Most prospective Condominium Buyers are unaware that when they visit opening of sales center for a new condominium development, the sales staff there are working for and represent the interests of the builder, so it's a good idea as a potential buyer to have yourRetaining your own REALTOR® to represent you at new condominium development won’t cost you anything and could actually end up saving you plenty of time and money. An experience REALTOR® not only represents you in the transaction with the builder, but also ensures you understand the process of what you are buying and clarifies all the hidden costs of your purchase.
When buying a new condominium development prices are not always negotiable, however your REALTOR® can negotiate charges like: builder administrative fees or community and education levies or incentive that builder offer.
When launching a new condominium project, builders have VIP events and private opening for preferred REALTOR® in which they invite REALTORS® to bring their clients prior to opening the project up to the general public. where they offer them special incentives: such as upgraded appliances or special commission. This also gives your REALTOR® the opportunity to obtain the best floor plans and the best prices for you.
Your REALTOR® commission is paid by the builder, your REALTOR® is independent of any particular condominium developer. and able to offer you a information to all the new developments that are presently on the market or any other that may be coming up on the market without bias to a particular builder or condominium development.
How do you know the price the builder is asking is market value or fair?
When buying new Condominium, Price comparison may be the most important asset of retaining your own REALTOR® . Not only can your REALTOR® inform you of current market conditions in the new construction and resale markets, but your REALTOR® can also provide you with asking prices of units in similar developments and what comparable units in newly built buildings are selling for on MLS.
A knowledgeable REALTOR® will be able to give you insider knowledge of the neighbourhood as they are aware of new construction plan for both new residential and commercial projects that are approved or planed for the neighbourhood two or three years down the road when your new condominium project is finally built.
Why limit yourself to just one project?
The builder’s sales staff are only familiar with their own project units, and are able to only sell the units in their project. Not only does your REALTOR® have access to information on all the new condominium developments in your desired neighbourhood but a good REALTOR® is also aware of buying opportunities of new construction units for you in the resale and assignment markets as well.
If you want to take advantage of the hot Condominium market and want to get in now but you don’t want to wait a few years for the project to be built, then exploring the resale and assignment markets of newly built condominium buildings may be a good option for you, most recently built and registered buildings may have some units available for sale through the MLS® system that have never been lived in and are available for immediate occupancy.
This option give you the ability to see the unit for yourself and know exactly what you are buying. it also eliminates the guesswork of wondering if the floor plan can accommodate your furniture or if the view is desirable to you.
Or maybe you missed out on your favorite project because you didn’t move fast enough and the development is all sold out and they’ve even broken ground and are starting to build. then buying an assignment of an "Agreement of Purchase and Sale" might be another good option for you as some but not all builder allow it. a good REALTOR® will be able to find these assignment opportunities for you.
Find out more about the benefit of Buyer Representation Agreement
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