So I'm sure this question has been asked repeatedly, but since the search terms are rather ubiquitous, it's difficult finding the appropriate threads. In any case, let's start from the very beginning. So the brokers at open houses are the seller agents, correct? If I ask them to show me other properties, will they necessarily be the seller agent for those as well? Or is it only for properties that... [more]
So I'm sure this question has been asked repeatedly, but since the search terms are rather ubiquitous, it's difficult finding the appropriate threads. In any case, let's start from the very beginning.
So the brokers at open houses are the seller agents, correct? If I ask them to show me other properties, will they necessarily be the seller agent for those as well? Or is it only for properties that are represented by their firm that they would be the seller agent? This seems like the wrong approach to finding a buyer agent -- if I have a broker agent from a firm, and I'm trying to buy a place from a seller agent from the same firm, there seems to be plenty of opportunity for exchange of compromising information between the agents, even if only casually (what, me paranoid?).
Need the broker disclose their role when showing me other properties (legally), or would I have to explicitly ask in order to get an answer?
I going to try meeting buyer agents through NAEBA, but it seems strange meeting people randomly. Should I expect to sign an agreement upon meeting the person? If I do not find a place through this person do I need to pay a fee regardless?
Any other method for meeting a buyer broker?
Thanks
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Response by manhattanlifere
about 13 years ago
Posts: 11
Member since: Oct 2011
Right here :)
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Response by 300_mercer
about 13 years ago
Posts: 10577
Member since: Feb 2007
Just call Keith burkhardt. He will give you refund as well.
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Response by mym
about 13 years ago
Posts: 188
Member since: Jun 2009
You might find a broker , who describrs himself/herself as "buyer's broker", but they still work on commission, and the more you spend the more they'll make. However, if you go to open houses you are best doing it on your own. If you go on your own and you make a bid, the seller's broker doesn't have to split the commission, and in a competitive market it may gibe you an edge.
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Response by wanderer
about 13 years ago
Posts: 286
Member since: Jan 2009
I have not used Keith but I hear great things about him. I second the above and suggest you call Keith Burkhardt.
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Response by front_porch
about 13 years ago
Posts: 5320
Member since: Mar 2008
Noobienoob, you're not paranoid at all.
Since the firm itself is the broker, if the buyer agent is from one particular firm, and the seller agent is from the same firm, a "dual agency" situation is created with the possibility for conflicts of interest, because while you are technically using two different agents, you are using the same broker.
Of course New York State has rules governing how that situation should be disclosed and handled, and even I, a dedicated "small firm" agent, wouldn't suggest that the possibility of dual agency is so problematic that you shouldn't consider agents from big firms!
I think NAEBA (a trade association of which I am not a member) is an excellent place to start, because you are fishing in a pool of agents who profess a certain ethical standard.
From there, you might want to look for further matches -- are you looking specifically in a certain neighborhood or area of the city? (Some agents might specialize on the Upper East Side, some might hate it). Are you looking for an agent who works with a lot of people in your field (some agents really enjoy working with the Wall Street crowd, and dealing with the complexities of bonus-based compensation, others not so much)? Are you looking for an agent who specializes in co-ops, or in condos?
The point is to find someone who you "click" with. Trust your gut.
ali r.
DG Neary Realty
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Response by lobster
about 13 years ago
Posts: 1147
Member since: May 2009
If possible, try to get a few names of brokers from your friends, co-workers or other sources and then call them and either speak on the phone or go meet them in person. Be as honest and specific as possible with your search requirements (what you must have in an apartment) so that you can find someone who will be able to offer you the help you need.
I went to quite a few open houses and sometimes I met a broker who I thought might be a good fit for me. But I would hesistant to use as my buyer's broker the same broker who is representing the seller of a particular apartment with respect to that apartment. I would wonder whose interests the broker is predominantly representing for that unit.
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Response by crescent22
about 13 years ago
Posts: 953
Member since: Apr 2008
Use Burkhardt only if you are prepared to do the search and board package yourself. Burkhardt looks like a great deal (rebating you 1.0-1.5%) but that is because he does little hand-holding. He will give you guidance on proper pricing.
