Real estate agents are guides or home buyers or sellers in the process of buying or selling a home. Regardless of whether you are assisting a buyer or a seller, each will have several questions for you. If you want to be the most successful agent you can be, building trust with you clients should be atop of your goals.
Becoming a translator and an advisor to their questions, comments and concerns will serve both you, and the client well in strengthening the bond between agent and client. Below, we have provided the most common questions and best answers to provide your clients as you aid them in their buying or selling experience.
MOST COMMON REAL ESTATE QUESTIONS
1.ย How can I prepare my house prior to selling it?
First impressions are important in business, but more so when it comes to real estate.ย Anyone who walks through a home or visiting it online is looking for ways to negotiate or pass down the price.ย It is your responsibility to assist clients in making it clear that HVAC plumbing, HVAC and electrical systems function in a proper manner.ย Every room must appear clean and tidy with no visible damages.
2.ย Do I need to order an inspection of my home?
Inspecting a home prior to selling is always a good idea, particularly to ensure that you get your customer the most competitive value for the home they want to buy.ย Many homebuyers are at ease buying a house, but not having an inspection of the home.ย Most will choose to choose to employ the inspector they themselves.ย It’s safer rather than being sorry.
3.ย How do I take to sell my house?
After the property is placed listed for sale the house could take between four and six months to sell.ย If the market is quite high, sellers can get their home removed from the market in less than one week.ย However when there is an ebb in the market or if issues arise, such as negotiations or exposure issues, or home conditions, the house could sit up for months.
4.ย What is the price of sale of my house?
The cost of selling the house varies based on many aspects.ย The most frequent ones are the area and the price similar-sized homes are selling for.ย Also, consider the condition and age.ย Are major repairs required to be completed?ย If so, this could decrease the value of the property.ย The market also plays a role.ย As with all other things, prices for homes differ based on demand and supply.ย Your role as a real estate agent is to inform your clients of these various elements and then accurately price their home.
5.ย Is there a reason why my home’s assessed value is different to market value?
The public tax assessor determines the assessed value of the property.ย This is typically done every year to determine taxation.ย Fair market value is an agreed price between buyers and sellers who are willing to pay.ย There’s usually a gap in the assessment value from the market value.ย For homeowners who are assessed, it is an enigma with two sides.ย Since, if their assessed value increases annually, the tax they pay annually are also increased.ย On the other hand when you sell a home, it could increase its value.
6.ย What is the agent’s commission?
In the course of a real estate transaction agents are usually compensated by the seller in the form of a commission instead of the seller receiving a flat fee.ย The typical commission on real estate transactions is 5 to 6 percent of the property’s value at the time of sale.ย In many instances, the buyer’s agent as well as the agent for the seller split the commission 50/50.ย Each receiving 2.5-3 percentage.ย As a broker , agent or broker you are able to use this easy-to-useย property Commission calculatorย to calculate your commission rate.ย Be aware that certain real estate firms will operate at a reduced fee of about three percent or charge a flat cost.ย The discounted rate or flat fee could be more affordable however, it could also lead to a lower level of service.
7.ย Are real estate prices negotiable?
It’s true that almost every aspect of real estate can be negotiated.ย In general, there is the difference between a house’s listed price and the amount it will actually fetch.ย The market’s current saturation will determine the amount of the room is left for negotiations.ย If you’re on the buyers’ side, you can expect the home to be to be bought at a lower price when there’s a smaller demand than the supply of homes on the market.ย If you’re on the side of the seller, expect it to sell at a lower price.ย However it’s impossible to know who else is looking for a house.ย Sometimes, people will come into the area and offer the exact price they are looking for.
Real Estate-related What to Expect from Buyers of Homes
8.ย What’s the first stage in purchasing a home?
The first thing to do that your customer must take isย get approval by a lender for mortgage.ย If you are not able to approve a mortgage, it is extremely difficult, if not impossible to buy a home.ย If a potential customer reaches out to you, make you complete theย screening of tenantsย and then direct the client to an eminent mortgage firm and advisor who you have confidence in.
9.ย Do I need to let my home go before purchasing a new one?
It’s a difficult question that has a complex answer. The answer is dependent on the amount of money available and the ability to locate temporary housing.ย If a person requires more money to buy an additional home or to meet an obligation to pay for a mortgage, it is recommended to get rid of the current house prior to buying their next.ย In this case it is likely that they will require temporary housing with an individual or family member or by making arrangements for the rental of a temporary residence somewhere else.
10.ย Do I need to conduct an inspection of my home?
If you want to, you can order an propertyย investigationย on behalf of your clients, or request them to order one.ย An inspection of the home is among the most important steps to take when buying a home.ย An experienced inspector will have an eye at how well the home is being maintained.ย Inspectors are able to comment on cosmetic and structural problems and local code violations.ย A home inspector will assist you to assess the value of your home.
11.ย Do I need to do an end-of-day walk-through?
A final walk-through of the property is not necessary, but is strongly advised.ย Final walk-throughs provide buyers with the chance to ensure that there is nothing that has changed from their initial inspection as well as previous inspections.ย In addition, if repairs were needed in the deal, then a follow-up inspection makes sure that repairs are completed in accordance with the contract and the contract.
12.ย What is the process of earning money?
Earnest money is like the deposit you pay for renting a house.ย It is done in good faith in order to prove to an owner that the offer of the buyer is valid.ย As an agent for real estate it is your responsibility to solicit your client’s earnest money in the form of a deposit that is in cash or check.ย It is typically 1 to 2% of the sale value and effectively eliminates the property from the market.ย This money gives the buyer additional time to conduct a title search and have an inspection, appraisal, and also to finance.
13.ย What number of houses should I look at before deciding to purchase one?
The number of homes your client would like to see will vary greatly.ย But, it’s much more convenient toย meet with your clients online.ย It is now possible to view houses online , making virtual tours or viewing photos that are detailed.ย You can therefore assist your customer by providing the access you provide to online system to allow them to look at as many properties as they want.ย Once the list is reduced, you can go to properties with them as well on behalf of them.
14.ย What will happen if I choose to hold off on buying the house?
If your client is cold feet when they see a house, it’s fine.ย Sometimes, they may have second thoughts or desire to take the opposite direction.ย Be aware that the client may have to give up the earnest cash, which is typically 1 to 2% of property’s selling cost.
15.ย What is a mortgage ? And what is its purpose?
Mortgages are a form of loan used to fund the purchase of a home.ย Most people do not have the money to buy a home for their entire family.ย Therefore, a mortgage acts as a secured loan that has an annual fixed rate of interest and is paid back over a period of 15 to 30 years.ย If necessary the client wants to refinance their mortgage as well as their payments in the near future.
16.ย What exactly does the use of an escrow?
An Escrow is an uninvolved third party who is hired to manage the exchange of funds and property transactions as well as related documents.ย The escrow is the one who holds the funds and other documents in a trust until all the terms and conditions of sale are met.ย If you are depositing earnest funds it is advisable to open an account for escrow.
