Before you buy Pre-construction projects
After saving for a down payment, talking to family and friends and doing your own research you have finally decided to buy a pre-construction condo. Naturally, you might think the next step is to visit a condo sales center and see what they have to offer. Wrong – Even though it may seem harmless in visiting a sales center even with no intent to buy, it could lead up to a chain of events which do not work out in your favor.
Before We explain why you should never visit a pre construction condo sales center without a real estate agent, let us reveal the golden rule which applies to all pre-construction condos.
“When considering a new condominium from a builder, it is imperative to have a Real Estate Agent who specializes in pre-construction condos, represent you”
The biggest mistake We see new condo shoppers make is to walk into a sales center without an agent representing them. The moment you step into that sales center, the sales people there storm you with various flyers and price charts and ask you to provide your personal information. Sometimes this is limited to a name and an email, but this is already enough for the builder to legally “claim you” as their customer. Once this is done, you can no longer have a real estate agent represent you at that specific sales center and you miss out on all the perks listed below.
Now, one might ask – what the advantages of buying a new condo with a real estate agent are as opposed to directly from the builder.
VIP Sales – VIP sales are special sales events which often occur before the condo goes on sale to the public. In order to get access to these events, a buyer looking to purchase a new condo must use a real estate agent. To keep in mind, many of the favorite unit layouts sell out before they even have a chance to go on sale to the general public.
Builder sales people do not work in your favor – The sales people who work at the presentation center are not legally obligated to work in your favor. Moreover, most of the sales people at the builder’s presentation center are not licensed real estate agents. They simply attend a few hours training classes and work on the day of the sale or perhaps longer. On the other hand, real estate agents are legally obligated to work for their clients best interests. This is a huge advantage, because there is a legal client-agent relationship established.
Real Advice – this point goes hand-in-hand with the paragraph above. Experienced and knowledgeable agents who specialize in pre-construction condos can provide invaluable advice for their clients. This can include, which builders to avoid, which condo finishes to select and what to look out for in a condominium contract.
Our services are free to you. We bet this title caught your attention. Here is one thing to keep in mind: the condo builder is always responsible for paying the real estate fees.- NOT You. Some condo shoppers falsely believe that if they go visit a condo site alone, the builder will discount the commission since they are not using an agent. Rest assured builders refuse such negotiation. Our services provided to clients wishing to purchase a preconstruction condo are and always will be free
If you’re going to take anything from this article, take this – when considering a pre-construction condo make sure to always use a real estate agent who specializes in pre-construction condos. We guarantee you doing this will not cost you even a cent, on the contrary the assistance provided will make the buying process a lot less stressful and could save you thousands of dollars down the line.