6 Tips for Introducing a Buyer's Agreement
Disclaimer: The contents of this article are industry best practices which were sourced from StreetEasy data and interviews with our Agent Advisory Board, unless noted otherwise. Any scripts provided are only meant to act as examples and are not required. Nothing in this presentation is intended to be legal advice. For specific questions about any duties or obligations arising out of a real estate transaction, check your local and state licensing laws and regulations, contact your broker, or an attorney.In light of the recent National Association of REALTORS® (NAR) settlement, many NYC agents will need to make changes to the way they do things, including how and when they introduce a buyer's agreement.Buyer's agreement is a catch-all term for a written agreement between an agent and a buyer client. One type of buyer's agreement is a touring agreement, which many agents now need to have prospective buyers sign before touring homes with them. Another type is a buyer's representation agreement, a long-term agreement covering the broader real estate services provided by the agent as well as representation, compensation, and payment terms.While buyer's agreements may seem like an additional hurdle to landing clients, we believe introducing one early on is an opportunity to promote transparency and build much-needed rapport - when done correctly. In this article, we're sharing our best tips for discussing buyer's agreements with potential clients so you can win their business, and their trust.1. Make sure you thoroughly understand the agreementEven if your brokerage provides a buyer's agreement for you to use, it's a good idea to read through it carefully so you understand every clause and stipulation. After all, if clients have questions (and they likely will), you want to make sure you can answer them.You can also sit down with someone at your brokerage who can walk you through the agreement, and explain any sections or company-specific policies you have questions about. Also, consider taking advantage of any training sessions or resources offered by your brokerage or real estate organization to learn more about buyer's agreements.2. Share the benefits of using a buyer's agreementSome buyers might hesitate to sign an agreement because they think it only benefits you. To help shift that mindset, try framing the agreement as a mutually beneficial partnership, which does things such as:Setting clear expectations regarding your services and each party's responsibilitiesProtecting the buyer's interests by stating you won't represent them and the seller on the same deal (unless mutually agreed upon, and all required disclosure forms are signed)Granting the buyer access to your expert guidance in NYC's notoriously challenging real estate marketAssuring you'll negotiate the best possible price, terms, and contingencies on the buyer's behalf3. Use simple, clear languageWhen discussing a buyer's agreement, you'll want to avoid legal or industry jargon that could be confusing.Here's an example of technical language to avoid: “The duration of the agreement establishes an irrevocable right of representation for me as your agent, binding you to the brokerage for the procurement of real property within the specified term.”Instead, consider saying, “This section means I’ll be your agent for a set time, so I can focus on helping you find the right home.”4. Explain your fee structure upfrontLikely as a result of the NAR settlement, many consumers are more aware of how buyer's agents are paid. Still, some buyers might be concerned or confused about how much they'll owe you. Introducing a buyer's agreement is a great way to clearly explain how your fee structure works, that your fees are negotiable, and what happens if the seller pays part or none of your commission.Addressing compensation upfront can help alleviate any confusion and allow the buyer to better determine if you'd be a good fit for them.5. Offer a short-term, non-exclusive agreement before touring homesEarly on, potential clients may be hesitant to sign an exclusive buyer's agreement - especially if they're not yet sure it's the right fit. You can put their concerns to rest by offering a short-term, non-exclusive agreement they can sign before touring homes with you. For example, StreetEasy’s Touring Agreement is non-exclusive and only lasts for seven days, after which agents and buyers can enter a longer-lasting, exclusive agreement if they wish.You can use StreetEasy's Touring Agreement, or a similar agreement provided by your brokerage, to keep clients from feeling locked into anything before they're ready to commit.6. Share success stories from past clientsCan you think of past clients who benefitted from signing a buyer's agreement with you? Perhaps you helped one make a winning offer on a home matching their specific criteria - all because of your expertise and personalized attention. Or maybe you helped another client negotiate favorable terms on a co-op and nail the board interview. Sharing real-life success stories when introducing a buyer's agreement is a great way to build trust with potential clients and help them feel confident about working with you.Introducing a buyer's agreement is a crucial step for agents. By implementing the tips above, you should be better equipped to turn a potential obstacle into a strong foundation for a successful agent-client relationship.StreetEasy is an assumed name of Zillow, Inc. which has a real estate brokerage license in all 50 states and D.C. See real estate licenses. StreetEasy Concierge team members are real estate licensees, however they are not your agents or providing real estate brokerage services on your behalf. StreetEasy does not intend to interfere with any agency agreement you may have with a real estate professional or solicit your business if you are already under contract to purchase or sell property.
