When it comes to buying a home, choosing between a buyers agent and a real estate agent is an important decision. Both represent the interests of the buyer and seller. In some situations, one may feel more comfortable dealing with a buyer-only agent, and in others a real estate agent may be more helpful. However, it is important to understand the differences between the two to make an informed decision.
A buyer’s agent has a fiduciary responsibility to the buyer and must act in the best interests of the buyer. In some states, a buyer’s agent is required to disclose their conflict of interest. However, a real estate agent may represent both parties, if both parties agree.
If you decide to work with a buyers agent, ensure that they have a long track record of success and are not overloaded with clients. Also, make sure that your agent knows how to work with a variety of mortgage brokers, as the recent mortgage crisis has made this more important than ever. In addition, your agent should be experienced and have core values that will ensure that the process is smooth.
A buyer’s agent has the expertise and access to data on comparable sales, which is vital in negotiating a fair price for an apartment. While you may think you are good at bargaining, an experienced agent can help you get the most reasonable price. Using comparable sales data, your agent will be able to analyze the value of your apartment in NYC. They will also offer you a strategy to work your way through the negotiations.
