5 Questions to Ask Your Real Estate Broker Up Front

When buying or selling a property, it is essential to have the best representation possible. If you've never hired a real estate broker, though, how do you know what questions to ask to make sure that you've hired one that will get the job done and has your best interest in mind? Hiring an expert is a must, so it's best to be prepared. If buying, they should always know how long the property has been on the market. If it's been there for a while, it may allow for a better place to negotiate from. If you're selling, they should help you from that end of it, supporting through current market's data why you've chosen the asking price that you have. Your broker should always know, when buying, if the seller is a real estate professional. As a buyer, you may be less informed than someone who handles real estate for a living, but don't be afraid to branch out beyond your broker and research the market for yourself. They should also be able to tell you if the property is vacant. If so, the owner will still be paying on it in some way or another and is not receiving any value from those payments. They may be more likely to negotiate the price with you. Your negotiating power may also go up if the price has changed around or dropped several times during its listing. Finally, the buyer should always make sure that their broker is not also the seller's broker. If they're receiving a large commission from the seller, they are more likely to put the seller in front of you in priority.

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POSTED November 04 2013 1:26 PM

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