What is a Platinum Agent?
Platinum Agents are agents specialize exclusively in pre-construction condo investments and they sell a much higher volume of condo units that 99% of all other Realtors in the GTA. Because the Platinum Agents generally sell the largest percentage of the building, they are extremely important to the condo developers. Condo developers want to keep their platinum agents VERY happy and motivated to continually sell their condos year after year. For this reason, they give their Platinum agents the best prices and the best incentives along with the earliest access the project. A Platinum Agent is able to get all the details on future developments in the GTA because they’ve spent years building relationships with the region’s top builders and developers. This means that you, the client, get to be first in line to receive promotional packages, floorplans, and price lists.
Beyond that, it also means that you as a buyer,
- Hear about new projects first before they are advertised
- Hear about promotions or sales events first, before they are advertised
- Never have to wait in any line-ups to buy a condo in a new project
- Can often reserve a specific unit ahead of all other buyers simply by completing a worksheet
- Get to work with a specialist, someone who has sold hundreds of condos and who is an expert in their field.
Platinum agents are the first group of people to get access to the building outside of the developer’s own friends and family.
Who pays for Platinum Agent’s commission?
The developer
Is it cheaper to purchase directly from the developer?
Absolutely not! The developer still pays commission to their in-house agents. Furthermore, purchasing directly from the developer is only possible during ‘Public Launch’, after ‘Platinum Launch’ and ‘VIP Lanuch’ phases. By that time the prices would increase and most of the units will be sold.
Even during public launch, it is highly advisable to purchase through a Platinum Agent to benefit from the following services for free:
- Advocate for the purchasers best interest while negotiating the agreement of purchase and sale
- Assess the neighborhood where the condo is being built (employment growth, population growth, rental rates, appreciation rates, vacancy rates, average household income)
- Insider info for the future developments that may block your view
- Assess the developer’s previous developments and overall performance
- Assess the zoning and permit status of the development
- Assist in obtaining mortgage approval
- Arrange lawyer review for the agreement of purchase and sale
- Explain the purchase agreement terms and conditions (assignment clause, HST clause, TARION clauses, occupancy fees, critical dates, closing costs, etc.)
- Identify risk and limitations
- Advise on the best course of actions
- Assist to buy a property that meets the purchaser(s) needs
- Provide breakdown of the closing costs
- Compare future monthly expenses vs. future rental income
- Assist in assigning (selling) the purchase agreement before completion of the building
- Assist in leasing or selling the unit once upon occupancy.