Platinum Access? Platinum Agents?, what it means and what can it do for you when it comes to buying pre-construction condominiums. We all know in Real Estate it’s all about “location, location, location” with pre-construction condos is all about “Location, PSF & Access”. The better access you have the more money you save and ultimately make.
Well let’s first understand why there are Platinum Agents and what the Platinum VIP Market is. Usually Developers have to sell 70 to 85% of all units before receiving construction financing from the Banks, which means the Developer is offering the Purchaser a discounted price in order to gain the necessary percentage of sales required for construction financing. So instead of the Developer spending thousands on advertising and time, waiting for the public to come into the Sales Centre to purchase a unit, they rely on Platinum Agents to sell 30 to 50% of all units months before the Public Opening. Sometimes even more. Each Developer and condo project is different, but most Developers RELY on the Platinum VIP Market. There are different stages to the Platinum VIP Market, lets have a look.
The first stage is to the “Platinum Brokers”, approximately 10-15 agents who are commonly known as the “Power Brokers” that work with a bulk of the buyers. They have the best relationship with the Developer or the sales team, typically have 10-20 clients and sell more than 10-20 units in a project. Platinum Brokers get preferential treatment in terms of incentives, lowest prices guaranteed and suite selection for their clients because of their consistent sales. Platinum Agents have a vast knowledge of the industry, experienced in the pre-construction market and are very well aware of all the new condo projects in the area. Platinum Agents work the pre-construction market exclusively and have inside info for future projects months in advance and prepare their clients appropriately.
At the “Platinum Broker Stage” you have first access to inventory, best pick at unit levels, best views, floor plans, lowest prices guaranteed, incentives and promotions from the Developer and Platinum Agents. This is the perfect opportunity at the VIP Price.
Common Incentives and examples during the “Platinum Broker Phase” are:
Platinum Access & Pricing
Incentives & Promotions
FREE Assignment Clause
Cap on Development Levies
FREE Rental Services for the First Year of Ownership
At this stage most of the time there is no sales centre. At this stage is what we call “selling paper”. When you buy with a Platinum Agent, you’re not just getting a Brochure, Price List and Floor Plans, but you’re also getting valuable information that is required when investing or buying a new condo. We provide you with reports and comparable, on how one project compares to the other projects in the same area, how much the condo is going to be appreciating annually, how you can sell it before taking possession as an Assignment Sale, how much you can sell it for once its completed and how much you can lease it for and much more.
The Second stage is the “VIP Agents Sales Event” which is usually anywhere from 100 to 200 agents that sell pre-construction but are not dedicated to it and most of their business is resale. At this time usually prices have gone up by more than $10,000, incentives may no longer be available by the Developer and all the good units are already sold by the Platinum Agents.
The Third stage is “All Agents” which only work the resale market and will sell the odd pre-construction condo here and there. Which again prices have gone up and you are buying what’s left.
Then finally Stage, which is the “Registration Phase and the Grand Public Opening”. Which usually at this stage the condo project is already sold by more than 50% and prices have gone up again.
Mark Li @ MYCONDOPRO.CA is one of the few privileged Brokers to have built a relationship with all the TOP Developers and will have guaranteed front line access to most condo projects. Our priority is to provide you with True Platinum Access & VIP Experience. Registering with us confirms that we will be adding your contact details to our VIP Condos database, keeping you informed as the information becomes available. Once the developer provides us details such as floor plans, prices, deposit structure, sales brochure and a unit allocation worksheet, these documents will be sent out to you. To get first access and to be a Platinum VIP Buyer, register with us today.
Platinum Access FAQs
Is there fee for buying at the Platinum Stage with the Platinum Brokers?
No fee at all, the Developer pays all Agents including the Sales Centre Agents. Our services are always free for Buyers and in addition to our expert advice we are also offering our Exclusive Platinum VIP Broker Incentives.
How do I register for a Platinum Broker Sales Event for a project I’m interested and future projects?
Simply contact us or fill out the form below and tell us which project or area you’re interested in.
What happens after I register and how do I get notified of the Platinum Broker Sales Event?
You will receive an email confirmation from us confirming that we will be adding your contact details to our VIP Condos database, keeping you informed as the information becomes available. Once the Developer provides us details such as floor plans, prices, deposit structure, sales brochure, incentives, promotions and a unit allocation worksheet, these documents will be sent out to you.
I’m interested in purchasing a unit. What’s next?
Reserve immediately, as units allocation are on a first come, first serve basis with worksheets being submitted on a deadline set by the Developer. Studios, 1 bdrms and 1 + 1 bdrms selections get reserved fairly quickly. Once you get the information package we suggest to look over the floor plans, select your units and fill out the Worksheet with your number one choice, along with 2 other choices in case for backup. Worksheets needs to be completed for submission to the Developer in order to reserve a selection of your choice. No cheque or money is necessary at this point as you’re only reserving a unit. You may email the Worksheet back to us or fill out the online worksheet
Once your unit selection is confirmed and reserved, you will be contacted by us to schedule an appointment to come into the Sales Centre Office to sign the Agreement of Purchase and Sale with the Developer. At this time you will be required to bring along with you a Photo ID (Driver’s License), SIN Card (required by the Developer for deposit interest) and a cheque book (minimum 6 cheques that will be post dated when signing). Cheques are payable to the developer’s lawyer, “in trust”.
What happens after I sign the Purchase of Agreement and Sale with the Developer?
Once the contract has been signed with the Developer, you have 10 days called the “10 Days Cooling Off Period” to get your Mortgage Pre-approval letter, have your Lawyer review the contract and if you change your mind during the 10 days for whatever reason you have the right to cancel the contract with no questions asked, pay no penalties and your deposit cheques (post dated) are returned back to you. After the 10 days, the contract is firm and you just bought yourself a “new condo” with the Platinum Access.
If you would like to receive information on Platinum VIP Sales Events for all upcoming pre-construction condo projects please fill out the form below, we can only bring limited customers into the Platinum VIP Sales Event, so pre-register now for priority access:
We only collect personal information necessary to effectively market and sell the property of sellers, to assess, locate and qualify properties for buyers and to otherwise provide professional services to clients and customers. I/We do not sell, trade, transfer, rent or exchange your personal information with anyone.