Buying New Construction from a Developer? Why You Need Your Own Realtor
You may have decided to purchase new construction from a developer. Dazzled by all the new and shiny finishes you may have forgotten one thing: your own agent. Here are some reasons you may want to bring that special person with you before you enter the sales office.
Did you know that if you walk into a sales office without representation you automatically become a customer of the developer’s broker? That’s right. If your agent doesn’t go with you or register you in advance, the Seller agent is now representing you as a customer. Their first duty is to the developer and not to you. This puts you at an extreme disadvantage. If you want more clarity on Dual Agency and agency in general, call me or your favorite Realtor.
If you have a choice, wouldn’t you rather have someone in your corner exclusively? It’s sort of like sharing the same lawyer in a divorce, but they like your ex better. If you go to the sales office first and then decide to bring your agent in to help, they will not be compensated as a cooperating broker. No one likes to work for free, not even me.
Your Buyer agent may have knowledge about the developer’s track record. Are they delivering on time? Have there been a lot of cancellations or complaints? Sometimes it is not easy to uncover a less than stellar reputation, so it pays to talk to people in the know. Occasionally a great builder can have trouble getting off the ground through no fault of their own. An informed agent may shed light on things like legislation, labor, and market issues that adversely affect launching a new project. They may also be aware of the developer’s motivation and financial status. Your agent may know what kind of incentives the developer has given other Buyers as well as what is not negotiable.
Boots on the Ground
If you are not around during the construction of your future dream home, it’s nice to have someone on the ground to keep tabs on the progress. A valuable service I provide is to take photos of the build for the Buyer. I can be a second pair of eyes looking at materials when decisions have to be made while the client is off island. Have you ever tried to choose a backsplash from a computer screen via Skype or Facetime? Not easy!
There are many good reasons to purchase a newly constructed home or condominium here in Hawaii. I would be delighted to be part of that experience with you. Feel free to contact me for further inquiries.