We all know New York City's real estate market is like no other - but do we know why, exactly? Is it the excitement of living in one of the greatest cities in the world? Is it proximity to an unparalleled amount of culture, dining, and adventure? Is it because of the astronomical prices?
Sure, all those things. But what we want to highlight here is the unique importance of a broker in the New York home search process.
More so than perhaps anywhere else in the country, in New York a licensed real estate salesperson, broker, or associate broker is an absolute must.
It's not just about having an expert tackle the complexities of the local market on your behalf, nor just because it's a legal necessity. To put it simply, a broker is a newcomer’s best asset in finding a home.
Still wondering why? Read on for a breakdown of the role and importance of a broker.
A broker's role includes:
- Counseling customers on the status and customs of the local real estate market.
- Providing access to properties.
- Negotiating lease terms.
- Ensuring the renter or buyer is represented in the transaction.
- Assuring compliance with local real estate laws.
Customers need to be aware that:
- In New York City, 95% of all available rentals are listed with brokerage firms, requiring a broker to access the property.
- Beware of websites such as Craigslist! They often contain outdated, misleading, and sometimes fraudulent "too good to be true" listings that are difficult to distinguish for the uninitiated.
- When a tenant works directly with a listing agent, they have no representation in the transaction, as listing agent has no fiduciary duty to a renter, only to the landlord/seller; fiduciary duties can be summed up by the acronym ‘OLD CAR’:
- Reasonable Care and Diligence
- A renter’s/buyer’s agent - your broker - has fiduciary duty to you, the renter or buyer.
- A broker's knowledge of buildings, management companies, and neighborhoods will save novices to the market significant time and avoid serious pitfalls.
For those relocating to the New York City area, a broker with relocation training is a must.
- A relocation broker can cover a broad area, as opposed to a single neighborhood specialist.
- A broker trained and experienced in relocation, particularly with expatriates, can guide an expatriate with no credit or rental history - and possibly no social security number or bank account - through a very competitive market, ensuring the transferee is able to secure the property of choice.
- A broker trained in relocation will:
- Understand client policy.
- Be aware of timeliness in a relocation.
- Be familiar with the peculiar challenges of an expatriate.
- Be sensitive to other cultures.
- Have the ability to invoice for fees.
A broker is not just an invaluable asset for those relocating to New York City, but an absolute necessity when it comes to finding a home. To avoid all the possible difficulties, don’t go it alone - a trusted broker will work for you and streamline the process.