Buyers agent by neighborhood?

>buyers agents that specialize in different neighborhoods
>but do want an agent's help with the negotiation process and board package/interview preparation.

How does specialization in a neighborhood translate to negotiation skills? Also, do you really need prep with the board package and interview prep - are you contemplating going naked and discussing your drumming or wearing a suit to the interview, but the broker will help you determine?

Hi hc6219,

First of all, don't let anyone tell you that you CANT work with multiple agents. However, most agents don't like it, and will tell you this. The agreement you sign basically says that if an agent shows you a place and begins working with you on it, you THEN can't buy that place with another agent. But, for example, if you look at 100 different apartments and don't end up liking anything, you could potentially have visited them with 100 different agents. But this is frowned upon. Some real bitchy agents will refuse to even work with you if you disclose that you are doing this. In such a case, good riddance, I say, as they are probably crappy agents -- they only see the quickest of dollar signs and aren't serious about working WITH and FOR you. On the other hand, a decent agent that is helping you look in Harlem might be fine with you seeing places in Battery Park with someone else. It all just depends on the person, really.

Which brings me to your title: agents by neighborhood. I generally tend to view this as something that is more necessary for a buyer who is new to NY, and a little naïve about the whole purchasing process -- or, about NYC itself as a whole. In a way, an "agent by neighborhood" might be the best tour guide, if nothing else, with a real estate slant. Other than this, if you've been living here for a bit, know your way around, and are at least somewhat familiar with the process, I'd say it's much better to find a GOOD agent, rather than focus your choice on what area they are based in. A really good agent will know how to close a deal regardless of where it is, and also know (maybe already, maybe by doing their due diligence) the ins and outs of the property and what surrounds it. Now, finding a GOOD agent is a hard thing to do in and of itself. The majority of agents are pretty awful. It takes a lot of stamina to find one that fits YOU. Since you are looking at multiple areas, maybe just try to focus on getting a really good one, as opposed to trying to find someone who touts their "specialty" in one area.

Hope this helps! :)

Thanks Sonya. Kylewest?

Sonya_D: Excellent post.

hc6219: As a practical matter, I think it's much easier to work with multiple agents if they are affiliated with the same firm. That way, the division of turf and spoils is their problem, not yours. FWIW, Keith B. and I share clients pretty routinely, because my focus is so narrow and a lot of potential UWS buyers also have interest in areas where Keith is much stronger (Village, Tribeca, Chelsea, etc.).

Just be candid, and make sure everyone involved knows where they stand. If they don't like it, they don't have to work with you.

A lot of agents will do this -- it sounds like W81 and Keith will share you (though I didn't realize it fit into their discount model to run around with buyers); urbandigs I believe will do this; I think kharby2 will do this.

[As an aside, brokers, sorry for my not knowing more about your specifics ..if you'd all like to update me privately on which clients you're looking for, I'll send over referrals].

The broader question I would ask is "why now" -- the climate out there for buyers in prime Manhattan/Brooklyn is currently just terrible, and you're walking out into a rainstorm.

Inventory is at historic lows, and there's not much to show buyer clients -- exacerbated by the fact that August is a traditional vacation time. In some niches (say 3-BRs downtown Manhattan) you'll get completely trampled if you're not all cash. If you do manage to win an auction, the lenders and boards are being very difficult.

As one example, lenders are issuing mortgage commitments that are too short, so a buyer has to submit documents, get a commitment, pass the board, and then resbumit documents and get re-verified before close.

It's not impossible, but it's not for the faint of heart either, and if you can postpone till fall/an inventory uptick, I would.

ali r.
DG Neary Realty

What Ali says is right -- "the market" will dictate everything in terms of how successful a deal ends up being. Right now, and for the foreseeable near future, it a seller's market in an extreme way, so that may determine what you see and how much you gain out of the whole experience more than what "kind" of agent you have. Still, I still believe these are slightly separate issues, and there's no harm in trying to get the best agent available... Even if nothing comes of it in the time frame you're expecting.

Ali: Keith is the broker of record for all of our clients anyway, so the "sharing" is just an arrangement with the client about who's going to cover which parts of the map. Agents from different teams - and especially from different firms - would face a more complex challenge.

