Ever wonder what goes on behind the scenes in a new condo sales office? Probably not, but don’t stop reading just yet you might learn something.
When you enter the office you will probably be greeted by a receptionist. He or she will ask you some basic questions to ascertain your contact info (name, phone number, e-mail address etc.). Be deliberate in what information you provide – sales agents are accountable for each person who walks through the door and they WILL contact you, possibly repeatedly. So if you really hate being called on the phone or you prefer to deal only with email take that into account when answering.
Most pre-construction sales programs will begin the presentation at a building model where they will orient you and try and get you to understand “The Vision.” During this time, and throughout the presentation, a good sales agent will be asking you a lot of questions. He or she is not simply being nosey or friendly he or she is looking to find out what is important to you – do you need to have a killer view? Do you want an open kitchen? Do you need a second bedroom that will fit bunk beds for your twin boys? There will probably be questions about your budget either indirectly – what do you do? Where do you live now? Or more directly – how much are you looking to spend? Does this price fit into your budget? And there will be questions about the home itself - how large of a home you are looking for? When do you need to move in? Be honest and open – the more information you give your agent the better able he or she will be to show you a home that meets your qualifications and budget without wasting your time.
If there is a model home you will see it and then it will be time for the close. Any good sales agent, and particularly any good sales agent in this market, will ask you then and there if you would like to buy. Yes, right now, today, before leaving the office.
It’s not as crazy as you think. Before you panic and fall prey to your knee jerk reaction of shouting out “NO – WE ARE JUST LOOKING” it is important to understand how purchasing a new home in New York (and some other states) often works.
In New York all new developments have an offering plan. This is a legal document that is filed with the Attorney General and protects you, the buyer, from the seller aka. Big bad real estate developers. The plan lays out all legal risks, ramifications, benefits, guarantees and warranties connected with the project as well as infinite details about lots of boring architectural items, engineering reports etc. It also defines the procedure to purchase a home. When you sign a contract you get this plan (there are other scenarios as well but let’s stick with this easy one). So when the sales agent asks you to purchase a home. You take a deep breathe, sign the contract and provide a deposit check and he/she hands you the offering plan. You now have 7 days to review the offering plan with your attorney and the home you signed for will be off the market. During this week you can cancel your contract and get a full refund on your money – no penalties. So what? Not signing a contract and going home to think about it also has no penalties right? Well, maybe. What if someone comes along and buys your dream home right out from under you? You saw it, you loved it and yet someone else comes in the next day and buys it. It’s no longer your dream home; it’s their dream home now. I know what you are thinking – that doesn’t happen in this market. But it does. I promise.
So there you have it – your very own sneak peak into the world of new home sales. Being educated and prepared will only help you make better decisions. Exciting stuff this new home sales is isn’t it?
When you enter the office you will probably be greeted by a receptionist. He or she will ask you some basic questions to ascertain your contact info (name, phone number, e-mail address etc.). Be deliberate in what information you provide – sales agents are accountable for each person who walks through the door and they WILL contact you, possibly repeatedly. So if you really hate being called on the phone or you prefer to deal only with email take that into account when answering.
Most pre-construction sales programs will begin the presentation at a building model where they will orient you and try and get you to understand “The Vision.” During this time, and throughout the presentation, a good sales agent will be asking you a lot of questions. He or she is not simply being nosey or friendly he or she is looking to find out what is important to you – do you need to have a killer view? Do you want an open kitchen? Do you need a second bedroom that will fit bunk beds for your twin boys? There will probably be questions about your budget either indirectly – what do you do? Where do you live now? Or more directly – how much are you looking to spend? Does this price fit into your budget? And there will be questions about the home itself - how large of a home you are looking for? When do you need to move in? Be honest and open – the more information you give your agent the better able he or she will be to show you a home that meets your qualifications and budget without wasting your time.
If there is a model home you will see it and then it will be time for the close. Any good sales agent, and particularly any good sales agent in this market, will ask you then and there if you would like to buy. Yes, right now, today, before leaving the office.
It’s not as crazy as you think. Before you panic and fall prey to your knee jerk reaction of shouting out “NO – WE ARE JUST LOOKING” it is important to understand how purchasing a new home in New York (and some other states) often works.
In New York all new developments have an offering plan. This is a legal document that is filed with the Attorney General and protects you, the buyer, from the seller aka. Big bad real estate developers. The plan lays out all legal risks, ramifications, benefits, guarantees and warranties connected with the project as well as infinite details about lots of boring architectural items, engineering reports etc. It also defines the procedure to purchase a home. When you sign a contract you get this plan (there are other scenarios as well but let’s stick with this easy one). So when the sales agent asks you to purchase a home. You take a deep breathe, sign the contract and provide a deposit check and he/she hands you the offering plan. You now have 7 days to review the offering plan with your attorney and the home you signed for will be off the market. During this week you can cancel your contract and get a full refund on your money – no penalties. So what? Not signing a contract and going home to think about it also has no penalties right? Well, maybe. What if someone comes along and buys your dream home right out from under you? You saw it, you loved it and yet someone else comes in the next day and buys it. It’s no longer your dream home; it’s their dream home now. I know what you are thinking – that doesn’t happen in this market. But it does. I promise.
So there you have it – your very own sneak peak into the world of new home sales. Being educated and prepared will only help you make better decisions. Exciting stuff this new home sales is isn’t it?
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