Thinking of hiring a real estate agent? Roughly 88% of buyers purchased their home through a real estate brokererage according to the National Association of Realtors! If you are thinking of hiring a real estate agent, here are some questions to ask:
1. IS THERE ANYTHING ABOUT THE HOME THAT CONCERNS YOU?
Sellers might not tell you everything you need to know about the home. Your buyer agent however, will know a bit more about properties than an average person. Take time to ask your agent if there's anything about the house that could be a potential problem.
2. DO YOU REPRESENT BOTH BUYERS AND SELLERS ON A SINGLE TRANSACTION?
When an agent represents both the buyer and seller, this is called a dual agency or multiple representation. This type of representation often presents a conflict of interest. A dual agent can write an offer but cannot provide you with any advice since the agent cannot advocate for you and the seller. Therefore, a dual agent may not have your best interest in mind.
3. HOW LONG HAS THIS HOME BEEN ON THE MARKET?
When going out and seeing properties with your agent, an important question to ask is how long the home has been on the market! Note that if the home is very new to the market, you'll have less leverage when it comes to negotiating the sale price. Also, if the home has been on the market for a long time, you should ask why. There's a possibility that the listing price is too high!
4. WHAT ARE THE TERMS OF THE BUYERS AGENCY AGREEMENT?
Working with a buyer agent is beneficial in that the agent has your best interst in mind and is working only for you! Once you decide to work with a particular agent, you will most likely need to sign a contract that gives the agent the exclusive right to show homes to you. This contract is called a Buyer Agency Agreement, or a Buyer Representation Agreement. This agreement can last anywhere from 3-12 months. Before signing the agreement, you will want to find out the conditions of the agreement, so make sure you ask the agent!
5. WHAT IF I AM NOT SATISFIED WITH YOUR SERVICE?
There could be a chance that you might not find your agents service all that great. Ask your agent if he or she offers a satisfaction gurantee if you're unsatisfied with the service provided.
6. WHAT ARE SOME THINGS YOU LIKE ABOUT THIS HOME?
Remember, a Real Estate Agent has more knowledge about homes than an average person. Make sure you ask for the agent's opinion on some things he or she likes about the home. This is helpful because it can be easy to miss some details during the exciting and hectic process of buying a home. The agent might mention some features or neighbourhood amenities you overlooked. You could be so overwhlemed during the home tour that you fail to notice extra storage space, or your favorite store down the road!
7. IS THIS A REASONABLE PRICE?
Unless you're working with a dual agent, you should be able to get a fairly honest answer when it comes to the listing price. Considering the agents expertise with the market, he or she should be able to tell you if the sellers asking price is within a reasonable range.
Have Questions regarding Real Estate? The Iris and Evelyn team are here to help! With their countless years of buying and selling Real Estate Properties, their experience and knowledge can help you make the right choice!
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