One of the most common questions raised when looking to purchase a pre-construction condo is whether to use the expertise of a realtor. Sales representatives at new home sales offices are indeed licensed realtors but as a buyer should you have your own representative?
It is in my opinion that using your own realtor is to your benefit. The sales representatives within the new home sales office works for the builder, which is where their true loyalty lies. By having your own representative, you will receive honest and non-biased advice as your realtor is looking out solely for your best interest. There are many benefits to using your own realtor such as the following:
As mentioned above, your realtor works for you not the builder therefore your best interest is at heart.
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.
If your realtor has experience in pre-construction he/she will ask the right questions regarding construction financing status, assignments, occupancy and so forth.
Your realtor will be able to negotiate the agreement in your best interest. As price is usually not negotiable, certain fees (education, park levies) can be taken out or capped within your agreement.
Your realtor has access to the MLS system which can provide you with prices and useful information of comparable properties in the area.
Your realtor can keep you updated on the project. Questions concerning construction and occupancy can be easily answered.
If you are looking to assign your unit, your realtor can help you find a buyer as certain types of advertising is not permissible by the project builder.
The most important benefit of using your own Realtor is that they have your best interest at heart. Your Realtor will represent you honestly and ethically and will assist you in making the best decision for your needs.
WARNING: If you are considering purchasing a pre-construction condo and are working with a Realtor, do NOT register online at the project’s website or walk in the sales office without representation. Once registered, the builder will not co-operate (pay commission) with your Realtor. Have your Realtor schedule an appointment with the sales staff at the new home sales office.
Please feel free to contact me for all your pre-construction real estate needs in Toronto.
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