“Real estate is an imperishable asset, ever increasing in value. It is the most solid security that human ingenuity has devised. It is the basis of all security and about the only indestructible security” –Russel Sage
As a real estate agent, you are probably well aware of the queries a prospective homebuyer might ask you. However, there are a few wildcards here and there—especially when it comes to clueless first-time homebuyers who are unaware of what goes into the home buying process. As a realtor, it is your responsibility to address all of their questions adequately as to a first-timer, the home buying process can be quite complicated and even a little daunting. As the steward as well as the median between buyer and project owner, it is your duty to allay your client’s qualms, ensure that they understand the terms of the deal well and give them the most appropriate property applicable to their needs.
Be sure to answer their queries sufficiently as possible. More importantly, you should ensure that your answers are informative—particularly to their most basic but crucial questions. Keep in mind that more often than not, the success of a transaction is hinged on how well you have communicated the deal to your client. After all, your clients would want to make a well-informed decision and purchase which they cannot do without you. So, whether you are pitching them a condominium for sale in Quezon City or elsewhere, it is imperative to provide satisfactory answers to pertinent questions.
To know what the most common questions homebuyers ask, take a gander below.
Should I buy or rent a home?
One of the initial questions a homebuyer would ask you is whether they should buy or rent a home. They consider you as someone with general expertise as regards their needs especially if you have been in the industry for quite some time. In this regard, they would then ask you what befits them better: renting a home or buying it outright? Generally, renting a home is a lot cheaper and less labor-intensive. However, it is only through a home purchase where one is afforded with more long-term benefits. To ensure that your client’s query is adequately addressed, lay out all the advantages and disadvantages of both buying and renting. Helping them see the difference between the two will allow them to gauge where they are and what they are ready for. In this regard, they would then be able to formulate a well-informed decision.
What kind of home can I afford?
More often than not, a prospective homebuyer would come to you with an estimated budget in mind. From there, the next step would be then to figure out a price range based on their budget estimate. If they do not have an idea of what their budget estimate might be then come up with a figure based on their income and financial stability.
When should I apply for a mortgage pre-approval?
One of the rookie mistakes most first-time homebuyers make is obtaining a mortgage pre-approval only after they have found the perfect home. Unfortunately, your endeavor in searching for the perfect home will be met with consequences if you did it without a mortgage pre-approval. Most home sellers would be unwilling to sell to you which might cost prospective homebuyers to lose out on the home of their dreams. To ensure that they understand what the pre-approval process is like, simplify it and break it down in parts for them to better comprehend. In this regard, it is best to advise your clients to have their mortgage pre-approved before they even begin their quest to finding the perfect home.
How do I look for a home?
A fairly easy but common question among first-time homebuyer involves the initial process of their endeavor in searching for a home. More often than not, these homebuyers have nil idea as to where to start looking for a home. In this regard, it is your duty as an agent to create ways for them to make their search easier and more effective. To start, you could ask your clients what they do look for in a home or what they want in a neighborhood and a property. That, in conjunction to their ideal location should be useful in helping you create a list of potential properties for them.
Can I still back out of a deal?
While it is unfortunate for a client to back out of a dal, they are within their rights to do so. In this regard, clients can legally back out of a deal regardless of having paid the downpayment. However, they would lost all of their money in the initial deposit as this is a precaution set up to avoid having disgruntled home sellers reserving their properties for nothing. To ensure that they are well-versed about what they can legally do and what they cannot, get your clients up to speed on the nitty-gritty aspects of the home buying process by conducting a meeting with them about it. Discuss what their rights as a buyer are and what they can do once they have decided to purchase a property.