What to ask the agent at an open home
When buying a property, whether it’s your first or 15th, knowledge is always power. There are certain things the agent can help you with and other things they can’t. Knowing the right questions to ask will ensure you make the most out of the open home. Vicki Laing offers some help on how to get the best out of the agent:
Know the advertisement back to front
This is important as it means you will ask the questions that the answers haven’t already been provided for. This means you can delve deeper and really get into the nitty gritty to ensure the property is right for you. Most vendors will have tried to supply as much information as possible on the ad. This could include floor plan, outgoings, photos and dates for auction or expressions of interest so you can already come armed with this information.
Ask for the recent property sales report
When agents are asked a price we can only give a conservative guide based on the current market. Markets naturally fluctuate so it’s important to do some research of your own. Use APM, Google and Core Logic to find the latest results. Remember in property, it isn’t always a case of comparing apples, there are many factors which contribute to the price. It’s better to come armed with your research and ask the agent which factors contributed to the selling price of certain properties.
Find out why it’s being sold
It’s such a simple and powerful question and knowing the answer can give you an insight in how hard you can negotiate. For example, if you know the vendor has already bought a property they will be more motivated to sell quickly or if they’re still looking they may be able to wait longer for the right price.
Are there any current issues with the land or property?
You should always ask your solicitor this question as he will have commissioned either a building report / strata report. This will ensure that nothing is missed that could be a deal breaker for you. It just gives you a very clear path to purchase, knowing you have invested in a third party search on your behalf.
Are the neighbours friendly?
Ok, so you don’t need to find out if they want to come round for a Barbie every 2nd weekend however, you do need to ask if there are any known issues with their property or the land.
Strata or building searches are usually done by your solicitor
These are an important point in the purchasing process so they are requested by your solicitor rather than the agent.
Laing Real Estate are always happy to help
If you have any questions give us a call on 02 9358 3399 or pop in to say hi at our offices in Potts Point. You can also visit our website for our property listings.