Buyer’s Agent Job Description
To a prospective homeowner, the role of a buyer’s agent might not be obvious. This is my attempt to put the role in a context that many can understand. Spoiler Alert: A good real estate agent is about far more than finding the listing on street easy and booking an appointment.
About The Role:
The Buyer's Agent works on behalf of clients to successfully identify, buy, and live in a new home. This is a 24/7 role that requires a proactive and strong communicator.
The most important aspect of the role is to serve as a trusted advocate for clients in all situations. The buyer's agent communicates a buyer's offer, discusses essential terms with the buyer's real estate attorney, and prepares paperwork for a management company and/or bank. A successful buyer's agent positively represents their client's needs and can distill that information to the buyers directly to convey confidence in the path forward.
Duties Include:
Finding the Right Home (20-30 Hours)
Understanding clients' needs, sharing new properties as they are listed, scheduling appointments, and providing insight into the apartment and various features.
Market Research & Property Valuation (5-10 Hours)
Real estate is a marketplace that moves in real-time. A buyer’s agent must understand the current market and value of the properties. This ensures that a successful offer is accepted, the clients pay an appropriate amount, and the deal makes it to the closing table.
Buyer Preparation & Education (2-5 Hours)
When a buyer makes an offer, various components are needed to ensure acceptance. The buyer’s agent ensures that his or her client understands each piece and is confident in how the package is presented.
Negotiation & Conflict Resolution (5-10 Hours)
An accepted offer is one visible negotiation, but many others arise during the lifecycle of a sale. There will terms in the contract the seller may stipulate; there may be surprises from the management company or the city. A buyer’s agent (alongside the buyer’s attorney), assesses the situation and provides solutions. These solutions are essential to move the deal towards the closing table.
Due Diligence Support (1-5 Hours)
A buyer’s agent can connect you to the team you need. A great real estate attorney is an essential ally. In New York City, you conduct due diligence before signing a contract; the client’s attorney will review all disclosures and management information and conduct due diligence before a buyer has to put money in escrow or sign a contract.
Project Manager for Closing (20-30 Hours)
The buyer’s agent always works behind the scenes to keep the deal on track. They understand the next steps in the deal and should be connecting with all the various parties daily (okay, maybe only on weekdays) on the path to closing.
Support Financing Approval (5-15 Hours)
Receiving final underwriting approval is a massive part of a successful close. A buyer’s agent is working directly with your lender to ensure they are on top of hte various pieces involved- we keep your paperwork on the top of the pile.
Board Approval (10-30 Hours)
If purchasing in a Co-Op building, the Co-op board can require more paperwork than your lender. The nuances of a board package can feel like a secret language, and a revision can set you back 30 days for closing. A buyer’s agent is an expert in these and will prepare this seamlessly while prepping clients for the board interview.
Closing & Post-Closing (1-5 Hours)
Schedule final walk-through, answer closing cost questions, support move & lease cancellation, provide move-in information, answer questions,
Requirements:
Valid Real Estate License
Nice to Haves:
Superb verbal and written communication skills
<1 hour SLA for client questions; if longer clear communication regarding your availability and when you are able to respond
Expert Knowledge of the NYC real estate market
Attention to detail and understanding of basic underwriting procedures
REBNY Membership
Understanding of local regulations and concerns around NYC: Ex: Local Law 11
Experience closing co-op, condo, or townhouses (as applicable)
Relationships with expert contractors, inspectors, real estate attorneys, and lenders
Compensation Range: $0-1,000,000/year
There is no minimum compensation for this role. Income varies year to year, and agents should expect no guarantees.
No benefits are provided
Income will all be 1099