7 Ways to Fix an Overheated Apartment in NYC
Sure, you can throw on a sweater when things get chilly at home. But what can you do if your apartment feels like an oven when the temperature drops? If you live in an older NYC apartment, you may have noticed that no matter how cold it gets outside, inside your dwelling feels excruciatingly hot and dry. What can you do if you have an overheated NYC apartment this winter? These tips will help you cool down.Table of Contents Brooklyn Rentals Under $3,000 on StreetEasy Article continues below Ocean Hill 48 Hull Street $2,600 No Fee beds@1.5x Created with Sketch. 3 | bath@1.5x Created with Sketch. 1 Weeksville 1320 Sterling Place $3,000 No Fee beds@1.5x Created with Sketch. 4 | bath@1.5x Created with Sketch. 1.5 Sunset Park 257 49th Street $3,000 No Fee beds@1.5x Created with Sketch. 3 | bath@1.5x Created with Sketch. 1.5 Midwood 1447 East 2nd Street $2,335 No Fee beds@1.5x Created with Sketch. 2 | bath@1.5x Created with Sketch. 1 Crown Heights 2441 Dean Street $2,500 No Fee beds@1.5x Created with Sketch. 2 | bath@1.5x Created with Sketch. 1 Borough Park 4012 14th Avenue $1,749 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Clinton Hill 4 Saint James’s Place $2,900 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Stuyvesant Heights 314 Stuyvesant Avenue $2,999 No Fee beds@1.5x Created with Sketch. 2 | bath@1.5x Created with Sketch. 1 Crown Heights 817 Saint John’s Place $2,673 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Weeksville 1301 Park Place $2,100 No Fee beds@1.5x Created with Sketch. Studio | bath@1.5x Created with Sketch. 1 Flatbush 100 East 21st Street $1,900 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Crown Heights 873 Bergen Street $2,600 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Understanding How Your Apartment Is HeatedIf you live in an older apartment building, chances are your building uses steam heating. According to a 2019 city report, more than 80% of large multifamily buildings still use steam heating systems. These systems are inefficient and old and often distribute heat unevenly throughout the building, resulting in an overheated apartment. Also, landlords might simply be turning up the heat to ensure all the apartments in the building are getting to the required temperature. As a result, your well-heated apartment could be well above that temperature!On top of that, your apartment is being heated precisely the way it was meant to be: that is, overheated. This view dates back to the 1900s when health experts encouraged NYC residents to keep their windows open for fresh air no matter how cold the temperature outside. Today, of course, we realize what a huge waste of energy this is.If you can’t control the heat in your building or convince your landlord to cool it, then it’s time for a quick fix. Here are seven renter-friendly methods to cool your overheated NYC apartment in the winter. Open the Windows to Release Some HeatThis seems like an obvious solution, but it can help. It does have drawbacks, though: Heating comes in waves, so while you may go to sleep nice and cozy, you could wake up with chattering teeth. Opening a window also may not always solve the problem, as the radiator can simply overpower the cool air. Manhattan Rentals Under $3,000 on StreetEasy Article continues below Yorkville 335 East 92nd Street $2,400 No Fee beds@1.5x Created with Sketch. Studio | bath@1.5x Created with Sketch. 1 East Village 216 East 13th Street $2,700 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Upper West Side 309 West 84th Street $2,475 No Fee beds@1.5x Created with Sketch. Studio | bath@1.5x Created with Sketch. 1 Greenwich Village 231 Thompson Street $2,700 No Fee beds@1.5x Created with Sketch. Studio | bath@1.5x Created with Sketch. 1 Murray Hill 314 East 41st Street $2,500 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 East Harlem 238 East 106th Street $2,795 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Chelsea 200 West 18th Street $2,875 No Fee beds@1.5x Created with Sketch. Studio | bath@1.5x Created with Sketch. 1 East Harlem 124 East 107th Street $2,395 No Fee beds@1.5x Created with Sketch. 2 | bath@1.5x Created with Sketch. 1 Central Harlem 25 West 132nd Street $1,655 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Central Harlem 25 West 132nd Street $1,585 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Hamilton Heights 514 West 136th Street $2,050 No Fee beds@1.5x Created with Sketch. 2 | bath@1.5x Created with Sketch. 