Skip to main content
Fulltext search
FILTER RESULTS BY:
RECOMMENDED IN RENT
Moving to NYC after college? Here's how to find a rental apartment
RECOMMENDED IN BUY
How buying real estate in NYC is unlike anywhere else
RECOMMENDED IN SELL
A guide to using a no-fee renovation loan from a NYC real estate firm
RECOMMENDED IN IMPROVE
How to make your NYC renovation more pet-friendly
BEST REAL ESTATE WEBSITE!
National Association of Real Estate Editors
BEST REAL ESTATE WEBSITE! National Association of Real Estate Editors
Brick Underground
Social Links
follow:
  • Facebook
  • Twitter
  • Instagram
  • Flipboard
  • search
Brick Underground
☰ Brick Underground
Brick Underground
Brick Underground
☰
Brick Underground
  • Buy
    • Buy
    • The Market
    • Investing
    • New Construction + Condos
    • Affordable Housing
    • Co-ops
    • Negotiating + Financing
    • How to Buy in NYC Guide
    Looking down on New York streets from the top of a skyscraper
    New Construction + Condos
    New York state budget greenlights more condo conversions, new housing vouchers, but no down payment assistance
    An image of the top of a brick New York City apartment building, including its parapet.
    Design + Architecture
    Parapet inspections: What NYC boards and building owners need to know about Local Law 126
    Haley and JP move to Prospect Lefferts Gardens
    New Construction + Condos
    From Prospect Heights to Prospect Lefferts Garden: We wanted three bedrooms so we could each have a home office
  • Rent
    • Rent
    • Affordable Housing
    • Roommates + Landlords
    • The Market
    • The Search
    • How to Rent in NYC Guide
    Apartment buildings at Grand and Crosby streets in Soho, Manhattan
    Affordable Housing
    Ask Altagracia: My mom is moving out of our rent-stabilized apartment. How do I take over the lease?
    Sponsored By Outerbridge Law P.C.
    Tenant protest outside Rent Guidelines Board preliminary vote
    Affordable Housing
    Rent Guidelines Board intends to raise stabilized rents for a fourth time
    A beautiful pink flowering cherry tree next to an old brick residential building with a fire escape in Astoria Queens New York during spring
    The Search
    A wet, hot, broker fee-free summer? A major change to rental broker fees is supposed to start in June
  • Sell
    • Sell
    • Staging + Open Houses
    • Negotiations + Closings
    • Getting Ready
    • How to Sell in NYC Guide
    Madison avenue and East 67th Street, Manhattan, New York City
    Sell
    Median sales price for Manhattan co-ops and condos jumps to $1,165,000
    new condo building and older co-op buildings in Prospect Heights, Brooklyn
    Sell
    Brooklyn median price nears $1 million but the spring market is a question mark
    View of NYC condo buildings from New Jersey
    Sell
    Private listings: What NYC sellers and buyers need to know about the off-market controversy
  • Live
    • Live
    • Neighbors
    • Kids + Pets
    • Neighborhood Intel
    • Products + Test-drives
    • Troubleshooting
    FlatRate moving brick underground
    Live
    How to troubleshoot your move in advance
    Sponsored By flatrate
    big apple moving NYC
    Troubleshooting
    How can I save money when hiring a moving company in NYC?
    Sponsored By Big Apple Moving
    Houses and apartment buildings in Queens, NYC
    Troubleshooting
    Mayor Adams is bringing the tax lien sale back. Here’s how to get your property off the list
  • Improve
    • Improve
    • Small Spaces
    • Small Projects + DIY
    • Renovations
    • Design + Architecture
    • Products + Services
    • How to Renovate in NYC Guide
    An image of the top of a brick New York City apartment building, including its parapet.
    Design + Architecture
    Parapet inspections: What NYC boards and building owners need to know about Local Law 126
    solar panels on a small house roof
    Design + Architecture
    Simple Yet Powerful Steps To Turn Your Apartment Eco-Friendly
    Sponsored By Ecoflow
    This is a photograph of a street in the Upper West Side in NYC viewed from the Summit in Central Park through bare tree branches.
    Renovation
    Fewer buyers, steeper rents, and costlier renovations: How tariffs could impact NYC real estate
  • Boards & Buildings
    • Boards & Buildings
    • Boards
    • Finance
    • Insurance
    • Legal
    • Property Management
    • Structure & Systems
    • Sustainability
    Burned and Boarded Up Windows
    When should your board hire a public adjuster?
    Manhattan GM
    What should we consider when renewing insurance for our building?
    Facade of NYC buildings
    How much is insurance on a NYC co-op or condo building?
  • Advertise
    • Advertise with us
    • Sponsored Content
    • Experts
    FlatRate moving brick underground
    Live
    How to troubleshoot your move in advance
    Sponsored By flatrate
    Apartment buildings at Grand and Crosby streets in Soho, Manhattan
    Affordable Housing
    Ask Altagracia: My mom is moving out of our rent-stabilized apartment. How do I take over the lease?
    Sponsored By Outerbridge Law P.C.
    big apple moving NYC
    Troubleshooting
    How can I save money when hiring a moving company in NYC?
    Sponsored By Big Apple Moving
  • Brick Report
  • About Us
  • About Us
Email Address
Fulltext search
FILTER RESULTS BY:
New Main menu
  • Buy
    • Buy
    • The Market
    • Investing
    • New Construction + Condos
    • Affordable Housing
    • Co-ops
    • Negotiating + Financing
    • How to Buy in NYC Guide
  • Rent
    • Rent
    • Affordable Housing
    • Roommates + Landlords
    • The Market
    • The Search
    • How to Rent in NYC Guide
  • Sell
    • Sell
    • Staging + Open Houses
    • Negotiations + Closings
    • Getting Ready
    • How to Sell in NYC Guide
  • Live
    • Live
    • Neighbors
    • Kids + Pets
    • Neighborhood Intel
    • Products + Test-drives
    • Troubleshooting
  • Improve
    • Improve
    • Small Spaces
    • Small Projects + DIY
    • Renovations
    • Design + Architecture
    • Products + Services
    • How to Renovate in NYC Guide
  • Boards & Buildings
    • Boards & Buildings
    • Boards
    • Finance
    • Insurance
    • Legal
    • Property Management
    • Structure & Systems
    • Sustainability
  • Advertise
    • Advertise with us
    • Sponsored Content
    • Experts
  • Brick Report
  • About Us
    • About Us
    • Advertise
  • About Us
SUBSCRIBE TO OUR NEWSLETTER →
Social Links Footer
  • Facebook
  • Twitter
  • Instagram
  • Search
Buy [ SPONSORED ]

