In the real estate market, as with any marketplace, knowing the meaning of industry terminology can make all the difference in your decision to buy or sell, and whom you work with in the transaction. Being an uninformed consumer versus one who is aware of the current trends and marketplace lingo can make a significant difference in your choice of realtor and the experience you have with them.
What is a Platinum Agent?
One term that needs defining because of its more recent mainstream use is the term Platinum Agent. Although this may sound like a marketing scheme more than an actual reference to a class of realtor, within the industry the reference to a Platinum Agent actually carries weight for those who truly fit within this category.
As a consumer, here are some things you should know about what a true Platinum Agent is:
1) Large Sales Volume of Pre-Construction Condos
Typically, a Platinum Agent is a realtor who sells a large quantity of units (usually 10 or more) within a given project. Because of the well-established relationships that they have with builders, Platinum Agents are given a large quantity of units to sell to their clients at special rates. They are often able to give their clients first access to projects, meaning prime choice of units at exceptional prices. The focus of a Platinum Agent’s work is largely on the pre-construction market, with little or no focus on the resale side.
2) Large Market Exposure
Platinum Agents are given this status with builders due to their large market exposure. Most Platinum Agents have a well-established client base and can market their properties to thousands of consumers.
3) Investor Incentives
Investors are drawn to Platinum Agents because of the incentives they are able to offer, along with their market knowledge. A good Platinum Agent will be able to advise on which builders to buy with and which projects to focus on based on their extensive experience. Their knowledge of comparable projects and key factors in purchasing such as proximity to transit, rental market demand, and other important amenities make the advice of a Platinum Agent indispensable.
Why work with a Platinum Agent?
As a buyer, whether purchasing for personal use or investment
purposes, working with a true Platinum Agent can make all the difference in your experience, the price you pay, the incentives you receive, and your opportunity to get the property that is right for you.
An agent who has Platinum status will have the best access to new projects and suites and be able to offer you the best pricing along with the best incentives. They are able to do this on behalf of the builder since they sell units in “bulk”. Their insider knowledge is based on having first access to a project, often months before a launch. On top of these benefits, Platinum Agents are able to advocate on behalf of their clients should any issues with a developer arise. An average realtor will not be given these opportunities and therefore won’t be able to offer the best pricing or access to a given building.
When you are looking for a realtor to assist in your purchase of a pre-construction unit, it is best to look for an agent who fits the bill of a true Platinum Agent. Saving you money, offering you the best possible incentives, advising you properly on your purchase and enabling you to have the best possible experience in your transaction are all essential aspects of choosing who you want to work with.