Hiring a buyer’s agent in NYC is crucial for navigating the city’s complex and competitive real estate market. The city offers a variety of neighborhoods and home types to choose from, each with nuances that make the home-buying process different.

An experienced buyer’s agent not only brings local knowledge to help you find the right home, but also offers valuable insights, stellar negotiation skills, professional connections, and much-needed support during what can be an exciting but stressful time. You can rest assured knowing that a buyer’s agent is committed to fulfilling your needs, and will equip you with all the tools you need to buy a home in New York City. Here’s everything you need to know about finding and hiring a buyer’s agent in NYC.

What is a buyer’s agent?

Whether you’re buying a starter home in Astoria or your forever co-op on the Upper East Side, buying a home in NYC can be a challenging process. Fortunately, a buyer’s agent can make the process a little less overwhelming. Their job as a licensed, professional real estate agent is to represent the buyer (aka, you!) in all aspects of their home purchase. They have a fiduciary duty only to you that includes full disclosure and confidentiality.

How does a buyer’s agent differ from a seller’s agent?

A buyer’s agent represents the home buyer in a transaction, while a seller’s agent, commonly referred to as a listing agent, represents the seller. Both buyer’s and seller’s agents are licensed professionals who have a legal obligation to represent their client’s best interests.

Can one real estate agent represent both the buyer and seller?

When the same agent represents both the buyer and the seller in the same transaction, it’s called “dual agency.” Dual agency can present a conflict of interest — it’s comparable to a lawyer representing both the plaintiff and the defendant in the same case. That lawyer couldn’t reasonably advocate for both sides fairly and to the fullest extent.

While dual agency is legal in NYC, StreetEasy believes buyers and sellers deserve to work with an agent who is committed to their best interests and only represents them. And don’t just take it from us: the New York Department of State issued a memo warning consumers to be wary of dual agency.

Neither a buyer nor a seller should ever find themselves in a dual agency arrangement without prior consent. New York state law requires the agent to get both the buyer’s and seller’s full written consent via a disclosure form before entering into dual agency.

Why hire a buyer’s agent?

A buyer’s agent can help you navigate the entire home-buying process, from initial search through closing. They can also help you with the nuances of NYC’s real estate market, particularly the different housing types (co-op, condo, townhouse, etc.).

Here are a few other reasons you should consider hiring a buyer’s agent:

Advocacy and support: Buyer’s agents have a strong grasp on the local market, and in NYC, no one keeps a pulse on it like real estate agents do. A buyer’s agent will be your guiding light in understanding the latest market trends and data, both nationally and on the hyper-local level — down to the neighborhood, block, or building you’re interested in — and what it means for you as a buyer. They’ll also be able to give key recommendations for narrowing down your search or making compromises, which can be especially useful if you have a very specific list of priorities.

Skilled negotiation: Your agent will help you determine the fair market value of a home before you make an offer, and give their expert input on making a strategic offer based on current market conditions. They’ll then negotiate with the seller’s agent on your behalf, helping you come to an agreement on price and terms. A buyer’s agent can negotiate beyond the purchase price, too, helping you with other components of the transaction such as timeline, financing, contingencies, upgrades and repairs, and closing costs. They’re also handy for finding clever ways to save you money, like tax abatements and concessions.

Experience: Buying a home in NYC is unlike buying anywhere else. The city’s one-of-a-kind real estate landscape is full of nuances: co-op, condo, townhouse, mansion tax, pre-war, classic six, and more. A great buyer’s agent will have knowledge and experience in the types of homes you’re searching for, and may have local expertise in the neighborhood or building. They’re your trusted advisor, providing transparent advice that can save you money, time, and stress.

Professional referrals: An experienced agent can recommend other professionals like lenders, real estate attorneys, and home inspectors that you may need throughout the home-buying process. If your agent and these professionals have a strong working relationship, they can often work together to streamline things and keep the transaction moving forward with ease.

Expert guidance: Buying a home means juggling a lot of complex information, paperwork, and timelines, from submitting an offer to managing contingencies, completing closing documents, and compiling co-op board packages. Your buyer’s agent will help you gather documents, explain your rights and obligations under the contract terms, ensure nothing is missing, and walk you through everything that needs to be signed.

How much does hiring a buyer’s agent cost?

If a buyer’s agent successfully helps you purchase a home, they typically receive a commission — often a percentage of the home’s final sale price — that is paid to them at closing. The commission amount, and who pays it, is negotiated between the buyer, seller, and their respective agents. Sellers may offer to pay the buyer’s agent commission, but in other cases, the buyer may be responsible for it. Whatever the arrangement, know that commissions are always negotiable.