Buying a place in NYC? Here’s how to work with listing agents and buyers agents to get the best deal

By Igluu  | November 27, 2018 - 1:00PM
ADVERTORIAL
image

Working with a listings agent or buyers agent can make navigating the world of NYC real estate easier, and save you money. 

Compass

SHARE:
Share to Facebook
Share to Twitter
Print
More...

If you’re in the market for a New York City apartment, you know that in some ways, it’s easier than ever to “shop” online for real estate; it’s possible to peruse literally thousands of potential places to call home from the sofa or on your phone. But buying (or selling) an apartment here is more complicated and nuanced—not to mention competitive—than ordering a new microwave via Amazon Prime, and that’s why both buyers and sellers agents provide their clients with a key advantage.

“New York City is famously home to the most complex and cut-throat real estate market in the world, and the landscape is constantly changing. It’s virtually impossible for the layman to keep up, and that’s why both listings agents and buyers agents are indispensable when it comes to navigating the market and getting the best deal,” says Martin Mucha, founder of new online search platform Igluu, which uses a proprietary algorithm to produce the industry’s most accurate search results. “Igluu, a one-stop shop for buyers, makes finding the right place easy, with the largest marketplace of vetted apartments for sale in NYC along with highly reputable agents.”

image

Listing agents vs. buyers agents: What’s the difference?

