Working with a Professional Buyer’s Broker:Finding the right home in Manhattan can take time and a lot of work. At times it can be overwhelming …after all it’s the most important decision you will make.

The myraid of appointments … making an offer, negotiations, working with your attorney and mortgage broker, board packages, the closing .. and many more details is why you should hire a professional Buyer’s Broker who will do this and more!

A licensed and professional Buyer’s Broker can help navigate the process from beginning to end — and even after your closing — applying their expertise to your search to get you the results you deserve.

Using the right Buyer’s Broker can make all the difference between finding the home you have always wanted and frustration. Find an agent who can open the right doors for you. Find an agent who listens.

Look for a Buyer’s Broker, not a property
Your Buyer’s Agent works for and with you.

Pick one agent to assist you.
Every broker has access to the same group of listings through RLS (REBNY Listing Exchange Service) which acts similarly to the MLS. Working with multiple agents will just make more work for you, in that you will have to manage a team of people, field many phone calls and emails, learn of duplicate properties and make the search for your home all that more overwhelming.

Since you’ll be spending much of your time with this person, read agent biographies, request recommendations, even call to interview them. Communication is 80% of the process, so make sure you and your agent connect.

Sign an exclusive contract with your Buyer’s Broker as there is no cost to you and your Buyer’s Broker can show you all the listings in your city – regardless of what agency the property is listed with.

Share all requested information

Letting your Buyer’s Broker know what you want is the first step to successful communication. Many factors play a part in the selection of properties for you to view and there are a wide variety of properties in New York City. Give your agent a complete picture of you and your needs to avoid wasting time looking at properties that does not suit your lifestyle. Make a wish list. You may not get everything on your list, but a good agent will work to get you as much of your wish list as possible.

When looking at properties, give your agent a piece of your mind.While looking at properties, let your agent know what resonates with you for each property. A good broker will consider all of the input you have given throughout the relationship when selecting properties to see, not just your initial requirements. Perhaps your reaction to a property will bring to mind another option they would have otherwise struck from the list. As you see more properties with your broker, they will get to know how they can best assist you.

Be Open

Never feel that you have to hold back in your assessment of a property, your assessment of a contract, or your feelings on a situation. Your broker is there to help you and the more they know, the better off you are.

You don't have to install solar panels in order to be green. You can be green and use cost cutting strategies and reduce your carbon footprint which can payback in about two years.

• Install Low Flow Fixtures
Cost: $3 to $30
Low flow faucets, shower heads and aerators reduce the amount of water on
the gas or electricity used to heat your water.

• Use Air Filters Cost: $1 to $12
By cleaning or replacing your cooling system or air conditioning filters you
save on about 7 percent in electricity.

Seal Air Leaks
Cost: $10 per window and $20 per door.
By sealing off air leaks cool and hot air is not lost and your home is more
comfortable by not using extra air conditioning or heating. Window frames can be
caulked, doors weather stripped.

• Add Window Treatments
Cost $10 to $150
Shades, blinds and curtains can cut cooling and heating costs.

Use Compact Fluorescent Lighting
Cost $3 to $5 per bulb
They use 75 percent less energy than regular bulbs

• Install Light Motion Sensors
Cost: $50 to $70
Light motion sensors automatically turn off light and thereby save on energy.

These cost-effective ideas will not only save you money, but you’ll be doing your part to save the planet.

New York City is like no other. And when it comes to real estate in this glorious city, it’s good to have an experienced broker whether you’re buying or selling … and it’s good to know basic terminology.

Glossary of Terms

Abstract of Title
A historical summary of the recorded instruments and proceedings on the title of a property.

Air Rights
The right to use or control the space above a property. Air Rights can also be sold, rented or leased to another party.

Amenities
The benefits from home ownership, such as a feature that enhances value.

Appraisal
An estimate of the value of the property. One may have an appraisal to determine the offering price during a sale.

Assignment
The process by which a right or contract is transferred from one party to another. Assigned contracts include mortgages, leases and deeds of trust.

Broker
A state licensed sales agent who acts for property owners and prospective purchasers in Real Estate transactions.

Brownstone
A 19th century house which shares a common wall with the neighboring property.

Building Amenities
The assets that buildings offer its owners or tenants. These can include a doorman, health club, club, garage etc.

Building Restrictions
Requirements in building codes that affect the size and appearance of the building.

Capital Expenditure
An improvement that will have a life of one year or more and will increase the value of the property.

