WANT IN ON A SECRET?- BUYER'S AGENT EXPLAINED
According to the NYS Agency Disclosure Agreement:
"Buyer’s Agent A buyer’s agent is an agent who is engaged by a buyer to represent the buyer’s interests. The buyer’s agent does this by negotiating the purchase of a home at a price and on terms acceptable to the buyer. A buyer’s agent has, without limitation, the following fiduciary duties to the buyer: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and duty to account. A buyer’s agent does not represent the interest of the seller. The obligations of a buyer’s agent are also subject to any specific provisions set forth in an agreement between the agent and the buyer. In dealings with the seller, a buyer’s agent should (a) exercise reasonable skill and care in performance of the agent’s duties; (b) deal honestly, fairly and in good faith; and (c) disclose all facts known to the agent materially affecting the buyer’s ability and/or willingness to perform a contract to acquire seller’s property that are not inconsistent with the agent’s fiduciary duties to the buyer."
New Yorkers are some of the most keen and savvy shoppers around. Being exposed to a multitude of information, advertisements, and opinions every city block they turn- they’ve been able to develop a keen sense of what’s real and what’s not! There’s always a jaw dropping reaction when we say “Working with a buyer’s agent is FREE.”
That’s right, when you’re ready to apartment shop in NYC it costs you nothing to team up with an experience broker.
What’s the catch? In New York, broker’s commissions are paid by the seller. This means if a listing agent, or agent to the party selling an apartment, will split their commission with the buyer’s agent because ultimately they want to make a deal happen for their client. Essentially the seller pays the commission for both the seller’s agent and the buyer’s agent. Typically the commission equals about 6% of the home’s sales price, which is split evenly between both agents (on a $1,000,000 home, that would be $30,000 apiece). In today’s market the typical time needed to find and close on an apartment is anywhere between 4-6 months There is a fine balance between the time committed to our clients and earning a commission at the closing table. We strive to prove our dedication to you as you proceed in your search so as to make sure you find the perfect home at the right timing.
It’s important to note the difference between buying agent and listing (sales) agent. As a consumer home shopping, you need to be aware and forewarned that attending open houses alone means you will be unrepresented. A listing broker’s pledges his/her fiduciary responsibility to the seller and seller only, therefore legally cannot reveal any information that may be in your best negotiation interest.
Attending open houses is an informative experience but remember the broker greeting you at the door not your agent, your friend, nor foe. They’re simply taking the appropriate actions to sell their clients property for top dollar, leaving no room to consult you financially and leaving your intentions exposed. As best explained:
“Let’s say, for instance, you walked up to the listing agent at an open house and gushed about how you love the home and want to buy it, but you will need to move soon because you’re expecting your second child and need to decorate the nursery pronto, or the lease on your rental is up in a couple of months. A seller’s agent could then use this information against you by informing the seller that your clock is ticking, so they shouldn’t budge too much on their asking price—or at all.
Yet make this same confession to the buyer’s agent you’re working with, and it’s all fine—this professional would know to keep this info private from sellers (and their agents) so it can’t be used against you.” _ Realtor.com
There are three main things you want to consider when choosing a Buyer’s Agent:
What areas do they specialize in?
How long have they been a broker/agent?
What’s their schedule availability like?
Specializing in both Manhattan, Brooklyn, and Long Island City properties, having over 5+ years in transaction experience , and being dedicated to bringing the right listings to your fingertips, I am ready to accommodate you on showings at any time. Don’t take my word for it, Check Out My Recent Reviews and let’s share your search criteria and get started today.