Should You Work With a Buyer’s Agent in NYC?

Should you work with a buyer's agent in New York City? Let's take a step back and understand why buyer's agents even exist in the first place.

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Buyer’s agents exist because of the prevailing commission structure here in New York City. The custom is that sellers pay all of the typical five or six percent commission including, of course, the split on that, which goes to the buyer's agent. So, in other words, buyer's agents exist because sellers pay for buyers’ agents and therefore a typical purchaser does not have to pay any money out of pocket to have the benefit of working with a buyer's agent throughout the process.

Furthermore, while many buyers may suspect that potentially the seller saves money on commission if there's no buyer's agent, most of the time that's not the case. Your typical exclusive right to sell listing agreement in New York City stipulates a fixed commission rate of say six percent which is payable upon closing regardless of whether the buyer has an agent or not. So, if the buyer's unrepresented, well, the listing agent just has a very fantastic payday and collects the entire six percent.

So, should you work with a buyer's agent, what does a buyer's agent actually do? You can find all the listings on the internet, so, what's the point? Even if it's free, what's the point of having somebody hanging out with you during the, during you know, your home buying process. Well, one of the main things that a buyer's agent can do is not necessarily send you listing ideas, but to help kind of point you in the right direction based on the way your search is progressing.

Your buyer's agent can also provide useful advice and guidance throughout the process namely walking you through, of course, every step of the process, making sure you're prepared in advance of the arrival of each subsequent stage of the home buying journey.

Your buyer's agent can also help you coordinate showings. Now I know that sounds like something you could very much do on your own and you absolutely can but at the end of the day you know you may want to see a large number of properties. Your buyer's agent for free without any cost to you can literally like build a showing schedule for you for an entire day. So, think about all the logistics that can be solved by this person basically, acting as your concierge.

The other advantage of having your buyer's agent help you with the showings and scheduling the showings is that you won't get harassed by listing agents. Listing agents will constantly ask you the same question, “are you represented?”, “do you have a pre-approval?”, “can I work with you on your home search?”. Do you really want to get solicited by every single listing agent of every single property? When all you want to do is just see a home. So, your buyer's agent can basically act as a barrier to help eliminate sort of this noise and this wasteful interaction from your home purchase process altogether.

Now, your buyer's agent can also help obtain answers to questions and specific questions about various buildings and listings that you're considering.

Your buyer's agent will also obviously negotiate on your behalf. So, your agent will help you put together an initial offer, submit that, and go back and forth in terms of the subsequent rounds of negotiating.

Your buyer's agent can also assist with the board package in the case you're buying a condo or a co-op.

If you're buying a condo or a co-op, another benefit or reason to work with a buyer's agent is that your agent can connect you with the relevant third parties that you actually need in order to successfully close your home purchase. For example, you will need a real estate attorney in New York City to buy a home, you may also need a home inspector if you're buying a townhouse.
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