If you are purchasing real estate, the role of your NYC real estate agent might be very different than you imagine. There is a common misperception that because all of the listings are online you don’t need a broker and you might even get a better deal if you go it alone.
This is not always true. A good broker will help you anticipate problems which will cost you unnecessary time and money and then create a strategy to help you avoid them. Buying a property is a big purchase with plenty of risks. Here are five reasons you should work with a broker when buying.
- You are going to pay the commission if you have representation or not, so why pass on the service? The listing broker is paid by the seller and shares that commission with the broker representing the buyer. Under the law, you are entitled to representation. If you forgo that representation, you may not get a discount and you won’t get the full scope of services you may have received otherwise.
- When it comes to negotiations, you benefit by having someone creating space between you and the listing broker, thereby decreasing your stress and enabling you to make better decisions along the way.
- A good real estate broker with local knowledge will be able to explain in-depth information on the buildings you are considering and be able to help you determine why one property is better suited to your long term investment goals than another. New York City real estate is complicated and it isn’t always a simple comparison.
Learn more about why buying real estate in NYC is complicated?
- Leverage your broker’s experience with transactions. Choosing a real estate attorney and helping you put together a purchase application are just some of the services a broker can provide between the time you identify a property and you get to closing.
Most NYC agents do not use Buyer Broker agreements, which means they are obligated to deliver superior customer service so you continue working with them.
- A final word of caution: pick a lane and stay in it if you ultimately choose to go it alone or be represented by a broker. It is in your best interest to work with only one broker and let them reach out to listing brokers to book appointments and get answers to your questions. It not only streamlines the communication channels but it also presents you as a serious buyer. Buyers who are in touch with multiple brokers appear unfocused and not serious which could have a negative impact on your negotiations.
Check out my YouTube video on the role of a NYC real estate agent.