Stonegate...hello broker co-ops

[usctrojancpa]

As predicted, I got an email last night from Irvine Pacific that they will be offering the following broker co-ops for all of their Stonegate new homes:

Santa Clara - $10,000 broker co-op
San Mateo - $13,000 broker co-op
San Marcos - $15,000 broker co-op
Maricopa - $20,000 broker co-op

As I mentioned, patience from all you potential buyers will be rewarded!  Be sure to take your agents along and split the broker co-op with them, don't leave any money on the table for TIC...errr...iPac.   

The next thing that iPac will be offering is buyer incentives (like credits for closing costs and/or credits for the design center upgrades).  :-X

Laguna Altura will be next to offer broker co-ops (will probably happen sometime in June or July).  So don't sign up with the sales people without your agent present. 

 

[ak]

is the broker co-op for all Maricopa homes or just specific lots??  Thanks.

 

[usctrojancpa]

is the broker co-op for all Maricopa homes or just specific lots??  Thanks.

For all of homes in Maricopa and all the other homes in the 3 other tracts of Stonegate.

 

[ak]

Thanks!  That is great news.  How long do you think it will take for TIC to start offering designer credits?  Any idea as maybe how much $$ in credit TIC would offer?

 

[usctrojancpa]

Thanks!  That is great news.  How long do you think it will take for TIC to start offering designer credits?  Any idea as maybe how much $$ in credit TIC would offer?

It's a step in the right direction.  I think that what they'll do is begin to offer a credit for buyers who use their lender (maybe $5k or $10k) which you'll be able to use for closing costs or upgrades.  The next step will be to begin to offer buyer upgrade incentives (maybe $20k-$30k for Maricopa) in addition to the credit for using their lender.  I'd say the first credit is coming within the next few months and the second one is probably coming after the summer selling season (Sept/Oct maybe?).

 

[fcb2011]

What if I already pre-qualified and in their waiting list? Can  I bring an agent with me again to get the co-ops ?

As predicated, I got an email last night from Irvine Pacific that they will be offering the following broker co-ops for all of their Stonegate new homes:

Santa Clara - $10,000 broker co-op
San Mateo - $13,000 broker co-op
San Marcos - $15,000 broker co-op
Maricopa - $20,000 broker co-op

As I mentioned, patience from all you potential buyers will be rewarded!  Be sure to take your agents along and split the broker co-op with them, don't leave any money on the table for TIC...errr...iPac.   

The next thing that iPac will be offering is buyer incentives (like credits for closing costs and/or credits for the design center upgrades).  :-X

Laguna Altura will be next to offer broker co-ops (will probably happen sometime in June or July).  So don't sign up with the sales people without your agent present. 

 

[usctrojancpa]

What if I already pre-qualified and in their waiting list? Can  I bring an agent with me again to get the co-ops ?

As predicated, I got an email last night from Irvine Pacific that they will be offering the following broker co-ops for all of their Stonegate new homes:

Santa Clara - $10,000 broker co-op
San Mateo - $13,000 broker co-op
San Marcos - $15,000 broker co-op
Maricopa - $20,000 broker co-op

As I mentioned, patience from all you potential buyers will be rewarded!  Be sure to take your agents along and split the broker co-op with them, don't leave any money on the table for TIC...errr...iPac.   

The next thing that iPac will be offering is buyer incentives (like credits for closing costs and/or credits for the design center upgrades).  :-X

Laguna Altura will be next to offer broker co-ops (will probably happen sometime in June or July).  So don't sign up with the sales people without your agent present. 

Well, I went into the sales office of Maricopa, San Marino, and even Toscana with different buyers who got pre-qualified and on the waiting list.  I told each sales person that I am their agent and when they begin to offer broker co-ops I would like to register with my agents.  They told me that they aren't offering broker co-ops but as soon as they are I can come back and register with each buyer so my guess is YES you can.

 

[couplebuyers]

What if I already pre-qualified and in their waiting list? Can  I bring an agent with me again to get the co-ops ?

As predicated, I got an email last night from Irvine Pacific that they will be offering the following broker co-ops for all of their Stonegate new homes:

Santa Clara - $10,000 broker co-op
San Mateo - $13,000 broker co-op
San Marcos - $15,000 broker co-op
Maricopa - $20,000 broker co-op

As I mentioned, patience from all you potential buyers will be rewarded!  Be sure to take your agents along and split the broker co-op with them, don't leave any money on the table for TIC...errr...iPac.   

