Most people think that, in a nutshell, a broker is a broker is a broker. Buyers pay good money for the brokers that work for them because of their excellent knowledge of Condominiums and Co-ops in Manhattan, but that’s only half the story. Consumers often fail to realize that most brokers are seller’s brokers and as such their primary responsibility is to represent the seller’s interests. After all, the sellers pay their commission. Sometimes seller's brokers leave out important information about building problems, apartment defects or poor resale value, for instance, or negotiate unfavorable contract terms for the buyer. These practices aren't common but they are possible in these situations.

A potential solution is to bypass the broker entirely, which is an option given the extensive amount of information available to buyers. Finding an apartment is one thing, however, negotiating a deal for that apartment with all the relevant information is quite another. Most buyers are unfamiliar with how to do this and may pay much more than needed due to their inexperience. This is all the more reason to consider hiring a buyer’s broker to represent you. Walter Molony, a spokesman for The National Association of Realtors, told the New York Times that, “When you work with a buyer’s agent, their fiduciary responsibility is to you as a buyer.” This is a crucial distinction that every buyer should take account of before hiring anyone. In fact, New York State Law requires brokers to have their clients sign disclosure forms explaining the difference between the two types of brokers, so be sure to read carefully before signing anything.

Since the 2008 recession, apartments in co-ops and condominiums have been slow to sell, creating a favorable market for buyers and a new-found willingness among brokers to work with them. There are plenty available, and since you will pay for a broker no matter what, common sense dictates that a buyer’s broker is the way to go. While they are just as useful in finding properties as seller’s brokers are, they specialize in services such as market analysis, evaluating comparable sales, formulating offers, and negotiating contract terms. These services may prove to be invaluable when choosing a place to buy in Manhattan, so it would be wise to seriously consider hiring a buyer’s broker to advocate for you.