The majority of the work we are doing now is representing our clients as their buyer's broker. In the typical NYC real estate transaction the commission (usually 6% of the sale price paid by the seller) is split between the seller's & buyer's brokers. Since today's buyer now has access through numerous websites to all available sales listings, and can do so much research on neighborhoods and specific building & unit information, we can reward them for the work they do by rebating 50 - 67% of that buy-side commission back to them at the closing. This is considered by the government a non-taxable event/reduction of the sales price and is championed by the Department of Justice.
Whether the client uses this rebate as a negotiating tool, to offset closing costs, or to renovate their new bathroom, it is a powerful thing. Combine that with the service we provide and you get a lot of happy clients. So how does it break down? Here's a typical email from Keith to a new client:
"Good
morning. Basically you just keep doing what you have been doing [searching listings], if you
attend a public open house please sign me in as your broker. If you
would like to see any listing at a private showing just email me the
link with a few days/times that work and I will schedule the
appointment. On most of these “private” showings the listing broker will
expect someone from our group to be there, Christian Bari my associate
is available for such appointments. If we are not available for some
reason, as long as we schedule the appointment for you, generally the
listing broker will understand if we tell him/her in advance that we
can’t be there.
You
should limit any direct communication to the listings brokers other
than a basic inquiry, if a “conversation” ensues due to one email
question about a property, you should let them know ASAP that you are
working with a broker, at this point they will tell you to have your
broker contact them J
Any time we communicate with the listing broker you will be copied on
the email, any emails we receive you will be forwarded. We do no
initiate ANY substantive communication with the listing broker without
you knowing in advance.
If
you find an apartment you would like to bid on we will help you put
together a bidding strategy as well as draft the initial offer letter,
which you will review before it is sent off. After a contract is signed
we assist you with the complete board package/condo application
preparation including making all required copies.
You
are NEVER obligated to use our brokerage services, right up to signing a
contract. If at any time you feel you would be better served without us
participating in a deal, just ask us to remove ourselves and it will be
done, no questions asked, regardless of any work we have done on your
behalf.
When
you find a property you would consider purchasing you send me a link to
the property and I will give you my opinion on its various
characteristics and value before you tell me what you would like to pay.
There
is also no limit on the amount of questions you can ask via email or
phone. We offer rebates to help our clients maximize their buying power
and compensate them for their work. We don’t search for listings for our
clients, so never have an agenda (occasionally we will make
suggestions). This model allows us to work efficiently without being
bogged down and getting frustrated when a client “doesn’t buy”; take
your time, we are here when you are ready.
This is it in a nutshell. Please feel free to contact me with any questions.
Best,
Keith"
I think a really key aspect of this is that, we are there when the time is right. The process can take a few months, or a couple of years. We work with you giving guidance and no pressure along the way.
Hopefully that gives you a good idea of what our service is all about!