The next thing that iPac will be offering is buyer incentives (like credits for closing costs and/or credits for the design center upgrades).  :-X

Laguna Altura will be next to offer broker co-ops (will probably happen sometime in June or July).  So don't sign up with the sales people without your agent present. 

Well, I went into the sales office of Maricopa, San Marino, and even Toscana with different buyers who got pre-qualified and on the waiting list.  I told each sales person that I am their agent and when they begin to offer broker co-ops I would like to register with my agents.  They told me that they aren't offering broker co-ops but as soon as they are I can come back and register with each buyer so my guess is YES you can.

Thanks for the heads up.  If a buyer has already put a deposit down for a particular home can he or she bring an agent in before the contract is signed in order to take advantage of the co op? Or is it too late?  Are most agents willing to split the co op?

 

[shadax]

What if I already pre-qualified and in their waiting list? Can  I bring an agent with me again to get the co-ops ?

As predicated, I got an email last night from Irvine Pacific that they will be offering the following broker co-ops for all of their Stonegate new homes:

Santa Clara - $10,000 broker co-op
San Mateo - $13,000 broker co-op
San Marcos - $15,000 broker co-op
Maricopa - $20,000 broker co-op

As I mentioned, patience from all you potential buyers will be rewarded!  Be sure to take your agents along and split the broker co-op with them, don't leave any money on the table for TIC...errr...iPac.   

The next thing that iPac will be offering is buyer incentives (like credits for closing costs and/or credits for the design center upgrades).  :-X

Laguna Altura will be next to offer broker co-ops (will probably happen sometime in June or July).  So don't sign up with the sales people without your agent present. 

Well, I went into the sales office of Maricopa, San Marino, and even Toscana with different buyers who got pre-qualified and on the waiting list.  I told each sales person that I am their agent and when they begin to offer broker co-ops I would like to register with my agents.  They told me that they aren't offering broker co-ops but as soon as they are I can come back and register with each buyer so my guess is YES you can.

Thanks for the heads up.  If a buyer has already put a deposit down for a particular home can he or she bring an agent in before the contract is signed in order to take advantage of the co op? Or is it too late?  Are most agents willing to split the co op?

I don't see why any agent would pass up free money.

 

[ak]

just found out that Maricopa will not offer broker co-op if you are pre-registered or pre-qualified with Irvine Pacific.  So every prospective buyer that did the pre-registration with TIC/Irvine Pac. is basically screwed.  I find this policy ridiculous and shameful!! 

Note to TIC/Irvine Pac.:  If you are going offer broker co-op then it should be for anyone that is not yet contractually signed up.  This policy sucks and I will buy elsewhere...

 

[qwerty]

just found out that Maricopa will not offer broker co-op if you are pre-registered or pre-qualified with Irvine Pacific.  So every prospective buyer that did the pre-registration with TIC/Irvine Pac. is basically screwed.  I find this policy ridiculous and shameful!! 

Note to TIC/Irvine Pac.:  If you are going offer broker co-op then it should be for anyone that is not yet contractually signed up.  This policy sucks and I will buy elsewhere...

this is why i never sign up for a developments email list or prequalify until USCTrojanCPA signs me up.

 

[usctrojancpa]

just found out that Maricopa will not offer broker co-op if you are pre-registered or pre-qualified with Irvine Pacific.  So every prospective buyer that did the pre-registration with TIC/Irvine Pac. is basically screwed.  I find this policy ridiculous and shameful!! 

Note to TIC/Irvine Pac.:  If you are going offer broker co-op then it should be for anyone that is not yet contractually signed up.  This policy sucks and I will buy elsewhere...

If what you say is true then that would even the sales people at San Marino, Toscana, and Maricopa pulled a fast one on both my buyers and me.  We made it VERY CLEAR that I was bringing in my buyers representing them and they asked for my business card and stated that they would contact me as soon as a broker co-op would be offered but my buyers to go ahead and get registered/pre-approved.  I'll find out for sure next weekend as I'll be going in with the Maricopa buyer into the sales office over there so I'll you guys know what happens.  If they do pull that kind of shady business practice, I really hope they'll lose out on sales for being dishonest like that.

 

[usctrojancpa]

What if I already pre-qualified and in their waiting list? Can  I bring an agent with me again to get the co-ops ?

As predicated, I got an email last night from Irvine Pacific that they will be offering the following broker co-ops for all of their Stonegate new homes:

Santa Clara - $10,000 broker co-op
San Mateo - $13,000 broker co-op
San Marcos - $15,000 broker co-op
Maricopa - $20,000 broker co-op

As I mentioned, patience from all you potential buyers will be rewarded!  Be sure to take your agents along and split the broker co-op with them, don't leave any money on the table for TIC...errr...iPac.   

