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It’s great to see more and more people “get” the fact that buyers need/deserve representation in the real estate transaction.

“Corcoran was following in the footsteps of Re/Max Beach Properties in Southamption, which was shuttered in July, after two years in operation.

But here’s the counterintuitive part: the Re/Max Beach chief, Michael Daly, didn’t cave in; he changed tactics, opening a buyers’ agency, True North Realty Associates, in North Haven.

“Nearly 98 percent of real estate agents in New York only represent the seller,” even if they are taking the buyer on tour to see properties, he said. “Those buyers are now looking for representation in the transaction.”

Starting Up in a Sour Market

Published: November 14, 2008


Thomas Friedman

Thomas Friedman

Op-Ed Columnist

Swedish Spoken Here


Published: October 4, 2008

“I would also bet that more and more of the foreign investors who come our way are going to want to buy hard, tangible assets — skyscrapers, real estate and real companies — not just mutual funds, T-bills, bank stocks or other equities.”   rest of article HERE 


The Benefits of Buyer Agency

As you may (or may not) know, traditionally agents work “for” the seller in the real estate transaction, meaning that they owe their fiduciary responsibility to the seller of the property, not you, the buyer. Why? Because that’s just how the business has been done for years. You know that NYState Disclosure that you are asked to sign, and someone mutters “Oh, just sign here acknowledging that I really work for the buyer, it’s just a formality”. Well, at that time, you are signing away your rights to be represented in perhaps one of the biggest business deals of your life.



So, why hire a Buyers Broker to represent you?


We represent your interests, not the interests of the seller

·    We have access to all homes for sale on the market

·    We point out the strengths and weaknesses of the desired property, including market value

·    We analyze current market data to determine an appropriate offering price, keeping your negotiating strategy in strict confidence 

·    We co-ordinate the interdisciplinary professionals involved in the home buying process (Attorneys, Mortgage Officers, Engineers, Seller Agents)


Will hiring a buyer broker cost me more money?

·    In a standard real estate transaction, it doesn’t cost a home buyer any more to use a buyer broker.


Who really pays the real estate broker?

·    Whether a real estate broker represents the buyer or seller, there is always a brokerage fee paid from a real estate transaction when a broker is involved. More often than not there are two brokerage firms involved. One broker usually works for the seller; the other broker works with the buyer. Both brokers typically share the commission in the form of a “co-broke” or “cooperating broker fee.” Because the brokers share the transaction commission, there is no additional cost to either the buyer or seller for using their own individual broker.

            Serving The Hamptons, Shelter Island and the North Fork

            631 725 0554 (o)  631 525 6000 (m)



Michael Daly, Principal Broker

Serving The Hamptons, Shelter Island and the North Fork

631 725 0554 (o)  631 525 6000 (m) 

After 10 years as a salesperson, broker, executive and owner in Hamptons real estate, I and my brokerage, True North Realty Associates have become an Exclusive Buyers Brokerage. True North will be working only with BUYERS seeking to purchase real estate in the Hamptons, Shelter Island and the North Fork. TNRA will not take listings and will not represent those selling their properties in this market.

WHY?   We see the need for buyers, who are NOT BEING REPRESENTED in the current market, to have an advocate; someone who will accept the Fiduciary Responsibility  to protect their interests in the real estate transaction.  Someone willing to take the time to get to know you, the buyer, to find out what makes you tick, what truely fits your needs, both personal and financial and do the research necessary to build the business case for your purchase.

With all that is taking place in the financial markets; Bear Sterns, Lehman, AIG, Countywide – one thing that is becoming clear is the concept of “Moral Hazard” and we see the preponderance of Listing Agents pushing their own listings, showing customers (who, by the way, are NOT clients – clients get fiduciary) the properties that THEY want to sell them, not what the customer wants to see, as a true Moral Hazard, one that the industry is not yet willing to face head on.   Interestingly enough, the name of our brokerage, True North, was inspired by Stephen Covey literature (Seven Habits, First Things First), where “true north principles” lead to decisions that are guided not merely by the “clock” of scheduling but by the “compass” of purpose and values.

In the following days and weeks, we will be adding posts, separately and as links below,  explaining the nuances of Buyer Brokerage; how it works, from the “head” to the contract agreements to the commissions. One thing is for sure, it doesn’t cost any more or less to use a Buyers Broker. All the commission comes from the same place, the proceeds of the sale.

For those of you who I have represented as sellers over the last 10 years, I will be happy to assist you in finding the best suited listing agent for your property.  We can do a thorough analysis of who has the best experience in your particular market and who would be the perfect fit for your needs.

Here’s an explanation of Buyer Agency from  in fairly easy to understand terms.

Buyer Agency  

Part 1: What is Buyer Agency?

Buyer agency is defined as a principal-agent relationship in which the broker is the agent for a buyer, with fiduciary responsibilities to the buyer. What does that mean? It means that as a buyer’s agent you are tied to the buyer, and that all of your loyalties are to the buyer.

Buyer agency is a relatively new concept for the real estate world. In the past, agents were Seller’s Agents, working for the person who signed a contract employing them to sell real estate. Over time that arrangement resulted in too many misunderstandings. A buyer working with a Seller’s Agent often regarded that person as his agent, and felt free to make confidential statements, not understanding they would be passed on to the seller.

Complaints were made to real estate commissions, and lawsuits were filed. As a result, many states now require us to explain agency status to the buyer. New York State requires that the buyer or seller is presented with a disclosure on the first substantive contact.

In today’s real estate world, you’ll find agents who work as Seller’s Agents and Buyer’s Agents, and in some areas you’ll see Dual Agents and Designated Agents. Here’s a simplified recap of those terms.

Seller’s Agent Your duty is to obtain the best deal for the seller. You are allowed to give the buyer only material facts about the property.A Seller’s Sub Agent is an agent from another office who is not working as a Buyer’s Agent.
Buyer’s Agent Your duty is to obtain the best deal for the buyer. You may pass on any and all information you obtain about the seller or the property.
Dual Agent You must be loyal to both parties. Dual agency occurs when a real estate agency owns a listing, and an agent from the office, working as a buyer’s representative, shows that listing.

Here are subsequent posts with more info on the Buyer Agency subject as it pertains to the Hamptons market:

Why Work with a Buyer’s Broker?

Looking at a Transaction from the Buyers Side 

Duties of a Real Estate Agent – Fiduciary 




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