1 Kips Bay 142 East 33rd Street $2,975 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Turn the Heat Off in Your Overheated NYC ApartmentYou may have noticed that your heater has a knob on its side. This valve doesn’t control the heat (as many people assume) but does allow you to turn the heater itself off. (Though, of course, steam will still be traveling through the steam pipes in the room, contributing significant warmth.) If you choose this solution, make sure you turn the knob all the way off, or your radiator might clang.Install a Thermostatic Valve or VentIf you’re willing to dish out cash for a small upgrade, you can call a professional to install a thermostatic radiator valve that gives you control over the amount of heat generated. The valve is generally inexpensive, but a proper installation can run several hundred dollars. Still, that might be worth it in the long run especially if you plan to stay in your overheated NYC apartment for years to come. You can also ask your landlord to cover some or all of the cost, though we can’t guarantee they will. Use a Fan to Cool Down Your Overheated NYC ApartmentFans aren’t just for summer! Use a fan to move stagnant air around your apartment and disperse some of the heat. Place the box fan in front of a window to create a draft, and a (hopefully) cool breeze will help counteract the radiator’s power.You can also use your ceiling fan in the winter to help mitigate the heat. Ceiling fans that spin counterclockwise actually cool the room more than fans that spin clockwise. Luckily, you can reverse the rotation of your fan on your own. Queens Rentals Under $3,000 on StreetEasy Article continues below Ditmars-Steinway 24-32 31st Street $1,950 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Jackson Heights 35-06 73rd Street $1,900 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Long Island City 40-04 36th Avenue $2,700 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Jackson Heights 33-24 77th Street $1,808 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Astoria 30-65 Steinway Street $2,075 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Ridgewood 18-77 Linden Street $2,850 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Astoria 30-65 43rd Street $2,800 No Fee beds@1.5x Created with Sketch. 2 | bath@1.5x Created with Sketch. 1 Ditmars-Steinway 21-45 73rd Street $2,000 No Fee beds@1.5x Created with Sketch. Studio | bath@1.5x Created with Sketch. 1 Elmhurst 43-31 Ithaca Street $2,600 No Fee beds@1.5x Created with Sketch. 2 | bath@1.5x Created with Sketch. 1 Forest Hills 75-20 113rd Street $2,295 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Forest Hills 75-05 113rd Street $2,167 No Fee beds@1.5x Created with Sketch. Studio | bath@1.5x Created with Sketch. 1 Astoria 28-44 35th Street $2,198 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Invest in a Radiator CoverA radiator cover will set you back a few hundred dollars, but it’s a solution you can implement without having to call in the pros. A simpler solution is to cover the radiator’s top and sides with thick, unpainted wooden boards or other nonflammable materials, like a slab of marble. The idea is to insulate the heat, reducing the amount that escapes into your apartment.Cover the Radiator With Fabric to Cool DownIt’s like a magic trick for an overheated apartment - simply cover the radiator with a piece of fabric. Is this safe? Experts agree that, surprisingly, it is. Typical radiators don’t go above around 215 degrees Fahrenheit, not enough to set fabric on fire. To be on the safe side, use wool or thick cotton fabric - synthetic materials like polyester might melt at this temperature. Still uncomfortable placing anything on your radiator? Buy a heat-resistant thermal fabric, which guarantees durability below a certain temperature. Bronx Rentals Under $3,000 on StreetEasy Article continues below Morris Park 1545 Rhinelander Avenue $1,626 No Fee beds@1.5x Created with Sketch. Studio | bath@1.5x Created with Sketch. 1 Kingsbridge 3633 Kingsbridge Avenue $2,400 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Norwood 3539 Decatur Avenue $2,584 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Concourse 675 Walton Avenue $2,395 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Fieldston 5282 Post Road $2,195 No Fee beds@1.5x Created with Sketch. Studio | bath@1.5x Created with Sketch. 1 Concourse 853 Walton Avenue $2,150 No Fee beds@1.5x Created with Sketch. 2 | bath@1.5x Created with Sketch. 1 Pelham Parkway 2157 Wallace Avenue $1,750 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Spuyten Duyvil 500 Kappock Street $2,395 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Spuyten Duyvil 2727 Henry Hudson Pkwy W $2,400 No Fee beds@1.5x Created with Sketch. Studio | bath@1.5x Created with Sketch. 1 Mt. Hope 1770 Grand Concourse $2,749 No Fee beds@1.5x Created with Sketch. 2 | bath@1.5x Created with Sketch. 2 Highbridge 1395 Nelson Avenue $1,939 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 North New York 420 East 148th Street $1,995 No Fee beds@1.5x Created with Sketch. 2 | bath@1.5x Created with Sketch. 1 Use a Humidifier to Combat Dry Air In Your Overheated NYC ApartmentOverheating and dryness often go hand-in-hand. If your apartment is so dry that your knuckles are bleeding, a humidifier is a must. You can buy a cheap humidifier and place it near your bed, or you can use the radiator’s own heat to create a makeshift humidifier by placing a shallow bowl of water on the radiator. Just remember to refill it regularly - and marvel at how quickly your radiator evaporates an entire bowl of water. Looking to buy, sell, or rent in NYC? Get Started with StreetEasy
Andy Cohen's Glamorous West Village Co-Op Lists for $14M
