Working with a VIP Broker when buying a pre-construction condo is one of the best steps you can take to give you an advantage and get ahead of the rest of the buying competition.
The pre-construction market is incredibly hot right now, and many people still don’t know the ins and outs of buying, and that there is an advantage to be had, and that not everyone is on an equal level when it comes to buying.
If you’re thinking about buying pre-construction, wouldn’t you want to have access to the lowest prices and the best suites?
What is a VIP Broker?
A VIP Broker is one that has a number of credentials with particular developers across the city. Not every broker has VIP or Platinum status with every developer – and they shouldn’t. Not every condo development is built the same, so brokers should be particular about who they endorse. We certainly are.
One way to achieve VIP Broker status is simply by sales. The more clients a broker can bring to a particular development, the better their status is, giving them premium access to the best suites at the best pricing.
At Toronto Realty Boutique we work with many developers across the city. And some we don’t work with at all. There are many reasons for not endorsing a building – those include poor finishes, bad developer reputation and unrealistic timing projections. Why would we want to bring those to our clients as opportunities when we know they’re not going to fulfill investment strategies that should be in place for both end users and investors.
We’re selective about who we work with because we want our clients to get the biggest return on their dollars with a quality product that will stand the test of time in the Toronto market.
Another way of obtaining VIP Broker status is simply through time and relationships. We’ve been selling pre-construction in Toronto for over thirteen years – during this time we’ve been able to forge relationships with the decision-makers at the best development companies in the city.
We’re able to get information first and share that with our clients so we can assist in strategizing for long-term investment plans.
The Benefits of Working with a VIP Broker
The biggest benefit of working with a VIP Broker is simple: ACCESS.
We are able to offer our clients FIRST access to floor plans, first-round pricing and information before anyone else.
Why is this critical? If you’ve ever visited a sales center as the project “launches” to the public, you’ll notice that most times, the majority of the building is sold out. All of the best floor plans are gone and the pricing is a lot higher than you expected.
This is because when projects launch to the public, they’ve actually been selling for months prior to VIP Brokers who are able to offer the best floor plans and the lowest price per square foot.
When developments start to sell, second and third rounds of pricing are put into effect. That means pricing has already increased and you’ve potentially missed the boat on making money in mere weeks or months.
Let’s say a VIP Broker gets first-round access to a development and the starting price in the first round is $1000.00/square foot (using round numbers).
If you’ve purchased a condo for $500,000.00 you’ve got yourself a great unit at a fantastic price.
Now let’s say you walk into the sales centre without representation from a VIP Broker, and the project has been selling for two months. You are able purchase a suite, but the price is now $1100/square foot. It may not seem like a lot, as the same suite, if available would be $550,000.
If you would have purchased in that first round with a VIP Broker, you would have not only purchased at the lowest price possible, but in two months you would have already made $50,000 on your investment.
VIP Brokers & Insider Information
Another benefit of working with a VIP Broker is their access to information from developers on upcoming projects in various neighbourhoods in the city. Developers in the city purchase land and sit on it for many years, as they work their way through their development plans. VIP Brokers will know which projects will have a Phase 2, siting developer confidence in each part of the city they’re investing in.
VIP Brokers will also know about particular suites or floors that are being held back to sell later in the sales process, like penthouse suites and sometimes townhomes.
All of these reasons should make you think twice about purchasing pre-construction without a VIP Broker. All it takes is a little research to be connected with a good broker who can get you in the door first, making the biggest return on your investment in the Toronto market.
If you want to learn more about how our VIP status with the city’s best developers can help you, get in touch today by completing our form below. We would be happy to walk you through the process and discuss the select projects we believe are the best in the city.