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Need a broker for "power" buyer

Started by asya999
over 9 years ago
Posts: 2
Member since: Aug 2014
Discussion about
I'm looking to buy a condo or coop in Manhattan in the $700K-$1M range. I'm a power user of all systems which generally means I will find and read *all* information available out there, which makes me either a dream client or a nightmare client, depending on the broker :) I've narrowed down the likely neighborhoods I'm looking at (LES, UWS, Central/South Harlem) but haven't ruled out other parts... [more]
Response by Squid
over 9 years ago
Posts: 1399
Member since: Sep 2008

Why use a broker at all? You'll likely be able to negotiate a better deal if you go in without a buy-side agent.

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Response by 30yrs_RE_20_in_REO
over 9 years ago
Posts: 9876
Member since: Mar 2009

You are looking for a waiter, not a Real Estate Broker - someone who will take your order and fill it. In my experience, a good broker will take you to things that are outside of exactly what you are looking for to show you what your real alternatives are. I can't tell you how many times "in the old days" people would call in saying they only wanted "a prewar 1 bedroom in a doorman building with a fireplace between 8th St and 13th St, between University Place and 6th Ave" and they ended up buying a 2 BR duplex in a walk-up building on 29th St between 8th Ave and 9th Ave because some broker took them outside their comfort zone and they fell in love with what they saw they could get for their money.

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Response by JJ2
over 9 years ago
Posts: 114
Member since: May 2014

dream client .........

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Response by fieldschester
over 9 years ago
Posts: 3525
Member since: Jul 2013

>they ended up buying a 2 BR duplex in a walk-up building on 29th St between 8th Ave and 9th Ave

What a fantastic location

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Response by front_porch
over 9 years ago
Posts: 5312
Member since: Mar 2008

Welcome back 30yrs!

--ali

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Response by fieldschester
over 9 years ago
Posts: 3525
Member since: Jul 2013

OP: I've narrowed down the likely neighborhoods I'm looking at (LES, UWS, Central/South Harlem) but haven't ruled out other parts of Manhattan.

30yrs: they only wanted "a prewar 1 bedroom in a doorman building with a fireplace between 8th St and 13th St, between University Place and 6th Ave"

OP: and one must have is a broker who will help me find the best deal without treating me like a moron.

30yrs: You are looking for a waiter, not a Real Estate Broker

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Response by nychomeowner
over 9 years ago
Posts: 37
Member since: Mar 2014

Sounds like you're looking for a rebate broker. Not sure why Redfin never came to NYC, but there are at least a few rebate brokers who operate exclusively in NYC and offer a larger rebate than Redfin. I worked with Dan Gotlieb from Digs Realty. He was GREAT and gave me back 2% of my purchase price.

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Response by 300_mercer
over 9 years ago
Posts: 10539
Member since: Feb 2007

Get in touch with Keith Burkhardt.

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Response by asya999
over 9 years ago
Posts: 2
Member since: Aug 2014

To answer a few of reasonable points that were brought up:

1. why not buy without a broker: because generally the seller's broker will want to keep the full commission so it's not like it'll get me a better price.
2. treating broker like a waiter: is that a bad thing? they know the food, they describe the options and they place the order with the kitchen. A good waiter will do that much better than a bad waiter and I don't want to go into the kitchen because I'm not welcome or expected there. What do you think real estate brokers provide that is at odds with treating them like a waiter? If it's that they know better than I do what I would like, then I think that falls into "treating me like a moron" category that I'm trying to avoid.
3. I know what my must-haves are and what my highly desired qualities are. I'm capable of expanding my search parameters on streeteasy.com and I've looked at properties way outside my parameters precisely to figure out which elements I'm willing to be flexible on. If you're saying that real estate broker knows better than I do what I must have, then again that falls into "treating me like a moron". In the old days people didn't have the ability to examine all the inventory that their real estate broker could see. We are not living 30 years ago.

Thanks for the perspective and specific recommendations, everyone.

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Response by 30yrs_RE_20_in_REO
over 9 years ago
Posts: 9876
Member since: Mar 2009

But do you also know, for example, that the eact aprtment you describe yourself as wanting doesn't exist in the geographic area you describe because they were never built, but 2 blocks outside your parameters there are 3 buildings that have them? That's the problem with searching by computer - they only give you back exactly what you ask for. For example, you could really want a prewar alcove studio in the Prime Village. but they don't exist. A good broker could tell you if you went to 155/165 West 20th St you could find one and a computer will never do that.

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Response by Squid
over 9 years ago
Posts: 1399
Member since: Sep 2008

>>>1. why not buy without a broker: because generally the seller's broker will want to keep the full commission so it's not like it'll get me a better price. <<<

Wrong. Everything is negotiable. And if you enter a deal without buy-side broker you are indeed more likely to be able to use that to your advantage. Brokers will argue that it's "not done", that an agent will never give up part of his commission to make a deal happen. That is untrue. It IS done. And it is more likely to occur when only one agent is involved in the deal.

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Response by fieldschester
over 9 years ago
Posts: 3525
Member since: Jul 2013

Since 30_yrs_ago was a broker, computers were invented, search was perfected, natural language processing, geomapping, artificial intelligence and machine learning, social sharing, on demand asset-light service companies staffed by 1099s who will do your chores for you, etc. I think if the OP's initial search results in the null set, he can revise the search parameters and maybe get a better result than a broker who is told to look for the GV Gold Coast and who ends up recommending places 1 block from the projects and the post office in Chelsea.

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Response by seidman_1034386
over 9 years ago
Posts: 0
Member since: Jan 2009

asya999 - If you are still in need of a broker please give me a call at 516.512.0898. My name is Shannon Eidman. Prior to transitioning into brokerage I was the head of real estate lending for a bank concentrated in New York and, as such, know the neighborhoods in which you are looking very well (protecting where our dollars went). I'd love to help in your search. In reading through the comments it sounds like you are well educated and in tune with the going ons in NY real estate which, I believe, will make the search that much smoother and more fun.

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Response by Squid
over 9 years ago
Posts: 1399
Member since: Sep 2008

>>> If you are still in need of a broker please give me a call at <<< ... and so it begins...

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Response by fieldschester
over 9 years ago
Posts: 3525
Member since: Jul 2013

>and so it begins...

Yes, the OP asked for a broker.

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Response by asya999
over 9 years ago
Posts: 2
Member since: Aug 2014

30yrs_RE_20_in_REO: thanks for proving my point. Of course I know when something I'm looking for doesn't exist, and like fieldschester already explained - I'm capable of widening my search parameters to see what's available, do you know why? Because I'm not a moron. :) Welcome to the 21st century and the computer age.

I found a broker I'm happy with, thanks for recommendations, everyone.

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