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Buyer's Guide


Today, buyers have access to an abundance of information on the internet. A huge amount of data can be found within seconds and there are many websites that show property listings, prices and other figures. But what is relevant to you? How do you compare and analyze information from various sources? Whom can you trust?

More than ever, an experienced New York Residence broker is needed to help you interpret the data, give you a second opinion and to make sure that your purchase is a rewarding experience. 

Much of the information you will find on the internet is incomplete and sometimes even misleading. Keep in mind that any property listing is designed to emphasize the strengths of a property and to downplay its weaknesses and defects. A gorgeous view from a window might only be visible at an angle. A bedroom might be next to a noisy elevator or there might be a mechanical room of the building next to the living room. A building might have known defects or there might be major construction work planned next to it. Some buildings do not permit owners to rent their apartments—ever. 

Being properly represented throughout the purchase process is critical in the New York real estate market. And since we do not charge clients a buyer’s commission, you benefit from our advice, research and knowledge for FREE! 

Broker commissions in New York are usually paid by the seller and split between the two brokers working on behalf of their respective clients. If a buyer is not represented by a broker, the selling agent would receive twice the commission—so there is no benefit to the seller, but a significant disadvantage to the buyer. 

There is really no reason to not be properly represented when it comes to one of your more expensive purchases, and in many cases a broker will be able to negotiate better terms for you. 

New York Residence’s agents have the local knowledge to help you avoid common pitfalls and will advise you with honesty and integrity. 

It is standard at New York Residence, but also required by law: A real estate agent working for a buyer owes him undivided loyalty, the so-called “fiduciary duty”. That means that your New York Residence agent will represent your interests exclusively. 

In contrast, a real estate agent whom you contact based on a listing, represents the seller and therefore will never be completely loyal to you. In fact, New York real estate law determines that a seller’s agent owes fiduciary duty to the seller first and foremost. 

A smart buyer will always be represented by a broker, similar to contract negotiations where both parties are represented by their attorneys. That way, both parties benefit from the independent view of their advisors and have access to all market data relevant to the transaction. 

There are many elements of a real estate transaction in New York where you will benefit from professional guidance as they are specific to New York City. For example, many buildings in New York require detailed applications from tenants and buyers. An experienced real estate agent can help you to save countless hours of frustration as a result of incomplete or incorrect submissions of these so-called “board packages”.

All New York Residence agents and brokers are licensed by the State of New York. Licensing requirements are strict and require passing a state exam. Licenses needs to be renewed every two years and agents and brokers need to meet continuing education requirements. In addition, all New York Residence agents are insured for a million dollars by Lloyds of London to give our clients the highest level of confidence. 

Make sure that you have the best experience possible by hiring a New York Residence broker to represent you in your real estate transaction. 

Rely on us to get the best deals in New York!