Finding an agent for an offer quick
Started by noobienoob
about 13 years ago
Posts: 30
Member since: Apr 2012
Discussion about
So theres an apartment im very interested in, but I dont have a broker. I'm pretty sure it will go quick, and I would be much more confident if I had a broker on my side (i.e. not the seller agent). How can I choose a broker quickly? I've met one or two agents, and they've really done little else besides send me listings I can already find myself. As far as I can tell, theres little that distingushes them as far as helping me through the offer/closing process.
What's your point?
My recommendation is to find someone that is recommended by a friend. If it's a coop ask if they've prepared a board package and for what buildings? With condos and houses they will know attorneys, engineers, can recommend contractors, etc....
A good broker is there to work on the sale even when you don't have the time. Just meet someone that knows what they are doing, they will impress you. It doesn't have to be a big name either, one of the best guys in the business works for an old timey agency and I love bringing my clients to his exclusives. He always works hard and has a wealth of experience.
Just remember you need:
- agent
- attorney
- mortgage broker
Keith Burkhardt
The Burkhardt Group
he's on the boards and he gives some of the commission back
If its a coop, see if you can look up past sales in the building and see who the agents were. Many "specialize" in a building and know the ins and outs of offers and board packages there better than others. Assuming this person is not the seller's agent, working with him/her can give you a leg up because of the probability of being approved--assuming you are indeed qualified for the purchase. If there isn't a building specialist broker, I second ab's recommendation of Keith Burkhardt.
Absolutely call Keith. He'll give you a rebate on the commission he collects and you've already done the legwork. His business model was made for someone in your situation.
Jessica Levine
575 Madison Avenue
New York, NY 10022
Office: 212.891.7065
Mobile: 914.760.1385
http://www.elliman.com/real-estate-agent/jessica-levine/1838
DO NOT CALL A RANDOM BROKER UNLESS YOU ALREADY HAVE ONE. You are adding more complication to the deal. I would recommend you work with the selling Broker. They will bend over backwards for you if they are getting both sides of the deal and your bid will get preference over other bids that are coming in w/ buyers brokers.
FYI, Rebating commission the way some have suggested above is illegal in New York State. Of course, discounted commissions are perfectly legal.
"Rebating commission the way some have suggested above is illegal in New York State"
... prove it.
ANagin, your wrong its not illegal, and working with the selling broker who contractually represents the seller is a bad idea as well. I agree calling a random broker may not be the best idea as well, so i would talk to some friends and see if i can get a recommendation for a buyers broker. Everyone has a license now a days anyway, so it shouldnt be hard to find someone you know.
It is known as a 'kick back.' It is illegal.
Here is a nice explanation someone else did:
http://hbise.wordpress.com/2011/11/21/referral-and-kickbacks-in-real-estate/
ANagin, so you disagree with the Department of Justice?
http://www.justice.gov/atr/public/real_estate/rebates.html
Again - do not listen to people on this Board. I know it is counter-intuitive, but working with Selling broker will give you the greatest likelihood of getting the deal.
kickback? Follow the money ... no conflict of interest, thus no conflict.
The linked article deals only with referral fees. So it would be a kickback if ab_11218, NativeRestless, or thousands of others received payment for their recommendation/referral. But we know they don't.
By your logic, the selling agent kicking half of his commission to the buyers' agent, thus encouraging the buyer to overbid against his own best interest, is a true kickback.
Speaking of "your logic" and abilities thereto, and I don't mean to be insulting: are you a real estate agent or broker, ANagin?
I stand corrected. In this limited example it is legal if credited back at closing only.
"In this limited example it is legal if credited back at closing only."
Uh oh. I've been handing over rebate checks at the final walk-through, so our clients would have one less thing to think about at the closing.
To be fair to ANagin, the belief that rebates are illegal is pretty widespread, and the industry doesn't have much incentive to dispel the myth.
It is important to do as ANagin suggests above and not listen to people on this board.
Although do agree to just use the seller agent, if you know pricing.
Just went through a similar situation, and ended up working through the seller's broker, who was pretty helpful overall in getting the deal done. But, this was a relatively simple transaction, nothing much to negotiate -- and I already had a mortgage broker who had vetted a few other (more expensive) places for me, so I had a pre-approval letter in hand for a similar apt that cost $100K more. Especially with so few places going under ask right now, you can probably get away with not having your own RE broker if you have a good lawyer and mortgage broker.