Why is it in Buyer's best interest to work with a Real Estate Broker
Can you buy a property in New York by yourself, without buyer's broker on your side? Yes, absolutely. You are smart enough to do everything by yourself. Manhattan buyers have excellent education, are well informed about everything, well traveled, well read, and very intelligent. But they are also very busy with their jobs, life, and obligations and they that's why, if they are serious about buying, they usually decide that they want someone they can trust to manage the purchase process for them. If you are not sure whether you need a real estate broker to represent you, here are a few good reasons why it might be a good idea:
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- Professional Knowledge: Whether you want to buy a condominium, coop, townhouse or a building, the process of buying property in Manhattan 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 selection process, and reduce the likelihood of you losing a property to another buyer.
- Real Estate Experience: A professional real estate agent may be familiar with the very building that is of interest to you, and provide you with valuable information about it. The process of buying an apartment in Manhattan is complicated and time consuming. Real estate brokers understand the process and have the knowledge to take care of every detail necessary to complete the transaction.
- Time Factor: We can dedicate more time for your search than you can! Buying a Manhattan apartment (in a condo or a coop), townhouse or building 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 devote all their time to helping their buyers find the best properties 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. It's too expensive to advertise every apartment every week! Real Estate Professionals have access to exclusive industry listing services that show 100% of available properties.
- Price Advantage: Professional real estate agents have data showing how much other apartments went for and the date they were sold. This information is used to price apartments, and can be used to negotiate a good deal for you. Without a Comparative Market Analysis, the buyer might end up paying too much for an apartment.
- Negotiation Skills: Professional real estate agents are trained to negotiate, and experienced agents with CNE® (Certified Negotiation Expert) designation like me can save buyers thousands of dollars. Also, it's been proven, time and again, that it is easier to negotiate through third-party negotiator than alone!
- Board Packages: Condominiums and co-ops require board packages and in case of co-ops there truly is an art to filling them out properly! Many buyers don't realize that co-op boards frequently turn down prospective applicants, and when this happens, no reason is ever given. The Board package is a critical component of the process, and a professional real estate agent knows how to present their buyer in the best possible light to a co-op board.
- Buyer’s Broker is FREE for the Buyer! Using a Buyer’s Broker is free for buyers in Manhattan! Seller’s Agent and Buyer’s Agent usually share a commission that is paid by the Seller. As a result, Buyers do not save money by purchasing an apartment without the help of their own broker. When they go alone and unrepresented, the full commission simply goes to the Seller’s agent.
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