We like to think the world is an open investment just waiting to happen, and if you do your homework, you might just stumble on that next big neighbourhood where everyone wants to buy. But, by the time you’ve done your homework, and waited until the sales office is open, the best investment opportunities are sold, leaving you to sift through condos no one else wants.
A development starts as an idea in a developer’s head. And before it moves outside the designer’s minds, the development needs to get at least 70% – 80% funded, which is why condos are sold while the structure is still a dream. But before the office is set up to sell, and before the ads go out to encourage the general public to come into the office, up to half of the building gets sold through relationships – through knowing the right people.
Typically, pre-construction condos go through a five-step selling process.
Like so much in life, friends and family come first. If you have a personal relationship with the developer, more than likely you’ll get in first, with all the incentives first round picks get.
This is a very small number of brokers (usually around 10) who have a strong working relationship with the developer, or the sales team. They’re usually comprised of real estate agents, like Via Condos, that specialise in pre-construction condos. Usually, this step precedes the setup of a sales centre.
includes a larger number of real estate agents, most of whom do not specialize in pre-construction condos. By this time, prices have climbed higher, and many of the incentives have disappeared.
After the VIP agents, the developer opens their project to all real estate agents. Once again, prices will have risen for purchasers at this stage.
Anyone can enter the sales office and buy a condo. However, up to 50% of the condos will be sold by this time, and prices will have risen once again.
Realtors often live by the old cliché ‘location, location, location,’ but with investment condos timing is just as important. Generally, the earlier you get involved in a development, the better your deal will be. Now, you may not have the chance to become fast friends with every developer in the city, but that doesn’t mean you have to fight it out with the general public to find the suite you want. Via Condos is here to help you gain access to the investment condos you want before the sale goes out to the general public.