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Make Sure to Hire Your Own Agent!
Get represented by an agent and let them introduce you to the builder.
New construction builders sales agents (the ones you meet at the sales office) are paid to represent the builder, even if they lead you to believe that’s not the case. They will often pressure you to sign a contract with them. Based on the nature and volume of new home construction sales, builder’s agents of generally paid less commission than a traditional agent.
You need to have your own representation. Someone who is not connected to or dependent on the builder. Hire a Buyer’s Agent to represent you.
How does your agent get paid? There are a few options. It is likely that the builder has already stated a specific amount to be paid to your agent. Occasionally, the responsibility of paying the agent’s fee is negotiable.
Most of the time, your agent will be paid by the builder. Rarely, the builder could refuse to pay the agent. unless inventory is low and demand high, do they refuse. You can pay your agent directly, in which case you can add that fee to the sales price. This is not a bad option since a good buyer’s agent can negotiate the sales price and save you more than the commissions will cost you.
Hiring your own agent means you and your interests will be represented. They will act as your fiduciary. They are obligated to disclose both the positive and negative aspects of the transaction.
What if your contract has a contingency clause to sell your home first? The answer is the same…hire your own agent and know that buying before selling may not be in your best interest. It’s definitely tougher to negotiate when there is a contingency.
In case you were wondering, it’s always the right move to hire your own agent and be well represented.
Before You Start the Hunt to Buy New Construction