I got a call this morning from a couple wanting me to help them buy a new condo near the city. They were ready to make an offer this week. There’s just one problem, the condo developer won’t pay me a commission since the buyers had made their visit to the sales office without me.
This is very common in new construction. A lot of developments even have a sign at the sales office door informing buyers that if they are working with a buyer agent, then that buyer agent needs to accompany them on at least the first visit. Developers are fine with buyers having a buyer agent and many even encourage buyer agents to bring them clients.
However, this developer had no such sign nor anything regarding this on what turned out to be a registration card. The buyers had no idea that by signing that card, any buyer agent wouldn’t be entitled to a commission and as such, probably wouldn’t represent them. This puts the buyers at a significant disadvantage, especially if they are first time buyers.
For more on buying new construction see my other New Homes posts.
ABOUT THE AUTHOR
Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
Fran Bailey, Realtor
