Elika works solely for you with two decades of knowledge and experience representing buyers only.
We are focused on representing real estate buyers only while providing best-in-class service, undivided loyalty, high-quality strategic advice, independent research and unbiased assistance.
We know the time it takes tracking down and researching a new home or investment property in New York City. So where do you start when new properties come to market daily? Elika is the leading real estate buyer’s brokerage, who has instant access to all New York City real estate and our complimentary buying service is readily available to help you find your ideal property.
Receive a free consultation with an Elika buyer’s agent to discuss your real estate wish-list requirements, and we will provide you with a carefully curated list of potential properties. Organizing an itinerary to view your chosen shortlist, Elika Buyer’s agents will look after every detail and accompany you on the viewings, ensuring your time visiting is meaningful.
As an exclusive buyer’s agent, we are committed to your best interests and strive to provide best-in-class service and execution enabling our clients to achieve and exceed their strategic housing or investment real estate goals.
Let an Elika expert search, filter and send you the best available New York City Condos, Co-ops or Townhouses for sale that match your specific housing needs: Request a CUSTOM SEARCH or CALL: 212-590-0545
When you are looking to buy real estate in New York City, you need the best professional help that represents your interest you can find. Many buyers use sales agents or part-time buyer’s agents and spend time shopping through undesirable properties, sorting through misinformation, and blindly negotiating.
Real Estate sales agents are helpful when you’re selling a property, but their goal is to sell properties regardless of whether the condos or co-ops are worth buying, ideal for your needs, budget or lifestyle. When purchasing real estate, you need a dedicated, unbiased buyer’s agent who will work exclusively for you to find the right property and negotiate the best terms and price.
Elika Real Estate is the premier New York City firm that specializes in exclusive buyer representation. As a member of The National Association of Exclusive Buyer Agents (NAEBA), our fiduciary responsibility and undivided loyalty is to the buyer 100% of the time. Also as a member of the Real Estate Board of New York (REBNY), we have access to all listings in New York City. Whether you are a US resident or foreign investor we cater our services to your specific real estate needs and best of all our fee is paid by the seller.
We are compensated as any other Broker and paid through the proceeds of the sale. Customarily, fees for real estate brokerage have been “built-in” to the purchase price of the property. This means that a typical purchase will result in no additional out-of-pocket fees for you!. Technically when purchasing a property, you are paying to have representation or not to have representation.
When an apartment sells, half of the 5% or 6% commission is paid to the real estate company that brings in the Buyer and the other half is kept by the firm listing the property for sale, representing the Seller.
But when the real estate company which lists the property also brings the Buyer, that real estate company keeps both the sides of the commission.
You may be thinking the higher the price you pay for the home, the higher our commission will be, so how does this work? We have a fiduciary responsibility to get the home at the best price for you, not the highest commission for ourselves. We know that our business expands only with satisfied clients.
Remember, you would not hire your spouse’s attorney to represent you in your divorce. The same applies to Real Estate.
To make the purchasing process easier, our exclusive buyer’s agents move quickly to present you with concrete facts about multiple high-quality properties. As our firm doesn’t handle sales listings in any capacity, we have no conflicts of interest when providing:
We have experience in the New York housing market and always find essential information about properties before we present them to our clients. Buyers need to know whether properties have the potential for price appreciation, and by carefully screening the market and previewing properties before showing them, we’re able to spot excellent real estate options that match our clients’ needs. Learn more: Comparable Market Analysis.
Many home buyers are uncomfortable with negotiations, and when buyers have only worked with sales-oriented brokerage firms, it’s easy to understand their reservations. Elika buyer’s agents have experience with hundreds of home negotiations and will make sure that you’re not oversold on a property.
Mortgage brokers, lawyers, home inspectors and other professionals can quickly add to the cost of your home purchase. We source the best professionals and help you make the necessary arrangements to purchase your home quickly and easily.
Our buyer’s agents offer a new way to view the housing market and to find your dream properties. Save yourself time, money, and stress by using buyer’s agents from Elika for your next home purchase.
