Real estate agents are no less than a blessing in today’s real estate market. They are much considerate whenever you are up for a sale or purchase of property. Selling property in the market has become lot more easier than past because of the novel real estate portals that market your property all over the world with a single click. They allow you to buy, rent, sale or invest into property easily and conveniently. On the other hand, the conventional method of hiring a real estate agent is also very much effective. Both these methods have their own pros and cons, but in today’s post, as the topic elucidates, we will stick to later.
Hiring a real estate agent is imperative in current marketplace due to several reasons. We have listed the real estate agent benefits to make this notion more clear for our readers.
Benefits of Hiring Real Estate Agent
Following are the possible benefits that you are going to get, if you hire a real estate agent for you when buying property.
Knowledge of the market
First thing first, real estate agents have the knowledge of the market where you are going to buy the house. They ensure that you get the best deal in the market in order to improve their portfolio in the community. Also, they try their level best to settle the deal within the price bracket that is currently being followed by the surrounding areas.
Approach to resources
Buying a property is the biggest purchase anyone does in their lifetime. Therefore, everyone wants that it gets done in a hassle-free environment. Real estate agents also come helpful in saving your time and money. Say if any problem arises during the process they will help you resolve it instantly. E.g. if there is an issue with water, electricity, gas or anything, they must be knowing anyone from that specific field, and call someone on spot within no time.
“Every table has a price” is a very well known and familiar proverb in Pakistan. And property papers, God forbid, is the biggest chaos and headache. From looking for the right documents, getting Xerox copies, to finding offices, patwaris, agents, typists, this process has a lot of pandemonium. Real estate agents feel like a blessing at that moment. Because, all this chaos is taken over by them and they are only responsible to provide you with the final document, the property file (best known).
Although, real estate agents are not well qualified or learned (a general notion), they are no way less than someone having a master degree in communication, when it comes to negotiating. As, buying a property is a multi-step process including raising property, giving your offers, negotiating, settling, transactions, paper-work, etc.. Agents do recognize everything about the process; they negotiate for you and get you the best deal.
Last but not the least, when a deal is finalized and it’s the time for transferring settled amount to all the involved parties, benefits of real estate agents is well recognized. They know how to make both parties honor deadlines, and can schedule everything to work smoothly. In this way, they make the deal closing way more efficiently and hassle-free.
Questions to Ask Estate Agents When Buying
Till now we are well aware of the importance and benefits of keeping a real estate agent on board. Now the prime thing that arises in our mind is how to know which person suits the best with you. In that regard, we have compiled a list of questions that you need to ask from your real estate agent when buying property!
1. Have you successfully closed any deal in this area before?
The first thing before hiring the real estate agent for you must know is that whether he has a profile in that specific area or not. If he has done sales in this area lately, he must be aware of the properties on list, competitive rates, offices for paper-work, and above all connections in that area. In this way, he can help you to his most in getting the best properties for sale. However, real estate agents are always up and doing in expanding their areas so it won’t matter a lot if it is his first deal in that area, because they can find their professionally courteous “Paiti Bhai” anywhere and everywhere.
2. What is your rate of commission?
Real estate agents work on commission basis. They get a chunk from the owner and buyer to make their both ends meet. But, the rate of commission does vary depending upon the area, and volume of sales. Ideally, this rate vibrates in the bracket of 0.7-2 % in major cities of Pakistan. But for a plot or house bought for residential purpose, you will easily get a rate of 2%. Where, you pay 1% of the total amount, and the other 1% is paid by the seller.
It’s always better to fix this amount beforehand to avoid any inconvenience in future.
3. When will you take your share?
Real estate agents usually take the payment in small chunks, one chunk after completion of one step. And full payment in the end. If yours want the same, it is great. However, if he wishes to get all the payment cleared on first meeting, he might not be the right person for you.
4. Is there any issue with the property?
Real estate people are not like other salesmen. They don’t hide from you anything in order to maintain a good profile. Because referrals are the only option through which they are getting leads. Ask them to satisfy yourself before making any purchases.
5. Is there any additional charge?
You need to know in advance about all the charges that they take additionally. Some societies have different bodies embodied to take all the chores against a fee that you pay. Ask them for any taxes or maintenance or any other changes so that it would cause any headaches in future.
6. How long have the property stayed in market?
Usually, in real estate market properties list and sell immediately. If a property stays on the list for a longer span of time, there must be something wrong. Figure it out before it’s too late.
7. How long has the previous owner stayed here?
People usually buy houses after a long research, because of the fact that they will stay there for a longer period of time. If in the property you are interested, the owner has shifted in a shorter span there must be something fishy in the bottom. It can be caused by noisy neighbors or may be bad construction quality; you have to double-check all this before making any decision.
8. Why is the owner selling?
This question is very important. You will get to know from your real estate agent that why is the owner selling? By that you can know about any issues with the neighborhood. Also, if you find that the owner is in a hurry to sell, they may take a price bit lower than the market.
9. Can you speak to the owner?
This might be one of the most hated questions in the real estate agents community. But believe me talking directly to the property owner will make your mind clearer about various things. Real estate agents may tell stories cooked and concocted, but the owner who is not a professional sales-person can answer all your questions honestly.
10. Can we make the commission round?
This is not a question, rather it is a pro-tip. Currently, market is saturated with real estate agents all over. It’s a common proverb in Pakistan that there are fewer properties than the sellers who want to sell it. Cash this! Ask your real estate agent to lower the rates of commission, and I believe he won’t take another second. Since chances for them of getting work are lower to none, chances are that they will settle on less. Never mind, you can decorate your bedroom with few bucks that you have saved.
For a successful hassle-free property deal you have to hire a real estate agent when buying property. To make this process smoother, we have presented you with a brief note on the benefits of hiring a real estate agent, and what things you need to ask them? Go through these lines to know the complete process and prerequisites of hiring an agent for you.