Every week, we ask a real estate professional for their Short List, a collection of tips and recommendations on an essential topic in real estate. This week, we talked with Ami Bumia, a broker with Related Realty, for her advice on working with a development sales team.
4. Know the Differences. Every developer has specific criteria for how we sell to the public – and this can be very different from resale. To make the entire experience as smooth as possible, buyers’ agents should know details such as whether the developer uses developer contracts (vs. regular resale contracts), if there are incentives available, and what the pricing structure is so they can set expectations for their client. For example, developers typically do not negotiate on pricing. It’s better to know this upfront rather than have your buyer be surprised when they want to make an offer below listing price.
3. Plan for Extra Time: Showings and open houses at a development are set up differently than resale – it’s not just a quick look and then on to the next listing. Development showings often run an hour or more, so allow for that time when scheduling a day with a client. You don’t want clients to feel rushed, and you want them to see the full spectrum of what’s available. For example, at Related’s South Loop Luxury collection, we have multiple models in three different buildings, so we have a lot we can show buyers depending on their likes and needs.
2. Use the Sales Team as a Resource: A development salesperson is very knowledgeable about their property and typically takes the lead at an open house or showing. But what the agent brings to the table is a real understanding of their client’s wants and needs. Talk with the sales team in advance about where your client is in their home search and what they’re looking for so we can tailor the showing to be as productive as possible.
1. Preview the Property: Most development teams welcome the opportunity to take agents through a property without their clients. By doing so, you’ll be better prepared to point out key features to your clients during a showing. It’s also a great way to build a rapport with the sales team – after all, we all have the same goal of a happy buyer, and by being partners the process is that much easier for all involved.
Ami Bumia is a broker with Related Realty and a member of the development sales team for South Loop Luxury by Related, Related Midwest’s collection of 500 new-construction condos across three South Loop properties.