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If you’re a seasoned real estate agent, you know that selling a new construction residential project involves different protocols than selling an old-construction project.
It’s thrilling for both the real estate agent and the buyer when a deal is closed on a freshly built house. But it also presents real estate agents with several challenges, as selling a new-construction property requires persistence, effort, and patience.
In this blog, we've rounded up some things that real estate agents must know when selling new construction properties.
The Selling Process Is Different
You may have years of experience in selling old-construction homes, but if you're planning to sell new construction homes, you have to expand your arsenal of knowledge.
For one, you have to think of variables such as the builder's contract. The builder outlines the buyer’s various rights in that contract, which also includes a deadline until when the buyer can back out from the deal without losing the deposit money.
Real estate agents must also inquire about the available financing options, incentives, and other nuances of the deal. You may also want to ask about basic and upgraded features in the new construction project and assess the blueprints, floor plans, and soil surveys to help potential buyers make informed purchase decisions.
The Buyer Will Need Your Help
keep in mind that new construction property buyers are often overwhelmed by all the processes, paperwork, and protocols. often, they get in touch with the builder's sales agent, who can drag them into a bad deal. therefore, buyers require a real estate agent who will work in their interest. without a real estate agent, they put themselves at risk of investing their livelihood in a faulty property.
Financing Can Be Challenging for New Constructions
When it comes to new construction projects, getting financing can be challenging because the project is still unfinished when the payment has to be made. Project completion can take months, and a lot can change during the period. For instance, a potential buyer may lose the purchasing ability to buy the property if the mortgage rates rise by the time the construction is completed. The maximum period mortgage lenders can lock the rates in is 90 days, or three months.
It’s an agent’s responsibility to help buyers make sensible decisions e. If the buyer’s debt-to-income ratio isn’t good, the agent should help them find a home that falls in their budget.
If you’re a real estate agent for new construction projects, get in touch with Builder’s Update. You can search for home builders and new homes for sale using our cutting-edge inventory search tool for real estate agents. Our Builder’s Portal is one of the best new home search tools, and also offers new home construction information for agents.
Connect with us at (512) 901-9800 for more information.
