MM&Co. analysis · Maggie Marshall’s perspective on buyer representation.

In New York City real estate, buyers often assume that going directly to the listing agent gives them an advantage. Perhaps they’ll get information more quickly, establish a closer relationship with the seller or even negotiate a better price by eliminating another broker from the transaction. It’s an understandable assumption, but one that overlooks an important distinction: the agent marketing a property is not necessarily the person best positioned to protect the buyer’s interests.

A listing agent is hired to represent the seller, with a responsibility to negotiate a price and terms acceptable to that client. A buyer’s agent has an entirely different responsibility. Their role is to evaluate the property from the purchaser’s perspective, identify potential concerns, provide objective pricing guidance and negotiate terms that serve the buyer’s interests. While both agents are working toward a successful transaction, they approach it from opposite sides of the negotiating table. 1

This distinction becomes particularly important in Manhattan and Brooklyn’s luxury markets, where properties are often difficult to compare and the financial consequences of a purchasing decision can be substantial. A buyer considering a townhouse in Brooklyn Heights, a prewar cooperative on the Upper East Side or a new development condominium in Tribeca faces very different questions. Understanding building financials, renovation restrictions, property condition, comparable sales and long-term resale potential requires more than familiarity with the listing itself.

After more than 20 years working in New York City residential real estate, I’ve found that some of the most valuable advice I can give a buyer has little to do with identifying properties. Most buyers can find available listings online. The greater challenge is determining which properties deserve serious consideration, what they are actually worth and when it makes sense to walk away. An experienced buyer’s agent should be willing to advise against a purchase, even when the property is beautiful and the buyer is enthusiastic. 2

Consider the difference between a home’s asking price and its market value. A property may be priced ambitiously because of a seller’s expectations, an unusual renovation or a recent sale that isn’t truly comparable. In other cases, a home may be undervalued because its presentation fails to communicate its potential. Recognizing these distinctions requires an understanding of the broader market, but also the judgment to evaluate each property independently. The goal is not simply to secure a discount. It’s to make sure the buyer understands what they’re purchasing and what constitutes a reasonable price.

Negotiation is another area where independent representation can make a meaningful difference. Price is only one component of an offer. Financing contingencies, closing timelines, included fixtures, inspection findings and the allocation of certain transaction costs can all influence the outcome. A strong buyer’s agent considers the entire structure of the transaction, including the seller’s priorities, to determine where there may be room for negotiation without unnecessarily compromising the buyer’s position.

There is also a fundamental question of confidentiality. In New York State, a seller’s agent owes fiduciary duties to the seller, while a buyer’s agent owes those duties to the purchaser. Dual agency is permitted when both buyer and seller give informed written consent, but the parties give up the right to undivided loyalty. The agent cannot provide the full range of fiduciary duties to both parties. Buyers should understand exactly whom an agent represents before discussing their financial flexibility, negotiating strategy or willingness to make concessions. 1

The value of independent representation is not measured solely by the difference between an asking price and a closing price. Sometimes it means recognizing an opportunity before other buyers do. Sometimes it means structuring an offer that succeeds without being the highest. And sometimes the best outcome is deciding not to purchase a property at all.

In a market as complex and consequential as New York City real estate, access to a listing is only the beginning. What matters is having someone who can evaluate the opportunity without being invested in the seller’s desired outcome, offer candid advice and advocate for the buyer throughout the process. The right representation should provide more than access. It should provide perspective, protection and the confidence to make an informed decision.

About the author

Maggie Marshall is the founder of MM&Co. at Compass, specializing in buyer representation and luxury residential real estate throughout New York City. With more than 20 years of experience, she advises purchasers on property valuation, negotiation and navigating complex transactions across Manhattan and Brooklyn. 2