Eight Reasons Why Working With A VIP Broker Is Essential In The Pre-Construction Market
Condo living has hit the GTA over the last few decades and it’s not losing any steam. Tons of people are flocking to freshly constructed condos and are snapping up pre-construction units faster than they’re being built. Condo buildings provide essential amenities to residents such as underground parking, gyms, pools, spas and even some might have grocery stores and banks on their first floor for convenience.
If you’re in the market for a pre-construction condo, it’s especially important to work with a VIP broker. The pre-construction market in Ontario is very specific and if you don’t know the ins and outs, you may find yourself overpaying for a tiny unit you no longer want once the construction is completed.
Before we list the reasons why you should work with a VIP broker, let’s explore exactly what they do and why they’re important to you as a potential buyer.
What is a VIP broker?
In the GTA, there are many new construction projects on the horizon all throughout the year. Condo developers like to work with certain brokers because they have forged a trusted relationship with them and know that these brokers will be able to fill their building’s units. VIP brokers are real estate agents that are granted special status by the top developers in the GTA so that they can offer their clients early or exclusive priority sales on pre-construction condos.
When builders announce their new development project, they might first give access to the builders’ friends and family. Then, the builders grant access to their community of VIP brokers before the general public is allowed access to remaining floor plans and pricing.
There are eight reasons in particular that will help you understand why buying a condo in the pre-construction market works best if you have a VIP broker in your corner.
- Better access: As aforementioned, VIP brokers are given special access to pre-construction buildings. They work with the builders to provide you with great access to new projects which leads to better prices. Your VIP broker will also ensure you have your pick of premium suites so if you’re looking for a three-bedroom unit, you actually get one.
- You’re vetted: Builders trust the VIP brokers they formed relationships with and that trust is transferred to the buyer. VIP brokers will not present buyers who have a history of bankruptcy or ill-advised investments. They will present buyers that they trust (you) and the builder knows that you won’t renege on the sale or provide false information. The VIP broker has done their research and has vetted you so that the builder doesn’t have to.
- They’re vetted: There’s a reason that brokers earn VIP status: they’re knowledgeable at what they do, are trustworthy and deliver results. You should always do your research before working with a broker. Nonetheless, if one has earned VIP status, you can rest assured that they know all the intimate details surrounding the project and the buying process.
- Understanding the ins and outs: A VIP brokers knows everything about the pre-construction market and all the terms involved. Your broker will be able to answer your questions, explain Ontario law and how all facets of the sale work. Furthermore, your VIP broker will ensure that all timelines are met and that paperwork is correctly completed.
- Unlocking savings: When builders give VIP brokers access to their pre-construction building, they are also giving them access to savings. By working with a VIP broker, they’ll help unlock savings like HST rebates and show you how you can save money on closing costs.
- Telling the truth about floor plans: Most people look at condo floor plans and think that they’re all same. This is, unfortunately, not true. Your VIP broker has looked at thousands of floor plans and will be able to tell you which units have narrow hallways, or lack windows in key areas so that sunlight cannot get in, or if the bathroom is in an inopportune place like by the front door or kitchen.
- They know the GTA: VIP brokers know which neighbourhoods to avoid and which ones you should invest in. For example, an area may seem less than ideal before the condo development begins but can transform in as little as two years from the addition of a grocery store, high-end shops, fine-dining spots and easy access to a highway. Your VIP broker will also steer you away from neighbourhoods that look good but actually aren’t because they are cut off from public transit or don’t feature enough amenities.
- Most importantly, The Price: By working with a VIP broker you are guaranteed that you are buying the condo unit at the lowest price possible and at the earliest time possible. )This sentence may need to be restructured.)