• Expert Tips from a Real Estate Buyer’s Broker



    A Co-op Board Can Derail Your Low Offer

    By Gea Elika March 18, 2017
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    We have learned quite a bit in our 20 years in the real estate business. Not to brag or sound self-important, but this knowledge can be equated to the Ten Commandments, which we would like to hand down to prospective buyers. This is useful for both seasoned buyers and those dipping a toe in the waters for the first time.

    Real estate can be broken down into simple decisions about choosing the right property and purchasing it for the right price. There is money to be made if you concentrate on these two things. In other words, buy smart, and your patience will be rewarded when you sell high. This seems simple, but it is not easy to accomplish. We pass down our wisdom to help make you money. After all, knowledge is power.

     

    Expert Tips from a Real Estate Buyer's Broker

     

    Know a buyer’s agent function

    Buyers deserve representation when purchasing a property. A buyer’s brokerage firm allows you to buy a home without worrying that your agent has a conflict and wants to get you to shell out the highest price so he/she can get paid the largest commission possible. We do our job so buyers can have someone they can depend on. You know we are listening and understanding your needs.

    We seek to do what is best for you 100% of the time and do not try to sell you a property that is not right for you. Not having your representative is similar to using and paying for the same divorce attorney as your spouse. Unlike a dual agency arrangement, a buyer’s agent owes his/her fiduciary duty to you. We provide detailed information to buyers for you to make an educated, informed, and risk-averse purchase.

    Do not speculate on an offer

    Trying to estimate a property’s valuation without running a comprehensive market analysis is baseless. Do not just consider an offer solely on comps. After all, this is based on past information. As your real estate buyers agent, we can help you use other factors, such as unique features. There are current market trends to consider, factoring in supply and demand. Consider that real estate data is a lagging indicator. Thus, reading between the lines is crucial to a successful purchase.

    Not all square feet are created equal

    Just like any product, there are very special properties, those that are decent, and true lemons that you should stay away from. We have built up the knowledge on how to decipher the difference through years of walking the streets, visiting some buildings, and viewing countless apartments. A seasoned buyer’s agent is your protection against the risk of buying a lemon.

     

    Expert Tips from a Real Estate Buyer's Broker

    Image by Jack Bricker /Flickr

     

    Read marketing materials with a grain of salt

    Marketing materials are made to sell a property. Carefully note all the details when you visit to assess the apartment accurately. If you do not get a good vibe when you walk through it, promptly turn around.

    Buyers are Emotional

    We do not want to sound like a heartless robot, but emotion can get in the way of making a smart decision. A disciplined buyer’s agent can protect you from making irrational decisions. A true buyer’s agent has no vested interest in any one particular property. It does not matter which property our client buys as long it is the right one for him/her at the right price, which should mean there is potential for capital appreciation. Quite simply, we want to see our clients make money.

    Don’t believe the hype

    Real news happens in real-time on the ground. Even in this era of 24-hour news cycles, to properly research a story, much of what you read in the mainstream media have taken days if not weeks to produce. These stories use real estate agents as sources, and their interests are not the same as yours. If you believe the media message, which may not be timely or entirely accurate, you could make a foolish decision. Having a foot soldier (buyer’s agent) on the ground is your best chance of winning at real estate.

    We understand the value of hard work

    We don’t spend our time searching high and low for listings. We don’t call sellers and advise them on how to squeeze extra dollars from a buyer. Every waking minute is spent working solely for our buyers.

    Reputable Resources

    Working with reliable, experienced vendors saves time and money. A qualified buyer’s agent should have a vendors list that his/her clients can depend on without risk. Whether our customers need to remodel a kitchen, paint a room, redo the floors, or gut renovation, our vendors deliver superior results.

    Buyers are not liars

    Many real estate agents have the perception that buyers do not tell them the truth. Why should a buyer speak the truth to someone representing the seller’s best interests? As an exclusive buyer’s agent, our client understands that our fiduciary responsibility is to our clients 100% of the time.

    Buy property for the long-term

    Our institutional and wealthy clients have generated stunning returns by holding the right properties for the long term. Compounding capital appreciation is the best yield in the game.


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