Buying a home is one of the most important investments people can make, and the US Department of Housing recommends the use of an Exclusive Buyer’s Agent. Elika Real Estate is the only firm in Manhattan eligible for membership with the National Association of Buyers Agents and provides undivided loyalty to customers at all times. As of the beginning of 2011, New York State now requires that real estate agents disclose their agency relationship and the rights and obligations it creates. New York State Disclosure Form for Buyer and Seller to clarify agency prior to representing a buyer and/or seller.
A conflict of interest is more likely when a real estate firm that represents sellers assigns you one of its brokers as a buyer agent. That’s why many people believe an ‘exclusive’ buyer broker is preferable. – Business Week
While purchasing a home anywhere in the US is a significant milestone, the prices found in the New York City real estate market make this purchase an even more significant decision. You will be filled with excitement when you’re handed the keys to your new home, however, getting there can be stressful. From anxiety to stress to frustration, the emotions associated with buying a home can run the entire spectrum.
Because there is so much that you’ll go through on your journey to purchasing a home, it’s essential to have a trusted advisor who you can turn to along the way. The trustworthy advice in these situations from an expert is precious, anyone buying an condo or co-op in New York City should have their agent.
One of the many advantages of having a buyer agent on your side is they help you choose the right property and negotiate the best price and terms for you. Not only is that a very compelling service, but it’s available to you at no cost.
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 an financial information in order. Because it’s common to have questions during this first stage of the buying process, it’s beneficial to have someone who goes through this process on a daily basis.
Determining exactly what you can afford and ensuring you have all the documentation, you need to secure a mortgage and ultimately buy your home is the first example of how a buyer’s agent can help you. Since this type of agent deals with all of these issues on a regular basis, they can help you ensure that you don’t miss out on anything significant.
The next step in this process is to shortlist and begin looking at potential homes. As you may have guessed, this can take quite a bit of time. Not only does identifying the right properties takes a lot of research, but it also requires setting up appointments to see the homes. Juggling your professional and personal responsibilities, having an agent who can manage this process for you will save you a lot of time and stress.
Finally, the negotiation, board package for resales, closing phase of the buying process can be very tense. Since it can be challenging to stay objective when emotions are running high, you’ll greatly benefit from having a professional who can give you the right guidance.
They might even get wind of a hot new development or 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.
There’s a lot to know when purchasing property in NYC, and no one will explain the details more concisely 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.
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.
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.
A seasoned 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. 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.
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.
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 in the city 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.
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.
A big myth about buying a New York City home is that buyers have to pay a sales commission. In reality, the person selling a home is the only one that pays a commission. So regardless of whether or not a buyer has their agent, the seller will still pay a commission.
Buyers don’t have anything to gain by not using their agent. Instead, trying to buy a home without an agent can result in a costly mistake. The only party that directly benefits from there not being a buyer agent involved is the agent working for the seller. Being involved in a transaction that doesn’t include a buyer agent means the listing agent will keep 100% of the commission that’s paid by the seller.
Although buyers can greatly benefit from working with an exclusive buyer agent, it’s important to understand that not all agents who try to work with buyers genuinely have the buyers’ best interests in mind. To ensure that you work with an agent who is going to do what’s best for you, be sure to check into the accreditations of the agent and their company.
Companies or agents that are members of the National Association of NAEBA can deliver loyalty and fiduciary responsibility 100% of the time. If an exclusive buyer agent/brokerage is unavailable in your area, then seek out a buyer agent that has earned an Accredited Buyers Representative (ABR) designation. These are the two most important distinctions for a buyer agent. Finding an agent with those qualifications will give you full peace of mind that they will do what’s best for you.
It is your responsibility to search for an agent who will represent your interests in the real estate transaction. If you want someone to serve only your interests, consider hiring an ‘exclusive buyer’s agent,’ who will be working for you.
U.S. Department of Housing & Urban Development, “Shopping for Your Home Loan: HUD’s Settlement Cost Booklet.” Rev. Dec. 2009. P. 6 http://portal.hud.gov/hudportal/documents/huddoc?id=DOC_12164.pdf