An agent is an agent, right? Actually, no.

A listing agent represents the seller and works with the seller to set a price and market the apartment (in addition to facilitating closing after a bid is accepted).

(Note: “On some real estate sites, such as Zillow and Streeteasy, it can be difficult to determine who the actual listing agent is— it’s not always the person whose photo and contact info is displayed next to the listing,” says Igluu’s Mucha. “That’s because these sites sell that placement to other agents who want to work with buyers. Igluu, however, does not do that, and the agent you see is the person who listed the apartment, knows the most about it, the building it’s in, and the neighborhood.”)

A buyers agent works with the buyer, advising them on where they can find an apartment that fits their needs at the price they want to pay. The buyers agent will also help facilitate the closing process.

“I think whether a consumer is buying or selling, they should have a broker on their side to represent them, just as two parties would each have their own attorney to represent them in a legal dispute. There would never be just one attorney to present opposing arguments on behalf of two adversaries,” says Douglas Wagner, Director of Brokerage Services at Bond New York Properties LLC. “In the sale or purchase of a home, both sides have tremendous stakes in the transaction, and each side needs to be confident and fully-informed about their potential risks and benefits as a result of the sale.”

image

Why you should work with a buyers agent in addition to a listings agent

There are many advantages to working with a buyers agent, which range from practical to strategic to financial.

First, a buyers agent has a fiduciary obligation to you exclusively, and will advocate in your financial best interest only.

Buyers agents, with their extensive knowledge of the marketplace, can save people an enormous amount of time. Armed with a buyer’s specific criteria (apartment features, neighborhood, price) a buyers agent can pinpoint the apartments that are the best match for someone. Not only do buyers agents have the most up-to-date information on what’s on the market, they may also have contacts who sell the type of apartment you’re looking for, and could gain access to a place before it is even listed. By working with an agent, you tap into both their knowledge and their network.

A buyers agent will have a sense of the market both macro and micro.

“An experienced broker likely has seen the same apartments trade more than once,” says Samantha Behringer, a licensed associate real estate broker at Douglas Elliman. “They'll have a grasp of the market as a whole, not just one home.” Behringer adds that both buyers and sellers look to real estate sites’ sales stats to gauge current pricing. “That creates a lot of misinformation. Those closing prices are often six or more months old if you consider when they actually went to contract. The market is ever-changing now. People are not getting the full picture and are not coming to the correct conclusions.”

A buyers agent can also save you time and anguish by directing you toward co-ops where you are likely—with their help— to be approved as buyer, and away from ones where, for any number of reasons, you may not be an ideal candidate.

“Most contracts in NYC are subject to some sort of board approval, and sales can fall apart even after contract signing due to a board rejection,” says Wagner. “A buyer’s broker is responsible for completing coop and condo board applications and submitting their buyer in the most favorable possible light so that the board approves the purchase application. Having an agent who is talented at creating board packages is worth the compensation they receive, even though it's just part of the process!”

A buyers agent can be especially helpful in the current climate, as they can act as an informed negotiator on your behalf, and save you money. That might be in the form of a reduced price on the apartment, or less obvious opportunities for reducing costs that experienced agents are familiar with. “One of the most important contributions of a buyer’s agent is negotiating on behalf of the client. And there are ways to reduce the the total cost,” says Halstead agent Shery Saeed. “One can play with closing costs...for example, sellers can cover certain taxes in place of a price cut. There is a lot of back and forth until agents work out a satisfactory deal.”

Having someone working on your behalf can also take the edge off what is admittedly a stressful and emotional process for both parties. “A third party negotiating on a buyer's behalf will remove the emotional pitch from the process and focus on the actual value of the property and the business transaction at hand,” says Wagner. “A buyer's agent will be able to argue for certain discounts, credits or other benefits and compromises that will ultimately seal the deal.”

In addition to making your search more efficient, effective, and potentially less costly, buyers agents can also help accommodate various special circumstances for people.

