Take the average real estate transaction and then imagine an exquisitely tricky minefield — that’s the situation that many buyers in the Big Apple are up against. Despite real estate apps galore, no magic bullet exists for putting together a successful offer on a Manhattan housing cooperative unit, for example, something that anyone who has been through will describe as a winding labyrinth.
Article image credited to Ian K. Katz Group
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StreetEasy has turned into “Nightmare On Elm Street” for a number of New York City brokers. They say that adding Zillow Group’s Premier Agent program to the platform is misleading potential buyers by guiding them to buyer’s agents who’ve paid for advertising on StreetEasy instead of the exclusive listing agent.
Buyer’s agency creates expectations from and for both parties. Agents need clients to represent (that is how we get paid), and most buyers need guidance to complete a real estate purchase.
For the first time in history, homebuyers are deliberately creating dual agency situations as many refuse to work with anyone but the listing salesperson. Couple this with pocket listings, lax agent attitudes toward dual agency issues, and a recent California Supreme Court decision and you have a perfect storm.
When Hong King-based millionaire Hiroshi Horiike toured a home in Los Angeles in late 2007 with Coldwell Banker agent Chris Cortazzo, who was listing the property, nobody on the tour knew that it would eventually result in oral arguments in front of the California Supreme Court.