If you decide you want to use a broker, I would look at people who know your specific 5-10 block radius very well (Manhattan is a thousand submarkets), then I would ask what value they added previous clients - what improvement they got on pricing, did they source inventory from listings off Internet, would they flood with listings or show only closely fitting matches.
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Response by West81st
about 13 years ago
Posts: 5564
Member since: Jan 2008
Crescent22: You might want to speak with Keith to check your information. The rebates are generally 1.5-2.0% of the purchase price, and your statement about board package prep being excluded from the standard service is simply untrue.
Full disclosure: I work part-time with Keith in my moonlight job as a buyer's agent. His firm holds my license.
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Response by Truth
about 13 years ago
Posts: 5641
Member since: Dec 2009
Keith B. is involved more than that, crescent.
He may not hold your hand but he's helpful.
My accountant and my guy up at Sanford Bernstein helped me put together the Board package when I purchased a co-op many years ago.
I made the copies, called for reference letters and I got it done.
It requires some organizational skills but no advanced math, so I was good to do it.
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Response by Truth
about 13 years ago
Posts: 5641
Member since: Dec 2009
I went to school with a guy we called: doobiedoob.
If he ever meets noobienoob they can get together and sing "Strangers In The Night".
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Response by KeithB
about 13 years ago
Posts: 976
Member since: Aug 2009
Yes just to clarify our services I don't go out looking for apartments for clients (they don't want us to). We do provide objective research into each apartment we are asked to review. We provide this review/valuation before we ask you what you would like to pay or even think of the property. We also schedule all appointment's, handle all communication and are present at all private showings.
We offer full board package preparation, you supply the docs and simply hand fill in all forms and we do the rest. We also will advise you to make sure we present/assemble the best package possible. We use ADOBE PRO to make the process very efficient (we make digital copies of everything and send you and the listing agent an easy to use PDF for review prior to submission). Christian, my partner is a board package maestro:)
We do offer rebates to assist buyers in securing the best possible deal (we bear this expense). And if we feel they would be better off without our participation we will tell them that (you can disengage us at any time, on any deal no questions asked regardless of how much time/work we have put in). As we have grown I can tell you our clients appreciate the rebate part of our model, but more and more value our entire business model and the assistance we provide them.
PS: I think you are better served finding a competent broker to represent your interests on a deal, whether it is our firm or one of the many highly competent brokers at other firms. Just take the time to find someone you are comfortable working with that will meet your expectations.
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Response by Truth
about 13 years ago
Posts: 5641
Member since: Dec 2009
Thems the facts, Keith!
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Response by crescent22
about 13 years ago
Posts: 953
Member since: Apr 2008
I stand corrected. Sorry, Keith!
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Response by Truth
about 13 years ago
Posts: 5641
Member since: Dec 2009
O.K., crescent.
Keith is Zen about it.
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Response by KeithB
about 13 years ago
Posts: 976
Member since: Aug 2009
Lol. I do practice Zen.
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Response by Truth
about 13 years ago
Posts: 5641
Member since: Dec 2009
I know, Keith.
We once were members of the same club, back in the day.
Right here :)
Just call Keith burkhardt. He will give you refund as well.
You might find a broker , who describrs himself/herself as "buyer's broker", but they still work on commission, and the more you spend the more they'll make. However, if you go to open houses you are best doing it on your own. If you go on your own and you make a bid, the seller's broker doesn't have to split the commission, and in a competitive market it may gibe you an edge.
I have not used Keith but I hear great things about him. I second the above and suggest you call Keith Burkhardt.
Noobienoob, you're not paranoid at all.
Since the firm itself is the broker, if the buyer agent is from one particular firm, and the seller agent is from the same firm, a "dual agency" situation is created with the possibility for conflicts of interest, because while you are technically using two different agents, you are using the same broker.
