A buyer's broker represents the best interest of the buyer. A seller's broker represents the best interest of the seller. It is the buyer's broker who will advise objectively and on the downsides of a property.
When a property is being marketed abroad, it is almost always by agents representing the seller, and as such, the buyer gets one-sided information. Understandably, it's easier for a foreign buyer to attend a property show, view the renderings and miniature model in their home country and enjoy food and drinks in the process. The cost of this can be very high and in the form of the buyer getting into a bad deal in terms of the property and terms/price.
Contact: tan@castle-avenue.com
Read about Wei Min's style in Best Manhattan property agents.
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
Deal Examples
1) The Sutton in Midtown East close to United Nations. Represented multiple buyers at pre-construction stage. 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) 299 W 12 St. Client’s condo in West Village’s most prestigious prewar building. Rents at $8,200 per month for a 1 bedroom.
This article was updated March 15, 2025.
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