8 Reasons You Should Work with an Exclusive Buyer’s Agent in New York
Investing in real estate in any community requires a major commitment, but in New York City, potential buyers will probably be required to fork over their life’s savings, spend countless hours viewing apartments that they’ll never live in, and possibly even run into a bidding war.
The city’s market is incredibly competitive and comes with its own set of rules, which is all the more reason a buyer should not attempt to tackle the buying process alone. When it comes to NYC real estate –– regardless of know-how and budget, working with an exclusive buyer’s agent to purchase a slice of the Big Apple might be well worth someone’s while. And here’s why.
1. Buyer’s agents might have access to listings that their clients don’t.
They might even get wind of a hot new apartment before it hits the market, giving a client the edge to view it and make an offer before the general public knows about the listing.
2. Buyer’s agents can explain the minutia of the buying process in New York City, so buyers don’t miss any important details.
There’s a lot to know when purchasing property in NYC, and no one will explain the details in a more concise fashion than a broker. From what neighborhoods to search in, to how soon to make an offer as well as a seamless closing process, a buyer’s agent will guide their clients every step of the way.
3. Buyer’s agents should advise if a property’s asking price is too high.
The last thing any buyer would want is to pay too much. Establishing rapport with a buyer’s agent will eliminate the chance of buying an apartment with an inflated asking price.
4. Buyer’s agents will protect clients from pushy sellers and aggressive brokers.
This point speaks for itself, but no one wants to be nudged into making an offer. Let a buyer’s agent handle other brokers and sellers.
5. Buyer’s agents will negotiate.
Negotiating is never fun, and a good buyer’s agent will negotiate on a client’s behalf. Bear in mind, an exclusive buyer’s agent works only with buyers and does not list properties, so a client is apt to experience a more loyal and confidential relationship when working with an exclusive buyer’s agent. By the same token, a buyer’s agent performs a comparable market analysis to estimate the fair market value and then often recommends the offer price to submit to start the negotiating process.
6. Buyer’s agents should have established relationships within the NYC market.
Not only will they have friends and colleagues who are real estate agents, but they’ll have a network of mortgage brokers, closing attorneys, inspectors, architects, interior designers, contractors, and other professionals to recommend as needed.
7. Buyer’s agents are on the real estate front lines, and in touch with the latest trends.
Having an exclusive buyer’s agent enables clients to experience the market in real time and capitalize on specific areas of town that have greater potential. On the flip side, if an area of town has declining property values, then the agent’s job is to advise the client that a certain apartment or building wouldn’t be a smart purchase. What’s more, agents often discover crucial information ahead of top media outlets.
8. Working with a buyer’s agent or not, a buyer will still pay the commission based on REBNY’s standard rates.
Based on the Real Estate Board of New York, the sales commission is five or six percent. Either the seller pays the full commission to the listing agent, or the commission is split 50/50 between the buyer’s agent and the broker who listed the property. Regardless of the listing price, legally, that amount of commission will get paid, so it’s probably a wise idea to take advantage of an agent’s expertise and reap the benefits mentioned above.
Learn more about Buyer Agents:
Do Buyers Need a New York City Real Estate Agent?
Despite the Popularity of the Internet, More Homebuyers are Using Real Estate Agents
Questions to Ask Before Hiring Your Buyer Agent
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The post 8 Reasons You Should Work with an Exclusive Buyer’s Agent in New York appeared first on Elika Real Estate.
