10 Questions to Ask Your Real Estate Agent Before Hiring Them
Buying a condo is an important life decision. It’s a huge goal you’ve been working for and something you want to be perfect. After all, you will be investing a considerable portion of your income in the property. In most cases, this purchase will also affect your financial future.
Now, you surely want your first condo unit to be, if possible, the condo unit of your dreams. That would mean you’re getting no less than your money’s worth.
However, please keep in mind that the process of buying a condo requires time. It’s not to be rushed; you can’t just wing it. You need to partner with a reliable real estate agent who can understand what you’re looking for and your priorities.
If you’re ready to hire a real estate agent, here are the questions you need to ask.
- How long do you usually work with buyers, from the first site visit to the final sale?
The answer to this question will hint you at a real estate agent’s level of competency. If there’s a short duration between a client’s first house tour and eventual purchase, that could mean the agent knows what they are doing. They listen to what the client needs and zero in on those requirements.
- Have you helped buyers find homes at these price ranges?
Your journey to buying a condo should start with setting a budget, so consider this question in earnest. You’ll need to work within a reasonable budget, and it’s best to know from the get-go that your needs are well translated to the real estate agent tasked to help you find a condo unit.
- How well do you know this neighborhood?
Location is one of the most important considerations when buying a condo. Your utmost concern is safety; second is growth potential. A real estate agent should be knowledgeable about any area from which they’re selling a property and explain how this location will be advantageous to your needs. If the area has what it takes to turn into an economic hub in the future, the better.
- How long have you been an agent? Can I see your license?
These are basic things to ask your real estate agent before you even pursue a professional relationship with them. Remember that agents are salespeople. Be diligent, and don’t be content and convinced by pronouncements of expertise. Ask for supporting documents to be sure.
- How many homes do you close on average every year?
This question will help you gauge excellence. The more deals closed per annum, the more competent the agent is. You do not want to work with someone who can’t close a deal—that right there is a red flag.
- How many clients are you currently working with?
The best real estate agents will likely have multiple clients at the same time. But it’s best to know just how many they are dealing with. That way, you can set your priorities straight. Do you mind sharing? Or would you prefer an agent with less on their hands, so they have more time to focus on your needs as you look for a condo for sale in the Philippines?
- How often will you correspond with me?
Real estate agents will be all over you at first—but this might not be the case over time. So make sure you know what to expect so that you don’t get agitated while waiting for updates. Your best bet is an agent who won’t mind you calling every time you have a concern.
- Will you be hands-on throughout the process?
Accomplished real estate agents usually have people working under them. It’s up to you if you’re okay working with your hired agent’s second-in-command. If not, make it clear that you need them to be hands-on upon the first meeting.
- What percentage of your clients are buyers VS sellers?
Ask this question to weigh whether there’s a conflict of interest. If your hired agent, for instance, has more seller clients, they might be working as a double-agent, for lack of a better word. They could be selling you properties owned by sellers they work with. While that’s not always a bad scenario, it can quickly turn into one.
- What is your list-to-sales price ratio?
You want an agent who can haggle on your behalf. That’s where the list-to-sales ratio comes in. Look for an agent with a proven track record in closing deals with cheaper price tags than initially advertised.
Work with Real Estate Professionals
Once you find a reliable and competent real estate agent, you can be better at avoiding common condo-buying mistakes. You’ll end up with a purchase that will prove to be a good investment while serving your present need for a comfy and convenient place to reside. So don’t cut corners when hiring a real estate agent.
Make sure you partner with the best in the field. The questions above will help you discern whether you’re in the presence of a real estate professional worthy of your signature above the dotted line.
To jumpstart your homebuying journey, you may reach out to Federal Land. They offer quality condos in prime spots in the Philippines. They also have a pool of top-notch real estate professionals who will be more than happy to assist you.