ELIKA Exclusively Represents the Home Buyer
Sophisticated and comprehensive Home Buyer’s Service with 20 Years of experience
At Elika, our job is to help buyers find the perfect home in NYC while providing the very best in high-class service. When you hire us, you can be sure of receiving nothing but loyalty, independent research, unbiased assistance, and strategic advice. Our goal at Elika is simple; help our clients to buy the right property at the right price.
We know how much time it takes to research and finds the right property in NYC, whether as a home or a new investment. That’s why we exist to serve you by handling all the complicated steps and research, so you don’t have to. Call us for help today in finding a new property in Manhattan, Brooklyn, Queens, or the Bronx.
As a REBNY member, we have access to all NYC properties listed for sale and even a few that have yet to be officially listed. When you work with an Elika exclusive buyer’s agent, you can be sure of finding your dream home.
Contact us today to receive your free consultation from an Elika agent. They’ll take all your needs and desires into account so that they can track down just the property you’re looking for. Once the agent has a shortlist of properties for you to view, they’ll accompany you along every step of the way to answer questions and provide advice.
Ready to Buy?
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 needs. No matter what type of property you’re looking for, we’ll be sure to match it to your particular needs. Request a Custom Search or Call 212-590-0540.
Buyer’s Agent Guide
Table of Contents
What is an ELIKA buyer’s agent?
As a brokerage that works exclusively with home buyers, we are committed to providing only the best in service to our clients. Our goal is to help them succeed in the housing market, whether their goals are homeownership or investment opportunities. When you hire one of our qualified agents, you can expect them to:
- Listen to and understand your housing needs and goals
- Filter through all properties to find the ones that match your needs
- Use their extensive network to give you preferential access to new listings
- Schedule home viewings at your convenience
- Provide unbiased feedback on the pros and cons of each property
- Research and gather information on the seller’s motivations for selling
- Estimate a fair market value and negotiate to get you the best price
- Help you navigate through the entire buying process, as well as the purchase application in the case of a resale
- Do a final walk-through of the property with you before the closing day to ensure everything is in order
- Support you all through the closing day and beyond
What we do
If you’re in the market for an NYC property, then you’ll need the best representation possible. Many homebuyers make the mistake of choosing a sales agent or a part-time buyer’s agent. The problem with this is that it wastes a lot of time, and such agents aren’t always working in your favor.
A sales agent is excellent when you’re selling a property, but if you’re buying, then the potential dual agency can often work against you. That is because sales agents work for the seller, and their job is to get the highest price possible and terms in favor of the seller. Instead, if you go with an exclusive buyer’s agent, then you’ll be guaranteed a loyal agent who will work only for you. That is precisely what Elika Real Estate provides, a dependable agent who will look after your best interests and fight to get a property on fair terms.
How we are structured
Elika Real Estate is a premier NYC firm that specializes in exclusive buyer representation. As a member of the National Association of Exclusive Buyer’s Agents (NAEBA), our duty and responsibility go entirely to the buyer.
Also, as a member of the Real Estate Board of New York (REBNY), we have access to all the exclusive listings in NYC. That means you’ll have a far more extensive inventory to choose from; then, you would go it alone. It also means you have a high chance of being the first one in the door with an offer. Whether you’re a US resident or a foreign investor, we’ve got the skills and experience to find a property that suits your needs and secure it on terms favorable to you. Best of all, our fee is paid entirely by the seller, so you’ve got nothing to lose.
How is a Buyer’s Agent Paid?
In New York, all real estate agents are compensated through the proceeds of the sale. All real estate sales will have this fee built into the purchase price, which the seller will pay once the sale is complete. This means, as the buyer, you’ll pay no additional expenses out of your pocket. Whether you choose to have representation or not, you’ll still be paying for it at the end. The only one who wins if you go without buyer representation is the sales agent who will receive the full commission rather than having to split it with a buyer’s agent.
The question is: would you rather pay someone to work for you or the seller?
In NYC, the real estate commission on a sale is around 5-6% of the sales price. This is usually split with half going to the brokerage that brought in the buyer and the other half going to the firm that listed the property. However, if the same brokerage that lists the property also brings in the buyer, then the full commission stays with them. This is referred to as an in-house sale.
So, with that in mind, you might be thinking that the higher the sales price, the higher our commission is. But that’s not how we approach it. From our perspective, our entire responsibility is to get you the property at the best price possible for you. That’s because we know that our business expands only with satisfied customers. Think of it this way; you wouldn’t hire your spouse’s attorney to represent you in the divorce. The same applies to real estate.