Of course New York State has rules governing how that situation should be disclosed and handled, and even I, a dedicated "small firm" agent, wouldn't suggest that the possibility of dual agency is so problematic that you shouldn't consider agents from big firms!
I think NAEBA (a trade association of which I am not a member) is an excellent place to start, because you are fishing in a pool of agents who profess a certain ethical standard.
From there, you might want to look for further matches -- are you looking specifically in a certain neighborhood or area of the city? (Some agents might specialize on the Upper East Side, some might hate it). Are you looking for an agent who works with a lot of people in your field (some agents really enjoy working with the Wall Street crowd, and dealing with the complexities of bonus-based compensation, others not so much)? Are you looking for an agent who specializes in co-ops, or in condos?
The point is to find someone who you "click" with. Trust your gut.
ali r.
DG Neary Realty
If possible, try to get a few names of brokers from your friends, co-workers or other sources and then call them and either speak on the phone or go meet them in person. Be as honest and specific as possible with your search requirements (what you must have in an apartment) so that you can find someone who will be able to offer you the help you need.
I went to quite a few open houses and sometimes I met a broker who I thought might be a good fit for me. But I would hesistant to use as my buyer's broker the same broker who is representing the seller of a particular apartment with respect to that apartment. I would wonder whose interests the broker is predominantly representing for that unit.
Use Burkhardt only if you are prepared to do the search and board package yourself. Burkhardt looks like a great deal (rebating you 1.0-1.5%) but that is because he does little hand-holding. He will give you guidance on proper pricing.
If you decide you want to use a broker, I would look at people who know your specific 5-10 block radius very well (Manhattan is a thousand submarkets), then I would ask what value they added previous clients - what improvement they got on pricing, did they source inventory from listings off Internet, would they flood with listings or show only closely fitting matches.
Crescent22: You might want to speak with Keith to check your information. The rebates are generally 1.5-2.0% of the purchase price, and your statement about board package prep being excluded from the standard service is simply untrue.
Full disclosure: I work part-time with Keith in my moonlight job as a buyer's agent. His firm holds my license.
Keith B. is involved more than that, crescent.
He may not hold your hand but he's helpful.
My accountant and my guy up at Sanford Bernstein helped me put together the Board package when I purchased a co-op many years ago.
I made the copies, called for reference letters and I got it done.
It requires some organizational skills but no advanced math, so I was good to do it.
I went to school with a guy we called: doobiedoob.
If he ever meets noobienoob they can get together and sing "Strangers In The Night".
Yes just to clarify our services I don't go out looking for apartments for clients (they don't want us to). We do provide objective research into each apartment we are asked to review. We provide this review/valuation before we ask you what you would like to pay or even think of the property. We also schedule all appointment's, handle all communication and are present at all private showings.
We offer full board package preparation, you supply the docs and simply hand fill in all forms and we do the rest. We also will advise you to make sure we present/assemble the best package possible. We use ADOBE PRO to make the process very efficient (we make digital copies of everything and send you and the listing agent an easy to use PDF for review prior to submission). Christian, my partner is a board package maestro:)
We do offer rebates to assist buyers in securing the best possible deal (we bear this expense). And if we feel they would be better off without our participation we will tell them that (you can disengage us at any time, on any deal no questions asked regardless of how much time/work we have put in). As we have grown I can tell you our clients appreciate the rebate part of our model, but more and more value our entire business model and the assistance we provide them.
Not to be too self serving here but you can get clarity on my blog, some are puzzled at how we work.
http://ubivoletaudentunicornium.blogspot.com/
Keith Burkhardt
TBG
PS: I think you are better served finding a competent broker to represent your interests on a deal, whether it is our firm or one of the many highly competent brokers at other firms. Just take the time to find someone you are comfortable working with that will meet your expectations.
Thems the facts, Keith!
I stand corrected. Sorry, Keith!
O.K., crescent.
Keith is Zen about it.
Lol. I do practice Zen.
I know, Keith.
We once were members of the same club, back in the day.
Who knew you would travel down this path?!
"Scoobie doobie dooo..."