Call me a killjoy, but I really don’t like it when the real estate market gets overheated. It is fantastic for the sellers, but it can be really hard on the buyers.

Whether you are looking to buy a new single family home or a condominium apartment or townhome, the pressure is on right now.

If you can find something that suits both your pocketbook and your needs you have to act immediately and, unless you have done your homework, you may get into trouble.

Unbalanced markets also lead to laziness and bad habits. From acquisition of land to design and development, and finally to salespeople, overheated markets can make very average or substandard buildings in mediocre locations look desirable.

A frenzied sales process allows for inexperienced salespeople to become order takers rather than counsellors and facilitators. And prospective purchasers are treated like cattle. It seems to happen every time the market takes off and only the enduring professionals in the business of development seem to remember “from whence they came.”

Many of the less experienced or less principled people in the industry have been very lucky with their timing; some of them start to think that they are bulletproof, and that is when rubbish buildings are hastily built and the industry as a whole starts to get a bad name. So, my comment to home buyers today is: Who you buy from is just as important as what you buy.

How can you be diligent when you don’t have much time? Well, thank goodness for the Internet and for certain industry organizations. There are lots of things you can do to find out more about your chosen development and the company behind it. Here are a few ideas:

* The minute you see a “Coming Soon” sign or an advertisement in the paper, look for the website address and the name of the development company. Log on to the website and register your interest, but also send an e-mail asking to learn more about the developer’s past projects or communities. Judge the swiftness of their response as an indication of their attention to detail.

* As you scroll through the developer’s website, don’t be seduced by too many special effects. They are great to look at, but you want to know a few things. How long have they been in business? What and where are their previous buildings?

Do they have a customer service or after sales service set up? You need to know who is going to be there tomorrow.

Do they have any testimonial letters or can you talk to someone who actually lives in one of their homes to see how they rate?

* Another important piece of information is to find out if the developer is a developer/builder. In other words, do they control and build their own product?

There is a lot more at stake if developers also construct their homes — more accountability, more standards and generally a better product.

If they don’t build their own product, then check out who their preferred builder partnerships are with and then check the builders out on their websites.

* There are several organizations in the home building and development business. These include the B.C. division of the Urban Development Institute (www.udi.bc.ca) and the Greater Vancouver Homebuilders’ Association (www.gvhba.com). You can always call to see that your chosen developer is in good standing or contact St. Paul Guarantee (www.stpaulguarantee.com) to see if they have ever warranted the builder’s or developer’s projects.

* Finally, you can talk to your local realtor and see what they have to say. Many resale realtors are specialists at resales, but not expert or knowledgeable on new home sales. Try to talk to someone who handles resales in several of the newer buildings. In Vancouver, people like Ken Leong (www.kenleong.com) or Gregg Baker ([email protected]) can be helpful.

As you go through the process of deciding to purchase, it is also worth looking at which firms take a bit more time building a relationship with their potential customers and how that can pay off. For example, Intracorp Developments are about to publicly launch their UNO development at 11th and Kingsway.

Friends of mine registered on their interest list and have received numerous personal calls and communications from their sales team since January. They were offered an opportunity to reserve a specific appointment to preview the homes and are about to complete their purchase. I am told that a very high percentage of the homes are likely to be sold to owner/occupiers.

Why? UNO is a great product, but more to the point, Intracorp talked to them personally. They respected their need for information, gave it to them as soon as it was available, and allowed them a little time for a considered decision. This is the best way to buy a home you want to live in.

The Vancouver market is a relatively small one, so it is not hard to figure out the development companies that are in it for the long haul, and who have many of the above attributes. In addition to Intracorp Developments, there are several others that are well known. The list is pretty long, but Polygon Homes, Bosa Properties and The Adera Group of Companies are obvious choices. They are committed to BC, even when the market changes to a level playing field.

Diana McMeekin is president of Artemis Marketing Group Inc., a Vancouver-based consulting company to both Canadian and International development companies. Diana is also a member of the Urban Development Institute and a regularly featured speaker at housing industry events. You can reach Diana via e-mail: [email protected].

© The Vancouver Sun 2004