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I am looking for a COOP apt in NYC, Upper West Side mostly. My daughter is a corp lawyer in NY and got RE license. Can I use her as my buyer agent so we can get 3% commission or do I really need a buyer agent help? I mostly do my own research and visit open houses, or I can make an apt to see an apt I like. Do not really need a buyer agent for this. What are the rules? Any info is much appreciated
How are you going to have a clue as to what's actually on the market if your buyers broker is a lawyer who is not really connected to the market? Some listing brokers might actually shut you out when approached about this.You will have to inform them before any viewing and get them to sign a co broke with your daughter or there will be legal problems.I suppose it would work as long as you are content with probably never seeing or hearing about half of the available listings and you can get listing brokers to agree.
How are you going to have a clue as to what's actually on the market if your buyers broker is a lawyer who is not really connected to the market? Some listing brokers might actually shut you out when approached about this.You will have to inform them before any viewing and get them to sign a co broke with your daughter or there will be legal problems.I suppose it would work as long as you are content with probably never seeing or hearing about half of the available listings and you can get listing brokers to agree.
It's really not that hard to find what's out there these days. I don't know what you're selling, but I've never seen a listing agent shut anyone out.
It's really not that hard to find what's out there these days. I don't know what you're selling, but I've never seen a listing agent shut anyone out.
Go to an open house, as the the OP has suggested and tell them that you are only paying a 3% commission because your daughter is a lawyer and see what happens.Actually shut you out of seeing a property,no.But shut you out of negotiating a sale if you are interested? Very likely ,though never announced.Your offer will just go nowhere.Often this happens in NYC even when they have signed a co broke and agreed to let the buyers broker show the place.When crunch time comes,the place gets sold to their customer without a brokerage split.
Most listings never appear on zillow,street easy,property shark,etc and often when they do it is only because the listing brokerage has already been showing the place for months without any advertising and with no luck….i.e, it's a dog listing that has a lot of issues or is way over priced.The best listings are priced right and often sell within a month or so(oftentimes within days) to customers of the selling agent or by word of mouth without a split commission and without much advertising,especially in places like zillow,street easy,etc.
Also,if ever there is a bidding war between a listing broker's customer and a buyer's broker's customer(or someone who only wants to pay3% because their daughter is a lawyer,guess who is going to win ? It won't be the customer where the selling/listing broker has to share the commission with a buyer's broker or the lawyer daughter.
I do work with a buyer agent sometimes but he never ever showed me anything that is not on street easy or zillow. He does provide some interesting info but is it really worth the money? I more often than not find apartments I would like to see before he does and go to open houses. I was under impression it is now a common practice for listing agents to post to all these websites as long as agency they work for website, at least in NYC. And in most cases as soon as a new listing comes out they have an open house.
As for commission split, they split it anyway 3% to buyer agent and 3% to seller. Listing agent only gets all 6% if there is no buyer agent involved. So theoretically it is the same for seller agent who to split with except that agents mostly know each other and might prefer their colleagues/friends get money and not somebody they do not know.
Also , my question was in terms of if I found an apartment on open house myself do I really need a buyer agent to negotiate, help with the process, coop app/board and finding info about the building, etc. Is it really worth 3%? for ex. 900K apt it is 27K and there is so much info on a web these days
In a city where only sellers’ brokers have exclusive contracts, representing a buyer is a tough job. And now it’s tougher than ever, thanks to the ongoing inventory shortage afflicting the New York City residential market. With few new properties on the market, buyers’ brokers are having difficulty finding apartments to show their clients, since many apartments get snapped up even before they are listed online.
When a new property does appear on the market, listing brokers said they are immediately inundated with requests for showings and even offers, which means they have to pick and choose which brokers to work with. Meanwhile, many tech-savvy buyers — especially those frustrated by losing apartment after apartment in a tight market — don’t hesitate to contact the listing broker directly, without the aid of a buyers’ broker.
“The market is inundated with qualified — and oftentimes overqualified — buyers who are also quite Internet-savvy, and who may or may not have a buyers’ broker with them,” said Sam DeFranceschi, an associate broker at Nest Seekers International. “When desirable products come to market, [buyers] are quick to reach out for a showing, and in some cases make an offer sight unseen.”
In today’s market, working with a buyers’ broker may even be a disadvantage, sources said, since listing agents often prefer to do a “direct deal”— one with no co-broker to split the commission. And though it’s against the rules of the Real Estate Board of New York, some sellers purposefully don’t return phone calls from buyers’ brokers, preferring to make a deal with an unrepresented purchaser.
According to Donna Olshan, president of Olshan Realty, some listing brokers “are putting off showing until the open house, in the hope that they can land a direct deal.”
Listing agent only gets all 6% if there is no buyer agent involved.
So why would they want to split it with you, if they can keep it all for themselves by selling to an unrepresented buyer?
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