Five Reasons to Hire a Buyers Agent
You’re finally ready to buy your first home in New York City. Or maybe you’ve already invested in real estate a few times and now seems like the right time to add to your portfolio. Whatever your situation, please allow us to explain why you always should hire a buyer’s agent when buying in NYC and why you should not go it alone.
1. Experts on the local market
A buyer’s agent has industry resources and connections that can get you in the door of that off-market three-family with an owner’s unit in the neighborhood of your dreams. They know this city inside and out and are ideal sounding boards to help narrow the focus on the types and locations of properties that best suit your requirements. Take advantage of their knowledge of comps in the market so you can make smart offers that get the deal done.
2. Experienced negotiators
You may be an expert negotiator in your field but New York real estate is an institution incomparable to any other. A good buyer’s agent not only will be able to negotiate the best deal for you, but they’ll also know why the right property is worth it (or not) and how to get you to a closing with the fewest compromises. Keep in mind that they are your best advocates when negotiating around and through the tricky points of buying property, able to find options that you may not have considered available to you.
3. Paperwork gurus
If you aren’t aware yet, buying property requires reams of paperwork. This is especially true when your purchase lies within the boundaries of New York City. Appearingly simple application processes can lead to pounds of documentation, especially when buying a home in a co-op building or a commercial property with “hair.” Having an experienced buyer’s agent to guide you will ease your anxiety and ensure you don’t sign anything without understanding what it means to your bottom line.
4. Your personal advocates
Hiring a buyer’s agent means you have your very own personal spokesperson by your side. They will act in your best interests, promoting your requirements as a buyer. They can have the difficult conversations for you, creating a buffer between you and the seller’s agent, who has a fiduciary responsibility to the seller.
5. No fee to you
A buyer’s agent provides all of these services to you, and more, for free. How can that be? Their commission typically is paid by the seller and is shared between the seller’s agent and yours. The split between the two varies, but ultimately shouldn’t cost you any additional money beyond what you’ll already bring to the closing table. Any terms that vary from this will be discussed with you and disclosed clearly to you in any buyer’s agency agreement.