When you enter into a new condo sales office, the first thing the pretty girl behind the desk will say to you is “Have you been here before? / Can I get you to sign in? / Have you registered with us yet?”. Hmmm…you’ve got to ask yourself why they are so quick and in-your-face to get your personal information when you’ve only just walked through the doors. The reason is simple but most people are shocked to hear it.
When you sign-in/register with a developer, you are giving up your right to be independently represented on any future purchase at that condo development. You are effectively saying, I am not working with an Agent, and I give up my right to have an agent represent me in the future.
NEVER REGISTER OR SIGN-IN WITH A DEVELOPER!
Even if you have absolutely no intention of working with a Realtor, or if you think you have absolutely no intention of actually purchasing a suite at the development whose sales office you are entering, don’t give up your right to be represented! Remember that the sales people in the sales offices are working exclusively for the developer – they have ZERO obligation to you and your interests.
Remember, it costs you nothing to be represented by an exclusive buyer’s agent. The developer pays the fee on your behalf! Be smart, protect yourself and always leave yourself the option to be represented.
So what should you do?
- Never give up your personal information on a sign-in or ‘registration’ forms. Tell them you are working with a Realtor/you have an agent.
- If they press you to fill out the form anyway, put down your agent’s name and contact info. Better yet, give them your agent’s business card with your name on the back of it. (If you don’t have an agent, feel free to use my name and contact info.)
- If they give you a hard time, or refuse your agent’s name as registration, you’ve got to ask yourself if this is a developer you want to buy from.
If you are thinking about buying a new condo, click here to hire me as your exclusive buyer’s agent.
2 Comments For This Post
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Coming Soon: One Park West | TrueCondos.com - The Best Source for Toronto Condos Says:
March 17th, 2010 at 6:49 am[...] me as your buyer’s agent gets you professional representation at no additional cost. Protect yourself, always hire a buyer’s agent when buying a new condominium from a [...]
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Latest exclusive buyer agent news – With bloated hearts — Greater Fool – The Troubled Future of Real … Says:
May 16th, 2010 at 11:15 pm[...] New condo registration | New condo Buying Advice and Tips | Hire a … [...]
June 1st, 2011 at 3:55 pm
I hope that nobody is actually stupid enough to believe that having a buyer’s agent represent you is absolutely free and completely paid for by the developer. Where do you think that money comes from in the end? Your own pockets. It’s true enough that the cost of an agent is embedded in the cost of the condo (the buying and the selling agent earn 5% together). However, it just gives you that much LESS room to negotiate the price.
It’s hogwash that a realtor’s negotiating skills will make up for the 2.5% the price should come down by without an agent, especially in a hot market. Developers are perfectly aware of what kind of prices they can get from other people looking to purchase.
June 1st, 2011 at 10:40 pm
@Dkdkdk
having a buyer’s agent is not for everyone. some choose to go it alone.
many buyers ask me this: will I get a better deal if I don’t use an agent? The answer 95% of the time is no. In fact, you will be more likely to get a worse deal because your ignorance of previous and comparable selling prices can put you at a serious disadvantage. How do you know if you are getting a good price or not? My buyer clients who saved collectively about $100K with one particular developer over the last 2 months are pretty happy they hired me as their agent.