Saturday, September 4, 2010

Why buy Manhattan Property with a Broker

1.  Commission:
The commission is a pre-negotiated amount paid by the seller.  If a buyer has a broker, it's split 50/50 between the seller's and buyer's brokers.  Else, the seller's broker keeps it all.  There is no "discount" by going directly.

2.  Fiduciary Responsibility:
The buyer broker's fiduciary responsibility is to the buyer.

3.  Negotiations:
The buyer's broker can negotiate the best deal based on understanding of market trends, comparable tools and relationships.

4. Identifying the right property:
Good brokers see property every day and can filter the right ones based on your objectives.

5.  But.. not just any broker:
Anyone can be a broker, just like anyone can start a business.  Hence, spend time interviewing several brokers to select the best fit.  

PS:  There has been many situations where buyers who went directly, or who think they're too smart to use a broker, end up overpaying or losing out on good deals.  Do yourself a favor, spend time interviewing brokers and get a good one to represent you.

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