New builds are a specialty of the industry that can take a broker’s career to the next level. Below are some best practices you can use to enter this market.
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Winning new build lists can be a challenge for agents. However, we have found that these types of listings are a great way to network with established and emerging developers and improve your status as a top agent.
We have been fortunate enough to represent many of the most prestigious new builds and developments in Los Angeles, setting records for sales at the highest dollar per square foot, further demonstrating that new builds can be sold at a premium.
Here are some tips and tricks we’ve learned over the years for getting new build lists.
Be a resource
As with all things in the luxury real estate industry, your research is key. When facing developers, it is important to show a strong interest and understanding of the market and the design, especially if the developer is working with a reputable architect. When you invest that time and effort, you will stand out from other brokers vying for the listing.
There have been countless times we’ve shown up to a new construction site and asked to speak directly to the developer without prior agreement or interaction. This has proven successful for us as we can tell a developer face to face what value we can bring to the property.
Positioning yourself as a resource and advising developers on how to get the most out of their investment is an effective strategy for establishing yourself as a new build expert.
Sell with a vision
Developers have a vision for the home and want to make sure that you, the agent, understand that vision and can communicate it to potential buyers. Studying the floor plan, suggested amenities, and outstanding features will further enrich your sales pitch and build the developer’s trust.
In addition, building a new home can be a longer process for buyers than an existing home. It is of the utmost importance to ensure that your sales strategy brings home the potential of the property.
Push your portfolio
Highlighting your achievements and sales numbers is key to winning new build lists. Developing an elevator slot that highlights why you’re the agent for the job is one of the most important steps in attracting developers.
When you put together a bespoke presentation highlighting market trends and sales successes, you will have the knowledge and experience to take the listing to the next level.
In addition, we have had great success in winning new construction lists when we invited developers to special open days or to events that we host at other construction contractors. If the developer shows how we can get the right type of buyer in the right environment, they can imagine how we would sell their project.
Also, when working with a reputable broker, like we do at The Agency, it is important to highlight the tools and resources that are available to you. Marketing, public relations and technology can make all the difference when selling a new build.
Work with an experienced agent
Partnering with an agent who has the experience can be incredibly beneficial. If you work within a real estate agent, you will network with colleagues to find the right agent to take you under their wing and look after you in the new construction business.
With the help of an experienced agent, it builds the confidence the developer needs and puts you on the go-to agent list when another project hits the market.
Newbuildings are a unique and specialized area of the industry that can take an agent’s career to the next level. Maintaining the right relationships with developers, improving the qualities and resources that set you apart from the competition, working with an experienced broker and being able to sell the vision for the property have all contributed to our success in the new build business.