Questions to Ask Your Real Estate Agent

When it comes to real estate property sales, both the buyer and the vendor are on opposite sides of the fence with different objectives in mind. To put it another way, the buyer's goal is to acquire the property at the lowest price possible, while the seller wants a top dollar. Nevertheless, both parties can benefit from the streamlined services of a real estate agent in Toowoomba.

If you're someone who’s looking to purchase a property, remember, knowledge is power. This means you need to ask the right questions and field the right answers to questions from a real estate agent. Moreover, you need to ask a lot of questions before signing the dotted line to make your homeowner's dream a reality.

That being said, here are some essential questions to ask your real estate agent before buying a property in Toowoomba or anywhere in Australia.

Questions to Ask a Real Estate Agent

The biggest mistake homeowners make when buying a real estate property is becoming emotionally attached to the house before gathering all the practical and logical information regarding whether or not a property is right for them.

Therefore, when they reach the settlement day, it is too late to raise any questions, making them responsible for fixing any issues. To guarantee a safe purchase, here are some questions every home buyer and investor should ask their real estate agent.

How Long Have You Been An Agent?

Believe it or not, knowing how long a real estate agent has been in the industry can make all the difference between buying your dream home and getting one that seems like a nightmare. An agent working in the industry for a considerable amount of time is equipped with tried and true negotiating strategies and will be able to foresee any potential issues.

Additionally, they have built ties with other professionals working in the real estate industry, unlocking the possibility of various property options to choose from.

How Long Has the Property Been on the Market?

If the home has been on the market for a significant amount of time (more than three months), you should ask the real estate agent why they believe it is not selling. To put it another way, ask the agent directly if anybody else has previously made an offer on the property and why they opted to back out of the deal. Regardless of the reason, if a real estate property has been on the market for a considerable time, the seller may be willing to negotiate a lower price, saving you a considerable amount.

Why is the Owner Selling?

One of the most important things you should ask a real estate agent is why the current owner has decided to sell. If you're fortunate enough (or if you’ve chosen to work with the right real estate agent), the real estate agent will provide some insight into the seller's circumstances, which you may use to conduct further discussions.

For instance, you could learn that the owner is in a hurry to sell the property, possibly because their job will soon need them to relocate. In this case, the owner might be willing to accept a lower price in exchange for a rapid sale.

Has the Property Repeatedly Changed Hands?

The buying process is complex, takes time, and it's easy to get off track, especially if the property has repeatedly changed hands. Therefore, it is essential to inquire why the previous homeowners moved out after such a short time.

For example, is the neighborhood loud enough for someone to settle in, or maybe there are some significant issues within the property? Investigate why the previous owners left. You may even get in touch with them to find out why they made that decision.

What is the Minimum Price the Seller Will Accept?

Asking a real estate agent whether the bottom line of your dream property is genuinely adjustable may seem like a ridiculous question, but it might save you a lot of money in the long term. Believe it or not, it is in the interest of estate agents to make a sale, even at a reduced price, since if the agent doesn't sell, they don't earn their fee. Considering today's competitive real estate market, you may find yourself in a bidding war; thus, you should always be prepared to deal with sealed offers.

Is the Property Fairly Priced?

Nobody likes to overpay for anything, but overpaying for a home is extremely undesirable. However, you might avoid spending too much by asking a real estate agent about the prices of comparable properties in the area. Always remember, a property priced much more than the other homes in the neighborhood should raise a red flag, particularly in the absence of any improvements, more space, or other pricey amenities. If such a scenario arises, avoid paying the listed fee.

How Much Will it Cost to Maintain this Home Each Year?

When you own a house—unlike when you rent one and the landlord or property manager is only a phone call away—you are responsible for fixing anything that breaks. For example, paying for any unexpected repairs, such as an appliance, HVAC system, or a leaking roof. Therefore, by putting your name on the dotted line, you should talk to your real estate agent about getting an estimate of the annual maintenance expenditures to be prepared for anything that may come up.

Have Any Major Renovations Been Made?

If so, determine whether the owners have the appropriate consent from the planning and building regulations authorities. For starters, do an online search for planning applications (both approved and denied). If you don't do this, it might result in a significant delay, and you could even have to pay for indemnity insurance further down the road. It would be terrible, after all, if you purchased the house of your dreams only to find out that you needed to demolish a significant portion of it.

What is the Property’s Sales History?

Along the same lines as knowing why the property is being sold, learning the selling history will help you make a better decision. You already know that you need to make a competitive offer if the property has a history of being purchased within a few days. On the other hand, if the property has been bank-owned for some time, the seller has probably had difficulty selling. Make sure you discuss the appropriate course of action with your agent on how to handle scenarios like this.

What Should I Offer to Get this Property?

After you have asked the above questions, it is time to make an offer on the property if it still seems to be a smart investment. Before signing the papers and handing over the cash, ask the real estate agent what kind of offer you need to make to get the home.

In a market where sellers have the upper hand, you need to make an offer equal to or more than the asking price. However, you are free to make an offer lower than the asking price when the market is favorable to purchasers.

The Bottom Line

Whether this is your first time investing in real estate property in Toowoomba or you have done so in the past, the real estate market can be a pretty challenging environment to navigate. However, now that you know some of the essential questions to ask your real estate agent before buying a property, it's time to work with a reliable real estate agent like Tomoro to make the settlement process a breeze.

Your home is one of your most valuable assets; no team appreciates this more than we do. With years of knowledge and expertise under our belts, we take care of everything—before you put your name on the dotted line, sign the documents, and hand over the cash to the esteemed owner. Interested in learning how we make every Australian's real estate dream a reality? Let’s connect!

Tomoro

07 4580 0811

353 Ruthven Street

Toowoomba QLD 4350