When you’re in the market for an investment property, or even your own home, you want to know you’re getting the right information so you can ensure you pay the right price.
And the only way to get the information you need is to ask the right questions. Questions that will help you to learn the whole story behind the property, and hopefully determine whether this is the one for you.
As a boutique Sydney Real Estate agency, we see many first-time property investors come through our doors. And we answer many questions – some of them better at sourcing the right information than others. So, we thought we’d put together a list of the best questions to ask the agent when looking for investment opportunities.
Question
“How long has it been on the market and how many inspections have there been?”
Ok, so this is essentially two questions in one but they importantly go together.
This is a great way to understand the response to the listing and how the market is behaving at the time. It’s important to understand how many private and open inspections this included as this information is helpful to gauge the sincerity of the interest – and from there you can work out what price you’re willing to offer.
Question
“What’s the average days on market for properties of this type, in this area”
A follow on from above, this will help you understand how much competition there is out there. If it’s been on for a long time, it doesn’t mean it’s not a good purchase for you, it means you have more chance of securing what you want.
Question
“ Have any contracts been handed out?”
Asking how many contracts have been handed out will reveal whether there are some serious offers on the table – or if there are some about to be presented.
You should also continue to ask this throughout to see whether there is new interest, and therefore competition, appearing.
Question
“Have many pest and building inspections been carried out?”
This is a great way to determine how serious the competition is. After all, no one is going to pay for inspections to be done if they have no real interest in purchasing. Knowing how many potential buyers have started investing in the process will give you a clear indication of what you’re up against.
Question
“Are the sellers motivated by price or terms?
Not everything comes down to money. Yes, the sellers want the best price for their property but they may also want a quick sale, extended settlement or even a leaseback arrangement. It’s always worth asking this question as you might be able to give them just what they need.
If you’re looking for your next investment property, home, or you’re looking to sell, give us a call or fill out our contact form, and we would be happy to answer any questions you have.