Latest posts by Tyler Banfield (see all)
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Anyone buying a condo or co-op in New York City should have their own agent. One of the many advantages of having a buyer agent on your side is they 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.
Buyers Don’t Pay for An Agent
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 own agent, the seller will still pay a commission.
Buyers don’t have anything to gain by not using their own 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.
Not All Buyer Agents Are the Same
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 truly 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 accreditation’s of the agent and/or their company.
Companies or agents that are members of National Association of Buyers Agents (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.
5 Things a Buyer Agent Will Do for You
While we’ve already established that a buyer agent works on behalf of you as a homebuyer, we thought it would be helpful to detail the specifics of what they’ll do throughout this process. The first thing a buyer agent will do is protect your financial information. Second, they will negotiate the best possible price for you.
The third thing you can expect from a qualified buyer agent is full transparency in regards to disclosing if they’re working with another buyer on the same property. Fourth, a buyer agent will show you all the best properties that fit your budget and criteria. And last but not least, your agent will connect you with the lenders, inspectors and other qualified service providers you need to complete the buying process.
When someone is going through a divorce, they don’t hire the attorney that’s representing their spouse. Instead, they hire an attorney that’s 100% focused on what’s best for them. The same is true for real estate. You don’t want a seller’s agent with a clear incentive to maximize the selling price negotiating on your behalf. What you want is a buyer agent that will find you the best property get you the best deal on a New York City apartment.
Exclusive Buyer Agents are recommended throughout the media, by consumer organizations, and by HUD.
t is your responsibility to search for an agent who will represent your interests in the real estate transaction. If you want someone to represent 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
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