For example, Shery has more than once found herself in the role of referee, when including the needs and wants of husbands and wives, or parents buying an apartment for a child. She’s also conducted searches for clients remotely, “touring” apartments via Facetime for people moving from across the country or overseas. (International buyers may face financing challenges U.S. buyers don’t; an agent may be able to help facilitate that process. Additionally, so can Igluu: the company recently introduced a financing program for international buyers offering loans up to 75% of value, in amounts from $1 million to $20 million and closing within two weeks.

How to get the most out of working with listing agents and buyers agents

Whether you’re buying or selling, working with an agent provides numerous advantages. Here’s how to get the most out of working with one.

First and foremost, make sure they are reputable. Igluu vets all of its listings and verifies that the listing agent featured is the person representing an apartment.

If you are looking to buy, do yourself and your agent a favor and identify what you want, what you need, and how much you can spend. “I sit down with a client for a chat. The goal is to identify what are their top three to five negotiable and non-negotiable factors,” says Shery. “This will help me customize the search and find option the client would enjoy exploring. Setting expectation is another important factor. The more I know about what you are looking for the more useful I can be.”

For sellers, Behringer also recommends an initial, upfront conversation. “Have a straight, managing expectations conversation right out of the box,” she says. “Is it uncomfortable? Sure. But these conversations always yield positive results.”

Thinking about buying or selling in New York City? Now you know why you shouldn’t go it alone! Click here to find your agent, and your new place with Igluu.

You Might Also Like

image
Rent Your fall apartment search is over with Igluu, NYC's largest source of verified listings
image
The Search Introducing Igluu, the only website you need to rent or buy in New York City

 

Brick Underground articles occasionally include the expertise of, or information about, advertising partners when relevant to the story. We will never promote an advertiser's product without making the relationship clear to our readers.

topics:

brokers buying selling
SHARE
TWEET
BRICK’S PICKS
Historic brick facades of NYC apartment buildings
Getting overcharged by a landlord? Here’s how the Tenant Protection Unit helps rent-stabilized tenants
Apartment buildings in Soho
New Rent Guidelines Board report justifies a rent freeze, tenant advocates claim
Brooklyn apartment buildings
Understanding net effective rent: Here's how to calculate your real monthly rent
image
How much should you renovate your NYC apartment or house before selling?
Council Member Shahana Hanif hold press conference before the City Council vote on Arrow Linen spot rezoning.
City Council signs off on 10-story towers for Arrow Linen site
couple standing close, only jeans-clad legs showing
Can my boyfriend claim ownership of my condo if we break up?
Follow Brick on Instagram
@brickunderground | #brickunderground
Brick UndergroundBRICK UNDERGROUNDREAL LIFE. REAL ESTATE. REAL NEW YORK.
Social Links Footer
  • Facebook
  • Twitter
  • Instagram
  • Search
Main menu footer
  • Buy
    • The Market
    • Investing
    • New Construction + Condos
    • Affordable Housing
    • Co-ops
    • Negotiating + Financing
    • How to Buy in NYC Guide
  • Rent
    • Affordable Housing
    • Roommates + Landlords
    • The Market
    • The Search
    • How to Rent in NYC Guide
  • Sell
    • Staging + Open Houses
    • Negotiations + Closings
    • Getting Ready
    • How to Sell in NYC Guide
  • Live
    • Neighbors
    • Kids + Pets
    • Neighborhood Intel
    • Products + Test-drives
    • Troubleshooting
  • Improve
    • Small Spaces
    • Small Projects + DIY
    • Renovations
    • Design + Architecture
    • Products + Services
    • How to Renovate in NYC Guide

Get more news you can actually use...

The subscription service is currently unavailable. Please check again later.

Delivered to your inbox weekly - for free.

*By signing up you agree to receive occasional emails on behalf of our sponsors

Footer Menu
  • About Us
  • Advertise

Copyright 2009-2024 by BND Ventures Inc | Privacy Policy | Terms of Service | Ad Choices | Login