|What are the qualities of a GREAT pre-construction Realtor??|
|1. Does your Real Estate Agent have front line access to a preferred project by a developer?
Ability to secure the units for clients has become a VVVIP agent’s biggest asset. The question exists – how do you know which agents has first in line access? Now a day’s everyone and their brother claims to have VVVIP status. There are only a handful of REAL VVVIP agents out there whereas everyone else is just “regular VIP”. There is a world of difference between the two (hint, we are Real VVVIP agents for many developers :) )
2. Do they provide you with service after you sign the contract? Are they willing and capable of helping you sell your unit before construction is complete? Are they willing and capable of being there for you during the pre-closing inspections?
A large percentage of our business continues to be referrals that tell us we are doing something right. Most of our clients are investors and we do keep them up to date with how the developments are doing.
3. Honesty – Ask your VVIP agent about some different condo projects. Are they all amazing? If so, they probably don’t know what they are talking about. Even some of the best developments in the city have SOMETHING negative about them. Can your agent articulate the negatives? Is your agent advising you or just taking an order? Key difference – something to consider.
4. Knowing the future area – What is going to make this a good development for years to come?
5. Do they understand what they are selling? We have ramped up our knowledge of the economics of investing – can your agent articulate and understand the supply vs. demand issues? Do they understand where people are buying? Do they understand who is buying?
6. Selling – Buying a condo is easy; selling the assignment and actually making the profit is much trickier. Ensure your agent can market and navigate an assignment sale.
7. Knowledge of general market. I know the pre construction market really well because I have mostly worked with builders and Investors. That has allowed me to focus on and know, understand and rate the major developments in Toronto. Can your agent have a discussion about the various condo projects in the city? Do they know the special offers at the time? All of this is important.
8. Have they actually experienced closing a transaction with a client with a particular developer? Each developer has a unique operating procedure; can your agent help you navigate this for you?
9. I think it is important to know if Realtors you are going to work with specialize in investors or end-users.
From my experience, there are very different skill sets that come with both. Investors look for economic data, appreciation rates, rental yield etc (they are hard facts.) as their main purpose is to make money. An end-user is looking for more specifics and are driven by emotions – it’s a different skill set.
10. Has experience in the rental market. Is the agent experienced in renting out units to high quality tenants? Do they know the market rents in other buildings and do they know which buildings cater to certain demographic.
11. Is capable of reading a floorplan and be able to advise you how saleable the unit will be in the future.
12. Is knowledgeable in their local market and its economic fundamentals. Understands what unit types are valuable in your market place, has knowledge on the finishes, amenities and condo fees in other buildings, knows what other sites will be built upon that will compete with your unit or impact the end users enjoyment?
If you are musing about buying a Pre-Construction condo in Toronto, whether for investment or your own use, I cannot recommend enough that you drop me a line to see what I can do for you.