The Value of a Buyer's Agent
A buyer's real estate agent provides several valuable services, insights, and benefits to buyers when they are looking to purchase a property. If you’re thinking about buying a piece of real estate in Manhattan or Brooklyn this year, here are some of the key value examples of what a buyer's agent brings to the table:
1. Market Expertise: Buyer's agents have a deep understanding of the local real estate market. They can provide valuable insights into current market conditions, trends, and pricing, helping buyers make informed decisions. They also have a web of colleagues who, through their relationships, will share information about closing concessions, seller motivation, and how a transaction may have unfolded.
2. Property Search: Buyer's agents help buyers identify suitable properties based on their preferences, budget, and specific criteria. They can save buyers time by filtering through listings and presenting options that match their needs. Using Compass’s search tool, along with being able to identify homes that have unique floor plans that can be combined/converted or even opened more. A broker conducts a property search in a three dimensional manner to best make sure the space is efficient.
3. Access to Listings: Real estate agents have access to multiple listing services (MLS) and networks, giving them access to a wider range of properties, including off-market listings that may not be readily available to the general public. Our network of past clients, agents, and perhaps friends/family can help you gain access to off market homes.
4. Negotiation Skills: Buyer's agents are skilled negotiators who can help buyers secure the best possible deal. They can advocate on behalf of the buyer, and negotiate the price, contingencies, and other terms of the purchase agreement. They are also able to track real market trends based on microeconomics, whereas an appraiser looks at past closed data. They are able to calculate your out of pocket closing costs ( or an estimate thereof) in order to help you accurately understand your purchase, and what points may be negotiated with the seller.
5. Paperwork and Contracts: Real estate transactions involve a significant amount of paperwork and legal documentation. Buyer's agents can ensure that all contracts and paperwork are completed accurately and in compliance with local regulations. They will simultaneously work with your attorney to ensure the terms of the contract are inclusive of particulars such as private outdoor rights, usage of storage/parking/rooftop, as well as any financial savings that should be taken into account through incentives being offered to purchasers.
6. Local Knowledge: They can provide insights into the neighborhoods, schools, amenities, and other factors that may be important to the buyer. This information can be crucial in making an informed decision about a property. Brokers research not only the unit itself but the building’s overall status and if there are any impeding new developments slated for construction that may obstruct your view or quiet enjoyment of your home.
7. Vendor Referrals: Buyer's agents often have a network of trusted professionals, such as home inspectors, mortgage brokers, and attorneys, whom they can recommend to assist with various aspects of the buying process. They are life-long resources from moving-in, to renovating, decluttering, designing, and eventually ensuring your home is being maintained so that its future marketability is preserved.
8. Due Diligence: They can assist buyers in conducting due diligence on properties, including inspections, title searches, and any necessary research to uncover potential issues that could affect the purchase.
9. Support and Guidance: Throughout the entire buying process, buyer's agents provide guidance, answer questions, and offer support, making the experience less stressful for buyers.
10. Loyalty to the Buyer: Unlike listing agents who represent the seller's interests, buyer's agents exclusively represent the buyer. They are committed to helping the buyer find the right property at the best possible terms.
11. Cost Savings: In many cases, the buyer's agent's commission is paid by the seller, which means the buyer typically doesn't have to pay for their services out of pocket. This is typically the “cost of doing business” for any seller in NYC. In fact 98% of most sales transactions involve a seller being represented by a broker. You’ll want the same equal representation, assistance, and guidance from your own agent to ensure you’re not missing any information about the property’s history, value, and future marketability.
Overall, a buyer's real estate agent acts as an advocate for the buyer, for YOU. I help navigate the complexities of the real estate market, find the right property, negotiate effectively, and ensure a smooth transaction. I know my expertise and experience can be invaluable in the home buying process, because I’ve dedicated my full career to the buying/selling of real estate. So don’t stress, don’t try and hold your job as well as learn mine - I’ve got you covered!