Certificate of Occupancy
In New York City, each building is required to have a Certificate of Occupancy which permits the structure to be occupied by members of the public. This means that the building is in compliance to health and building codes.

Closing
The transfer of ownership of a property from the seller to the buyer according to the sales contract.

Co-Broke
This is the term used when a broker sends out their listing to other brokers and other firms. The brokerage community then receives the listings and the commission will now be split evenly between the seller’s broker and the firm that provides the buyer of the property.

Combination
Refers to when an owner combines two adjoining apartments into one to enhance the value and the space.

Commission
Payment to the broker for his or her efforts on marketing and selling the property it is usually a percentage of the total purchase price.

Commission Split
The sharing of commissions between the listing agent and the broker of the buyer.

Common Area
The area on the property or in the building that is available for use to all owners and tenants.

Comparables
Used in assessing or establishing the fair market value of a property, a property which has been sold recently that is similar in size, condition, location and amenities.

Condominium
A building where individuals own individual units but share common areas with the other unit owners of the building. A more liberal type of ownership than Coops, Condominiums also have more lenient policies regarding subletting and pets.

Contract
A legally binding agreement between two parties. To have a valid contract for the sale of Real Estate there must be:

•an offer
•an acceptance
•competent parties
•consideration
•legal purpose
•written documentation
•description of the property
•signatures of the principals

Conversion
Property changing to a different form of ownership, such as a condominium to a cooperative or a commercial building to a residential building.

Convertible
A one or two bedroom apartment that has space to make another bedroom. The other bedroom can be made with the construction of a wall; however, the new bedroom must have a window in order for it to be legal.

Cooperative
A type of ownership of property. This is when the individual unit owners own shares in the cooperative building and do not own the actual property. The amount of shares owned is determined by the value and size of the apartment. The cooperative building owns all of the units and the purchaser is buying stock in the building.

Deed
A written document by which title of property is expressed from one party to another.

Duplex Apartment
An apartment that has two levels.

Escrow
A state where consideration, benefits, legal rights, money, documents or other valuables are transferred to another party in advance of that party’s legal claim to them, on the basis that the legal claim will arise at a given point in the future. It is a form of trust.

Estate
The word used to describe the collection of all assets of a deceased person. Also, the extent of interest a person has in real property.

Estate for Life
The interest of real property that ends with the death of a person.

Excellent Condition
This is used to describe the condition of the apartment; mint is another word for excellent meaning the apartment is in great shape.

Exclusive Listing
A contract whereby the owner of a property grants a single broker the right to market the property for sale.

Facade
The exterior front wall of a building.

Financing
Borrowing money to purchase a property.

Firm Price
An asking price for a property that is not open for negotiation.

Fixed-Rate Mortgage
A loan where the interest rate remains constant over the entire term of the loan.

Flip Tax
Tax imposed on the cooperative apartment by the cooperative, this tax can either be paid by the seller or purchaser and is usually a percentage of the purchase price.

Floating Rate
A loan where the interest rate is not fixed over the term but is allowed to vary according to the change in a specified index.

Floor Plan
A scale diagram of the arrangement of rooms and their sizes drawn by an architect.

Foreclosure
An enforcement process in which the lender under a defaulted mortgage takes title to the property for the purposes of selling it to recoup moneys owed under the mortgage.

Full Bath
A bathroom with a bath or a shower.

Grandfather Clause
If a new law is passed or an old is changed those people whose activity was legal under the previous law are allowed to continue because of this condition. This law is common with pets; some buildings that do not allow pets now, did in past, therefore, those owners are allowed to keep their pets.

Half Bath
A bathroom without a bath or a shower.

Interest Rates
The cost of borrowing money from a lender. Rates change over time and are set by the Federal Reserve.

Lease
A written agreement to rent a property or part of a property from the owner.

Lien
A legal claim against property for money owed.

Listing
The agreement that allows a real estate professional to market a property. Available apartments are also referred to as listings.

Loft
A loft refers to open living space that was converted from commercial space to residential space. Lofts contain very high ceilings, large windows and open space. In New York City, most lofts and converted commercial space is located downtown.

Lot
A measured section of land.

Maintenance
Monthly charges paid by the owner or tenant of a cooperative building for that person’s share of costs of keeping the common-use portions of the building in good condition. This includes the daily cost to operate the building and it is calculated based on each individual unit.

Managing Agent
An independent company that is hired to manage a property. In New York City, most of the cooperative and condominium buildings are managed by a company which is responsible f
or the building operations. Brown Harris Stevens manages over 160 buildings in Manhattan.

