Real estate agents nationwide are grappling with the uncertainty brought by the recent NAR case settlement and its potential impact on their relationships with their clients. And especially with buyers. This is particularly true in Manhattan, where many agents aren't NAR members, leaving them unsure of how to proceed. Without clear guidance from the Real Estate Board of New York (REBNY), Manhattan agents are in a holding pattern. And as we all know, being in a holding pattern, whether in the air or on the ground, can be stressful.
Despite this uncertainty, one thing remains clear: buyers still need agents with deep expertise. They need professionals who know specific neighborhoods, blocks, and buildings inside and out. Whether the buyer is a newlywed, an empty nester, an investor, or a parent purchasing for a child, they all benefit from an agent who understands their unique needs, and can validate their perceptions, analyze market trends and discuss negotiation strategies.
Following the NAR settlement, agents now require a signed agreement before showing homes to buyer clients. With REBNY and major brokerages like Keller Williams adopting this standard, Manhattan’s real estate market is likely to see this shift sooner rather than later. Some companies and agents, including those of us at KWNYC, are already embracing Buyer Agreements, while others have yet to follow suit.
Although it may seem like an extra step, a written agreement is crucial. It ensures clear communication and understanding, brings transparency to broker compensation, and sets expectations. Discussion surrounding the terms of the agreement also allows agents to highlight their value to clients.
Navigating New York City's real estate market is no easy task; It is one of the most challenging and costly in the nation. Buyers need knowledgeable agents who can guide them through the complexities of co-op board packages, mansion taxes, and specific financing needs. Knowing which buildings have strong financials, permit pets, or allow flexible subletting is crucial. The right agent will know whom to contact, ask the right questions, and guide the process smoothly from start to finish.
Buyer Agreements won’t change the core value of having a dedicated buyer’s agent. Consumers need and deserve representation by someone focused on their best interests, not the seller’s. This has always been true and will remain so even after the NAR settlement, both nationally and especially in New York City.
Sellers also benefit from having a skilled buyer's agent involved in the transaction. Good advice and steady guidance are invaluable, especially during stressful moments.
Soon, having an agreement in place before visiting homes will become the new norm for serious buyers and their agents in NYC. Onward!
