Why A Buyer’s Broker

A buyer’s broker will protect the buyer’s interest throughout the purchase process.

In acting as a buyer’s broker, we will:

1) Preview and recommend condominiums for the buyer

2) Perform due diligence and market analysis on the property

3) Negotiate in the buyer’s best interest

4) Oversee the entire buying process including coordination with attorneys and bankers

Who Pays The Fee?

The seller and buyer are responsible for their respective brokers’ commissions.  To make a listing more attractive, sellers sometimes also cover the buy side commission but this is dependent on the seller and market conditions.

Read Wei Min’s article, Property Investment In Manhattan

Who Are Seller’s Brokers?

Seller’s brokers are ones whose names appear prominently by property listings you may see online or in the windows of real estate storefronts. They represent the sale of their seller’s property and have to act in the best interest of the seller. This includes attaining the highest price for the listed property and not disclosing facts that are not in the best interest of selling the property.

What Is The Value Of A Buyer’s Broker？

Buyer’s broker is not a new concept. It’s just that the majority of agents focus on getting property listings and hence represent sellers. Buyer focus is a niche. From a broker perspective, a buyer’s broker needs to be familiar with the entire market. For example, a buyer’s broker needs to be familiar with the top buildings in each neighborhood, understand what are the high demand/high appreciation buildings, what are the high supply buildings with too many investors etc. Beyond that, a buyer’s broker needs to know what are the preferred apartment lines within each building. Yes, there is a lot to know and the broad knowledge base is necessary to help buyer clients identify what is a good buy.

In contrast, a seller’s broker only needs to focus on the strengths of his/her listings and understand the drivers relative to the sales listing.

We are focused on buyers within the Manhattan condominium market and hence yes, we focus on being a buyer’s broker.

Does A Buyer’s Broker Have Access To All Properties?

Absolutely. New York real estate is based on membership into the Real Estate Board of New York (REBNY). Per REBNY rules, a new listing has to be uploaded into the broker system within 24 hours of getting the exclusive agreement signed. This means every broker has access to the entire inventory of properties for sale.

Read about Foreigner Buying New York Property, 8 Questions That Matter

What We Do

Manhattan property broker focusing on global investors buying Manhattan condos for portfolio diversification and long term return-on-investment.
1) Identify the right buy based on objectives
2) Manage the buy process
3) Rent out the property
4) Manage tenants
5) Market the property at the eventual sale

Wei Min’s media interviews by CNBC, CNN, New York Times on the subject of investing in Manhattan property

Deal Examples

1) Halcyon new development in Midtown East close to United Nations.  Represented multiple buyers at price points between $1.7 million to $5 million.  Rented out at premium rents since closing, driven by apartment quality and proximity to United Nations, Citigroup Center, Blackstone, Blackrock, JP Morgan Chase headquarters.

2) 99 John Street, represented client in the purchase and eventual sale.  Property was purchased when the conversion was just launched.  Art Deco prewar condo by the same architect as the Empire State Building.  Apartment has very rare 500 sqft terrace, commanding premium sale price.

3) Pre-war condo at Parc Vendome, managed renovation process and rented out within 1 week after renovation completed.

After Renovation

Before Renovation

This article was updated March 4, 2024

Follow On Instagram