Market Value
An estimation of the price for a property in relation to the current real estate market.

Mortgage
Money borrowed from a lender in order to purchase a piece of property. Mortgages vary in terms of length as well interest rates.

Negotiation
The process of discussing an issue between two parties who are working towards the same goal. Successful negotiation usually leads to a contract and then a sale.

Notarize
To verify the authenticity of a signature by a certified Notary Public.

Offer
An expression of the desire to purchase a property at a specific price. Once an offer is made and then accepted it leads to the purchase of the property.

Offer Accepted
The term refers to when the owner of the property agrees and accepts the offer and terms of the purchaser.

Open House
A specified time when a property that is for sale is advertised by opening its doors to prospective buyers. A broker advertises an open house to help the sale of the property.

Open Listing
A listing where the owner of the property hires more than one broker and only pays commission to the one that provides the purchaser.

Ordinance
A law enacted by the local government.

Penthouse
A luxury apartment in a high rise building.

Pied a Terre
A French term that refers to an apartment that is not the primary residence of the owner. A Pied a Terre is used when a person lives in another location and comes to New York several times a month or a few weeks a year to either work or enjoy this great city.

Post War
A post war building is one that was built after World War II.

Pre War
A pre war building is one that was built before World War II. Common characteristics of a pre war apartment are fireplaces, moldings and hardwood floors.

Property Tax
The tax issued on the ownership of property.

Points
A charge levied by the lender on the borrower for the mortgage for prepaid interest. Each point is equal to 1% of the principal of the mortgage.

Powder Room
Also known as a half bath. A powder room is a bathroom without a shower or a bath.

Quadraplex
An apartment that has four levels.

Referral
A recommendation made to a client about the services of a particular agent or firm.

Rental Building
A building where the apartments are only rented and not sold.

Rent Control
Laws that regulate the amount of money that is charged to rent out space.

Reserve Fund
An account reserved to provide funds for future expenses in order to maintain the cooperative or condominium building.

Sale Price
The amount of money paid by the purchaser to the seller. Also known as the purchase price.

Security Deposit
A payment required by a landlord to guarantee that the tenant meets his or her obligations under the lease and to guard against any potential damages that may be incurred during the term of the lease.

Shares
When one purchases an apartment in a cooperative building he or she is actually purchasing the shares in the cooperative. They represent the proportion of the building owned by the unit owner based on the size and value of the apartment.

Square Footage
The area measured in square feet of a certain property. Square footage can be measured in different ways and is usually considered approximate. Condominium apartments have specific laws that determine the way which the apartment is measured therefore condominium measurements are more accurate.

Sublet
The term used when an owner of an apartment decides to rent the apartment to a tenant.

Tax Deductible
An expense that reduces taxable income. Each year, shareholders in cooperatives apartments are able to deduct a certain amount from their personal taxes. The amount is determined by the amount of shares that are owned.

Term
A specified period of time.

Term, Amortization
The term in which the interest and principal payments of a loan must be made.

Title
The legal term for the evidence that the owner is in lawful possession of the land and property.

Townhouse
A townhouse is a private residence where at least one wall is shared with another residence. In New York City, townhouses are a very popular and a more private way of living.

Triple Mint
Refers to the condition of the residence. Triple mint condition means that the residence is in immaculate condition.

Triplex
An apartment that has three levels.

Unit
A single residence within a building.

Utilities
Services such as water, gas, electricity, telephone and television. Utilities in some buildings throughout the city are included in the maintenance charges.

Vacate
To move out and leave the property.

Walk Up Building
A building that does not have an elevator. Most walk up buildings are four to six floors.

Walk Through Inspection
The inspection of a property immediately before the closing to ensure that the property does not have any new damages.

Zone
An area set by local law for specific use with certain rules and regulations.

It occurred to me after speaking to someone who recently bought an apartment on their own, that many people do not know what a Buyer’s Broker is.

Had she had a Buyer’s Broker representing her she would have saved approximately $60,000.00 and it would not have cost her a penny. Yet she had no idea that she could have her own broker represent her.

Working with a Buyer’s Broker offers buyers every advantage. The Buyer’s Broker works solely for the buyer, yet they work with ALL of the Seller’s Brokers — especially in Manhattan. This means that buyers can preview apartments from any brokerage firm in Manhattan through their Buyer Broker.

