5 reasons to hire a buyer’s agent
1. You have an expert who knows the market inside-out and represents your best interest
Whether you are looking for a primary residence, pied-à-terre, or investment unit, there are always many options to choose from. Evaluating each choice is always challenging when you don’t buy or sell real estate every day. Evaluation means getting all the comps and market data to understand why the property is priced this way and if you can justify your offer. You are always the one making decision and your agent is an advisor who gets you the details, numbers, and solutions for your best judgment. |
2. Your home search is getting more powerful and efficient
Buying an apartment takes time. You might be interested in a property you saw and while you keep looking, someone can put an offer on it. Your agent is the one to keep track of the showings and inform you about potential offers and statuses of the listings. There are also off-market and newly listed properties that are best to find when working with the right agent. |
3. You have an expert negotiating best deal on your behalf
There are 3 types of agents: listing agent (or seller’s agent), buyer’s agent, and dual agent. Listing agent represents the seller and his/her goal is to bring the buyer to the highest possible offer. Buyer’s agent represents the buyer and his/her goal is to negotiate the best offer for the buyer. It means that buyer agent’s goal is to save you the most funds/time/resources possible in the deal. Dual agent is the one who represents both buyer and seller in the transaction. Essentially listing agent becomes a dual agent with the seller’s permission. This option is very challenging and may only benefit the buyer in very specific situations. |
4. Your offer-to-closing process is handled professionally so you never miss out details
Making a powerful offer involves art and experience. There are buildings that are hard to get and there are extremely popular listings - you want to make sure your offer stands out and is prepared in a highly professional way. It may sound easy to do yourself but in 8 out of 10 cases, you will end up either missing on things or over exposing something that will put you in disadvantage as a buyer. Experienced buyer’s agent will help you navigate through the entire process as smoothly as possible. |
5. Hiring a buyer agent is free
Buyer’s agent is compensated by the seller. There are pre-defined terms for compensation that are listed in the listing agent’s contract when the property is going on the market. It means that it is highly unlikely for you to get a better deal if you decide to represent yourself without hiring a buyer’s agent. However, if there is still a chance for your direct discount, you are not taking advantage of the previously listed points so may end up paying more for the property. |
Buyer consultation
To learn more about the process, sign up for a free 30 minutes buyer consultation via zoom. We will discuss:
- Buying timeline
- Pre-approval process
- CAP, DTI
- REBNY financial statement
- Target property details
- Closing costs
- Contingencies
- Best practices relevant to your goals