Buyers’ questions are usually about the house, but you should also ask about the underlying dynamics.
Among the duties of an estate agent, aside from marketing a property, representing the seller, and negotiating sales deals, is to provide valuable insight to buyers that isn't obvious from an online listing or a 30-minute viewing.
The questions that potential buyers ask are usually about the property itself, but much more lies beneath that could sway the decision to buy or not to buy. For first-time buyers especially, it is important to understand other dynamics that are in play.
Instead of focusing only on the number of bedrooms, the size of the garden or stand, or whether the seller will leave the curtains, buyers should tap into the estate agent's knowledge to test the property's value, condition, and potential weaknesses.
These 10 questions help you to better understand the underlying dynamics of the sale.
1. Why is the seller moving?
Whilst an agent cannot necessarily disclose confidential information about their client, if they can answer the question, it may reveal very useful context.
A relocation, retirement, or deceased estate is different from a seller who has repeatedly tried to sell because of problems with the property or neighbourhood. This does not mean that the same issues will affect you, but it gives you a platform to better understand if there are issues that may be concerning.
2. Would you hesitate to buy this property?
With this question you are asking the professional who knows this property and the suburb to identify its weaknesses.
The answer might surprise, such as the property being on a busy road; requires renovation; experiences parking problems; has high maintenance costs; prevailing security challenges; has a quirky layout; exposed to extreme levels of neighbourhood noise; or even having unjustified high levies in a sectional title.
This is one of the most revealing questions you can ask an agent, which directs you to consider whether the issues are something you are prepared to tackle or investigate further.
3. What would you change?
Agents are able to see beyond ‘what is’ and provide guidance on what the property ‘could be'. Would they, for example, remove a wall to create more open-plan living? Perhaps they suggest improving security or changing the function of a room.
The response helps you to understand the difference between ‘cosmetic shortcomings’ and features that impact the property’s future value or appeal.
Experienced agents will have taken time to understand your needs as a buyer and whether the property being viewed will suit your future needs. If not, what can you do to make this the ‘forever’ home that your family can grow into?
4. How long has it really been for sale?
The date on the listing may be recent, but sometimes it may be that the property has previously been marketed by another agent whose sole mandate has expired. It could also be that the house’s asking price changed, and best has been re-listed.
Whatever the answer, it doesn't automatically mean something is wrong with the property. Market conditions such as an interest rate increase and seller circumstances can change but a long marketing history is a reason to ask more questions.
5. Has the price been reduced?
A price reduction gives you useful information beyond whether the house is a bargain or priced too high. This requires further questions:
- What was the original asking price?
- When was it reduced?
- How many times has it been reduced?
- Have comparable for-sale properties the area also seen a reduction?
- Has the seller rejected previous offers?
Most often the original asking price was unrealistic. Owners tend to see their home as worth more than an agent recommends, especially if they have spent more on renovations than they can recover from a sale.
6. Have any previous offers fallen through?
This is a particularly important question because a failed sale can have many explanations. A previous buyer may have failed to obtain finance, for example, but if the sale collapsed because of a legal or compliance problem, you will need to explore what those issues were.
If the explanation relates to the condition, Title Deed, unapproved renovation plans, failure by the seller to settle outstanding municipal bills, or another material issue, you will need to factor that into your decision-making.
7. What do neighbouring properties actually sell for?
Don't ask only what similar homes are advertised for, but also what they have actually sold for? It's important to compare like with like.
A three-bedroom home with a swimming pool and renovated kitchen isn't comparable with a home that has the same or similar features but which requires major repairs.
Buyers should also consider location within the suburb. A house on a quiet residential street may have a different value from one close to a major road, commercial activities, or other potential nuisance issues like noise or parking challenges that come from a nearby school.
8. What is the biggest weakness of this property?
This is different from asking whether there is anything wrong with the house. The response may identify something you haven't noticed or confirm a concern you already have.
Buyers should remember that an estate agent is not a building inspector, structural engineer, electrician, or conveyancer. Professional inspections and legal due diligence remain important and will reveal things that are wrong.
This question taps into an estate agent’s knowledge and understanding of both buyer and seller needs. It may be that in asking you similar questions, the agent has a deeper understanding of your lifestyle needs and can introduce you to other, more appropriate properties.
9. What would you offer if you were buying it?
This is an uncomfortable question because agents want to secure the best deal they can for the seller. However, they are obliged to present all offers to the seller regardless of whether they appear way too low.
Whatever the answer, you cannot hold the agent responsible for whatever offer you make, as you are really asking for the ‘personal opinion’. This helps you to understand if your offer will appear to be reasonable. And even if rejected if too low, a seller’s circumstances may change in the future, which is when you may be contacted to see if your interest is still in play.
10. What am I not asking you?
This may be the most useful question of all. After asking all the questions you have about the property, there may be some you have missed, especially if this is the first time you are buying, which requires some hand-holding.
Buyer’s checklists are helpful, but agents often see challenges beyond those, such as those that relate to the conditions of sale. Each property is unique, as are sellers’ and buyers’ lifestyles. Even an Offer to Purchase may not be standard.
An excellent agent is one that helps you to understand the journey ahead.
