Working with the new build developer
Your sales progression manager’s relationship with the new build developer is paramount to smooth passage of an off-plan property investment. Yet, it’s also a complex relationship. All parties – you, the developer, and the Sales Progression Team – have the same objective. That objective is exchange and completion of the property.
Effectively, the Progression Team acts as an intermediary between you and the developer, and in many situations between the developers and those other parties (such as solicitors and mortgage brokers). By acting in this way, the developer is kept on board and in line with your timetable. The potential for errors, mistakes, and avoidable delays is reduced, and your investment progresses without a hitch.
In this chapter, we look at the interaction between the Progression Team and the developer, and how this helps to keep the sale on track. We’ll be walking through the process as it happens when an investor buys an off-plan property (though it’s very similar to when the investment is made in a completed new build).
Getting sales progression right – weekly contact from day one
The very first contact that the Progression Team will have with the developer on your behalf is to pass your details over as an interested buyer. By this stage, you’ll have already done your property research and conducted your due diligence to ensure the opportunity’s potential.
Within a few days (after your offer has been accepted) we’ll send your reservation fee to the developer. We’ll also ensure that the developer instructs its solicitor to forward the draft contract, conveyance plan, and other paperwork required to your solicitor. And we’ll coordinate ID and money laundering certification, too.
Making sure milestones are hit
One of the most important jobs we have is ensuring that the developer’s plans are on track to completion. In the paperwork that has been forwarded to your solicitor, you’ll find detailed milestone plans for the building of your off-plan property. We’ll be in constant contact with the developer and its agent to make sure that these milestones are being passed successfully.
This level of contact is essential to signposting any problems as they happen and to discover what remedial action is being taken. Working in this way, we keep you, your solicitor, and your mortgage broker in the loop. If there are delays – caused by bad weather, for example – you’ll be the first to know. We’ll find out what the delay is, how long the delay will be, and how the developer plans to get back on track.
A quarterly update
Every quarter from reservation through to completion, we’ll compile a report of the build progress from any site visits conducted and our communication with the developer and agent. If there are any delays that haven’t as yet been dealt with, it is in this report that they’ll be detailed.
Throughout this time, we’ll liaise with the developer to ensure that your finish choices are kept on the agenda (such as kitchens and bathrooms) where options are given.
As completion nears
As completion approaches, our communication and vigilance becomes even more important. We’ll ensure that the completion date is the date that is being worked towards, and that no unexpected events will cause an unexpected delay.
We’ll also make sure that blinds, white goods, flooring, and bathroom finish are made in accordance with your instructions.
In the month before completion
During the last few weeks, the Progression Team will be liaising constantly with the developer, solicitor, and mortgage broker. There will be snagging appointments to arrange in line with our Building Inspections service, and the team will make certain that the developer makes all necessary adjustments prior to sign-off.
Progress to completion without the stress
Investing in new build property can be extremely profitable. But it can also be stressful. The Progression Team will keep on top of the developer and its agent. There won’t be any damaging surprises, and you’ll be kept informed of progress throughout.
If you have question or want to learn more about this why not chat with the team 01522503717 or email me.
Other Sales Progression Articles By Caroline
Head of Sales Progression
If you have sales progression questions I am happy to provide detail answers to even the most detailed problems you face.
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