Changes in Real Estate

By robin June 7, 2024


As some of you may already know, starting very soon, agents MUST have Buyer representation agreements with their buyers.  These agreements will outline to the buyer what can be expected of their agent and what commission is due to the agent upon closing of a purchase.  As mentioned in a previous ezine several weeks ago, it is widely expected that most sellers will continue to offer the buyer’s agent a commission.   Will it be 2%, will it be 2.5%?  Who knows?  In the Buyer agreement, the agent must indicate what their fee is for representation.  Typically, they will request 2.5%.  If a seller is only paying 2%, then the buyer will pay the additional ½% at the closing table. 
Some buyers may take the position that they do not need an agent to represent them.  They can find their own listings and go alone.  Here are a few things for buyers to consider when making this decision on how to handle what very likely is their largest purchase in their lifetime:

1.EXPERIENCE- We have more than 20 years of experience in the local markets.  We understand the sales process, we know the inventory, we know the sales trends and it is our experience that will help buyers avoid making mistakes during this process.  We have seen it all and can help to guide a buyer around the intricacies and debacles that can arise.  We are also the link between the buyer and seller and are excellent negotiators and this is an invaluable service.

2. BEING LOCAL- We know the average days on the market, price trends, average percentages needed to secure a property in many multiple offer situations.  We often have key insights into what houses may be hitting the market on a particular week and we also can use our excellent relationships with local Realtors when comparing properties and their prices and how high offers are likely to go.  Without someone on the buyer’s side with this level of expertise, you may seriously overpay during your offer process costing many thousands of additional dollars.  We have seen it happen when agents who are not familiar with a town give advice.

3. NETWORK OF SERVICE PROVIDERS- Having lived in the area for 21 years, we have a serious network of various professionals from home inspectors, chimney inspectors, sewer line inspectors, cleaners, roofers, painters and even babysitters!  Having access to our “tried and true” service providers can give you peace of mind when you are most in need.

4.UNDERSTANDING THE CONTRACT AND THE LEGAL PROCESS-In New Jersey, the buyer’s agent fills out the contract.  We know the process inside and out. You would be amazed at how many agents do not even know the correct way to fill out a contract!   We pay very close attention to the discussions that we have with our clients about the offer price and their deposits and how much they should be to present them in the best possible light with a seller.  We know what is standard and what is extraordinary.  We know the various terms to suggest for inclusion that will help the buyer’s offer to stand out in a crowd.   We have relationships with excellent real estate attorneys who know how to communicate not only with our clients, but the seller’s attorney as well.   They are thorough and get things done!



Fran-646-734-3718 or Randy 646-734-9077