Buying in NYC is much more complicated than buying elsewhere in the US. Apart from having two unique property types (co-ops and condops), competition is fierce and the buying process can be lengthy. You’ll want to have an experienced agent backing you up each step of the way. The best news is that working with an agent doesn’t cost you anything.
Can you buy a place on your own without an agent? The answer is a most definite yes. However, you are shooting yourself in the foot by going it solo. Don’t take our word for it though – all you have to do is follow the money.
How are real estate agents compensated? The seller compensates both buyer’s agents and seller’s agents. The owner signs a contract with their agent (seller’s agent). This contract says how much money they will get and also how much the buyer’s agent will get. If a buyer isn’t working with an agent (buyer’s agent), then the seller’s agent will get both their commission AND the buyer’s agent’s commission.
Regardless of whether a buyer has an agent, the seller will pay the same commission. It is in your best interest to work with a buyer’s agent. They can provide valuable market insight, help you find property to buy, negotiate sales price and terms, prepare board applications, communicate with all other parties to close a deal, and more.
At Elevated Stories we truly look out for the best interests of our clients. We work hard, go the extra mile, and give our clients an edge on the competition. We approach each client relationship as a long-term one. The relationship is never over once a deal closes. Our goal is to achieve long-term success together, not short term wins alone.
Contact us today to learn more.