In New York, a real estate agent can save you many worries

(Article partner) The French looking to buy a property in New York can not help but go directly to the seller, without going through the box "real estate agent". It's tempting, especially in the era of online real estate platforms, but this can have consequences according to Jean-Luc Teinturier.

"The market is very dynamic, you must always be prepared and responsive", Insists this agent who lives in New York for 37 years. He now works for Warburg Realty, a family-owned business founded in 1896 that is one of Big Apple's largest in terms of trading volume.

Warburg Realty has been run by Frederick Peters for over thirty years and also by his daughter Clelia Peters for three years. "The real estate market is complex and an experienced real estate agent can save you money, time and frustration", They say.

Jean-Luc Teinturier abounds: according to him, 90% of Americans use an agent, aware that the "time is money". This is especially true in New York, where real estate is like a big jungle, with its own rules and traps. "With the purchase, to do without an agent is a very bad calculation because the salesman has a broker in 90% of the cases. 2.5% to 3% commission is already included in the selling price. Doing without an agent means dedicating a lot of personal time to finding goods and entering oneself into negotiation without a thorough knowledge of the market".

Added to this is the fact that more than 70% of the New York real estate market is composed of "co-op", a type of housing that requires mounting a complex file to be approved as a resident. "In addition to representing you and defending your interests with the seller, the agent accompanies and advises you throughout your buyer journey", Says Jean-Luc Teinturier, whose clientele includes many French. Some of them bought goods in New York from France. This would not have been possible without a professional on site. Jean-Luc Teinturier cites the example of a customer who bought three apartments from videos, photos and reports made by the agent. This last "must more than ever provide a service of excellence and advice to its customers regardless of the amount of the transaction"He continues.

This supporting role is essential in New York, where the real estate transaction involves several parties: banks that control the credit score (solvency index of the buyer), the lawyer responsible for verifying the legal aspects of the transaction and act as notary, the accountant for optimal management of the property or assets acquired or an architect in case of work to perform. "A good real estate agent has an extensive network of qualified people with complementary skills, enabling clients to access reliable professionals easily", Summarizes the Frenchman.

In addition, professionals have access to tools, such as Perchwell, that buyers do not have. "The market has undergone a sharp correction in 2018 after six consecutive years of growth and is now stabilizedconcludes Jean-Luc Teinturier, who has himself invested in New York stone. This market has averaged 5 to 6% a year over the last 30 years … It presents real opportunities in Manhattan and Brooklyn for investors and for residents with very high rents."

Contact Jean-Luc Teinturier today to discuss your next real estate investment.

Jean-Luc Teinturier
French Desk Team Leader
Warburg
654 Madison Avenue, New York, NY 10065
O: 212.300.1829 | M: 203-550-5945
(Email protected)

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