We often hear a version of the following question, “Why does having a good Manhattan real estate agent matter—aren’t they are all about the same?” If you’ve ever wondered something similar, here are 10 reasons why you might want to consider investing some effort to a finding top-notch Manhattan real estate agent.
1. The value of experience. There’s no substitute for experience. Even the agents with the most raw talent will not have seen enough transactions in their first couple of years to have developed a level of true expertise. Experience will give a top Manhattan real estate agent the perspective to know when a deal is going sideways, to know how to deliver what a client really needs (even if they can’t articulate it themselves), to know the inventory in a market inside and out, to spot a property priced below market, etc.
2. Time savings. Top Manhattan real estate agents know how to save their clients time. For buyers, that means avoiding properties that are not within budget or that don’t match the client’s sense of style. For sellers, it means not wasting time on unqualified buyers, setting listing prices unreasonably high just to win the listing, or pursuing unproductive marketing tactics.
3. Neighborhood/property type knowledge. Top Manhattan real estate agents often specialize in a certain
neighborhood and/or property type. When specializing in a certain neighborhood, they will typically know everything there is to know about that neighborhood—the best shops, the various schools, the most interesting bars and restaurants, etc. If a Manhattan real estate agent specializes in a property type, like townhouses for example, they will know trustworthy contractors, maintenance issues specific to townhouses, Landmarks issues, etc. They’ve typically seen it all before and can provide invaluable advice. Manhattan can be a difficult and expensive place in which to make property mistakes; having an experienced adviser can make a huge difference.
4. Price guidance. Great Manhattan real estate agents generally have a better sense of the current real estate market than anyone—even appraisers. That’s because the top agents are typically involved in many simultaneous listings and/or searches in the neighborhoods they cover. Top Manhattan real estate agents have a real feel for the pulse of today’s market, while an appraiser is typically looking relying on historical data to determine value. On the sales side, too often inexperienced agents, or agents that don’t do many transactions, will mis-price a home. They typically price a property too high to win the listing, thus forcing a property to sit on the market and lose its appeal. On the buy side, rookie Manhattan real estate agents often just don’t have enough experience to recognize a good deal.
5. They know the other pros. Great Manhattan real estate agents network with other related professionals that provide services that you will need to buy or sell, such as lawyers, movers, mortgage brokers, insurance agents, etc. They know which vendors have a reputation for honesty, competency and competitive pricing.
6. Negotiation skills. Top Manhattan real estate agents are typically great negotiators because, unlike most buyers and sellers, they can remove themselves from the emotional aspects of the transaction. And they’ve played the game countless times. They are not just delivering offers and counter-offers. They are professionals who are trained to represent their client’s interests and get deals closed.
7. Understanding of new condominium deals. Top Manhattan real estate agents that work with condos typically know most of the new condo developments in Manhattan and how they compare with each other. They will also know each development’s backstory—how financially solid a project is, the relationship between the condo board and the developer, the relative build-quality of the construction, etc.
8. Ability to navigate the co-op scene. Coops represent the majority of the inventory in the Manhattan real estate market. Each coop has a unique personality. Some are highly exclusive, some operate more like a condo. The best Manhattan real estate agents know the coop scene extremely well and can guide their clients to the coops that are best suited to their personality, living goals, and financial capability. Without good guidance, buyers can waste many, many months in the board approval process, only to end up empty-handed. Sellers need strong, Manhattan-focused real estate agents that know what they are doing too; presenting un-qualified buyers to a coop board will likely result in a rejection—and the loss of 2-3 months or more. If you have already purchased another home and need to sell, 2-3 months can be a looooong time.
9. Stress relief. Working with an experienced, intelligent Manhattan real estate agent who knows their business inside and out, provides excellent customer service, and comes with the highest recommendations can relieve the majority of the stress of buying or selling a home. Everyone wants to feel like they are in the hands of a confident professional working in their best interest. Too often, however, the opposite happens—an inherently stressful process is made much, much more stressful due to the efforts of an inexperienced, unprofessional agent. One behavior pattern we often see is that a low-quality agent doesn’t know what they don’t know and presents a false sense of confidence in order to cover-up their shortcomings. This has predictably disastrous results (see picture).
10. Reputation matters. A top Manhattan real estate agent’s reputation will often precede them. This can benefit their clients in both subtle and direct ways. For example, well-know, well-respected agent’s calls may be returned more quickly, their clients may be taken more seriously, negotiations may come to a close more smoothly, last-minute showings accommodated more easily, marketing materials produced less expensively, etc.
One more bonus reason: their rolodex. Top Manhattan real estate agents often have a “wait list” of buyers that have not found what they want and are waiting on the sidelines. If your home fits their specifications, a top Manhattan real estate agent will sometimes be able to make a quick sale at a strong price (this happens more often on the high-end). On the other side of the coin, if you are a buyer and nothing on the market suits you, top agents may be able to source deals that are not officially listed. They may know of 1) potential sellers that are about to list, 2) potential sellers that were on the market but recently delisted, or 3) potential sellers that just need a live buyer to motivate them to take action.
