The #1 Fact Most Loft Buyers Don't Know About Downtown Lofts

Everything that Buyer's need to know.

The #1 Fact Most Loft Buyers Don't Know About Downtown Lofts

Postby TedTrent » Tue Jul 08, 2008 11:36 am

#1 You will use a real estate agent to make the purchase of your loft whether you choose one or not!

Whether you realize it or not, you will be working with a Real Estate Agent in the purchase of your next loft/condo. Though you many not choose our team to represent you as a Buyer, you will be choosing an in-house real estate agent to represent your interests BY DEFAULT.

Every in-house person you speak with in Downtown Los Angeles is a licensed real estate agent. They were employed by the Seller to sell their properties and represent THEIR BEST interests in the property.

If you are a Buyer who does not know if you want to have a Buyer's agent (that's us) represent your best interest, consider you will be working directly with a Seller's agent (that's them) who has been employed by the Developer of the loft community. There is no way around it. So, if you think you want to navigate your loft journey without working with a Buyer's Agent (someone representing your best interest), you'll be one of the few who do. Our company is a team of Buyer's agents who want to represent your best interest. We live and own lofts in Downtown and know everything you need to know to find the perfect loft at the best price possible. When you walk into a loft community with one of our team, the in-house agents get nervous because they know we know more about their community than they do. They also know that their normal sales pitch has just been thrown out the window. I guess that's because we do not believe in SELLIG our clients. We believe in actually educating them to the Downtown scene and each potential loft investment. This includes giving you all the information we know about each community. Not just sales information, but also information about future trends of the area, the local economy, and that specific properties sales history.

What I love about in-house Seller real estate agents is that they are usually SUPER friendly! This makes viewing lofts fun! I would hate it if Developer's employed in-house Seller agents that are unfriendly. But when we get down to actual negotiations, our experienced real estate office deals with the Developer directly. Our phone and address book has the numbers of Developer (not the in-house agents). We go directly to the source. We've been doing lofts since 2001. It only stands to reason that we know all the major players who built these new communities. Let our experience help you.

Usually, in-house agents are not as informed as our staff about the project they are selling. In-house agents are usually NEW HIRES. In addition, they aren't informed about their competing loft communities. They are usually sharing stories about how they are NEW TO THE AREA TOO!

So, when in-house agents say they are offering you a good deal, I always say, "Compared to what?" They never say anything to that because they don't want their Buyer to learn about other deals, projects, or special opportunities in Downtown. WE DO! Our job is to find you the BEST DEALS in Downtown.

In most cases, Developers fire the in-house team when they learn TOO MUCH about a project. They learn the good, bad and ugly. The Developer usually wants in-house agents to GLOSS over the negative parts of their communities (especially HIGH PRICES). In addition, when an in-house agent keeps going to the Developer of the Property asking for discounts and special offers, that agent loses their job. The Developer can't fire our team. But we can always stop bringing clients to a property if we don't feel they are offering a good deal to our clients. Developers HATE that truth. This is why they usually give our clients great deals on their BEST properties.

In-house agents may tell people that by using a Buyer's agent, they will have to spend more money. In my opinion, this isn't true. Usually, we get our clients FAR BETTER DEALS than any in-house agent would ever dare to ASK THEIR BOSS. We go in as HARD negotiators. For example, an in-house agent usually says stuff like...."The Developer is offering a 2% incentive if you purchase today." I just laugh when I hear that. I say, "That's funny. The last 3 clients I've had that purchased in this loft community....I was able to get 5% to 20% of the list price based on the past deals I presented to the Developer to justify our offer." The in-house agent usually turns a clammy shade of white and starts to play dumb.

So, if you are deciding to do this LOFT JOURNEY on your own, make sure you have a licensed loft/condo specialist for Downtown Los Angeles. Our fees are paid by the Seller at the close of the transaction. This is the way 99% of real estate transactions are done. Remember, we only get paid if we get a GOOD DEAL for our Buyer! This means you'll be HAPPY. If you have any questions, please call us at 877 - 4LA - LOFTS!
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