A Buyer's Broker for New York City Real Estate

A buyer's broker is essential for anyone looking to purchase a property in NYC.

In New York State, a real estate agent can represent the interests of a buyer and of a seller. A buyer's broker represents the interests of the buyer, while a seller's broker (often referred to as the listing broker) represents the interest's of the seller. It is also possible for a broker to have dual agency where he or she represents the interests of both.

Why work with a buyer's broker?

A buyer's broker owes complete fiduciary duty to the buyer, meaning that they are responsible for representing the complete interests of the buyer and not of the seller. A buyer's broker does the following for their clients:

  • Learns about their real estate needs, desires and wish list
  • Identifies properties that match the buyer's criteria
  • Preview properties on behalf of their clients as well as with their clients
  • Scope out the neighborhood and perform an in-depth market analysis
  • Analyze comparative properties in the area that have recently sold as well as listings on the market
  • Ensure due diligence on any properties of interest
  • Submit offers and fiercely negotiate for the best possible outcome for their clients
  • Connect clients with real estate attorney and bankers for financing needs

What is the cost of working with a buyer's broker?

It is completely free to work with a buyer's broker. A buyer's broker earns their commission at the sale of the property. The commission is paid by the seller. Commissions in New York City are often between 5% and 6%. When the buyer's broker's client purchases a property, the seller pays the entire commission to their seller's broker, who then splits it with the buyer's broker. Both the seller's broker and the buyer's broker end up with between 2.5% to 3%. Of course, every listing is unique and every seller pre-negotiates the commission with their client prior to listing.

What are seller's brokers?

They are the listing agents. They work with the owner of the property to market it. They have an exclusive on the property and represent the interests of the seller. Many buyers do not realize that the listing broker does not represent their interests, and owes complete fiduciary duty to their client, who is the seller of the property.

What value does a buyer's broker bring?

While most brokers are buys attempting to win real estate listings and market them, there is a small group of brokers who look forward to representing buyers on the purchase of their property. A buyer's broker brings their undivided attention to the table to work for their buyers, helping them identify properties with good investment potential. A buyer's broker is also able to understand the nuances between different neighborhoods and pinpoint the exact types of property types that their clients should be focusing on. A buyer's broker also is a careful listener and looks forward to serving the needs of their buyers.

What properties does a buyer's broker have access to?

A buyer's broker has access to all properties currently active on the market. A buyer's broker has special access to an online listing service, whereby the broker is able to identify all listings that are currently available on the real estate market. Additionally, buyer's brokers often have pocket listings, which are listings that have not been made active yet, and have an owner who is looking to potentially sell for the right price?

Does Blooming Sky work as a buyer's broker?

Absolutely! We have represented many clients on the purchase of their properties across Manhattan and Brooklyn. We focus on identifying properties that not only make beautiful homes but also make for great investments. We know that real estate requires a significant financial commitment and therefore treat such a decision with the utmost respect and attentiveness. We are always excited to speak with potential buyers and share our knowledge from personal experience of buying and selling, as well as the experience we have gained by representing our clients in the purchase process for New York City real estate.

Interested in learning more about how we can represent you as a buyer's broker? Contact us here.