Manhattan real estate offers some of the most exclusive and desirable properties in the world. It is known as the leader in the financial markets, with the skyscrapers on Wall Street as one of its predominant features. Although the smallest of the five New York City boroughs, Manhattan is composed of many strikingly different and unique neighborhoods. Residents can opt between the Upper East Side, TriBeCa, SoHo, Harlem, and Greenwich Village among a few. Enjoy the fine dining and shopping or head to one of the many cultural institutions that call this area home. Whether you are buying or selling property in Manhattan this year, you will want to consider hiring a real estate agent to help support you with the process this year.

As soon as you have decided to buy or sell your property, your next step should be to hire an experienced and knowledgeable Manhattan real estate agent. Here is how to get started.

Here are some basic definitions to keep in mind as you begin the process of buying or selling a home in Manhattan.

There are several real estate professionals who can help you with your transaction. A real estate agent is licensed by the state as an individual qualified to help you buy or sell your home. They will serve as your representative through the entire process, from the initial search or listing all the way through to the final closing. A real estate agent may also be a broker, too. A broker is a professional who has sought additional training and received more advanced certifications. This allows them to handle more of the financial aspects of the real estate transaction, such as establishing the escrow account or obtaining the earnest money. If a real estate agent is not also a broker, they must be associated with one to practice.

A real estate agent or a broker may also be a realtor, too. A Realtor® is a licensed agent who belongs to the National Association of Realtors (NAR). Members of NAR must follow the code of ethics outlined by the organization, be considered experts in their field of real estate, and belong to their corresponding state or local real estate association. Check your real estate professional's credentials to determine whether they are also a Realtor®, as this is not a requirement to buy or sell real estate. As of January 2023, NAR reports almost 63,000 members practicing in the state of New York.

A buyer’s agent is the real estate professional who represents the buyer in all aspects of the transaction. A listing agent, on the other hand, represents the seller and their interests. Be sure that your agent is not acting as both, as they should only be representing you and your interests.

There are different ways to find an experienced Manhattan real estate agent, including searching online and asking friends and colleagues for referrals. Here are some additional factors to consider.

One of the first things you should consider is the real estate agent’s background and experience. Check to see if they have expertise in listing and selling your type of property. The luxury home market is very specific and you will want an agent who understands the nuances. Check their portfolio of recent sales, as well as the length of time they have worked in your target market. Also be sure to ask about their credentials, and whether they have obtained any specific to your needs.

Some real estate professionals do employ assistants to help them, especially with scheduling appointments and providing follow-up information. Ultimately, the most important factor is the level of communication and customer service you receive.  Whether or not they have an assistant, expect timely responses to questions and a commitment to interacting with you through your preferred communication style moving forward.

The total commission typically varies between five to six percent of the total sale price of the home. This amount is determined and split between the buyer’s agent and the listing agent. In addition, the commission is paid out entirely by the seller at closing.

Check your real estate agent’s website, as they will often include testimonials from previous clients attesting to their experience.

Your real estate agent will help find the best range of properties to suit your financial needs, preferences, and real estate goals. Buyers agents schedule showings of potential homes and notify you as new ones become available. Once you have found the perfect home, they then help you write the offer, negotiate any terms, assist with scheduling and attending inspections, and work through the closing process.

A listing agent will help you set an appropriate listing price based on comparable sales in the area, also known as a comparative market analysis. They will suggest whether any home improvements or updates need to be made prior to the listing. They will also arrange open houses, meet other agents for showings, develop a marketing campaign to sell your home, and present offers to you. A listing agent will also handle any negotiations, as well as the final aspects of the sale.

Understanding the basics of how to find a Manhattan real estate agent provides you with the best information possible as you move forward with the process. When you are ready for more information, contact the experienced real estate professionals with The Novo Team. They have more than 30 years of experience buying and selling New York real estate. Their innovative marketing and creative approach will provide you with a highly satisfying experience. Contact the team at Douglas Elliman Real Estate to learn more today.