The first thing you need to understand as a buyer is that you are NOT responsible for paying any commission to your realtor when you purchase a (new) pre-construction. Now that we cleared that up, hear me out. Taking an experienced realtor with you will not cost you; on the contrary, it may cost you a lot if you don't. Here's why...
As soon as you walk into a sales centre, the builder will have its agents greeting you. These sales-people from the builder will likely have you sign a "registration form" that may eventually act as a commitment to guarantee their commission should a deal go through. Without a realtor by your side, the builder's sales team will end up representing both you and the builder. Conflict of interest? Perhaps, especially when the goal here is to sell you a unit and close the deal for the builder. So who's on your side then? Hopefully, you brought your own realtor to the sales centre. Remember, your realtor should work for you and not the builder; therefore they should have your best interests at heart.
Realtors at condolookup.ca specialize in pre-construction condominiums. On top of that, we do detailed analyses of the projects that are of interest to you; most importantly, we get to know you first. We do a preliminary assessment of your "needs" and "wants" before matching you up with a product that fits you. While the prices for new homes and condos are usually non-negotiable, your realtor can help you negotiate a better deal through the following factors:
✅ VIP incentives & offers: Your realtor will be invited to VIP events --which gives them access to the best floor plans and prices per square foot before being released to the general public.
✅ Upgrades: Your realtor will have the industrial knowledge of the incentives/upgrades currently available to you for the specific project.
✅Structure of the deposit schedules: Your realtor can negotiate a better payment structure tailored to your financial situation.
✅ Mortgage application and financing: Your realtor can provide referrals to mortgage brokers.
✅ Lawyers/Understanding your Purchase & Sales Agreement: Your realtor can provide you referrals to real estate lawyers.
✅ Minimizing closing costs: Your realtor will understand and negotiate the standard capping and closing costs.
✅ Negotiating/dropping the assignment fee: If you are looking to assign your unit, your realtor can help you find a buyer, as certain types of advertising are not permissible by the project builder.
✅ Facilitate rentals during the occupancy period: If you are looking to rent your unit, your realtor can help you find a buyer, as certain types of advertising are not permissible by the project builder.
If there's one message to take away from this post, it's this: The first time you walk into the sales centre, bring a realtor with you!
If there's any project you want to check out, call or text 416-888-4116 now for a free consultation.
