Do you need a realtor in NYC? Legally speaking, no. You don’t need a realtor to buy, sell, or rent in NYC. But practically speaking, a realtor/New York City broker can help in all three scenarios.
For Selling
Since most people in NYC sell with an agent, there is a specific term for selling without them – FSBO or For Sale By Owner. However, when you do that, you have to handle almost all aspects of the sale yourself. This includes creating a listing, taking photographs, posting it on real estate listings where people can see it, negotiating directly with buyers and buyers agents, and closing the deal. This requires significant time commitment, energy, and, most importantly, knowledge and experience. When you are working with a realtor, they handle most of these aspects. The biggest reason to go this route is to avoid paying realtor commission, but you may still end up paying a buyer’s agent/realtor some commission (around 3% typically) for bringing their buyer to you.
For Buying
Since the commission for a buyer’s agent/realtor is paid by the seller (though the practice might be changing now), it’s wise to work with a realtor, especially if you don’t understand the process and the market. You need a realtor in NYC to guide you through the process and get you the best deal for your budget and negotiate things like repairs.
For Renting
NYC’s rental market is just as competitive as the real estate (buying and selling) market and while they may add to the cost of renting (via commission), realtors can help you find a good rental. They may also guide you on the lease terms and help you make informed decisions.
