5 Things to Look for in a Real Estate Broker in Brooklyn and NYC

From the Mendy Realty archive, first published by Mendy Lipsker.

There are many Real Estate Brokers out there, so here are 5 things to look for when you are trying to find the best one to help you buy or sell a property.

1. The first meeting is a Real Estate date. I’m interviewing my clients and they’re interviewing me. You’ve got to have the right business chemistry. We have to work together. If you want to be a successful buyer or seller, you must have rapport with the agent or Broker and be willing to do your part. You have to be part of the process. Buyers or sellers who work with their Broker or agent will have better results.

2. It is important that your prospective agent be knowledgeable about Real Estate and have information about properties. If I don’t have the information, I know where to get it. If I don’t have the answer, I won’t just give my clients the wrong information. I’ll be honest and tell them that I will get the information or the right answer for them. Nobody knows it all.

3. Many Brokers or agents are doing this on a part time basis. Even if they are full time, they have another life going on besides showing property. You may have clients or a buyer who want to view properties whether it is residential or commercial. Sometimes the clients are not available at certain times and will say, “I can only make it at 7:30 PM” and a lot of agents and Brokers don’t want to go out at 7:30 PM. They want to be home for dinner or spending time with their loved ones.

I make sure to work with our clients and to accommodate when they want to see a property. I am flexible and will go the “extra mile” to satisfy my customer, and not only that, but once the property is in contract, there are many issues that my clients have that I can help them resolve in order to close the deal in a timely fashion.

4. You need to feel confident that your Broker will honor your confidentially and not reveal personal financial information. That is also the law and that can’t be breached between buyers and sellers. For instance, if someone is getting divorced or they are going bankrupt and need to sell a property for a certain reason, I am not allowed to disclose that information.

Now if there is something that I am aware of about the property, that’s a different story. But if it is something about the buyer or seller of the property, it is confidential. So if someone asks me or says, “You know what, I would make an offer of a certain amount of money,” or “I would be willing to go up a little more on the price,” I cannot disclose that information.

When you are speaking with your Broker or agent, it is like talking to your doctor, telling it all. Even if a property is in contract already, and someone calls and asks how much the property is in contract for, I can’t tell them. It’s private information. Once the property is closed, then it is public information.

5. While negotiation is going on for the property, you will need some information. I act as the go-between, much like the matchmaker, going back and forth, speaking with buyers and sellers. Sometimes you may want to negotiate or change something, or you have a problem with the property and need someone to explain it. I can work with my buyers and sellers and their attorneys to iron out the differences.

Whatever you’ve signed and agreed to cannot be changed. All parties must keep their word. However, sometimes there is something minor that has to be worked and I try to help them out. And if they have any general questions, I’m always available.

Donald Trump, in his book, compares putting together Real Estate deals to an artist painting a picture and I agree with that. I feel the same way when I’m putting a deal together. There’s a buyer. There’s a seller. Everyone has wants and needs and issues. We have to try to iron them all out, which sometimes means we have to do some rethinking, gray-scaling or make some parts of the picture darker or lighter, and finally the picture comes out beautiful with everyone smiling. And that is really what I’ve got to do to shape a deal so it works for everybody, creating a win-win situation.

I look forward to hearing from you. What else do you look for in a Real Estate agent? Have you worked with agents or Brokers who don’t fulfill any of the 5?

Who should read this list right now? Can you share this article with them?

Mendy Realty Inc. 822 Montgomery St