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December 27, 2007

New Construction Sales Policies for Philadelphia Lofts and Condominiums – Buyer Representation

Filed under: Of Interest to Buyers — Center City Philadelphia Real Estate Agent @ 10:17 am

It seems to be universal that all new construction condominium sales policies here in Center City Philadelphia state that buyers must have realtor in tow, on first visit, in order to be represented by said agent.

To which I say, “Bull”. 

Ok, here is a scenario: You are my buyer (I am your realtor, a buyer representative) and you happen upon an open house in say a highrise, new luxury construction project here in Center City Philadelphia.  IF I AM NOT ATTACHED TO YOUR SIDE, AT THAT FIRST VISIT….YOU LOOSE.  I cannot represent you in that particular sale, should you decide to buy in the development.  The developer’s sales staff, at that point, will refuse to recognize me as your buyers agent.  They instead will be your agent, and represent you.

How do you like them apples?

Now… How many buyers, new to our town, are going to know that fact, right off the bat? I would guess, not many.  Even if you and I have been working together, to find a condo for the past six months, and I have been educating you, holding your hand, giving my best advice, and you are planning on naming your first born after me, I cannot represent you unless I accompany you on your first visit to that condominium building.

What kind of suggestion can I offer to such a buyer, who goes to such an Open House without their Realtor? Maybe they can tell the sales staff of their working relationship to said agent, and ask to get that agent on the phone. Maybe the sales staff will then see the commitment that buyer has with his agent, and offer a “Get Out Of Jail Free” card. Maybe that developer’s agent would say, “It’s alright, we can let you slide”.  Maybe not.

It is my opinion that developers are selling themselves short on this issue. I mean come on…you basically steal one of my good long term clients, who has their mom in town for the weekend, can’t reach me, goes to your open house, and your are not going to recognize me? Go ahead, Mr. Developer, and I promise you, I will be the bigger man, and not discourage my buyer from buying your product. You have my word on it.

But I can’t speak for the other 1,587 agents who can sell condos here in Center City Philadelphia.

If you are interested in obtaining honest buyer representation before you make a visit to a new construction loft or condominium here in Center City Philadelphia give me a call at 215-521-1523 or send me an email at Mark@CenterCityCondos.com

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

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530 Walnut Street, Suite 260
Philadelphia, PA 19106
Direct: 215.521.1523 ~ Office: 215.627.6005
Fax: 215.627.3142
Email: Mark@CenterCity.com
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