Buyer’s Agent New York Property
Posted by Wei Min Tan on February 4, 2022
Wei Min Tan gives a summary of his role as a New York property buyer’s agent: identify, analyze pros and cons, negotiate, manage process, and rent out.
Foreign Buyers
We represent foreign buyers from all over the world, from almost all the continents, because global investors want to diversify their assets by having a piece of Manhattan, New York. New York and London are the top two destinations deemed most stable and secure for global investors.
Identify
A key role is to identify the right buy because we see properties all the time. 99 percent of people living in Manhattan wouldn’t know what’s a good buy. People here don’t look at properties all the time and one needs to do that in order to identify and to know what’s a good investment property. We identify property in terms of appreciation potential, rental income etc.
Deal example: Just closed on buyer client’s new development investment. We got our client the last pre-price increase one bedroom at this highly sought after new development. Read about, Pros and cons of new property launches in Manhattan.
Analyze pros and cons
When presenting property options to buyer clients, we also present the pros and cons. Every property has a downside. If everything is perfect, then the downside may be the expensive price.
Negotiate
When we have identified the right property, we would negotiate price and terms on behalf of our buyer client.
Deal example: Investor client’s luxury condo in Tribeca. Always rented at premium rents to highly qualified tenants.
Manage process
We manage the whole process by bringing the banker, lawyer, accountant and entire team together. This way, the client has minimal things to do. We have clients who I have not met in person before, because we just did everything for them, including renting out.
Renting out
Renting out refers to marketing the investment condo for rent and then screening the tenant applicants. We would choose a highly qualified tenant. After securing the tenant and overseeing the transition, that is the point when the process is complete. The investor gets the first rent check and the cashflow starts coming in.
What We Do
We focus on global investors buying Manhattan condos for portfolio diversification and long term return-on-investment.
1) Identify the right buy based on objectives
2) Manage the buy process
3) Rent out the property
4) Manage tenants
5) Market the property at the eventual sale
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