**..I found a broker and he helped me get the current rental..**
Sounds like he did a good job, there was commission involved and he got paid for it - end of story.
Now, you have an opportunity to purchase it 3 years later .. a totally different entity.
If you've done your homework and research, then negotiate the deal yourself ... find yourself a quality real estate attorney, they run in and around $900ish (probably more, you live in NY) .. he can protect your back before, during and after the closing ..
How many times do you want to pay for the same property.?
Yes, finding a home is easier for most people to do given all the different web sites. Agents are happy to market our properties on as many of them as possible because it exposes that property to a larger audience and helps our seller clients get the highest and best offer.
However, finding the property is not all there is to the job of a buyers agent. I could write a book on the subject... come to think of it... there are already tons of books on the subject, not to mention mandatory NYS licensing classes, ABR certifications, agency disclosure mandates, fair housing laws, and well, I could go on and I am sure other agents will. So I'll leave it here.
The bottom line is that you won't know if you got a bad deal until you open that last suitcase ("Deal or No Deal" reference). Wouldn't it be nice to be able to go on that show and have someone tell you which suitcase you were holding well in advance of opening the last one? Wouldn't be nice to have someone negotiate and investigate all the details to make sure you have a good deal before you are stuck in a bad one?
Our job is also to help buyers navigate the waters all the way through to closing. I promise it takes more than one afternoon worth of work to accomplish that.
Sincerely, best of luck in your home search - and hang onto your agent!
Wouldn't that be interfering with an agency relationship?
Are you saying the buyer should approach a seller directly to buy a property that has a listing agent?
Andrushka's answer is totally correct. You as a buyer do not have to pay a broker's fee, but you will benefit from his/her expertise. Besides, if the seller has already a listing broker he/she will get the total commission, the buyer never gets that discount.
I can't quite figure out why someone gave Tammy who answered this question earlier a thumbs down. I think she gave a fine answer.
However, you always benefit from using the services of a (good) broker. Finding the property is just a part of the whole process.
Your broker can be very instrumental in negotiations and getting you other favorable terms for the contract and your side of the transaction. If your offer is accepted the work has just begun. From your question I am not clear if there is a listing/sellers broker involved.
If there is one then the commission will be paid off the top of the deal by the seller anyway and it will all go to the listing broker who represents the seller's interests and not yours. There is a ton of work involved behind what people perceive as one afternoon out and the broker collecting easy money. It is the tip of the iceberg. As long as you are happy with the work your broker is doing your concern is getting the apartment you like for a price that makes sense to you. I hope this helps.
Feel free to let me know if you have any other questions.
What I am here is to ask Gavin here why he thinks that a buyer should work with many brokers, and how he would feel if a buyer has done that to him? Maybe loyalty isn't important. My other question would be which article in NEW YORK TIMES were you mentioned in and a link. Did they ask for your advice, did you contribute to the article, and what was the article about?
I think all of us would love to know that....
Commissions are negotiable too.
I'm an experienced, licensed agent (featured in the New York Times) with some apmnt options that could work well for you.
Please contact me by phone so I can answer your questions & send you the property we have that works best for you.
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The scenario you presented makes sense on paper, but a seller's/listing broker can easily snub your offer for another unrepresented offer at full asking or even a lower asking with full 6% going to him/her directly. While it is not the most ethical, there is no way of knowing if they do or don't submit your offer without representation to follow up for you as well as present comparables on a consistent basis.
We have access to databases the public doesn't and know of new listings the day they hit the market. The websites don't always have the newest listings for a week or more sometimes.
Best wishes with your search!