I've been on streeteasy every day, checking up on new listings, studying the history of the buildings and units I'm interested in. Through a friend I was introduced to a broker, who has taken me on 2-3 outings by now, but the thing is that I pretty much came up with all the listings (off of streeteasy) and all he's done is to make the appointments and bring me there. Recently there was one listing... [more]
I've been on streeteasy every day, checking up on new listings, studying the history of the buildings and units I'm interested in.
Through a friend I was introduced to a broker, who has taken me on 2-3 outings by now, but the thing is that I pretty much came up with all the listings (off of streeteasy) and all he's done is to make the appointments and bring me there.
Recently there was one listing that was posted by the owner, or listed by the owner's friend (who is a broker maybe?) - my broker didn't know about it, so I sent him the information, and he took me there.
It turns out this unit is interesting for me, but I'm a first time buyer and have many questions and doubts as to whether this is really the right place/investment for me, but feel that my broker doesn't guide me much at all except to give me some basic, obvious answers.
In the meantime, by chance, I've become friends with someone who happens to be a broker, who is obviously more passionate and savvy about NY real estate than my actual broker. I would LOVE to switch brokers, but what is the protocol at this point???? I don't have a signed agreement with the first broker...
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Response by damier212
almost 15 years ago
Posts: 124
Member since: Aug 2009
Be very careful, check ALL my postings and the comments that have been made, a broker is NOT your friend (depending on how you use the term). It is a business deal and your "friend" can turn on you , like mine did the moment the deal favors them which may not be it your best interests at the end of the day.
Are you sure you need a broker to sell you an apartment anyway? It sounds like you are doing your own research on street easy which is a great source, and you can find your own listings. I asssume you realize your broker showing you these apartments will receive 1/2 of the commission if you buy something from the seller so their interests are with the seller and with you to close the deal. It can ultimately cost you more by being represented by a broker to see apartments
Be careful in these waters and don't be so sure you can't do this on your own. A skilled real estate attorney (who you will be paying anyway), can give you good advice about a property, the financial information, etc. which is part of their job.
I would drop the person you are dealing with since you have no signed agreement and put faith in yourself first and you can always find another broker out there to help you to purchase if you feel you need them. There are thousands out there all competing for the same dollar that will be happy to "assist" you and in turn accept your commission paid from the seller.
I'm just being realistic.
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Response by damier212
almost 15 years ago
Posts: 124
Member since: Aug 2009
pa- I bought two apartments totally on my own without a broker selling me and there wes nothing they told me years ago that I didn't find out on my own or from my great attorney. It's not at all mysterious as people are led to believe about buying an apartment. Selling one on the other hand can be a whole other kettle of fish.
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Response by kylewest
almost 15 years ago
Posts: 4455
Member since: Aug 2007
Unless you've signed an agreement, "your" broker is not your broker. The broker "helping you" to look is actually more accurately an agent of the listing broker for the seller. The seller will pay "your" broker and is obligated to do so via the listing agreement the seller signed with his agent. You are in all likelihood not obliged to any broker whatsoever as a buyer. If a broker claims to be entitled to a commission for bringing you to a property, that is something they have to work out with the listing broker--not you. If you deal with an FSBO who hasn't agreed to pay an agent appearing with a buyer, then the agent has no reasonable expectation that anyone will pay him/her and shouldn't have any claims.
Bottom line: if you haven't signed anything with a broker, you owe the broker nothing. If you have signed, you must have an attorney review the document(s) to see what legal import they have. If dealing with a "no broker" FSBO, no one is going to get a commission if you haven't signed anything with a broker to the contrary.
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Response by Wbottom
almost 15 years ago
Posts: 2142
Member since: May 2010
if you are even vaguely capable of advocating for yourself as a buyer, you will find most brokers to be an impediment to the process--some may not impede but will offer no added value, if you do basic research on your own--regardless they will be another party to coordinate as you look at properties, an impediment unto itself
however you proceed, you should seek a good lawyer; and, god forbid, not one recommended by a broker you are involved with
if a seller, one may benefit fron the services of an exceptionally good broker---but many impede that side of the process as well
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Response by damier212
almost 15 years ago
Posts: 124
Member since: Aug 2009
Wbottom- YOU COULDN'T HAVE SAID IT BETTER.
