10 Reasons Why You Should Use A Realtor When Purchasing A Presale.
Buying a property through a presale is more complex than purchasing a ready to move in home. You initially put down a percentage 10-20% (depending on the development). This is for the right to receive a finished home at completion.
Advantages of buying a presale : the portion of the down payments are scattered.
Having a realtor support you in your presale purchase is a best practice for the following reasons:
1. The sales office staff work for the developer, WE work for YOU!
Your real estate agent works for you, and they have a fiduciary duty to do what is in your best interest. The sales agents working for the builder are not allowed to work for both parties due to the new rules set out by the Real Estate Council of BC. They may not give you the right advice when it comes to purchasing a unit. Sitting down with your real estate agent, they know your motivation and are able to better help you in choosing which presale is right for you. While you may think you are getting a better price by going directly to the sales office, you are doing this at the risk of your contract safety.
HAVE YOU READ THOSE CONTRACTS? THEY ARE LONG… As your agent I am required to read it all, and go through each item with you.
2. We get invited to VIP events.
Your real estate agent (ME!) will be invited to VIP events, which will give them access to the best floor plans, early bird pricing, incentive, AND floorplans before they are released to the public.
3. It costs YOU $0 to use a real estate agent.
In the case of presales, the developer pays the realtor commission. You get the knowledge, expertise and service of a professional FOR FREE! This takes the pressure off so you can concentrate on your day-to day activities.
4. Less risk more reward
By working with a real estate agent, you will be aware of the risks associated with the presale deal – legal, financial or personal. Knowing what rights you have as the BUYER and what rights the DEVELOPER is important. Should any unfortunate circumstances arise, such as softening market, you are in a better position to address these types of risk with an agent.
5. A realtor will have contract knowledge and expertise
Real estate agents have been trained to understand real estate contracts. We are constantly upgrading our skill with professional development courses required by our board. Presale contract vary from developer to developer, so the terms and conditions will be slightly different. Presales contracts are not the standard MLS contracts that protect the buyer and seller, the former are more inclined to protect the developer, so a realtor would be able to view the contract with your interests in mind.
6. A smooth negotiation proccess
Real estate agents are aware of the market and trends, as we look at the market every single day. We are able to know more of the ins and outs where there may be ‘wiggle’ room. While price may stay firm, certain fees can be removed or capped within your agreement which you would not have known about if you did not use an agent.
7. Unbiased opinion
The sales staff have a goal- to sell the units! An agent, is obliged to show you the whole picture and work in your best interest. It is in our code of ethics.
8. We have expert market knowedge
A real estate agent has a number of resources on hand to give you an idea of what comparable properties are priced at. They may even offer you a discount on the unit, but this discount may have already been pre-negotiated with the developer and built into the profit margin. Also, a realtor will also be aware of the reputation on the builder – you as a member of the public may not be aware of this.
9. A realtor will take the emotion and stress out of the transaction
Buying a home is usually the biggest purchase in ones lifetime. It can be stressful, time consuming and emotional. An agent is trained to bring perspective to the process, allowing you to stay focused on your goals and see the bigger picture. They negotiate on your behalf, keep you aware of various developments and issues, and are there to lead you through the whole transaction.
10. Helping you market the property
If you are buying simply as an investment looking to assign your unit, your agent will hep you find a buyer with certain advertising. Depending on the developer, certain types of advertising is not permissible and we are able to spread the word in other ways.
The most important benefit of using a realtor when entering into a presale contract is that they have your best interest at heart. A realtor will represent you honestly, efficiently and ethically, and will assist you in making the best decision for your needs.