The sophistication of Uptown Manhattan meets the impossibly stylish vibes of Downtown to create the stunning urban setting of Chelsea. Located in Downtown, this cultured spot boasts an eclectic, artsy atmosphere and luxurious high-rises. The scene may be a lesson in cool, but the neighborhood itself sports an air of friendly, unpretentious warmth, making Chelsea a welcoming spot for everyone from artists and actors to business minds and families.
The real estate market in Chelsea is competitive, as it is in most New York City neighborhoods. From luxe co-ops and converted warehouse lofts to cozy post-war walk-ups, the market is flush with new construction beauties and historic architecture. If you are moving to Chelsea, it just makes sense to work with an experienced Chelsea real estate agent to find your new home. But what about if you are also selling your existing property? All the more reason to work with the same agent for both ends of the business.
Is there a difference between a seller’s agent and a buyer’s agent?
Although the titles may suggest otherwise, a seller’s agent and a buyer’s agent are not necessarily two different agents, but rather two different approaches by any one well-trained real estate agent. Agents are not educated in one versus the other, but in fact, are trained in both buying and selling. While some agents may prefer to focus their energy on specializing in either buying or selling, all real estate agents are exposed to both sides of the transaction.
So what is the difference between a seller’s agent and a buyer’s agent? Simply put, a buyer’s agent represents the purchaser’s interests, while a seller’s agent represents the seller and their best interests.
The seller’s agent
A seller’s agent is also sometimes called the listing agent. When a homeowner decides to sell their property, they enlist the help of a real estate agent to get their home in shape for going on the market. The seller’s agent, or listing agent, gets the home ready for the listing process by prepping and staging the property, creating a listing for the MLS, and marketing the property to potential buyers.
The buyer’s agent
In contrast, the buyer’s agent, also known as a selling agent, brings potential buyers to the newly listed property and guides the buyer through the process of touring the home, scheduling a home inspector, financing the purchase, and navigating the closing paperwork. Once the buyer has signed the contract on the home, the buyer’s agent technically becomes the selling agent, as the home has been sold and now the same agent navigates the sale paperwork and details.
Now that you have a bit of background on the terminology and process, here are the top reasons it helps to work with the same New York City real estate agent when buying and selling your property.
A streamlined process
The property acquisition process is thrilling, albeit complex. Your real estate agent is your captain, guiding you through uncharted territory and ensuring you not only make it through but skip to the finish line with a smile and a lucrative deal. There are a myriad of steps to complete for both the buying and selling side – and you don’t want to have too many co-pilots leading the ship.
If your buying agent tells you one bit of information, and the selling agent offers up contrasting advice, it can confuse the process and leave you wondering who to trust. But when you find a real estate agent you trust and work well with, it behooves you to work with them exclusively. For one thing, you’ll save a considerable amount of time since your agent will already have all of your information for both sides of the transaction. They will also get to know you extremely well during the entire process, which can significantly help with house hunting – your agent will have a much better sense of who you are, what your family needs, and how to serve your best interests.
A stress-free closing
The closing day is perhaps the most exciting part of the entire real estate journey. You’ve searched, filled out paperwork, signed offer letters, organized your financial portfolio, and finally, here you are – this is when you receive the keys, or the check, depending on your side of the transaction, and successfully hit the finish line.
Closings can take time, especially when considering how many schedules must be taken into account. From all the buying and selling agents to the lawyers and closing officers, just landing on a time of day that works for everyone can be tricky. Working with one agent alleviates a fair amount of this kind of stress, meaning you get to roll credits on your sale sans the headaches associated with most closings.
Trust
Finding an agent you trust is no small feat. Whether your agent has come recommended by a friend or is someone you saw on the hottest new real estate show, the person you work with will become one of the most important figures in your life.
From advising you on which home renovations are worth your time and money, to offering the ultimate guide to selling your Manhattan home, your agent is front and center in your life for the entire duration of your real estate process, and often beyond. Once you find the experienced, savvy, reputable agent you adore working with, why mess with a good thing? Since agents learn both sides of the business, you can rest assured that your seller’s agent can easily handle the buying side and vice versa, so find the person you feel good about and go all in.
Your bottom line
When you work with two separate agents, you pay two separate commissions – one to the agent representing the sale of your property, and one to the agent who handled the deal for your new home. This can contribute quite a bit to closing costs. But when you work with one agent for both sides, you’ll often bank that extra commission. Agent commissions can range from 4-6% each – but when an agent works with the same client on both ends of the deal, they will often offer a lower commission rate, since they are not required to share with another agent.
Are you interested in buying and selling your New York City property? Contact Mukul Lalchandani at Undivided today to explore Chelsea real estate, Flatiron District homes for sale, or other NYC neighborhood properties.
