Saturday, December 25, 2010

How to select New York property agent

Manhattan, New York property agent - investment from Weimin Tan on Vimeo.

How to Select a New York Property Agent

Until 2 years ago, I was an active property buyer in multiple cities.  A challenging issue was selecting the right property agent.  A referral helps dramatically but even so, there may not be a fit. 

For international buyers wanting to buy property in New York, do not use multiple agents.  The first question an agent will ask is whether you're already working with an agent.  You want a loyal and trusting relationship rather than endure the guilty feeling of viewing with multiple agents.  All agents in Manhattan, through membership to the Real Estate Board of New York (REBNY), have access to the same listings because a seller's agent is required to share a listing within 24 hours of attaining the exclusive contract.  This removes the question of who has more properties to show because through REBNY, all agents have access to the same properties. 

The question is who can help you identify the right property based on your objectives and negotiate effectively.  Interview a few agents and choose based on the best fit.  Personality and language are basic requirements.  If you're from Hong Kong or Singapore, a lot of New York agents can speak Cantonese or Mandarin Chinese.  Or smile pleasantly.   The real factors to consider include:

1.  Relevant experience:
If you're looking for an agent to help you buy investment property in New York, the right agent should be an experienced investor.  Common sense but hard to find since most agents are still renters.  You'd get the richest experience and knowledge from someone who has been there, done that.

2.  Context:
The agent should understand the context you're coming from.  For example if you're a buyer from Hong Kong, what are the differences between Hong Kong property vs New York property.  What are the tax differences, price appreciation differences etc.

3.   Team:
The agent should know the right people, eg attorney and accountant familiar with foreign buyers.  You don't want to be referred to an accountant who needs to do research on what FIRPTA means.

Visit us at Castle Avenue Partners - Manhattan investment properties
7 Things your New York real estate won't tell you

1 comment:

Anonymous said...

Very informative info. Thanks, u should b my property agent