The New York City real estate market is dynamic and complex. There are nuances in selling property in New York that you do not find in other places in the country. Therefore, it is essential that you choose a skilled real estate agent when buying or selling property. That decision is not always straightforward, especially because there are more than 80,000 active licensed real estate agents in New York. How do you choose the right one? Follow this guide, because whether you are a first-time homebuyer or an experienced investor, choosing the right agent can significantly impact the success of your transaction.
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1. Referrals and Research
Begin your search by gathering recommendations from friends, family, colleagues or other agents that you trust outside of New York. Personal referrals can provide the most valuable information from people that you can count on. They can tell you their firsthand experience working with that agent and provide honest insight into the agent’s professionalism, experience, negotiation skills and so on. Reviewing online platforms such as real estate websites and social media can also allow you to better understand an agent’s track record and success. Don’t be afraid to ask an agent that you are considering to speak to past clients that they’ve worked with as a reference.
2. Experience
New York’s real estate landscape is intricate, with various neighborhoods, property types and regulations. Look for an agent with ample experience in that specific area and property type. For example, if you are selling your condo in Tribeca, you should consider choosing a reputable broker who has sold many condos in Tribeca rather than an agent that only sells co-ops in Brooklyn. It will usually make for a much smoother transaction. It’s also important to work with someone who’s very active in the market, meaning they are transacting regularly and they’re familiar with other listings on the market. An agent who understands the competition can more effectively communicate why something is a good buy or why your listing is better than another listing in that neighborhood. Additionally, New York is constantly changing. New retail is opening, construction is taking place on various streets, and new buildings are being built. The brokers who are busy in that market and really know their area will best be able to communicate and educate you on those factors.
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3. Network
A reputable real estate agent often has an extensive network of local industry professionals, including mortgage brokers, attorneys, inspectors, contractors, the list goes on. A well-connected agent can streamline the buying or selling process by recommending reputable service providers. Lastly, the agent should have good relationships with other brokers in the area. Many transactions occur where the buyer is represented by an agent and the seller is represented by a different one. It is sometimes overlooked just how important that relationship is with the other agent. Your agent should be able to work with others to achieve each of their client’s goals.
4. Communication, Compatibility and Trust
Clear and effective communication is vital throughout the buying and selling process. A reliable agent should promptly respond to your inquiries, provide regular updates and address your concerns. I recommend assessing their communication style during your initial interactions to ensure they’re attentive and responsive.
Building a strong rapport with your real estate agent is crucial. You’ll be working closely with them so you should like them. You will also be discussing financial matters, and allowing them to help you make very important decisions. You should feel comfortable that your agent will keep everything confidential and put your best interests first. They should provide accurate information, and inform you of potential issues and market conditions, even if it might affect their commission. Trust your instincts — if you feel comfortable and confident in their abilities, it’s a positive sign that you’ve found the right match.
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5. Marketing Strategy
For sellers, a strong marketing strategy is essential to attract potential buyers. Your agent should be able to think outside the box when it comes to marketing your home and should be able to tailor their marketing strategies to your specific property. For example, maybe your property has something unique, like a showstopping outdoor space, where drone footage of the exterior might be a great way to feature that space. Or maybe the property has a lot of history or celebrity ties that would be great to feature in a local publication. Inquire about the agent’s approach to marketing properties, including their use of professional photography, virtual tours, staging, social media and online listings.
6. Negotiation Skills
Real estate transactions involve negotiations, whether you’re buying or selling. A skilled negotiator can secure the best deal for you, navigating counteroffers and contingencies while keeping your interests at the forefront. A skilled negotiator is prepared. They understand your goals and they have done research on the other side such as what motivates them, timing constraints, etc. Great negotiators are ones who are confident but not arrogant, good listeners and thoughtfully strategic.
The process of buying or selling real estate in New York can be challenging, but with the right real estate agent, it becomes significantly more manageable. Take your time to research, meet with multiple agents, and assess their qualifications, experience and compatibility with your goals. Remember that finding the perfect agent might take a little effort upfront, but the benefits of a successful and smooth real estate transaction will be well worth it in the end.
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How to Find a Real Estate Agent in New York City originally appeared on usnews.com
