help you negotiate the lowest price etc, but mainly because the buyers broker will represents YOU and YOUR best interests. They are there to make sure you make a smart decision and stand by your side to advise you in every way possible while considering every single possible property on the market.
Can One Broker Show All the Available Apartments or Only the Ones Listed with his Agency?
One broker can show you properties listed by numerous sellers' brokers. Majority of Real Estate Brokerages in NYC are members of REBNY. REBNY's members agree and are obliged to share their listings. This is the NYC equivalent of MLS. You do not need to go to 10 different companies and check their listings separately. Everything is pooled in one central database. Working with a buyer's broker will give you access to a vast majority of properties listed by any broker , no matter which company they work for.
What is REBNY and Why is it Important to Work with REBNY Member?
REBNY (REBNY) - The Real Estate Board of New York was begun in 1896 as the first real estate trade association in the state. Once membership is approved, members belong to their industry’s leading trade association within New York.
In Manhattan and Brooklyn all legitimate real estate firms that are active participants in the NYC real estate sales belong to REBNY. Any broker who is a member has access to all listings listed by other members. The database of listings is shared amongst it's members and is distributed to all it's members throughout Manhattan and Brooklyn daily. Amongst many other matters REBNY regulates and oversees the process of cooperation between the buyer's and the seller's broker.
As a member of the Real Estate Board of New York (REBNY), Buy Real Estate NYC.com has access to a vast majority of listings. For additional information on any property you find in print or online please email firstname.lastname@example.org or call Andrusha at 917-291-2149 with any questions.
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