The next thing that iPac will be offering is buyer incentives (like credits for closing costs and/or credits for the design center upgrades).  :-X

Laguna Altura will be next to offer broker co-ops (will probably happen sometime in June or July).  So don't sign up with the sales people without your agent present. 

Well, I went into the sales office of Maricopa, San Marino, and even Toscana with different buyers who got pre-qualified and on the waiting list.  I told each sales person that I am their agent and when they begin to offer broker co-ops I would like to register with my agents.  They told me that they aren't offering broker co-ops but as soon as they are I can come back and register with each buyer so my guess is YES you can.

Thanks for the heads up.  If a buyer has already put a deposit down for a particular home can he or she bring an agent in before the contract is signed in order to take advantage of the co op? Or is it too late?  Are most agents willing to split the co op?

I would say if you had already put down a deposit and/or signed the purchase contract it is too late in the process to bring in an agent to split the broker co-op.  I would say and hope that most agents would be open to splitting the co-op but the agents that do work for larger brokerages have to split 20-40% of the gross co-op with their broker before they can split it with you.  Agents from smaller brokerages will be higher commission splits (including 100% splits) and will probably be more willing to split the broker co-op with buyers but check with your agent as it may vary.

 

[usctrojancpa]

What if I already pre-qualified and in their waiting list? Can  I bring an agent with me again to get the co-ops ?

As predicated, I got an email last night from Irvine Pacific that they will be offering the following broker co-ops for all of their Stonegate new homes:

Santa Clara - $10,000 broker co-op
San Mateo - $13,000 broker co-op
San Marcos - $15,000 broker co-op
Maricopa - $20,000 broker co-op

As I mentioned, patience from all you potential buyers will be rewarded!  Be sure to take your agents along and split the broker co-op with them, don't leave any money on the table for TIC...errr...iPac.   

The next thing that iPac will be offering is buyer incentives (like credits for closing costs and/or credits for the design center upgrades).  :-X

Laguna Altura will be next to offer broker co-ops (will probably happen sometime in June or July).  So don't sign up with the sales people without your agent present. 

Well, I went into the sales office of Maricopa, San Marino, and even Toscana with different buyers who got pre-qualified and on the waiting list.  I told each sales person that I am their agent and when they begin to offer broker co-ops I would like to register with my agents.  They told me that they aren't offering broker co-ops but as soon as they are I can come back and register with each buyer so my guess is YES you can.

Thanks for the heads up.  If a buyer has already put a deposit down for a particular home can he or she bring an agent in before the contract is signed in order to take advantage of the co op? Or is it too late?  Are most agents willing to split the co op?

I don't see why any agent would pass up free money.

I would sure hope so, but some agents have this arrogance/pride/attitude/greed (whatever you want to call it) where they don't believe in giving back to their clients as thanks for giving them the business.  Or put it another way...I rather get a nice slice out of a pie than 100% of none of it. 

 

[irvinehomeowner]

One question I had is usually how involved is the broker in a new home sale?

It's basically a referral fee since most of the work is done by iPac? Or does iPac contact the broker instead of the buyer in these kind of arrangements?

 

[usctrojancpa]

One question I had is usually how involved is the broker in a new home sale?

It's basically a referral fee since most of the work is done by iPac? Or does iPac contact the broker instead of the buyer in these kind of arrangements?

Depends on the broker...some brokers come to sign the paperwork and collect the commission.  I actually go through the design center with the buyers since I went through it in my condo purchase and other new home purchases with other buyers.  Obviously I can go through the contract with them and remind them of any important dates/deadlines.  I give them an idea of which upgrades are worth getting through the builder and which ones aren't by giving them an idea of what it would cost to do the upgrades after they closed.  Then I'll analysis different loan products to see which one might be the best fit for their needs, goals, and cash flow situation as well as tax related matters.  I'd provide any type of referral that they would need for any work that they would need to get done after the closing as well as locations of getting materials at good prices.  And last but not least, split the broker co-op with them so they can use it for upgrades and/or closing costs as a thanks for their business.  The builders will contact the buyers directly but keep the broker/agents in the loop (especially if the broker/agent makes that request). 

 

[irvinerealtor]

just found out that Maricopa will not offer broker co-op if you are pre-registered or pre-qualified with Irvine Pacific.  So every prospective buyer that did the pre-registration with TIC/Irvine Pac. is basically screwed.  I find this policy ridiculous and shameful!! 

