WHAT IS A BUYER’S AGENT?
A buyer’s agent is a local expert who knows about all properties currently on the market, all recent comparable sales, and property coming to the market in the near future.
A buyer’s agent is your advocate within the brokerage community.
A buyer’s agent is a personal concierge to guide you through the process and capable of managing every detail, including preparing your purchase application, referring financing options, coordinating trades-persons, helping you find dedicated specialists and much more.
A buyer’s agent is a fiduciary agent: contractually bound to be honest, compassionate, and hold your interests confidential while doing the best to promote you when you find an apartment you want to purchase.
Through our membership in The Real Estate Board of New York, we have access not only to our own listings, or Compass’s listings, but every listing on the market. The price you pay is the same whether you use an agent or not. The only difference is the personal service you will receive.
In New York City, far less properties sell per capita compared to the national average. The seller’s agent has a contractual fiduciary relationship with the seller. Anything they say or do is to advance the seller’s best financial interests.
3 PROPERTY TYPES
New York City has 3 major types of real estate - each with different characteristics and closing costs.
Most properties built or converted before 1990 are cooperatively owned (co-ops). Homeowners are called shareholders because they purchase stock in a corporation, and that corporation owns the building. They are collectively partners in an entity that owns the building, and in turn grant themselves the privileges of ownership associated with owning real property in the form of a proprietary lease.
There is a required purchase application. Most buyers will find this process tedious and a bit stressful. The good news is that our team undergoes this process all the time. We focus on what’s important and how to complete the purchase application process efficiently and effectively.
A co-op has other characteristics as well. When you or your neighbors want to make permanent (non-cosmetic) changes, the building has guidelines and an approval process. If you want to rent your apartment, the board may have certain guidelines or limitations. Some buildings prohibit you from financing more than a certain amount. We track this information to help find the right apartment for you.
A condominium is defined as a fee simple interest – you own your unit by deeded ownership, similar to owning a single family home (or townhouse).
Condos have an application process for sales and subletting, and you are subject to the condo board’s right of first refusal on the rental or sale, but this rarely happens.
You are also subject to the rules put forth by the Board of Managers. You have collective interest in the building’s sustainable financial and physical health.
Condos generally do not restrict differing types of ownership, such as ownership by an LLC, second home, gifted funds, etc. For these conveniences, condos tend to cost 25% - 35% more per square foot than coops.
Yes it’s true, there are houses in New York City.
A house historically holds greater value than a co-op or condo. You can get an owner occupied mortgage for any building with up to 4 units, and the other unit’s rent can offset your costs. On the other hand, maintenance, taxes, and insurance costs can be much more expensive in houses than apartments. Also, all of the maintenance of the home is your responsibility.
HOW WE WORK TOGETHER
A buyer’s agent must act in the interest of the buyer.
Must follow the lawful instructions of the buyer.
DISCLOSURE OF ALL MATERIAL FACTS
Including, but not limited to-
Seller’s financial condition
Anything that would affect value of a property
Relationships between agent and other parties
Data driven market analysis
Any discussions, facts or information that should not be revealed to others. All financial disclosures kept in confidence. We have helped many celebrities, politicians and top level executives. We are accustomed to exercising the utmost discretion and confidentiality.
ACCOUNTING IN DEALING
Reporting location of any money placed in the hand of the agent. All discussions involving money are to be 100% transparent with regards as to who gets what at all times.
REASONABLE SKILL AND CARE
In addition to market experience, agents are expected to have a heightened ear for anything and everything. This means not taking anything at face value, referring experts to certify anything that may be in doubt, and maintaining a professional and courteous deal environment.
WHAT YOU CAN EXPECT FROM ME:
Smartphone real-time rapid response
Counsel and explaining all pertinent real estate queries
Perform a comprehensive market analysis
Present and show you properties that match your requirements
Assist you in getting pre-approved & arranging financing
Review and counsel you on all offers and counter offers
Professionally present your offer and negotiate the best terms for you
YOUR COMMITMENT TO ME
Talk to me – if you see something you like, let me know. If something bothers you, no matter how small, please share that information. You are the most important person in this process, and I want to give you the best service I can. Please help me be of the most help to you!
We have to arrange to meet with other agents in the City. While my office has a lot of support and can typically accommodate with short notice, most other agents require at least 24 hours notice to make appointments. Thank you for understanding.
I ask that you only employ me as a Buyer’s Broker if I am working with you. Once you make this commitment, you will have access to all the information I have and I will stop at nothing to help you. It is impossible to have two Buyer’s agents working together unless they are on the same team.