WHY WORK WITH A BUYER’S AGENT?
In the vast majority of New York City real estate transactions, the buyer has representation in the form of a buyer’s agent. A buyer’s agent is an advocate for the buyer to get them the best deal on the right property for them and their needs. There are many reasons to use one — here are over a dozen of them.
They answer any and all questions, without judgment
A good buyer’s agent will answer any questions you have, no matter how silly they may seem — and they’ll do so without judgment.
They manage expectations from the get-go
Buyer’s agents will be honest with you about the current market, pricing, neighborhoods, timeline, etc., leaving you with few surprises.
They get the deal done for less
Of course, one of the main reasons buyers will use an agent is to get the deal done for less than they’d be able to on their own.
They secure the deal on all terms — price, timeline, financing, etc.
There’s much more that goes into a deal than price. A buyer’s agent can also make the deal happen according to your desired timeline, financing, closing costs, and more.
They evaluate properties holistically
An agent can look at a property with factors in mind you may not think of, like resale value, renovations, neighborhood, school districts, etc.
They have a duty to disclose any issues with a property
Buyer’s agents have a fiduciary duty to you, the buyer, to disclose any known issues with a property that affect its value.
They provide insights on the current market
Agents have a pulse on the real estate market like no one else. Their valuable insights will help you make educated decisions.
They provide guidance on where to come in with a bid
Speaking of market insights, you can count on your agent to help you decide what to bid on a property. And not just any bid — a winning bid, at the best possible price for you.
They know when to walk away from a deal
Helping you get the best deal also means knowing when to walk away from one. You can trust your agent to make this call.
They uphold confidentiality
You can expect the utmost confidentiality when it comes to personal information, finances, and other sensitive details.
They make smart suggestions
Let’s say you’re looking for a three-bedroom, but it’s not in the budget in your desired neighborhood. A savvy buyer’s agent will suggest a two-bedroom with a convertible home office. If what you’re looking for isn’t available, they will almost always find other options to fit your needs.
They narrow down your search
Having too many options isn’t always a good thing. An agent can narrow down your choices, making your list more manageable and realistic.
They can help with co-op board approval
Your agent wants you to be approved by the co-op board as much as you do. They’re happy to help you assemble a package, get your finances in order, prepare for the interview, and anything else needed for approval.
They can help you assemble your team
There are more than just real estate agents, buyers, and sellers involved when buying a home. Other professionals such as lawyers, mortgage brokers, and inspectors are often needed, and your buyer’s agent can refer you to trusted people in their network.
There are no fees or financial downsides
Working with a buyer’s agent does not cost you anything. In fact, not working with one can end up costing you, like buying at too high a price.
They put your needs first
Always.
Source: StreetEasy