After 21 years of ownership, Andy Cohen has listed his 3,500-square-foot West Village co-op for sale at $14 million. The Bravo personality and “Real Housewives” producer pieced the apartment together over the years, combining four different units across two floors in the Bing & Bing-designed building. With the help of interior decorator Eric Hughes and architect Gordon Kahn, the duplex has become a gorgeous, luxurious, and one-of-a-kind home that you may expect to see on Bravo’s “Million Dollar Listing,” on which the unit’s listing agent, Ryan Serhant, stars.From a custom cocktail bar to a steam shower, the unit has a lot to offer, and a lot for Cohen to miss. Although perhaps not too much, considering he bought an $18 million penthouse in another Bing & Bing West Village building in 2022. 2 Horatio St. 12G-14G Price $14,000,000 Space 4 beds, 4.5 baths Neighborhood West Village Borough Manhattan Check out the listing for Andy Cohen's $14M co-op. View Listing Take A Look Inside Andy Cohen’s co-op is impressive in pretty much every way, but especially when considered by the numbers. In addition to spanning almost 3,500 square feet, the unit boasts 25 windows, two wood-burning fireplaces, 11 closets, 4.5 bathrooms, and 4 bedrooms (with the potential for five). But perhaps even more impressive are the one-of-a-kind details it features, such as the marble mantle of the living room’s fireplace, or the custom staircase by Gordon Kahn made of glass, steel, and walnut wood, which is a piece of art in its own right. Bold wallpaper, beamed ceilings, and wide-planked oak flooring tie together the whole space. West Village Homes Under $1M On StreetEasy Article continues below West Village 350 West 14th Street $825,000 beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 West Village 340 West 11th Street $630,000 beds@1.5x Created with Sketch. Studio | bath@1.5x Created with Sketch. 1 West Village 92 Horatio Street $750,000 beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 West Village 32 Jones Street $800,000 beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 West Village 100 Bank Street $939,000 beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 West Village 259 West 4th Street $995,000 beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 West Village 106 Bedford Street $785,000 beds@1.5x Created with Sketch. Studio | bath@1.5x Created with Sketch. 1 West Village 77 Perry Street $765,000 beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 West Village 2 Horatio Street $800,000 beds@1.5x Created with Sketch. Studio | bath@1.5x Created with Sketch. 1 West Village 61 Horatio Street $849,000 beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 West Village 634 Washington Street $975,000 beds@1.5x Created with Sketch. 2 | bath@1.5x Created with Sketch. 1 West Village 227 West 11th Street $795,000 beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 The kitchen is a dream for any entertainer - especially those of Cohen’s caliber - with tons of space, Christopher Peacock cabinetry, walnut counters, and top-of-the-line appliances, including a BlueStar oven. Because the kitchen is located on a corner of the apartment, it has two huge windows that provide amazing views of the West Village. One of the windows sits just above a window bench, perfect for reading or simply taking in the sights. In addition to the kitchen, living room and dining room, the first floor houses a custom cocktail bar that certainly outdoes the one from “Watch What Happens Live!”, featuring gold tiling, a refrigerator, and ice maker. You’ll find one large bedroom with an en-suite on the first floor of the apartment, while the second floor has the primary bedroom suite, an office, and a private wing with a bedroom and den. The office could easily be reconfigured as a bedroom - with its own en-suite bathroom - and is currently decked out with built-in bookshelves and wood-paneled walls that give a distinctly old-school library vibe. Next door to the library, you’ll find the primary bedroom suite, which includes another wood-burning fireplace, a stately en-suite bathroom, and a windowed walk-in closet so big it could easily become a fifth bedroom. The en-suite bathroom sits on the corner of the unit, so it has dual exposures, and includes both a teak tub and a walk-in steam shower with its own window and bench.A private wing on this floor offers a perfect set-up for a guest space, nanny’s quarters, or space for in-laws. It has its own bathroom, den, and bedroom, plus two closets - more than some 1-bedroom units in Manhattan can say.Of course, the building this unit resides in is just as impressive as the unit itself. The Bing & Bing building overlooks Jackson Square Park, has a 24-hour doorman and live-in super, and is right near the West Village’s very best restaurants and museums. The High Line and Little Island are also just a few blocks away. In other words, the building is nestled right into the best that Lower Manhattan has to offer. Check out the listing at 2 Horatio St. 12G-14G, listed by Ryan Serhant of SERHANT. Thinking about buying in NYC? Chat with our complimentary, licensed Concierge to learn more and get matched with a buyer’s agent.GET STARTED
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