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
ELIKA Simplifies the purchasing process
To make the purchasing process easier, our buyer’s agents move quickly to present you with all the facts about every property they present to you. Since our firm doesn’t handle sales listings in any way, we have no conflict of interest when providing our services.
Thanks to our experience with the NYC housing market, we can always find the essential information about a property before presenting it to you. All buyers need to know about potential price appreciation, and by carefully screening the market and previewing properties before showing them to you, we can spot the best properties that match our client needs. To learn more, read up on how our comparative market analysis works.
As a buyer, it’s easy to feel some reservations about negotiations, primarily if you’ve only ever worked with sales agents before. With Elika, we’ve got your back through negotiations and will fight to get the best price and terms for you. Our agents have experience with hundreds of sales negotiations and will make sure you’re not oversold on a property.
Buying a home requires the help of several different professionals. There are mortgage brokers to consult, attorneys, home inspectors, contractors, and others that will be needed before the sale can be closed. The cost of these services can add up, which is why we source the very best professionals to help you make it to the closing day.
As should be clear by now, exclusive buyer’s agents are the way to go. Elika agents provide undivided loyalty to you and work to get you the very best price and terms possible. Since buying a home is such a big decision, you’ll need the best advice and guidance you can get. Our agents work to do just that.
Also, we’re the only firm in Manhattan eligible for membership with the National Association of Buyer’s Agents. As of 2011, New York State now requires that all real estate agents disclose their agency relationship and the rights and obligations it creates. You can use the Disclosure Form for Buyer and Seller to clarify who works for who.
Why hire an ELIKA buyer’s agent?
While purchasing a home anywhere in the US is a huge decision, the prices found in NYC make it even more so here. Getting the keys to your new home will be an exciting moment. However, to get there, you’ll need to jump through a lot of hoops. From anxiety to stress, to frustration, the emotions associated with buying a home can run the entire spectrum.
With so much to go through on your journey towards homeownership, you must have a trusted advisor that you can turn to along the way. Advice from an expert in this situation is priceless, especially when buying a condo or co-op apartment. The main advantage of hiring a buyer’s agent is that they’ll help you choose a property and negotiate the best price and terms for you. Keep in mind; this service is available to you at no cost.
But the difficulties of buying a home in NYC don’t just stop at the high prices. With a limited inventory, buying here can be fiercely competitive. Then there’s the time and effort you’ll have to spend viewing dozens of properties before you even find the right one. That is, of course, if you ever actually do find it and then secure it. Bidding wars are prevalent here, which is another reason why having an agent to handle it and give advice can be so invaluable.
Let an Elika buyer’s agent take care of all this for you. They’ll conduct the initial search, find properties that match your needs, and then review them with you while giving you all the pros and cons of every property. They’ll then fight for you in the negotiations and act as a guiding hand through everything else on the way to closing day.
Duties of a Buyer’s Agent
There’s a lot that goes into buying a home. Before you get started, it’s essential that you first get all your financial information in order. That’s because it’s common to receive questions in the first stage of the buying process. Having someone who can go through all this with you at the start will make the rest easier. Doing this will allow you to determine what you can afford and ensure that you have all the financial documentation in order when you apply for a mortgage. This is the first thing that a buyer’s agent can help you with. They go through these issues all the time and will know how to handle it and make sure nothing is forgotten.
The next step is to shortlist and start looking for potential homes. As you may have guessed, this can take a lot of time. Identifying the right properties takes up a lot of time as you’ll need to research each one and set up appointments to view each one. This can put a lot of pressure on someone when they also need to work at the same time. A buyer’s agent can handle all of this for you and set up viewings for only those properties that they feel match your needs.
Then there’s the negotiations, board package for resales, and closing phase to get through. All this can present challenges that make it hard to stay unemotional and locked onto the target. Having a buyer’s agent means you’ll have someone who can act as a guide, smoothen out any roadblocks, and provide impartial advice when emotions start to run high. For all these reasons and more, you’ll want an exclusive buyer’s agent by your side.
Access to all Properties
Your buyer’s agent may even catch wind of a hot new development or apartment before it hits the market. Thus, giving you a chance to view it and make an offer before the general public knows about it.
Help with Buying Process
There’s a lot to know when purchasing a property in NYC, and no one will explain it better than a buyer’s agent. Whether it’s choosing a neighborhood, how to craft an offer, or how to overcome difficulties in the purchase, a buyer’s agent will know how to guide you through all of it.
This point speaks for itself, but no one wants to be pushed into making an offer. Let a buyer’s agent handle other brokers and sellers.
Negotiations on a home purchase can get tough, even for the experienced negotiator. Since a buyer’s agent works exclusively for you, you’ll be sure that they have your back and will fight for you to get the best deal possible. By using comparative market analysis, your agent will advise you on the best offer to make and then handle any counteroffers, and hard negotiating that might come next.
