Real estate agents are the makers and breakers of the real estate market. So, when prospective buyers/sellers/tenants/owners want to buy, sell, rent out or lease their house, real estate agents come in handy. But a small mistake can cost huge loses in the real estate industry. And, not asking the realtor the relevant questions before signing a deal is a grave mistake.
In this article, we have made a list of the questions that an investor must ask his/her agent before closing the deal. Let us know your thoughts in the comment section below.
Let’s read on-
- The fee
An assumption is never accurate. So, get every possible detail of the agent’s fee structure. Questions like ‘What is your fee?’, ‘How do you charge for a deal?’ Is the fee a fixed amount or a percentage of the deal signed?’ must be in your list.
References and experiences speak loud for themselves. They often form the base of research. So, it is important to ask your realtor about references and client base.
- The numbers
Background checking of real estate agents is a must. A new real estate investor must ask questions like the number of properties he or she has managed till date’. Investors can also ask about the number of clients the realtor has/had.
- Types of services
Many real estate agents provide various types of services. And real estate investors must have complete and transparent knowledge of the services that is provided by their agent.
Experience matters in every business. Ask your agent how long has he been in the business. This will clear out his/her grip in the market.
- Company details
We mentioned in our article about real estate and its functioning that real estate agents cannot work in solitude. They must be government approved and have a registered company. So, go ahead and ask about the location of his company and the number of employees he has.
- Follow up process
Follow up is an integral part of the real estate business. So, go ahead and ask your real estate agent his process of follow up with his clients. Ask if he/she follows up the clients after signing the deal. How often does that happen? In case of grievances, who does the buyer/tenant contact?
- Work Philosophy and Ethics
The most important things to ask a real estate agent is work ethics and philosophy on work. Ethics make a person’s character. Ask your agent his policy of tenant/buyer/seller selection.
We hope you liked reading the article. To read similar blogs on the real estate industry, click here.