It’s the best of both worlds. A Buyer’s Broker will determine a buyer’s real estate needs and financially pre-qualify them for apartments that they may be interested in.
The Buyer’s Broker will then schedule appointments for the buyer to preview apartments from any and all firms that represent apartments of interest to the buyer.

Once a buyer sees an apartment they want to purchase, the Buyer’s Broker makes the offer to the Sellers’ Broker on behalf of the buyer, negotiates price, closing dates and other matters. Once the offer is accepted, it is up to the Buyer’s Broker to guide their customer and work closely with their attorney on any and all issues that may arise.

For a foreign buyer this is particularly important as the Buyer’s Broker is based in elsewhere … in my case Manhattan, and can handle any issue with great ease. The Buyer’s Broker can easily recommend the appropriate real estate and tax attorneys (albeit condo or coop), accountants, decorators, and any services the buyer will need.

Buyers DO NOT PAY A FEE. There is absolutely no cost to them. The Seller pays the fee and the fee is split between the Buyer’s and the Seller’s Brokers.

Your broker will be present at the closing. This broker was responsible for saving her client a few thousand dollars at the closing because the closing documents contained the wrong information.

So when buying a new home – even if you are the best negotiator – it is to your advantage to work with a Buyer’s Broker.

Feel free to contact Ross Ellis at Halstead Property for a consultation or for any questions you may have at 212-317-7828 or by email

In today’s real estate market it’s more important than ever for your home to look sales ready!

Selling your home is like a job interview. You want to make a great impression!

I cannot begin to describe the number of instances, where I have gone to preview a seller’s home or brought a buyer and even renter – only to find the home dirty, dishes in the sink, food left on the kitchen counter, toys ALL over the house beds unmade, etc.

Do not assume it doesn’t matter. It does!!!!!

People are coming to inspect your home to see if they want to purchase it. By making a good impression, you increase the chances of getting your home sold or even rented,

The home for sale or rent should be clean, uncluttered, beds made and toys put away.

If you have pets, realize that many people are allergic to pets, and that shedding dog fur and cat dander are everywhere. When showing your home, pets should not be at home. That’s what friends, relatives and kennels are for – to help you with those darling fluffy family members! Additionally, your home should be completely fur and dander cleansed. It should not be obvious to a potential buyer that you have pets living in your home.

If your home needs additional sprucing up, do consider a new coat of paint and staging! It works wonders.

Remember … a clean and uncluttered home that is attractive and inviting, is a home ready to be sold!

Now that your home is clean, you need to think about how your home looks.

Do you have too much furniture? Is your furniture worn? You may need to stage your home!

Home staging is preparing a home prior to putting it on the market for sale.

Why stage your home? Staging a home can ensure a quick sale.

You may love the way your home looks, but potential buyers may not. When selling your home, staging it professionally can make your home more appealing and more attractive. It depersonalizes your home, reduces its flaws and very often, raises the value of your home. Very often it can bring a higher purchase price.

With shows like HGTV’s ‘Designed To Sell’, “Bought and Sold”, “Get It Sold”, “Buy Me” and TLC’s “Flip This House” home owners looking to sell their home, can learn valuable staging information that could be the difference of one’s home being sold quickly, or sitting on the market for a long time.

As a professional real estate agent, I have seen buyers cringe at red walls, pink bathrooms, clutter and other people’s pictures and momentos. Although this is important to the seller, sellers should not take this personally. Buyers want to see neutral, clean and uncluttered living spaces that they can envision themselves living in.

You can find professional home stagers in most cities by searching the Internet or letting your fingers do the walking in the yellow pages. You can also find these stagers from an accredited home staging school. One of the best ways to find a good professional home stager is to ask your broker. Brokers know the best stagers in their area.

Let the stagers do their job … regardless of whether you agree with their choices or not.

If you prefer to do the staging yourself:

- Get rid of clutter
- Put away photos and momentos
- If you have children, their toys should not be visible
- Clean and light fireplaces so they look inviting
- Clear kitchen and bathroom counters
- If it’s outdated, it should go
- Walls and carpeting should be neutral
- If furniture is oversized, put some in storage

Make your home appealing. Keep it neat and clean and light scented candles when potential buyers are coming over to see your home. The seller should not be present. Only the brokers and potential buyers should be there.

Add value to your home so it sells!

If you feel overwhelmed, hire a stager. There are home staging companies all over the country. My favorite stager Caroline Greenberg owner of Design Solutions works wonders and is located in Manhattan.

It’s worth the modest fee that will increase the value of your home!