Choosing a real estate broker:
Choosing a real estate broker is kind of like a mixture of picking a new mentor, and a new friend. We will probably spend a solid amount of time together, we’ll go on adventures, and work together to meet a common goal. You’ll probably need some support and knowledgable guidance throughout the process, so selecting a licensed real estate broker in New York City is a very important decision.You’ll need someone you can trust. This person has your back so to say; they have your best interests in mind. They will receive a lot of confidential information about you, so make sure to always do a public license search for any real estate professional you chose to work with to make sure they are in good standing.Some questions to ask yourself are: Do I feel comfortable with this person?Are they competent and knowledgeable about the local market?What value are they providing for me?Do I feel like they are focused on my needs?Have they answered my questions to my satisfaction, and if they did not know an answer, did they follow up with someone who does and get back to me?Is their communication clear?Do I feel like they are educating me, or trying to sell me on something?
And the list could go on. Trust your gut when working with a real estate professional, and always make sure you feel like they're on your team.FAQs
What’s the difference between a real estate agent and a real estate broker?
A real estate agent is a licensed salesperson, who works under the umbrella of a licensed real estate broker, and has passed their licensing exam through the NY Department of State (NYDOS). A real estate broker has at least 2 years experience as a licensed salesperson, has taken additional training and passed the NYDOS broker’s exam, and can operate independently. Real estate brokers generally have more experience and are more knowledgable than agents.
Am I financially ready to buy a NYC apartment?
Before trudging out from one open house to the next, make sure you’re ready to buy a NYC apartment. It’s ideal if you have 25-30% of the asking price saved because you will likely need 20% cash to put down if you’re buying with a mortgage, and then 5-6% for closing costs. Plus, you’ll need some extra money for moving costs, etc.
Do I need good credit to rent or buy an apartment in NYC?
In short, yes. An ideal credit score is 700+ and has no late payments or collections. Debt from medical or student debt will sometimes be viewed differently by landlords, but they will always want to see that you’ve payed your bills on time.
Why is a real estate agent an important member of my team?
Remember, a great NYC real estate agent is a member of your team, and can be seen as a mentor in the city’s oftentimes confusing housing market. Whether you’re buying or renting an apartment in NYC, having a great real estate agent on your team is crucial. They know the market and can represent your needs at the negotiation table. You can save time and headaches by hiring a real estate agent in NYC because they will know common pitfalls to avoid and smoothly guide you to closing.