Congratulations: You have recognized the need of a real estate broker to help you sell or buy a home.
That doesn’t mean that you should leave all the decision-making to that individual. Or you’ll suffer consequences.
It’s a broker’s responsibility to advise, guide and negotiate for you based on his or her knowledge of the local housing market, experience, skill and professionalism.
Although a real estate broker has a fiduciary duty to put your interests above all others within the law, don’t take anything for granted. After all, brokers are freighted with a conflict of interest–their desire to be paid. In addition, the one who charms you may not be the one who is up to par.
It’s your money at stake.
Your job is to ask the right questions if information is not forthcoming. Your job is to recognize that selling or buying a home means a serious time commitment–not only on the part of your broker, but you. It is your job to solicit advice and make your own decisions.
Maybe you don’t want to be bothered. If that’s the case, be prepared for such an approach to cost you money, time down the road and the stress of regrets that will burden you for months and possibly years.
What if a buyer’s representative notices but fails to mention a property’s defects? What if that broker doesn’t know and mention that a new high-rise is about to block the view. What if a seller’s broker puts on the back burner performance of his or her due diligence. And what if a broker for either seller or buyer makes no effort to keep abreast of the last sales or listings of comparable places?
You don’t want to discover when it’s too late that your broker did not serve you well. If you do not find out sooner than later, there will be hell to pay–and guess who will be out the money.
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022