Recommendations for a Buyer's Agent
Can anyone recommend a good buyer’s agent? I’m in the market to buy a condo. I actually have located the property I’m interested in and would now like to enlist a buyer’s agent to assist me in making a reasonable offer (and who hopefully can help me get a sense of what comparables in the…
Can anyone recommend a good buyer’s agent? I’m in the market to buy a condo. I actually have located the property I’m interested in and would now like to enlist a buyer’s agent to assist me in making a reasonable offer (and who hopefully can help me get a sense of what comparables in the area are going for and any more info I may not have access to). I was curious about Corley Real Estate having attended a viewing with one of their agents, but can’t tell from their website if they also handle buyers. Any tips? And is it customary to ask a buyer’s agent to help with making an offer even if they haven’t had a hand in helping locate a property? Thanks … I’m a first-time buyer, by the way, but that’s probably very obvious.
When I was buying and selling, I knew more about the neighborhood and comps than most agents.
In each neighborhood there are two or three long-term agents who know the area really well.
They don’t always make good use of Internet, however, which I believe is a disadvantage for a seller.
Basically, second what newdad said. A broker is someone you use, not someone you trust.
A recommendation might not work for you. If you really want to use a broker (though if you are willing to do some research, you don’t have to, but it’s your choice), talk to some. What works for you will be different than for others.
You need someone who will explain things to you, who you can, if not trust, at least see through them clearly enough when they are talking bull in order to work with them, and who has time to work with you, and part of it comes down to personality. Go talk to some. Agree you should go to REBNY one. And you don’t need to make it exclusive, in case this property doesn’t work out.
Me, I trust my own research more than what brokers tell me.
While it’s true to some degree that the buyer’s broker works for the seller since considering that the commission is split, and their earnings are determined by the final sale price – which you are paying for.
If you’re a first-time homebuyer I highly recommend getting your own broker to show you the ins and outs and someone who is patient enough to answer all your questions (even hypothetical ones) when you know nothing about real-estate or the closing process. Since the buyer broker will earn a large chunk of money, do make them work their butts off and do not hesitate to ask many questions. There might even be concerns or things they will not bring up with you unless you do first.
My first time around purchasing a property I used my own broker because a) I knew almost nothing about real estate b) the commission is split between the brokers. But if I were to ever purchase again in the future I probably would not but that depends.
You should put together your team even before you sign the dotted line:
real estate attorney
buyer broker
mortgage broker (representative)
If you are serious about buy property, you might even want to go ahead and get a pre-approval letter which is free and offered by any lender.
Yes, plenty of brokers are quite honest, trustworthy, helpful and well worth the time. I am sure all those recommended here will be of great assistance. However, I can tell you from personal experience that a buyers broker is still in the game to make $$ and win and close deals, and is solely interested for you to close (or else they dont get paid). So, yes, they will work hard to ensure your offer is accepted and you close. They will look at comps and advise you to what is a reasonable offer, but they will do so without possibly jeopardizing the deal – and so, you wont necessarily get the best deal possible. Our broker, who we loved (knowledgable, helpful etc), seemed to be overly conservative. I had to practically fight her to ensure that she conveyed my lower offer and not budge from it – it was clear that she was nervous that we would lose out (and thus lose the commission). While, as an agent, she was ethically bound to take her orders from me, I know that had I not been diligent in knowing the market and simply taken her advice blindly, I would have paid tens of thousands of dollars more than we did.
It really is unfortunate that brokers/agents have such a bad reputation with some of the commentors here. Like all professions there are many really good people and some very bad people in the profession. I beg to differ with Newdad’s idea that somehow every broker is “out to get you” and is only motivated by money. Brokers, by and large, are no more motivated by money than any other business professional – banker, lawyer, doctor, etc. Done well real estate brokerage it is a profession.
Can individual’s do their own research and make smart and informed real estate decisions on their own? Of course. You can do your own taxes too. You can remove your own tooth. You can replace a starter or overhaul your own car. None of these are rocket science. (In fact one could argue that rocket science isn’t rocket science assuming you have sufficient motivation to do the research and learn the trade.) The point is, more often than not most people are not sufficiently motivated to do all the research required to make what is arguably the most important financial decision they will ever make.
Furthermore, it is a misconception to state that the only thing brokers do is “find properties” – if that were true then brokers would be paid when the property is identified. The reality is brokers are there to work with the buyer/seller throughout the whole transaction process. And most of the time the broker is only paid when/if the transaction closes.
It’s not rocket science but it does take experience and focus and is usually best done by people who make their livings doing it.
Thank you for all of your comments and recommendations! tracyj
Do yourself a favor and trust no one! Money and the making of money is everyones biz in real estate. Do your own homework listen to your guts , find comps,research the hell out of the sponser and building , protect yourself in the contract, and never let them know everything that your thinkg and feeling . They will and can use it to mess with yourhead. You must asume that they at some point will lie cheet and mislead you . just to get you to sign on the line. A broker is a human house finding tool, but a pc can be just as an effective tool. lastly listen to only objective advice , you gotta learn to listen for when someone is trying to sell you a Bill of Goods . It is all about money. There are some good advice above , and some total bullshit .Have faith in your own capasity to learn what you need to learn, and then start the process of buying your home. GL
Along with wasder and pity, I’ll add my name to Nadine from Brown Harris.
The lack of real buyer’s brokers here is a pain. I agree with some above who say you can rarely trust them, because they are primarily seller’s brokers, too.
That said, we found someone (two folks, actually) who provide genuine buyer’s brokers services, and they are awesome — Erin and Ari from housebywe. http://www.housebywe.com You can check–there have numerous recommendations here. Found our place for us and provided invaluable advice, and I can’t tell you how thankful I am for their services. They really know brooklyn, are super down to earth, know the business, and are very trustworthy and professional.