What Should Buyers Know Before Meeting A Real Estate Agent

Sep 19, 2019 by

When planning to buy a property, you should always be ready to deal with the challenges that might come your way in the process. However, it’s not always easy to be prepared for such endeavors and there are so many things that should be kept in mind before you surrender many of your tasks to the property agents. Even though agents would be of great help but still they can handle everything for you. So, always act smart and be enlightened about things you should be taking care of before even meeting a property agent. Here we have listed a few things that you should take care of before meeting an agent.

  1. Know Everything From Financial Aspect

Buying homes may not always be easygoing. The very first thing you should be taking into consideration is the budget available to you. Make sure you know how and where you should be spending your money so that it doesn’t get wasted at all. You have to value every single penny you have and, therefore, you should have your preapproved mortgage set up before meeting your property agent. The mortgage will cover your home’s price, rate of interest, and period till the time of maturity. Staying aware of the potential amortization would be helpful in maintaining financial stability after you have bought the property. You should also be prepared for making a certain down payment and it’s usually anywhere between 5% – 10% of final price. You should also find out if the financial transactions you’ll be doing cover for property insurance or not.

  1. Know Your Timeline

Before you meet the property agent, you should be familiar with timeline of this entire process. Oftentimes, even a single transaction may take months. Usually, you can expect a closing in around 4 to 7 weeks. Normally, it depends on such things as market state, financing, the way you do negotiations, etc. Above all, it’s really important that you know the time required for closing the deal as well. A lost and ineffective buyer is never desirable for property agents.

  1. Know When You Should Be Making Right Appointments

New buyers always have to track down the time they spend with the preferred property agents. These meetings are very important for the agents. The property agents are working on a commission and there are other things that they have to take care of as well. Though you don’t need to adjust yourself to them, you should actually be aware of the situation as it helps. Understanding between an agent and the buyer is really important and opting for right place and time for discussion is equally important too.

  1. Have Clear Expectations And Know Actually What You Want

The most seasoned property agents usually have the idea about buying motivation of their customers. They’re always on top of the buying trends as it impacts the marketing strategies they have put together. However, you should make sure that you don’t put the agent into doing some guesswork on what your motivation behind buying the property is.

During the meeting, you should try and optimize your time that is being spent with them. So, when you share your preferences and expectations with them right at the beginning of your meeting, it will help you save time. It is very necessary to be proper and straightforward while conveying your ideas. Clearly outline what you want in the property you want to buy.

  1. Agency Disclosures Are Always Important

It’s really important that you know the agency’s policy for disclosure before you set out on your property hunt with them. It’s their assurance that any foregoing transactions are going to be honest. Also, if some agent just vanishes into the thin air, they’ll ensure that the buyers have somebody else designated to take things further without any kind of financial or legal obligations.

  1. Know The Agent

When you’re working with your preferred agent, it means that you have done some background check already. Your chosen agents should have the market knowledge and all transactional processes that will be involved. They must also be aware of everything possible about the properties that are on sale and their market value. Before you meet with the agent, you should be aware of any previous transactions made by the agent. Try looking into the deals that they have closed lately, the properties they’ve sold, and the area where they’ve sold those properties, and how frequently they’ve closed during last 6 months. It will help you assess their competitiveness.

If a buyer knows all these things, they’d be better placed to meet a property agent and get themselves a good deal at the end of the day. For first-time buyers, depending on the agents only would not be enough, though. Buyers must be ready and do the homework before hitting the market and finding themselves the right kind of property for themselves. So, get ready for your property search and be more knowledgeable before you get to the agent.

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