When you decide to work with a buyer’s agent, you’ll typically sign a buyer’s agreement (sometimes called a buyer’s representation agreement). The agreement will outline the terms of the agent’s compensation, including how much they will be paid and what services you can expect in return. Before you sign a buyer’s agreement, make sure you have an understanding of how the commission will be paid, the scope of services provided, and the fees applicable to your transaction.

How to find and hire a buyer’s agent

One of the simplest ways to connect with a buyer’s agent is through our dedicated StreetEasy Concierge, who can connect you with the right agent for the job — ideally, one who represents only you and has relevant experience in the neighborhood, building, or type of home you’re looking for. Here’s how to do it.

1. Connect with a local agent on StreetEasy

Start by contacting the StreetEasy Concierge to tell us about your home search. Our Concierge will then connect you to a StreetEasy Expert buyer’s agent whose experience matches your needs, so you can buy with confidence. Additionally, you can contact an agent directly from a StreetEasy listing to set up an in-person home tour.

2. Make sure it’s the right fit

Talk to the agent you’ve been matched with to ensure they’re a good fit for your needs and that you’re comfortable working with them. Here are some important questions you can ask:

• How many buyers in this neighborhood, building, or type of home have you represented in the last three years?
• How quickly do you typically respond to clients? What are your working hours?
• Do you work independently or as part of a team?
• How would your past buyer clients describe your working style?
• Can you walk me through what the process might look like when working with you?

3. Sign an agreement

StreetEasy believes buyers should be able to interview agents before they decide to work with them long-term, which is where a touring agreement comes in. A touring agreement, or limited services agreement, may be used to specify that you and the agent will work together for a very specific purpose and brief period of time, such as a home tour. This gives you the important opportunity to get to know the agent before you commit to a longer-term agreement. 

Once a buyer decides to work with a particular agent more formally, it’s expected that one or both parties — typically, the agent — will initiate a conversation about working together long-term, and what exactly that means. The buyer will then need to sign a buyer’s agreement (or buyer’s representation agreement) before moving forward with the process. As previously mentioned, a buyer’s agreement is a contract between a buyer and a real estate agent that formalizes the relationship and outlines the terms of the agent’s representation, including their duties, scope of services, and compensation structure.

Buyer’s agreements are often exclusive, which means you’re agreeing not to hire another agent to represent you while you shop for a home. However, non-exclusive buyer’s agreements do exist, and can make sense for buyers in specific contexts. For example, if you’re searching for homes in two different cities, you may need to work with more than one agent to find the right home for you. In this case, you and your agents would sign non-exclusive agreements.

What to look for in a buyer’s agent

Since you’ll likely be working with your agent for months on one of the biggest purchases of your life, it’s important that you partner with someone who matches your communication style and work ethic. In addition to a good personality match, here are some other attributes you should look for in a real estate agent:

Local expertise

With so many quirks in NYC’s home-buying process, you’ll want someone who can walk you through all of it with ease and confidence. This is especially true if you’re buying a co-op, which make up a significant portion of the NYC housing market and have a uniquely rigorous purchase process. 

Look for an agent who’s experienced in the specific neighborhood and type of home you’re interested in buying, and lay out all of your needs and expectations early on.

Excellent communication skills

It’s pertinent that your agent is a skilled communicator both with you and other key parties involved in the transaction, so they can successfully communicate your offer and negotiate with the seller’s agent. In NYC’s fast-paced market, the last thing you need is an agent who’s slow to respond to your requests or inquiries, as this could cost you your dream home. So, be sure to ask them about their typical lead time for responses and their overall availability and work schedule.

Deal history

An experienced buyer’s agent will have a track record that highlights their qualifications, so pay attention to their history of successful transactions — especially in the neighborhood, building, price range, or type of property you’re interested in. Should you choose to go with a newer agent, ask if they’ve completed any closings, and whether they’re being guided by a more experienced agent. If an agent you’re interested in working with has a StreetEasy profile, you can look at the Past Deals section of their profile to see a list of sales they’ve recorded with us.

Need more information? Visit our resource hub

For more on working with a buyer’s agent and what to expect throughout the home-buying process, visit our resource hub.

StreetEasy is an assumed name of Zillow, Inc. which has a real estate brokerage license in all 50 states and D.C. See real estate licenses. StreetEasy Concierge team members are real estate licensees, however they are not your agents or providing real estate brokerage services on your behalf. StreetEasy does not intend to interfere with any agency agreement you may have with a real estate professional or solicit your business if you are already under contract to purchase or sell property.