How to Work with Builders and New Construction as a Real Estate Agent
Hey there! I did a video with our incredible guest, Marlym Duenas, diving into a special training on working with builders and new construction in the real estate world.
We had the pleasure of learning from her extensive experience of working with new construction companies, and how real estate agents can use this untapped niche to get new business!
Marlym's Background and Passion for Real Estate
Marlym's been in the real estate business for a solid decade and has always had a deep passion for it.
She's based in sunny South Florida, so many of her insights will be especially relevant if you're in the Florida market.
Preparation is Key
Before you even step into the world of builders and new construction, preparation is vital.
If you have clients, ensure you're on the right track. If not, it's crucial to work on building your database and generating leads.
Don't forget to get pre-approval with lenders for the builders, and we'll explain why that's so important.
Dos and Don'ts for Buyer Agents
When you have clients, always ensure you accompany them. Never share your client's information with the builder. Stay right by your buyer's side and provide continuous support.
Searching for New Construction Properties
Use your local MLS to search for new construction properties. Nowadays, it's easier than ever to find these opportunities in the MLS. It's free and can give you a vast pool of options.
The Builder Home Buying Process in Six Simple Steps
1. Start with a builder presentation.
2. Explore the model homes.
3. Check out spec homes.
4. Get pre-approved.
5. Help your buyer with closing costs via seller concessions.
6. Ask about finishes and upgrades available.
Community Previews and Qualification
When you're doing realtor previews, communicate your intentions clearly and ask all your questions.
In South Florida, builders want you to show up with your client. It's crucial to be proactive and register your client with the builder.
Involvement of Buyer's Agents in Transactions
Your responsibilities as a buyer's agent may change slightly.
You're responsible for bringing in the lead and accompanying your clients through the transaction. You'll be taking care of the clients more than the builder's agents.
Reserve Fees and Negotiations
Reserve fees can vary from $500 to $10,000, depending on the property and your down payment. Negotiation is key in this process.
Inventory and Negotiation Opportunities
During the pandemic, builders were offering smaller sums, but now there's more inventory.
Negotiation opportunities are present, so don't hesitate to ask about builder bonuses and commission structures.
Research, Research, Research
If you come across a piece of land you think a builder might be interested in, research is your best friend.
Check the property appraiser, use GIS tools, and dig deep. Understand who's developing the land and what permits are in place.
Wrapping It Up
Now, that's a lot to take in!
We recommend you watch the full video on YouTube to get all the details Marlym shared throughout the new construction process.
If you have any more questions, comments, or need further guidance, reach out to us. We're here to help. Stay tuned for more valuable insights in the future.
Follow me on Instagram and connect with Marlym for even more valuable real estate knowledge!