Why to choose an Elika Buyers Representative?
It is important that the agent you choose works for you. Working with a trusted expert and buyers advocate helps you achieve your dream of home ownership without unpleasant surprises. Elika is the only Exclusive Buyers Agent in Manhattan eligible for membership
in the National Association of Exclusive Buyer Agents.
Buyers Agency = Undivided Loyalty - Confidentiality - Full Disclosure. View Agency Disclosure
The Benefits
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We will provide unbiased expert knowledge and services saving you time & money.
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We will connect you with reputable attorneys, mortgage lenders, architects etc.
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We will sort through all of the properties and provide you with only the best options.
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We will preview properties so that you don't have
to.
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We will negotiate on your behalf to get the best
possible price.
- We will help manage the purchase application process.
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We will research and conduct a Comparable Market Analysis on the property, market and the area to
make sure that you do not overpay.
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We will provide you with post closing services assisting with your move and more.
BE WARY OF DUAL AGENCY - Department of New York State: Learn more
U.S. Department of Housing and Urban Development 2010
The latest HUD Settlement Cost Booklet recommends the use of an Exclusive Buyer's Agent.
"If you want someone to represent only your interests, consider hiring an "exclusive buyer's agent"' who will be working for you." more...
The Past
In the realm of real estate, there have always been
buyer's agents, but most buyers were never made aware of this. When
they wanted to buy a home, buyers went to a real estate agent for help
in finding the best home for them, not knowing that a real estate agent
is actually legally bound to represent the seller. This fact created
quite a bit of confusion, and led to a general distrust between agents
and buyers.
The FTC eventually pressured the real estate industry
to provide consumers with a written disclosure showing who they represented
during the buying/selling process. In the 1990's, this pressure spread
to most states. In 1993, the National Association of Realtors finally
admitted the importance of the buyer agency and forced real estate agents
to finally be honest about their true roles.
Roles Defined
There are four types of real estate agencies, each with
a definite distinction:
- Traditional Seller's Agency: Agents
working for a seller's agency signs an agreement with sellers to
try to get them the highest price. Many companies also serve buyers,
but not as clients but customers.
- Dual Agency: This Company attempts
to work on both sides of the fence, both as a representative for
buyers and sellers. If one agent is working as a buyer's agent and
another as a seller's agent, this can create a large conflict of
interest.
- Buyers Agency: A company whose
only interest is maintaining the services of the buyer by trying
to get the lowest price and best terms available for buyers.
- Single Agency: They represent
both buyers and sellers, as long as two agents don't work on opposite
sides of the same sale.
Avoid a Conflict of Interest
Whether consumers choose a dual agent or a buyer's agent
(also called an exclusive buyer's agent) comes down to the importance
they place on the business relationship. If they don't mind sharing
attention with the seller, they'll be fine with a dual agency. But those
who prefer one on one attention from their agent will want to choose
a buyer's agent. The thing to remember is that dual agents rarely introduce
themselves as such, leaving consumers to determine for themselves just
where an agency stands. This usually means reading the fine print on
the buyer agency agreement or checking the paper for listings placed
by the agency; an agency with a lot of real estate listings represent
sellers as well as buyers. If they haven't properly shared that information
with their customers, it's best to walk away.
A conflict of interest is easy to avoid, as long as
consumers see it coming. A home buyer who wants to buy a home that is
listed with their buyer agent's company will be faced with a conflict
of interest. For the real estate agency, this representation of both
buyer and seller is referred to as an in-house sale. In this position,
the agency receives double commission on the sale if it proceeds. While
this is beneficial to the agent and his company, it is rarely fair to
the buyer. Most wise buyers are aware of the implications of working
with a dual agency and as a result, choose to work with an exclusive
buyer's agent. Such reputable sources as Business Week, Money Magazine,
Kiplinger's Personal Finance Magazine and U.S. News and World Report
also support the use of a buyer's agent over a dual agent.
Need help?
If you are interested in finding the perfect home or investment
property and saving money, email
us. Or, contact us at (212) 590-0540.
Glossary:
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Client: The buyer
or seller who works under the guidance of an agent.
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Customer: A person
who purchases goods or services from another.
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Agency: A
company that has in its ranks a number of employees who represent
a buyer or seller in a transaction.
New York State Disclosure Form for Buyer and Seller
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The Press is
saying:
"To protect themselves, buyers can retain
their own exclusive representative, but be aware that a buyer's
agent who also works as a seller's agent can sometimes end up
on both sides of the deal."
- Business Week
"Hiring a buyer's broker costs
the home buyer nothing extra."
- Chicago Tribune
"Groups such as the Consumer Federation of America
and AARP recommend using buyer's brokers"
- Smart Money
"Exclusive agencies are the
best. They remove any conflict of interest, which is the main
reason for considering a Buyer Broker in the first place."
- U.S. New & World Report
"You'll get
the surest representation from a single-agency broker or an exclusive
buyer's broker."
- Kiplingers
"The best buyer brokers are so-called exclusive
agents - that is, they represent buyers, never sellers..."
- Money
Magazine
"Level the playing field when you buy a home...You may
get a better deal with your own broker pulling for you...The
introduction of buyer brokers takes a horribly one–sided process
and simply makes it fair," says one broker."
- Medical
Economic
"Buyer agents work only
for consumers and can save them money - and they don't cost more
to hire."
- Los
Angeles Times
"Agents:
How to hire one for your side." "Most agents who show
you homes don't represent your interests. They work for the
seller, and their object is to sell the house for the highest
possible price."
- USA Today
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