Platinum Access what does it mean for you?
There are approximately 55,000 realtors in Toronto and the GTA and counting, that's more than any other major city in North America; yes that Includes Chicago, Los Angeles, and New York City! But less than 200 of these are designated Platinum agents, who have a proven track record of both sales volume and impeccable customer experience that have gotten this access from developers to gain first access to most of the projects in the city. When a developer is about to release a project for sale typically they will release it in three phases; Phase one is a friends and family release meaning employees of the company and their families gain a short window in which to pick units first in a building. Phase two is the Platinum release where Platinum access agents get to start selling the units in the building. Why this phase is beneficial for the builder is that it keeps the builders advertisement costs down as platinum agents will generally produce and pay for their own advertisements to attract customers, Platinum agents also have as aforementioned a proven track record of producing sales results for the builder and produce these results typically in a timely fashion, which allows the developer to reach their 75% sales threshold in order to secure their financing and begin construction on the project. Finally the third phase is a general release of whatever is left unsold to the general public and to agents that do not have platinum access or are affiliated with such. Now there are a few reasons why it's important to work with a Platinum access agent on this second phase of a development release. First is unit selection, with this early access you have an opportunity to choose exactly what unit layout you want, what floor you are on and the exposure of that unit, think of it like choosing a bedroom in a home, someone working with a Platinum access agent has the opportunity to choose the sunny backyard facing large bedroom with an on suite bathroom, and the person who is choosing a unit in the third phase general release is probably going to be stuck with that cold bedroom above the garage.The Platinum access release units are also generally cheaper than those in the final phase, as the developer has passed their financing threshold and can raise the prices due to increased market demand, this means if you buy a unit in the general release third phase and your next door neighbour bought an identical unit in the Platinum release with a Platinum agent they may have paid thousands less. This savings for a potential investor like yourself can also mean the difference between a positive and negative cash flow for your investment. Platinum access agents don't only get a better pick of building units but can often pass other benefits on to their clients such as better deposit schedule terms, capped development charges, and possibly some free unit upgrades as well.
Can you buy a unit without a Platinum agent?
The answer to this is yes you can, like we have mentioned once the development gets to that third phase or general release phase a sales centre usually opens and you can walk into one and buy a condo, however this is possibly one of the worst things you can do when buying a pre-construction condos. There is a few reasons why this is not a smart decision to make for such an important investment asset and what I am about to tell you next is probably the most important reason. The salesperson you will be sitting down with to sign the deal in the sales centre works for the developer as such they are obligated to have the developers best interest at heart, and in the contract you are signing there is even a section which absolves them of any responsibility to you and reminds you that they are present to act in the builders best interest. On the opposite end of the spectrum when you sign a buyer representation agreement with a licensed Realtor they are obligated to act in your best interest and can help you negotiate certain things within the contract and as Platinum access agents have extensive experience in the pre-construction market they can use their knowledge and their obligation to work in your interest to help you pick the development and unit that suits your needs the best, and not just try to sell you something for the sake of the sale. We at Condoassets.ca have a proven system and track record of delivering great customer service and expertise to maximize our clients financial success in every transaction we complete, and offer a wide range of specialized pre-construction perks and services at no extra cost to you to help maximize your success and give you the best pre-construction buying experience possible.
Who Pays our Commision?
This is a question we get all of the time, and there are a lot of misconceptions but one simple answer. The developer pays for 100% of our commission on each deal. We have been asked before if the commission is added on to the final sales price or if maybe it is built into the initial deposit schedule, and again the answer is no the developer pays 100% of it. Before I got my real estate license I wanted to buy a pre-construction unit in a building close to where I was living at the time, to save money I thought I would visit the sales centre and purchase the unit on my own and thus be discounted the commission from my sales price because I was going direct to the builder. I didn't end up getting a unit in that particular building because all of the units in my price range had already been sold out, however I did learn from a representative in the sales centre that I would not have received any discount on the price based on commission as I was not a licensed salesperson, that experience was doubly disappointing and I would credit that disappointment and new found knowledge with prompting me to change professions and get into the real estate industry, specifically pre-construction sales.
Not all Pre-Construction condos in Toronto are created equal, Let us help you decide which is the best for your budget and for your desired use of that unit, and get you the earliest access to this unit as possible to save you time money, get exactly what you want using our extensive pre-construction market expertise, and enjoy our continuing support throughout the whole process.