Real estate agents are probably the most recognized professionals in the field of real estate investment. Direct selling a property is almost always unheard of. Real estate agents work on making sure a property is sold, benefitting both buyer and seller at the same time. They use their plethora of connections and marketing skills to match a property to a potential buyer.
Advantages of Working with a Real Estate Agent
Although realtors mostly work for the seller, buyers can still benefit from the assistance of one when searching for a property to invest in. The following are some of the advantages of hiring a real estate agent:
They can provide a list of real estate properties for you to choose from.
Real estate agents usually have a portfolio of properties for sale. You can let them know your area of choice, the type of property you want to invest in, and your budget range. This can be very helpful because they can easily weed through properties and find those that you might be interested in, while skipping those that don’t fit your qualifications. You can also have them talk to your buyer’s agent so you can get the best deal there is.
They can show you off-market properties.
Not every seller wants their properties to be shown publicly as “for sale”, mostly for personal reasons. Real estate agents have access to these off-market properties, which might actually match what you are looking for in an investment. If not with the help of realtors, you won’t have access to these properties.
They can answer whatever questions you may have about a prospective property.
Although you should still research about the property you intend to buy, your real estate agent can answer some of the preliminary questions you have about the property. Refer to our list below for possible questions you should ask your realtor.
They can search for properties and present them to you through various communication channels.
One of the biggest advantages of hiring a real estate agent if you’re a non-resident of Australia is that they can search for properties for you and communicate them online. They can utilize the internet to send you more information about properties for sale. You can also have a video or voice call to discuss more about the property. If necessary, they can also give you a digital tour of the real estate, as if you are walking through the property yourself.
Questions To Ask a Real Estate Agent
If you hire a buyer’s agent, he or she will help you find the right properties, but they will mostly get in touch with real estate agents as well. Now when looking at real estate properties, the following are questions you or your buyer’s agent can ask the realtor:
What is the reason for the sale?
Knowing about the seller’s motivation for selling their property is important when it comes to assessing a property’s value. It will also give the buyer some insight as to how fast the seller wants the property to be sold. For instance, if the current owner is moving somewhere else due to career change, he or she would likely want to sell the property quickly and would also likely accept price negotiations. It also means that the property can easily be sold soon, so quicker decisions on the buyer’s side would be smart.
How long has the property been available for sale?
If the property has just been put up for sale, both buyers and real estate agents will be excited and interested with the property. However, if 60 days has passed by and it still hasn’t been sold, its perceived value quickly deteriorates.
There could be several reasons for the non-sale. It could be that there is something wrong with the property, or the seller’s price is too high for the prospective buyers. Whatever the reason, the real estate agent would likely want to close a deal soon and would be willing to negotiate the price.
Are there any issues with the property?
Realtors are ethically required to disclose any issues with the property. Do some parts of the house need repairs? Have all the documents been prepared and ready for transfer once the deal is closed? Are everybody listed on the title informed about the sale? You can also ask the agent if he can recommend a property assessor to check all aspects of the property and if everything is working as it should be.
Does the seller accept repairs request?
If the answer to question number 3 is that there are some areas of the property that need to be improved, you can ask the realtor if the seller will process repairs request before proceeding with the purchase. If the seller intends to sell the property as is, the buyer can negotiate price changes, taking into consideration the property improvements needed.
What was the price of the property when it was first put in the market?
Knowing the original selling price of the property, as compared to the current selling price, will give you a lot of insight. You can follow this question up with:
- Are there any other offers? If yes, how many?
- How much are the other offers?
- Did the seller accept any of these offers?
This will further deepen your insight about around how much the seller expects to sell the property, and how flexible he is about his price and his time frame for selling the property. Some real estate agents will not be very comfortable sharing these information, but if you ask these, they will know how serious you are about purchasing a property, and that you are an informed buyer.
What is the lowest price for the property?
Although not all realtors will discuss a ballpoint amount, they will give you an idea of the lowest price the seller is willing to accept. This information can be useful especially if you are hunting for a bargain.
Real estate agents will see you through the entire process. They will work with other real estate professionals you hire forthe transaction. You have no choice as to who the real estate agent you’ll be working with as the seller hires this professional, but you can hire a good buyer’s agent to represent you when searching for the right property and closing the deal. Read more about specialised buyer’s agent here. If you are looking for real estate professionals to assist in your investment, contact us for more information.