As for whether Keith's discount model allows us "to run around with buyers", I think the main difference between Keith's model and Gil Neary's is the big check Keith's clients receive at closing.

Oh, I feel like there's more than just that West81st, because your clients don't tend to hire me and my clients (despite that "big check" you dangle) don't tend to hire you.

But there seem to be enough clients to go around. Sonya D's comment that buyers need to find a good "fit" is sound advice.

ali

"...your clients don't tend to hire me and my clients (despite that "big check" you dangle) don't tend to hire you."

Ali: I may not have been smart enough for Adams House, but I know a tautology when I see one. Seriously, I agree that there's a significant difference in style, and that the styles tend to attract different clients. There may also be some differences in service delivery. But you referred to a specific function: accompanying clients to viewings. It's almost impossible for a buyer's agent not to perform that function, and still be recognized as procuring cause - especially when the agent's firm has declined to join REBNY.

Just to be clear, we (I) offer full service with an emphasis on a sound analytic/emotional approach. We are not a "discount" broker, I can afford to rebate a % of our commission because I am the firm, the firm does not get a % my commission our clients do. We handle all scheduling, communication with the listing agents, offer's and accompany our clients to all private showings. We also have a few other unique ways that we work to benefit our clients and keep things 100% transparent. We also have board application preparation down to a science thanks to ADOBE Pro. We have a great team including my partner Christian along with bankers, contractors, attorneys.

What I don't do is get up every morning and look through listings for our clients. But I find that most buyers are looking through StreetEasy/NYT's regardless of who they are working with.

Just want to make sure people know how we work.

Keith Burkhardt
The Burkhardt Group

you can see how goddamned good the burkhardt group does by their listings page:

http://www.theburkhardtgroup.com/properties.php?statusID=18595,27116,18599,18596,18597,27115,18598,18600&typeID=21791&locID=&custID=&thisfil=1036

you are a complete idiot.

this string is about buyers agents.

that has nothing to do with having listings.

I am well aware of what the thread is about. i think keith is a total sham, and his lack of ability to attract sellers is proof.

so fuck off shithead.

I used a buyers agent that did not work in my area, and then switched to one who knew the neighborhood well. The one who was neighborhood specific was excellent. When I visited apartments (often without her as I didn't need her to hold my hand at all the open houses), frequently the listing broker knew my agent. She also would know things about specific buildings -- down payment requirements, easy board, great building, frequent turnover, etc. that I would have had a hard time learning online.

CC is correct, we only represent buyers. See my blog or agent page for info on what I have sold/in contract. Close to $50mm in sales last year and we should easily surpass that this year. We have been quite busy, but a new website is in the works.

Keith Burkhardt
TBG

Actually we have many requests from sellers but have chosen to focus on buyers.

Keith Burkhardt

What you are doing makes complete sense and clearly will continue to grow. I would imagine that each transaction you complete creates multiple future contacts as people tell each other about how well it worked for them. Your only problem is the classic too good to be true dilemma. It is nice to see someone who clearly enjoys what they do and who provides real value to their clients.

>problem is the classic too good to be true dilemma.

A problem about which you are intimately familiar given the number of people you scammed.

back to the OP's comment. You certainly can't go wrong with an agent that specializes in a particular neighborhood that you want to buy in. But I think for most buyers it will really just come down to just finding the right fit with an experienced, knowledgeable agent. This is especially true for someone who doesn't need a lot of "hand holding".

Most of the important facts about a building can be found online, the next line of defense will come with the reading of the board minutes (after an accepted offer and a contract has been issued. Also having a look at the buildings financials, getting a read on the current board members can be trickier, but the listing agent/current owner will be a good resource for that information

Keith Burkhardt
TBG

I agree. I look at the "local agent" -- one from the neighborhood -- as icing on the cake, not a prerequisite. IMO, it should not be the central focus of one's search for an agent. I also agree that, as a result of this, most neighborhood /building information can be sourced by the individual buyer themselves. A LOT of information is public record, a lot can be found out by scouting the neighborhood (I prefer this to having a third party just tell me about it), and asking around. Really, it just depends on how into it the buyer wants to get themselves.