Oymog- LISTEN WBOTTOMS WORRDS- HE/SHE HIT THE NAIL ON THE HEAD AND MIRROR MY SENTIMENTS 1000%. What you are trying to accomplish is totally possible on your own, brokers will tell you differently, of course they will! They won't make ANY money unless you buy something..........keep saying that mantra over and over again and you'll do just fine.
Unleess you are totally green to NYC, the broker will have very limited value as a buyer (I didn't say seller), and 9 times out of 10 will not show you something you couldn't find and schedule on your own. Do you really think they care how you feel about an apartment they want to SELL to you? (In this market when competition is at its all time highest?) I'm just starting to wake up about this whole process after a year of it and I will NEVER use a buyers broker except for a "special deal" that I wouldn't have access to on my own. Good luck- you will do just fine, and keep us posted.
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Be very careful, check ALL my postings and the comments that have been made, a broker is NOT your friend (depending on how you use the term). It is a business deal and your "friend" can turn on you , like mine did the moment the deal favors them which may not be it your best interests at the end of the day.
Are you sure you need a broker to sell you an apartment anyway? It sounds like you are doing your own research on street easy which is a great source, and you can find your own listings. I asssume you realize your broker showing you these apartments will receive 1/2 of the commission if you buy something from the seller so their interests are with the seller and with you to close the deal. It can ultimately cost you more by being represented by a broker to see apartments
Be careful in these waters and don't be so sure you can't do this on your own. A skilled real estate attorney (who you will be paying anyway), can give you good advice about a property, the financial information, etc. which is part of their job.
I would drop the person you are dealing with since you have no signed agreement and put faith in yourself first and you can always find another broker out there to help you to purchase if you feel you need them. There are thousands out there all competing for the same dollar that will be happy to "assist" you and in turn accept your commission paid from the seller.
I'm just being realistic.
pa- I bought two apartments totally on my own without a broker selling me and there wes nothing they told me years ago that I didn't find out on my own or from my great attorney. It's not at all mysterious as people are led to believe about buying an apartment. Selling one on the other hand can be a whole other kettle of fish.
Unless you've signed an agreement, "your" broker is not your broker. The broker "helping you" to look is actually more accurately an agent of the listing broker for the seller. The seller will pay "your" broker and is obligated to do so via the listing agreement the seller signed with his agent. You are in all likelihood not obliged to any broker whatsoever as a buyer. If a broker claims to be entitled to a commission for bringing you to a property, that is something they have to work out with the listing broker--not you. If you deal with an FSBO who hasn't agreed to pay an agent appearing with a buyer, then the agent has no reasonable expectation that anyone will pay him/her and shouldn't have any claims.
Bottom line: if you haven't signed anything with a broker, you owe the broker nothing. If you have signed, you must have an attorney review the document(s) to see what legal import they have. If dealing with a "no broker" FSBO, no one is going to get a commission if you haven't signed anything with a broker to the contrary.
if you are even vaguely capable of advocating for yourself as a buyer, you will find most brokers to be an impediment to the process--some may not impede but will offer no added value, if you do basic research on your own--regardless they will be another party to coordinate as you look at properties, an impediment unto itself
however you proceed, you should seek a good lawyer; and, god forbid, not one recommended by a broker you are involved with
if a seller, one may benefit fron the services of an exceptionally good broker---but many impede that side of the process as well
Wbottom- YOU COULDN'T HAVE SAID IT BETTER.
Oymog- LISTEN WBOTTOMS WORRDS- HE/SHE HIT THE NAIL ON THE HEAD AND MIRROR MY SENTIMENTS 1000%. What you are trying to accomplish is totally possible on your own, brokers will tell you differently, of course they will! They won't make ANY money unless you buy something..........keep saying that mantra over and over again and you'll do just fine.
Unleess you are totally green to NYC, the broker will have very limited value as a buyer (I didn't say seller), and 9 times out of 10 will not show you something you couldn't find and schedule on your own. Do you really think they care how you feel about an apartment they want to SELL to you? (In this market when competition is at its all time highest?) I'm just starting to wake up about this whole process after a year of it and I will NEVER use a buyers broker except for a "special deal" that I wouldn't have access to on my own. Good luck- you will do just fine, and keep us posted.