Your Real Estate Broker is the Quarterback of your Team
One of the most important decisions in purchasing a home is choosing an experienced real-estate professional. The bottom line is that a real-estate professional saves you money, time, and peace of mind – some of your most valuable resources. Imagine having more money and time to spend with your family, exercising, relaxing, going to one of New York’s phenomenal plays or museums, enjoying a delicious meal at New York’s fine restaurants, and going on vacation – the possibilities are endless. Having more time is priceless to all of us.
As the quarterback of your team of real-estate professionals, your broker connects and holds the whole team together. The team consists of you, the broker, attorney, lender, title company, home inspectors, contractors, accountants, et al. Superior communication skills and negotiation skills are an absolute must. She is your ally and helps you make the best possible choices and decisions in your home search and selection process. All brokers are not created equally – you want to choose one who listens to your needs and places your interests above their own.
INSIDER TIP: A real-estate professional has a fiduciary responsibility to you, the client, and must hold your interests higher than their interests – it is the law! Fiduciary duties include obedience, loyalty, disclosure, confidentiality, accountability, and reasonable care. In a sense, your real-estate professional is you BFF (best friends forever).
NEW YORK NUANCE: A real-estate professional with a Buyer as a client, can only truly represent the Buyer’s best interests if you, the buyer, elect to have your real-estate professional represent you as a “Buyer’s Broker”. If a Buyer does not elect to be represented as a Buyer’s Broker then the real-estate professional represents the Seller (even though she is not the Listing Broker) and must then put the interests of the Seller above the interests of the Buyer. The form to use for this election is called the New York State Disclosure Form for Buyer and Seller.
Your real-estate professional saves you time, money, and peace of mind by:
- Having access to all potential homes.
An experienced real-estate professional has easy access to all (tens of thousands) homes that are for sale and rent in New York City and the Boroughs. If you had to find all potential homes and then weed through them, you would not have time to work, play, or rest.
- Filtering potential homes.
Applying your wants and needs, to your real-estate professional’s expertise, your real-estate professional will provide you with a concise set of home choices that you can easily review. Upon your review, you decide which ones best suit your needs and that you want to visit. Your broker will set up a private appointment for you to see the potential homes in order for you to decide which one is the best match for you.
- Possessing real-estate knowledge and expertise.
Expertise in real estate, market values, and the market is paramount for your real-estate professional to avoid costly pitfalls. Your real-estate professional’s expertise will prevent a lot of mishaps, misinformation, and missteps. Brokers know the requirements of boards and management companies which allows you to more easily be accepted in the interview process.
- Negotiating the best price and terms.
Your real-estate professional is critical in negotiating and making the best possible offer on
your behalf. She can make or break your offer.
- Reducing your liability and risk of financial loss.
A multitude of laws covering everything from transaction to equal rights to fair housing govern the real-estate industry. Your broker helps keep you safe here, using her experience to protect you from a law suit.
- Being an invaluable resource during and after the sale
Concierge-like services are available to you to assist you with moving, settling into, and living in your new home. Whether you need a plumber, an interior designer, a house cleaner, or a dog walker, your real-estate professional can provide you with trusted referrals.
NEW YORK NUANCE: In New York City, reputable real-estate professional are members of the Real Estate Board of New York (REBNY). As a REBNY member, you are assured that your real-estate professional is held to an extremely high standard of ethics and professionalism which translates into you being better served and having access to all homes for sale.
INSIDER TIP: Using multiple real-estate professionals is not advantageous to you. All reputable brokers have access to the same listings. If you use multiple brokers, you create confusion and cause redundant work to be done by the brokers and yourself. You are best served by forming a partnership with one broker whom you trust and understands and is responsive to your needs – saving all of you time and aggravation.
INSIDER TIP: A real-estate professional is paid by the Seller at the closing of the contract. You as the Buyer do not pay for your broker.
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