If you are looking to buy a co-op or condo in Manhattan, then it's important that you know what to look for in a real estate agent. You don't want to end up spinning your wheels with someone who is all talk and doesn't know the ins and outs of the real estate business specific to the city. Manhattan real estate is a huge industry, and as such, there are quite a few people who talk a good game, but who won't be able to deliver the goods. So, in order to find a real estate agent who will be able to actually find you a nice co-op or condo, make sure they have the following qualities when it comes to buying and selling real estate.
You always want to make sure that the person you are dealing with has a real estate license. Many of the companies will use trainees, and they can be helpful in locating properties, but you will want someone senior to consult with. That's because many of the larger, more ritzy co-ops won't deal with non-licensed people. So, if you are working with someone who doesn't have a real estate license, and who doesn't report to a senior person, then you might miss out. The person might not want to even show you a property if they know they can't make the sale.
Awareness Of The Market
The next thing you want is a person who has an awareness of the market. This can mean lots of things, but in essence it should mean that they know what neighborhoods are hot, and overpriced, and what neighborhoods are up and coming. So, you might be priced out of somewhere such as Tribecca or SoHo, but your agent might put you into a section of Kips Bay or Inwood which is seeing lots of new development and where you can get a steal. You don't want a real estate agent who is just focused on pushing the same few neighborhoods over and over.
Connections Within The Housing Landscape
A great real estate agent will know people in the housing community. That means they will know developers who build new properties, allowing you to get in on the ground floor, before the building is even listed publicly. Also, knowing the housing landscape entails knowing the different supers, landlords, and even doormen. These people can be an excellent way to get advance notice on property that is going to be sold, which can lead to you getting in ahead of all the other buyers and making an offer at the prime moment.
An Understanding Of Boards
Of course, it's essential that the real estate agent knows all about the NYC co-op board issues. One of the biggest hurdles to buying a Manhattan co-op is passing board approval. You might have the money and be in a perfect financial spot to go ahead and buy the property, but if the board doesn't like you, it might all be for naught. This is why you really want to make sure your agent understands what the boards are looking for. So, if you will run into problems with the board (perhaps they only want married couples, or they have a bias against people with multiple pets, or people who work in the arts, or some other unstated but understood bias) then it's better to just avoid wasting time on their particular co-op and move on to one that won't be a problem,.Share
10 May 2017
I have never been one of those people who loves to shop, which is probably one of the reasons I had such a difficult time choosing a house. I wanted to find the perfect little place for my family to grow up, but that was easier said than done. I knew that I wanted to work with a professional who could really grasp my vision and put me in a place that I would love, so I started focusing on finding the right professional. After a brief search, I was able to find a team of real estate brokers that I knew would do a great job. This blog is all about choosing the best real estate agent for your personality.