Working With a Real Estate Broker: Five Questions Buyers and Sellers Ask Most
NYC Real Estate Q&A Series Practical guidance for buying, selling, and owning real estate in New York City
Over the years, buyers and sellers have asked me hundreds of questions about purchasing, selling, and owning real estate in New York City. While every situation is unique, certain questions come up again and again.
In this ongoing series, I'll answer those questions one topic at a time, providing practical guidance to help you make more informed real estate decisions. |
Buying or selling a home in New York City involves more than finding the right property or setting the right asking price. From navigating market conditions to negotiating terms and managing the transaction, the process requires informed decisions at every stage.
A knowledgeable real estate broker can help guide those decisions, but choosing the right professional—and understanding what to expect from the relationship—is equally important.
In the fifth and final installment of our NYC Real Estate Q&A series, I answer five common questions about working with a real estate broker.
1 | How Do I Choose the Right Real Estate Broker?
Experience matters, but the number of years a broker has worked in real estate isn't necessarily the best measure of whether they're the right fit.
Look for someone with a strong understanding of your particular market, including neighborhood trends, comparable properties, pricing, and the nuances of different building types. For example, buying or selling a Manhattan co-op can involve considerations that differ significantly from a condominium transaction. A broker familiar with those distinctions can help anticipate challenges before they arise.
Equally important are communication style, responsiveness, and the ability to provide candid advice. A productive relationship begins with trust and a shared understanding of your goals.
2 | What's the Difference Between a Buyer's Agent and a Seller's Agent?
A buyer's agent represents the buyer's interests, helping identify suitable properties, evaluate pricing, prepare offers, and negotiate purchase terms.
A seller's agent represents the seller, advising on pricing, marketing strategy, buyer interest, and negotiations.
In New York, real estate professionals are required to disclose whom they represent. Under certain circumstances, a brokerage may represent both sides of a transaction through a dual agency arrangement, which requires informed written consent and carries limitations on the duties that can be provided to each party.
Understanding these relationships is important because representation determines whose interests the broker is obligated to prioritize.
3 | What Should I Expect from My Broker Beyond Finding a Property or Buyer?
A broker's role extends well beyond arranging showings or marketing a listing.
For buyers, that may include evaluating comparable sales, identifying potential concerns with a building, coordinating with attorneys and lenders, and helping navigate the co-op board application process when applicable.
For sellers, it can involve developing a pricing strategy, recommending improvements before listing, coordinating marketing, evaluating offers, and managing negotiations.
In both cases, an experienced broker also helps keep the transaction moving by communicating with the various professionals involved and addressing issues as they arise. The goal isn't simply to reach an agreement, but to help clients make informed decisions throughout the process.
4 | How Are Real Estate Broker Commissions Determined?
Real estate commissions are negotiable and should be discussed clearly before entering into a representation agreement. The amount, payment arrangements, and services covered can vary depending on the transaction and the terms negotiated between the parties.
Buyers and sellers should understand what they're agreeing to, including any contractual obligations, the duration of the agreement, and how compensation will be handled.
Transparency at the outset helps establish expectations and prevents misunderstandings later in the process.
5 | How Can I Get the Most Out of Working With My Broker?
The most successful broker-client relationships are collaborative.
For buyers, that means being open about budget, financing, preferred neighborhoods, timing, and which features are essential versus negotiable. For sellers, it means discussing pricing expectations, preparation needs, showing availability, and the timing of a potential move.
It's also important to ask questions and maintain open communication as circumstances change. A good broker should be willing to explain recommendations, present relevant market information, and offer a realistic assessment, even when that advice differs from what a client initially hoped to hear.
Ultimately, the relationship works best when both parties are informed, engaged, and working toward clearly defined goals.
The Takeaway
Throughout this five-part series, we've explored some of the most common questions surrounding buying and selling real estate in New York City—from understanding market conditions and conducting due diligence to preparing a property for sale.
While every transaction is different, one principle remains consistent: informed decisions are essential.
Working with the right real estate professional can bring valuable perspective, local knowledge, and guidance to a process that often involves significant financial and personal considerations. Whether you're preparing to buy, sell, or simply exploring your options, asking the right questions is always a good place to begin.
Explore the NYC Real Estate Q&A Series Missed an installment? Explore all five parts of the series for practical guidance on buying, selling, and navigating New York City real estate. Part 1: Buying an Apartment in NYC: Five Questions I'm Asked Most Often Part 2: The NYC Market Explained: Four Questions Buyers Ask Most Part 3: Due Diligence Before Buying a NYC Apartment Part 4: Selling Your NYC Apartment: Four Questions Sellers Ask Most Part 5: Working With a Real Estate Broker |
Serj Markarian
