Why do most buyers use a Manhattan Real Estate Broker to help them purchase an apartment?
A Manhattan Real Estate Broker has....
- Knowledge: The process of buying property in NYC is very different than in any other market. A professional Manhattan real estate agent can show you the best apartments on the market that meet your criteria, guide you through the process, and reduce the likelihood of you losing an apartment to another buyer, an occurrence that happens very frequently with others.
- Experience: A professional real estate agent may be familiar with the very building that is of interest to you, and provide you with invaluable information about it. The process of buying an apartment in Manhattan is extremely complicated and time consuming. Real estate brokers understand the process and have the time to take care of every detail necessary to complete the transaction.
- Time: We can dedicate more time for your search than you can! Buying a Manhattan apartment, condo or coop is probably only one of the many things you need to find time for, particularly if you have a job and a family. Professional real estate agents often spend up to 100 hours a week helping their buyers find the best apartments available.
- Selection: You may be surprised to learn that only about 15% of all apartments on the market are advertised in the New York Times each week. There are many reasons for this. Agents can't be in two places at the same time, and if he or she has several listings, time will only allow for two, or occasionally three, open houses per week. It's also too expensive to advertise every apartment every week. Most real estate agencies have a limited advertising budget that provides for only a few ads per property, and if the apartment is on the market for several months, more often than not it's not going to be advertised.
- Price: Professional real estate agents have data showing how much other apartments went for and the date they were sold. This data is used to price apartments, and can be used to negotiate a good deal. Without a Comparative Market Analysis, the buyer might pay too much for an apartment. Here is an example of our Comparative Market Analysis.
- Negotiation: Professional real estate agents are trained to negotiate, and experienced agents like me can save buyers thousands of dollars. Also, it's been proven, time and again, that third-party negotiators negotiate better than buyers!
- Services: Professional real estate agents should have good relationships with the mortgage brokers, lawyers, architects and construction workers you will need in the process of buying and remodeling your apartment. Referrals to the right professionals are an invaluable service a good agent can provide. I refer only the best.
- Board Packages: Co-ops require board packages and there truly is an art to filling them out properly and persuasively. Many buyers don't realize that boards frequently turn down prospective buyers, and when this happens, no reason is ever given. The Board package is a critical component of the process by which consideration is given to a potential buyer, and a professional real estate agent knows how to present their buyer in the best possible light when constructing the board package.
- It's free!: Using a buying agent is free to you! The seller(s) usually compensate the selling agent with a commission of 6% of the contract price. Since most buyers employ an agent to help them buy an apartment, the selling agent shares the 6% commission with the buying agent, and each agent receives just 3% of the contract price. As a result, buyers do not save money by purchasing an apartment without the use of an agent.When they're alone in this venture, they provide the selling agent with the full 6% commission because there isn't another agent involved in the transaction.
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