Real Estate agents are people who help in the process of buying or selling a home or property. Real Estate agents play a key role in the real estate industry. Identifying a good real estate agent is essential for making profit in real estate and there are certain questions you should ask when trying to do so.
Questions to ask when hiring a real estate agent:
How long have you been a Realtor?
Experience is important for a real estate agent as it helps to forestall and tackle possible problems that could come up when trying to sell or buy a house. This experience can also be very useful when negotiating.
Can I see your license?
It is important that you confirm you’re working with a certified and legitimate realtor. This would keep you safe from fraudsters. You can also ask for referrals from previous clients who you can call for further confirmation.
How much do you charge?
You want to know if it is a price you can afford before beginning the transaction to avoid delays or financial strains in the course of working with him or her.
Read also: How You Can Make Money From Real Estate in Nigeria, 2021
Questions to ask when buying your first apartment:
Buying a house is an investment that would last for years and asking the right questions helps you to avoid costly mistakes. Here are some questions to ask your real estate agent when buying an apartment:
Why is the seller selling the house?
You need to find out what you can about the house and why it is being put up for sale. The motive could be an ulterior one and asking questions can help you avoid falling into the trap.
How long has it been up for sale?
If it has been on sale for long and nobody has taken it, it could be that there is something wrong with the house that is not apparent.
What type of work/repair is to be done on the house?
This is where property inspection should come in. You should properly check the house you’re thinking of buying for any areas that would require repairs. This is why at MKH, we take our potential clients to inspect our properties before acquisition.
Questions to ask a real estate agent when buying an investment property:
Buying an investment usually costs a lot of money and cannot be done haphazardly. You will need an experienced realtor to guide you through the process. Some questions to ask a real estate agent to guide you when buying an investment property are:
How many deals have you closed?:
You should work with a real estate agent that has a successful track record of helping people in buying or selling property. Although there is no guarantee, he has higher chances of closing the deal if he has successfully closed other deals before.
What essential information should I know about buying Investment Property?
You should take note of how the realtor answers this question.
If the realtor is able to give adequate and relevant information on this, then you can be assured of working with him or her.
What is the value of the property?
The goal is to get maximum profit for your investment. Property valuation should be carried out to know how much the property is worth and if it’s worth investing in.
Questions to ask a real estate agent when buying land:
Buying land is a complex process that requires proper investigation. It is a decision that should not be rushed. There are certain factors to take into consideration. Some questions to ask here are;
Where is the location of the land?
Location is very important when buying land. It should be strategically positioned in a place where the tendency of it appreciating in value is high.
Has the Land been surveyed?
You can ask for the land survey to be sure it is not part of government acquisition. You also have to verify if the document is a legitimate one as fraudsters can produce fake survey plans.
How accessible is the Land?
Some lands are situated in areas that are not easily accessible from major roads, especially in rural areas. Strategic position also contributes to how much profit you can make from the land if you intend developing and commercializing it.
Questions to ask a real estate agent when selling your land or property:
Selling real estate is an important transaction and there are questions to ensure that you get maximum profit from the sale:
What properties have you sold?
Some real estate agents specialize in specific areas of real estate such as commercial properties or residential properties. However, some that are experienced can sell any type of property.
How do you plan to advertise my property?
You should know how the realtor is planning to go about selling your house or property. What market strategy do they plan to use and how would they make the offer visible for potential buyers? This would help you know if working with the realtor is a good idea or not.
How much do you think the property would go for?
A real estate agent that has closed deals before in your area would be able to give an accurate and up to date estimate on the selling price for your property. He would take into consideration vital facts such as other properties in the area, the condition of your property to give an estimated price.
Questions to ask when renting:
Renting an apartment can take a great deal of time and effort. It is necessary to get proper clarifications and documentation before going ahead to make payment. Some of the questions to ask your real estate agent when renting a house are:
What should I know about the property?
The agent or landlord should provide you with every necessary information about the house. You should be duly informed if there are conditions of the apartment that could be of risk to you. You can also carry out home inspections to find out more.
At what intervals can the rent be increased?
This should be stipulated in your rental or tenancy agreement. Many tenants sometimes have to deal with increasing rents on a constant level if this is not dealt with before renting the apartment.
Who would be in charge of the property?
You need to know who you can easily contact if any issue arises while staying in the apartment.
Read also: What Landlords and Tenants Need to know about Tenancy Agreements in Nigeria
These questions give you information you might not have prior knowledge of. At MKH, we are always available to provide you with answers and vital information that would help you make the right choices to invest in real estate. You can click here for more details.