Q1: For residential Real Estate, what is the typical commission structure?
A: In New York City, the seller pays a commission of the purchase price to the broker representing her or him, which is split 50/50 with the buyer's broker if the buyer has a broker. (Buyers do not pay commissions or fees to their brokers). With Stile Real Estate representing your property, you will be offered a competitive commission rate. Stile Real Estate is not a huge firm - you will not be paying to advertise a branded name. Instead, the focus is on your property.
Q2: If the buyer does not have a broker, do sellers typically reduce the purchase price to reflect the savings of not having to pay a commission to the buyer's broker?
A: If the buyer does not have a broker, the seller's broker will take the entire commission. Buyers without representation are generally unable to reduce the purchase price.
Q3: As a buyer, I have been doing my own searches, visiting open houses and submitting offers on my own. Why should I now work with Stile Real Estate?
A: If you have been submitting offers you may ask yourself why those offers are not being accepted. I provide high-level representation and consultation to all buyers on every transaction. I have years of industry experience as well as a comprehensive understanding of all aspects of the deal and my services are free to the buyer.
Q4: Is Stile Real Estate a full-service broker?
A: Yes. Every buyer receives a full-service experience. Whether you are independent during the search phase or need hand-holding, every customer receives the same professional service for the selected property including a pricing analysis, bidding advice and expert negotiations.
Q5: Does Stile Real Estate act as a dual agent representing both the buyer and the seller?
A: No. I strongly believe there is no ethical way for a broker to represent both sides. In my opinion, it is a conflict of interest. If a buyer submits an offer on a property I am representing without a broker, they will sign a disclosure form stating that they understand that I represent the seller. Without a broker, they will represent themselves.
Q6: Are brokers from other firms willing to work with you?
A: Yes! Stile Real Estate is a member of REBNY, (Real Estate Board of NY), and all REBNY brokers are contractually obligated to cooperate and split their commission 50-50 and vice versa.
Q7: Why do you offer reduced commission? Are you not as good as other brokers who take a higher percentage?
A: The prevailing commission structure may be necessary to support the immense overhead of a large brokerage house that dominates the industry, but the cost of providing competent, effective and efficient brokerage that meets the industry standard in all areas is not nearly as high as those companies charge.
Q8: I hate brokers. Why should I work with you anyway?
A: Well, I dislike some brokers too. Most, however, are honest and hard-working. I put myself in that category. A lot of buyers and sellers think they can do this themselves until they find out how difficult and time-consuming the process is. It is a good idea to have a professional advocate for you in this confusing Real Estate market.