This is why you need a buyer’s broker
By: Albert Moy
Tags: Real Estate, Broker, Buyers Broker Nyc

With so many online tools and resources to find that perfect condo, you may wonder if you really need a broker to purchase a condo. After all, you can easily go online to find out what apartments are currently on the market and when the next open house will be held. But truth be told, that is just the tip of the iceberg when it comes to finding a home. Working with a buyer’s broker gives you access to many more listings — many of which are not listed on the market — along with mitigating some of the risks associated with buying in New York City and the negotiations to ensure you get the best deal.

Let’s start with…

What is a Buyer’s Broker??

As you may know, a seller’s broker represents the seller and offer a range of services, such as listing your unit, scheduling open houses, and ultimately, ensuring that you get the best offer on your home. As for buyers’ brokers, they represent buyers and offer a completely different set of services. They help buyers find listings, get into open houses, and make a viable offer.

What does an Outstanding Buyer’s Broker Offers

The New York City real estate market is extremely competitive, complex, and especially for first-time buyers, it can be extremely stressful. If your buying power is limited by financial constraints, you’ll face even more hurdles. If you’re looking to buy in a co-op, you’ll need to navigate even more financial hurdles and a board interview, and the experience of buying a home may be even more challenging. This is where an outstanding buyer’s broker can make a world of difference.

When you work with a buyer’s broker, you’ll get unbiased representation. Also, a buyer’s broker may be more invested in closing the deal quickly, as opposed to working with a dual agent (an agent that represent both the buyer and seller), who knows they’ll get compensated whether or not your own offer is ever accepted. Lastly, a buyer’s broker is only working with you, which means that they will be available to offer things that may go above and beyond what a dual agent can do. For example, they would be able to offer tips on how to navigate a tricky co-op board meeting. This has everything to do with the fact that they aren’t just invested in closing the deal but specifically invested in you closing the deal.

The Cost of Working with a Sellers’ Broker versus Buyers’ Broker

The great news about working with a buyer’s broker is that most of the time, it should come at no cost you. Most of the time, the broker’s fee is paid by the seller. If a buyer’s broker is involved, then the broker fee is usually split between both the seller and buyer’s broker. Having said that, it should be a no-brainer to have a buyer’s broker since it would come no cost to you while being able to have someone who has your back at all times.

How to Find a Buyer’s Brokers

There are clearly many advantages to working with a buyer’s broker, especially if you happen to be buying in a highly competitive market. But first, you need to find a buyer’s broker. It’s not that brokers don’t like buyers — helping someone buy their first home and even a subsequent home can be a phenomenally satisfying experience — but it is generally a lot more work than working with sellers. When brokers sign on to represent buyers, they are often committing to a relationship that will last for months. On the sellers’ side, it’s a different story — sellers’ brokers often close deals in just a few weeks. Still, it is possible to find a great buyer’s broker, if you know where to search.

An experienced broker, such as myself, will have access to more listings, more data on the local housing market, and most importantly, be better equipped to guide you through the many stages of buying in New York City.

If you have any questions, reach out to me and let’s talk at albert.moy@elliman.com.