Keys to Building Effective Partnerships
You’re just about to finish up your latest home build project, but now it’s time to get those units sold. Partnering with a real estate professional is an excellent way to sell your newly built construction quickly.
Relations between builders and professionals have often been tenuous, at best. It doesn’t have to be that way. By taking the time to carefully choose a real estate partner you can create a powerful collaboration that dramatically increases your bottom line. Keep reading to learn more about the benefits of partnering with real estate professionals, including information on how to choose the best real estate partner to help sell your next development.
Why Should Builders and Real Estate Professionals Work Together?
Historically, builders and real estate professionals haven’t trusted each other all that much. Builders fear that fees will decrease their profits by taking a large commission, and real estate professionals fear that they’ll be cut out of the deal if the buyer speaks directly to the builder.
These myths don’t have to be true. Real estate professionals and builders can work together in harmony, because they have the same goals: sell more houses and get more referrals.
Build Relationships with Events like Open Houses
If you already hold open houses for trade contractors and other industry insiders, adding a real estate professional into the mix should be easy. Invite a handful of agents to come and view your new units, and encourage them to ask you any and all questions that they might have. Relationship-building is the perfect way to get to know agents in your area; spending some time getting to know individual personalities and working styles will help you choose the best agents to work with.
If you don’t want to host an open house, here are some other relationship-building ideas:
- Attend a sales meeting at a local real estate office.
- Invite agents into your office to meet with your sales team, so that everyone understands their role in the selling process.
- Invite an entire, high-performing real estate office on a personalized tour of a finished or unfinished home.
How to Choose Which Real Estate Professionals To Work With
The trickiest part about working with real estate professionals is choosing which individuals or offices to work with, since there’s no shortage of qualified professionals in the industry. If you have referrals from within your network, that’s the logical place to begin. Ask around and contact the most promising leads.
Don’t stop there, though. Up-and-coming agents are also an excellent partnership option. Manish Vyas, of Tulja Estate Private Limited, gives the following advice: “Talk to the broker or office manager and tell them what you’re looking for – someone new who is looking to develop a good business, who has a good work ethic and is an aggressive marketer. Then, talk to that person. Tell them that their broker identified them as the person to talk to in that office and that you’d like to make an appointment to speak with them because you feel that you can help them make a lot of money.”
Work with Real Estate Agents, Sell More Homes
Yes, it truly can be that easy. Once you’ve sorted through the good, the bad, and the ugly, you’ll be left with a small herd of trustworthy real estate agents that can net you more sales. Treat these people well, they’ll keep bringing you more business and everyone can win.
Good intentions of a smart real estate agent on your part throughout the buying process.
Buying newly constructed seems simple, right? Just pick out the floor plan you want, choose the perfect lot, and watch it go up. No sellers to deal with, no unexpected repairs that come up during the home inspection, no lengthy negotiations. Right?
Not so fast. In any real estate transaction, it’s important to have a professional on your side, even if the process seems straightforward.
“Having your own agent provides a sense of security,” says South Bopal area homeowner Mr. Aditya Purohit, who has bought two new construction homes from two different builders. “It gives you some peace of mind, knowing that someone is looking out for your best interest.”
Peace of mind is just one benefit of having an experienced agent along for the ride. Read on for five more reasons you’ll want a local real estate agent by your side when buying a new construction home.
- Assist to help you find a reputed developer
“Your agent can rely on their own experience and that of their colleagues to help you find a developer you can trust,” says Pinal Trivedi of Tulja Estate Pvt. Ltd. “What’s the quality of the workmanship? What kind of warranty do they offer? What’s their track record of resolving issues? Getting a clear understanding, in the beginning, can alleviate serious headaches down the road.”
The timeline for purchasing new construction is typically quite a bit longer than buying an existing home. From the first time you visit the sales center to choosing your layout, construction, inspections, and finally closing, there are ample opportunities for things to go sideways — think construction delays, permit issues, and financing concerns. An experienced buyer’s agent can help you navigate all of these sticky situations.
- Assist in reviewing your contract
Even if you’ve purchased a home before, the contract for new construction is a whole different animal, and an experienced agent can help you make sure you understand everything, from floor plans to earnest money requirements, deadlines for requesting changes, and timelines for completion.
“It’s crucial to have a third party who represents your interests in the transaction,” says Satyen Raval Bopal, Ahmedabad-area agent who has represented new construction buyers. “A good agent can add the proper addendums to protect you if something falls through.”
Buyers’ agents know the areas where you’ll find the most wiggle room when it comes to negotiations.
“Builders are trying to keep their sales price up so that the next buyers through the door see the higher closing price,” explains agent Amit Pathak of Tulja Estate Pvt. Ltd. “They’d much rather throw in closing costs or additional upgrade credits.”
- Direct towards smart reformed choices
Builders will offer you endless options for finishes and upgrades, and it’s easy to get overwhelmed. A seasoned real estate agent can recommend the upgrades that will get you the most bang for your buck in resale value, suggest finishes that might be cheaper to do on your own, and help you avoid over-improving, which can jeopardize your appraisal before closing.
Even though a friendly sales representative will greet you with a smile the moment you walk through the door of the sales center, don’t forget that they work for the builder. Bring your own agent with you starting with your first visit — in fact, many builders require your agent to register with them from the very beginning in order for them to be involved in the process and receive their commission.
With a professional you trust by your side, you’ll rest easy knowing someone is there to protect your money, your time, and your new home.