If you’ve decided to buy or sell a home in New York, you’re about to make one of the most important decisions in the entire process: it’s time to hire a licensed real estate agent. The agent you choose can significantly impact how successful the transaction turns out to be in the end. Here are some tips on how to find a real estate agent who is right for you and will work hard to get the very best deal possible.
The basics
Selling or buying a residence is most likely going to be one of the most significant transactions in your life, so it’s crucial to find the right agent to team up with. Your agent will expertly guide you through every step of the process and ensure that everything stays on track. If you’re selling a home, a seller’s agent will expertly price and then market your home with the goal of getting the highest offers and selling quickly. If you’re buying, look for an agent with top-notch knowledge of the local neighborhoods. They will be able to locate desirable properties in your area of interest and negotiate the best price possible on your behalf.
Real estate agent vs. broker
You may have heard these terms used interchangeably, but they are not the same. A real estate agent is licensed to help clients buy and sell homes and usually works for a licensed broker. A broker holds an advanced license that allows them to own a firm and hire agents to work for them. They can also work on their own.
Realtor vs. real estate agent
While a real estate agent holds a license to help clients sell and buy property, a Realtor is a member of the National Association of Realtors, a trade association with a code of ethics.
Buyer’s agents vs. listing agents
The answer to how to find a real estate agent depends on whether you are buying or selling. If you are looking for a home, hire an agent who specializes in assisting buyers. They will search for homes that match your wish list and budget, arrange for you to view homes, help you prepare an offer, negotiate on your behalf for the best price, and expertly handle the closing process. If you’re selling, hire a seller’s agent or listing agent. They will establish a competitive price for your home and prepare a marketing plan that will include an online listing with professional photographs. They will also show the home to prospective buyers through open houses and private tours, help you navigate offers, negotiate for top dollar, and close the deal.
How to find a real estate agent
When searching for the right agent, it’s essential to ask the following questions to ensure you have an accurate idea of how they operate and how they can be a great asset for your real estate goals.
What is their experience?
When interviewing agents, find out how long they have been helping clients with transactions within New York real estate. Specifically, ask them about their track record of success over the last two years regarding how many transactions they have closed. The more clients they have assisted in reaching success, the better.
Do they have assistants who will help me?
Some agents have assistants who will help both the agents and clients with various functions, including marketing. It usually depends on the size of the firm.
How much commission do they expect?
Real estate commissions in New York City average between 5% to 6% of the sale price. The agents for the buyer and seller split the commission, which is usually paid for by the seller.
Do they have good reviews from past clients?
One of the critical steps in determining how to find a real estate agent is to read testimonials from clients on their websites to get a feel for how well they perform, but don’t stop there. Ask for a list of references, and call them to get a first-hand endorsement.
Factors to look for in a buyer’s agent
They’ll help you find homes in your price range
Talented agents know how to find desirable homes in the buyer’s price range by perusing listings on the Multiple Listing Service and other websites. A good agent also checks with fellow agents to ask if they have any properties coming onto the market soon in your budget range. That could help give you a head start in getting a private showing.
They’ll negotiate with sellers to get you a better price
Your agent will ask the seller’s agent what the motivation is for selling and if there are any contingencies you can include. They will be well-versed in the negotiation techniques that get results and professionally represent your best interests during negotiations.
They’ll set realistic expectations regarding home availability and competition
A skilled agent will be honest with you during your home search about the kind of properties that are available in your price range and how competitive the market is. They can match you with a neighborhood and specific properties that best fit your lifestyle, interests, and budget.
Factors to look for in a seller’s agent
They’ll help you market your home effectively
A talented agent will advise you on how to prepare your home. They will likely advise you to hire a professional stager and photographer to set up your home for success and take high-quality photos for a sharp online listing. Your agent also knows how to identify the kind of buyer interested in your property.
They’ll know which improvements will make a difference
Your agent will walk through your home and advise which cosmetic repairs may be worth the effort. They are highly in tune with what local buyers want to see, and they can recommend several smart upgrades that will increase your home’s value.
They’ll come up with a realistic listing price for your home
Your agent will run a comparative market analysis (CMA) to compare your home with similar houses, or “comps,” that are already on the market. They will also have expert insight into the current market trends to ensure that you’re setting the right price from the get-go.
Ready to get started?
If you want to find a real estate agent who gets results, it’s time to team up with only the best. When you’re ready to buy or sell a luxury New York City home, let one of the talented agents at the Jonathan Stein Team lead the way.
*Header photo courtesy of Shutterstock