Thinking of buying a new home or investment property and not sure whether or not you want to work with a real estate agent or go it alone? Here’s the lowdown on the questions asked most frequently about working with brokers.
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Do I need an agent from each company to make sure I see all the listings available?
No. In New York, most real estate companies cooperate (the technical term is “co-broke”) with other agencies, developers, and often directly with the owners. So, your agent will have access to all available listings, not just the ones represented by his or her company.
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What does it mean when a company says it has an “exclusive”?
An “exclusive” listing simply means the seller of the property is represented exclusively by one selling agent or team. You as a buyer can be represented by whomever you like. Your agent will be able to see the listing in their database, make viewing appointments for you, negotiate on your behalf, and represent you throughout the entire purchase process.
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Why do I need an agent if I can do the work myself?
A good agent will have a more extensive and up-to-date database than you’ll be able to find on the internet. Listings on consumer websites aren’t updated as quickly as the market moves. Often, listings that show up as “active” on streeteasy, for example, are actually already in contract or sold. Your agent will be able to get you the real-time status of the properties you’re interested in. If you’d like to take part in the search process, by all means, tell your agent. I tell all my clients I like to work together with them as a team. I encourage them to go on-line and peruse newspapers and magazines — only when they have time, of course — and call or e-mail me to compare notes on anything they find interesting.
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Do I have to pay an agent fee?
If you’re on the buyer side of the deal, you don’t have to pay a fee to your agent. Sales commissions are paid by the seller — not the buyer, and the commission is shared between the selling agent’s company and the buying agent’s company. There is no additional out-of-pocket expense to buyers for working with an agent.