When buying property in New York, a buyer's broker will identify the good deals, negotiate the best price and coordinate the whole purchase process. The buyer's broker represents the interest of the buyer and the fee is already built into the property price. Yes, this is a good deal.
Buyer's broker is not a new concept. It's just that the majority of agents focus on getting property listings and hence represent sellers. Buyer focus is a niche. From a broker perspective, a buyer's broker needs to be familiar with the entire market. For example, a buyer's broker needs to be familiar with the top buildings in each neighborhood, understand what are the high demand/high appreciation buildings, what are the high supply buildings with too many investors etc. Beyond that, a buyer's broker needs to know what are the preferred apartment lines within each building. Yes, there is a lot to know and the broad knowledge base is necessary to help buyer clients identiy what is a good buy.
Read more about the role of a buyer's broker in Manhattan property transactions.
Wei Min Tan is a Manhattan buyer's broker focused on investors and foreign buyers. He is often interviewed by top media including CNN, CNBC and The Wall Street Journal on the Manhattan property market. Wei Min can be reached at tan@castle-avenue.com
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