It’s always a good idea to get a professional advice when considering purchasing a property. Getting a clear understanding of all aspects about the property will help you determine your position and how to approach the purchase.
The best way is to do plenty of research and ask your agent as many questions as possible–the more research you do, the better your understanding and the easier the decision making process becomes. Here are a few useful questions:
- Are there any other offers? This will give you an indication of how many other serious buyers are looking at the property.
- Why is the owner selling? Knowing the owner’s position would assist with the negotiations. Just remember, the Agent is hired by the vendor and may filter the information – making sure you do your due diligence is the most important aspect of being satisfied with your purchase.
- What is the vendor’s preferred settlement timeframe? This will give you an some potential negotiating power as the vendor may be looking for a quick or long settlement.
- Has there been any major work to the property? What additions has the vendor made?
- Are there any major new developments planned for the suburb/area? This includes potential rezoning of the R-Codes, council development plans, road extensions, etc.
Asking the right questions will not only establish a relationship with the agent, but will also assist with your market knowledge and your property search. Real Estate agents are paid by the vendor and traditionally, their focus is on servicing their existing vendors rather than finding the right property for new buyers.
As accessing information previously restricted only to agents becomes increasingly transparent, good agents are adapting and changing their processes to build relationships with buyers to help facilitate deals. Agents are a wealth of free information and as they live and breathe the local market, they have their finger on the pulse for any new listings coming available.
Ask your agent their opinion! Agents love talking about what they do. When I meet people, they often ask, “Have you seen the property that Agent X or Company Y has on offer up the road?” I am always happy to offer my opinion, especially if I thought it was a good property for them. Establishing trust between agent and client is the best way to find the right property sooner and less likely to miss out on the property you want.