Communicating with agents
So what Top Tips for Buyers do I have? Well don’t be shy to tell an agent what you’re looking for. Once they are familiar with who you are and your search criteria, they will keep you updated as soon as new listings hit the market. This puts you in a favourable position to view a property before anybody else and potentially be the first person to negotiate on price.
- Always be truthful when it comes to giving feedback about a property you have seen. Most agents will follow up all buyer inspections with a phone call. They are likely to ask you what you liked and disliked about the property and what you feel it is worth.
- Although the agent is working for the vendor, don’t think that buyers aren’t important to them. Nurturing the buyer is just as important as looking after their vendor, after all no buyer means no sale. Don’t be afraid to ask your agent plenty of questions, it will show that you have confidence and experience in dealing with real estate transactions. Most agents will only be too happy to answer your questions.
Here is a list of some important questions to consider asking your real estate agent:
- Why is the vendor selling? Knowing the answer to this could put you in a better position to negotiate a sale. While the agent is not obliged to tell you the answer, particularly if the seller has asked for confidentiality, in most instances they will be happy to share this information with you.
- What did the vendor pay for the property and how long ago did they buy it? This can help you establish fair price but remember there are many factors to consider, such as capital growth, improvements to the home, the state of the market they bought in and current buyer demand.
- How long has the property been on the market? If the property is a new listing you can expect the greatest amount of buyer interest at this time, however if it has been sitting on the market for a long time then this may put you in a strong position to negotiate price.
- What do you expect the property to sell for? While you may think agents are willing to stretch the truth on this one, there are strict regulations and large penalties imposed on agents if they over quote the price of a property. The agent should tell you the same figure that he has told the vendor, however depending on buyer demand, this price can vary throughout the marketing campaign. It is also a good idea to ask the agent to give you a list of comparable properties that are either on the market or have sold in the last six months. This will help you to make up your own mind regarding price.
- How soon do the owners have to move? Asking this question, opposed to “how long is settlement?”, will reveal if the vendor has bought elsewhere and just how eager they are to achieve a sale. Once again helping you know where you stand when it comes time to negotiate.
If you would like to know more top tips for buyers and would like my services in finding your dream house please email me.
