Even if you’ve only been paying a passing interest to the Kelowna Condo market in recent years, you’ve no doubt noticed that there are quite a number of condo developments in the works. This means that more and more folks are purchasing pre-sale condos.
On that note, I recently got asked whether I think a Realtor is necessary when purchasing a pre-sale condo. You know the type of situation where there’s a sales centre and a potential buyer can wander in, inquire about the upcoming development and ultimately purchase a property.
You may be unsurprised to hear that my answer to the question is a resounding yes. However, that is not simply Realtor bias. What many buyers simply aren’t aware of is that the sales staff in the sales centre work for the developer/builder and not you, the buyer. Of course, should you choose to work with a Realtor on your purchase, the Realtor works for you and only you. That is the Realtor’s fiduciary responsibility.
A Realtor can negotiate on your behalf, look at the pitfalls of the building or neighbourhood (do you have faith that the sales staff will advise in this regard?), will know the right questions to ask, understand the building plans and advise on the complicated paperwork and process surrounding purchasing a pre-construction condo.
There’s an added bonus too - you don’t personly have to pay the Realtor. The builder pays the Realtor for representing you, the buyer. This fee is usually built into the purchase price and the developer doesn't reduce the price if a buyer decides to buy without a Realtor.
On that note, if you are working with an agent, it is important you announce this to the staff at the sales centre. I’d also like to point out there are some great sales staff and developers out there with lots of integrity, unfortunately, the opposite can also be true.
At the end of the day, if you’re buying a pre-sale condo, a skilled Realtor can save you thousands of dollars, and you don’t have to pay them a fee for this protection. That’s why my answer is a resounding YES!
At the Kelowna Condos team, we take an educational approach to guiding our clients through their real estate transaction. If you have any questions about the Kelowna condo market, please contact me directly at 250-980-3379 - I would be happy to chat with you.