Note to TIC/Irvine Pac.:  If you are going offer broker co-op then it should be for anyone that is not yet contractually signed up.  This policy sucks and I will buy elsewhere...

If what you say is true then that would even the sales people at San Marino, Toscana, and Maricopa pulled a fast one on both my buyers and me.  We made it VERY CLEAR that I was bringing in my buyers representing them and they asked for my business card and stated that they would contact me as soon as a broker co-op would be offered but my buyers to go ahead and get registered/pre-approved.  I'll find out for sure next weekend as I'll be going in with the Maricopa buyer into the sales office over there so I'll you guys know what happens.  If they do pull that kind of shady business practice, I really hope they'll lose out on sales for being dishonest like that.

I don't think that the builder reps will do that to you.  You'd have a good case that you've been their representation from the start, especially if you've left your card and contact info.  One tip I'd give you is to make sure your info is on the same page as the buyer's and that you receive a copy at the time of the first visit.  I've never had that problem once that document is produced, if the buyers choose to move forward with the purchase...  and it is easier to pull up than your long-form birth certificate.

-IrvineRealtor

 

[ak]

USC-CPA, I just hope the sales person (Don) at Maricopa is wrong about the broker co-op.  He is not a very friendly person.  He seemed offended that we brought a broker to be registered.  He looked at us a said this broker co-op is only for "new" people the broker bring in the door.  Anyone who has come thru the models or pre-registered online or even said hello to one of the sales folks do not qualify.  He is a jerk and should not be in sales trying to sell homes.  It's not even his money....I don't know what the hell his problem was... What an ASS!!!

 

[usctrojancpa]

USC-CPA, I just hope the sales person (Don) at Maricopa is wrong about the broker co-op.  He is not a very friendly person.  He seemed offended that we brought a broker to be registered.  He looked at us a said this broker co-op is only for "new" people the broker bring in the door.  Anyone who has come thru the models or pre-registered online or even said hello to one of the sales folks do not qualify.  He is a jerk and should not be in sales trying to sell homes.  It's not even his money....I don't know what the hell his problem was... What an ASS!!!

You know, IR raises a very valid point.  If you did not come in with your agent on your first visit (whether they offered a broker co-op or not), then I can understand them holding firm on not wanting to offer a broker co-op to your agent.  However, I made it a point to go with each of my buyers to the 3 iPac developments when my buyers first went in to register.  I gave each of the iPac sales people my business card stating that I have been representing my buyers for a certain amount of time.  The sales people told me that they would keep me posted on when they would begin to offer a broker co-op (I have a Agency Disclosure and signed offer/s for each buyer dated prior to the opening dates so I can show that I've represented the buyers for a certain amount of time before the model home opening). 

 

[usctrojancpa]

just found out that Maricopa will not offer broker co-op if you are pre-registered or pre-qualified with Irvine Pacific.  So every prospective buyer that did the pre-registration with TIC/Irvine Pac. is basically screwed.  I find this policy ridiculous and shameful!! 

Note to TIC/Irvine Pac.:  If you are going offer broker co-op then it should be for anyone that is not yet contractually signed up.  This policy sucks and I will buy elsewhere...

If what you say is true then that would even the sales people at San Marino, Toscana, and Maricopa pulled a fast one on both my buyers and me.  We made it VERY CLEAR that I was bringing in my buyers representing them and they asked for my business card and stated that they would contact me as soon as a broker co-op would be offered but my buyers to go ahead and get registered/pre-approved.  I'll find out for sure next weekend as I'll be going in with the Maricopa buyer into the sales office over there so I'll you guys know what happens.  If they do pull that kind of shady business practice, I really hope they'll lose out on sales for being dishonest like that.

I don't think that the builder reps will do that to you.  You'd have a good case that you've been their representation from the start, especially if you've left your card and contact info.  One tip I'd give you is to make sure your info is on the same page as the buyer's and that you receive a copy at the time of the first visit.  I've never had that problem once that document is produced, if the buyers choose to move forward with the purchase...  and it is easier to pull up than your long-form birth certificate.

-IrvineRealtor

Great point and I wouldn't have gotten those e-mails from iPac about the broker co-ops if I wouldn't have left my business card with them.  The sales agent at Toscana last week was the nicest one of of all (can't think of the name but he had a Texas accent) and he told me I should be good to go as soon as they initiate the broker co-op even if my buyers register and get pre-approved.  I'm hopeful they'll stay true to their word because they could have just told my buyers to wait to register until AFTER they began to offer the broker co-op.