Buyer’s agents have a long list of relationships with other people in the business, and that’s not restricted to other agents. They’ll have a network of mortgage brokers, attorneys, inspectors, architects, interior designers, contractors, and other professionals that they can recommend to you. This will save you a lot of time and put you in contact with only the most honest people in the business.
On the Front Lines
With an exclusive buyer’s agent at your side, you’ll have access to the market in real-time. This will allow you to capitalize on opportunities as they come. On the flip side, this will also alter you to neighborhoods that have declining property values or could experience them soon. Agents will often have access to this critical information ahead of media outlets. Thus, allowing you to choose only the best and avoid the worst.
Buyer Pays Regardless
Based on the Real estate Board of New York, the sales commission is set at between 5% and 6%. This is paid regardless of whether you have representation or not. The commission either goes all to the listing agent or is split 50/50 between them and the buyer’s agent. That means you’ll be paying this anyway, so it’s better to take advantage of an agent’s expertise and reap all the benefits mentioned above. A big myth about buying an NYC home is that the buyers pay the sales commission. In reality, the seller is the only one that pays the commission.
Buyers have nothing to gain and everything to lose by not going with an agent. If you do try to go it alone, then chances are you’ll end up with a worse deal. That’s because you’ll be entirely at the mercy of the listing agent, who’ll be working on getting the highest price possible for the seller. Having a buyer’s agent allows you to level the playing field by having someone who represents your interests. The only person that benefits from not including a buyer’s agent is the listing agent, who can claim 100% of the commission.
Not All Agents are the Same
While buyers can benefit significantly from working with an exclusive buyer’s agent, not all of them will work in your best interests. Make sure you choose an agent that is only going to do what’s best for you. Check the accreditations of both the agent and their firm and interview each one carefully before signing anything. You’ll want not only the best but also someone you can get along with. The two of you will be spending a lot of time together, so it helps if you’re both on the same level.
Firms or agents that are members of the NAEBA can deliver that loyalty and professional responsibility to you 100% of the time. If an independent buyer agent/brokerage is unavailable in your area, then find one that has earned an Accredited Buyers Representation (ABR) designation. When deciding between buyer’s agents, these are the two most significant distinctions to make. Any agent with these qualifications will work to secure a deal that only works in your best interest.
HUD recommends Buyer’s Agents
If you’d like to see a reference, then you’ll do no better than one form the US Department of Housing and Development. Their advice is that if you want someone who’ll only work for your interests, then go with an exclusive buyer’s agent.
Comparative market analysis, estimating the fair value
Determining the fair market value
The last thing any buyer would want is to overpay for a property. To help buyers understand the property their interested in, Elika considers historical performance and up-to-the-minute market updates. The process is called a comparative market analysis. Such details include how the property values have performed in the past, whether the building has above-average owner-occupancy rates. If the building has a history of poor performance, this information could help buyers make a lower offer or help decide not to buy in the building.
First, we determine how motivated the seller is. Since the one that’s highly motivated to sell will be more likely to negotiate, it is essential to determine. With research and asking around, we can potentially determine what the seller’s financial or personal situation might be. For instance, if they’re going through a divorce, have already purchased another home, or are pending foreclosure, then they’ll be open to negotiating a price drop.
Current market conditions
Next, our agents take a look at the current market conditions. Since we work in real-time, we often know what’s going on with the market before the press reports on it. Currently, this is a seller’s market for NYC apartments priced up to $3 million. However, we will likely know when this is changing.
After that, we start looking into the property’s condition, including the building itself. This can be a complex area with many things to consider. Some of these include the building’s profile, age, unit mix, ownership, the share of primary users vs. investors, and the quality of the electrical/plumbing.
Improvements and upgrades
We’ll then take account of any updates or improvements that have been made. We know which ones are worth paying extra for and which are not. Kitchens and bathrooms have usually added a lot of value, but we can focus on how this affects the price. If there haven’t been many upgrades, then it is essential to understand the potential renovation cost.
Lastly, we turn to sales comps. For this to mean anything, we work hard to make sure the comparison is fair and accurate. We start by looking at recent closing prices in the neighborhood and, ideally, in the building itself. To make it more meaningful, we find property sales that are similar to yours. The essential things to look for are bathrooms, bedrooms, amenities, and so on. Beyond recent transactions, we also look at the listing price and trends for similar properties. Along with public records, we can also use our market analytics to come up with an accurate price estimate.
If you’re ready to buy then, Elika Real Estate is on call to help you assess the market, pick a fair price, and get you the best deal possible in negotiations. To get started, request a Custom Search or call 212-590-0545.