Questions to Ask Your Real Estate Agent to Avoid Wasting Your Time
If you are on the market for a new home, your best chance of finding the right one is getting in touch with a real estate agency. However, not all of the companies are offering the same services, and you will need to make sure that you get the best service that suits your needs. This is why it is recommended that you ask some smart questions before you decide whether or not to sign on the dotted line. Below you will find a list of questions you might want to ask during the initial interview with your real estate agent.
You can be straight to the point and ask them how long they have been working in the field and the area. Ask them how many properties they are dealing with at the moment and how many they sell in an average month. While some realtors will find this question strange, you can tell from their reaction and their response whether they are professional and telling the truth or just bluffing. If you come across an inexperienced agent, you might find it harder to get your home buying negotiations going.
The Area Statistics
Once you are presented with multiple properties to view, you will need to ask for the property statistics and the area stats, too. If your agent doesn’t have this or can’t present it, chances are that you are at the wrong place. Before you make a decision to move into an area, you will need to know about the local schools if you have kids, the amenities, crime levels, and the road networks. Ask this question and you can avoid wasting your valuable time.
Property Price Predictions
You will not want to lose your money in the first few years, and build up negative equity on your real estate portfolio. This is the reason why you want to ask the real estate agent about what your investment will be worth after a couple of years. Most large companies will offer this service, and if your agency really knows their trade, they will show you reports on the property market in the region.
Number of Sales In the Past 12 Months
It is also crucial that you find out about the state of the real estate market in your selected area. If there are a lot of sales, and people stay less than ten years, you might not be buying into a good area. However, if you find that families stick with their home, you might have found yourself a winner. At the same time, if properties are left empty and take ages to sell, you will have to be careful. A popular area with a growing demand will give you a good return on your investment.
Average Turnaround Time of Sales
You might also want to ask about the average turnaround times for selling a home in the area. If you are thinking about buying a foreclosed house, you might want to know what the demand for the home will be after you have renovated it and are planning on selling it for a profit. The last thing you want to face is getting less money back than you invested, or being stuck with a house you cannot rent or sell.
Is There One Contact Person?
When sitting down with the real estate company’s representative, you will need to ask whether you will be able to deal with the same person throughout the search and the buying process. When you contact living in Big Sky you will meet your contact person who will follow up your requests and viewings, instead of having to call the office and updating every colleague about your situation. The effectiveness of communication will have a huge impact on your future buying experience.
What Is Your Fee Structure?
You will need to calculate the total cost of purchasing a new home, as well. If your agent is straightforward and honest, they will present you with a printed, easy to follow guide on their fees and the schedule of payments. You don’t want any nasty surprises, so always clarify this important detail before you sign up with a real estate agency.
What Are the Running Costs of Homes In the Area?
Buying a house is costly enough, and you need to make sure that you can afford keeping the home and paying your bills. Ask about the cost of heating and electricity, potential tax and additional charges, so you can calculate the monthly cost including not only the mortgage payments and the fees, but also the cost of living in your selected neighborhood.
Are There any Hidden Service Charges?
You might own the building or the apartment, but still need to pay a fee or ground rent. Not all agents will disclose this information in the beginning, and it might be too late to find out about the extra fees after you have submitted an offer. You should ask for a copy of the registration documents and the registry, so you can rest assured that you don’t have to pay more than you are prepared to.
Do You Carry Out Cleaning and Safety Checks?
If you are planning to live in the home you are buying or renting it out, you need to make sure that it is safe and suitable for human occupation. Getting all the heating and electricity, fire hazard, and structural checks can be expensive, but some agents will include this in their fees. Ask them whether or not they offer this service, and whether it is included in one of the packages or payable by you before submitting your offer.
There are many things you need to be careful with when shopping around for your next real estate. Checking out your realtor and the company you are dealing with makes sense, as you will rely on them to avoid some of the mistakes people make when they get too excited about a property.