5 Essential Questions to Ask Your Real Estate Broker

Using the services of a real estate broker is having an invaluable ally throughout the selling process and valuable assistance when multiple purchase offers arrive simultaneously. Here is our Seller's Guide: 5 essential questions to ask your real estate broker. This real estate professional can provide you with valuable advice so you can select the optimal offer tailored to your situation. Currently, you have probably noticed that it is not uncommon for a seller to receive more than ten purchase offers in a very short period. The low inventory of properties on the market partly explains this phenomenon. As it is quite challenging to sort through these multiple offers in such a fast-paced market, we present our Seller's Guide: 5 essential questions to ask your real estate broker to ensure you accept the best available offer.

Is the buyer represented by their own broker?

First and foremost, we suggest verifying if the buyer is working with a broker. The majority of buyers who engage such an expert stand out for their seriousness in the process and are given priority in achieving a real estate transaction. Indeed, 8 out of 10 transactions are conducted by collaborating brokers. They represent the buyer's interests as real estate specialists and ensure to accompany them throughout the process until the transaction. If this collaborating broker is absent, a situation of conflicting interests may arise as the listing broker represents both the seller and the buyer. Although the listing broker may provide fair treatment to both parties, this practice is not ideal and can lead to several issues. Quebec remains one of the only provinces where dual representation is still allowed.

Is the client prequalified?

Many people have experienced significant changes in their financial situation since the beginning of the pandemic. Job loss, reduced working hours, mandatory weeks off, are just a few examples of impacts that could affect everyone's finances. When a buyer submits a purchase offer, a prequalification letter is usually attached to the document. However, you should take the time to verify with the certified mortgage broker that the credit check has been completed, and the file is up-to-date. This will facilitate the transaction and save you from potential difficulties. You can also ask your real estate broker to contact the mortgage broker to ensure that all elements are in place for a successful transaction.

Has the buyer visited the property?

Did you know that buyers submit purchase offers without even setting foot in the chosen house? Surprising, isn't it? Yet, this happens quite regularly. Every time we list a property for sale, 1 or 2 offers are submitted without a visit. Make sure that all parties involved in the transaction have visited the property to avoid possible surprises during the inspection. Since the buyer only discovers the features of their future home after the qualified building inspector's report, they may decide to withdraw and, thus, lose your momentum in the market. A buyer who does not attend a viewing shows much less seriousness, and the real estate broker is likely to set aside the proposed purchase offer. Visiting the desired property is also crucial during negotiation so that the parties can discuss tangible elements.

Has the buyer withdrawn from a real estate transaction before?

To get an overall idea of how much trust to place in the buyer, ask your broker to inquire about their history of real estate transactions. If the buyer has withdrawn from several previous transactions, this could be a good indicator. They may not yet know the precise characteristics of their real estate project or become nervous when the transaction becomes more serious. In any case, your real estate broker can ask some additional questions to the collaborating broker to understand that this buyer will not cause potential issues or more complex problems in the future.

What offer do you recommend?

As experts in the real estate market, we guide our clients towards the best available offer. The price is not always the key element to prioritize. Several factors need to be considered to evaluate the offer that will be best suited to the client. Do not hesitate to question your broker as they will direct you towards an offer that protects your interests and ensures you come out as the winner. Since this professional has already met all the parties involved in the transaction, obtaining their opinion will greatly facilitate the sales process. As seen above, asking these 5 specific questions to your broker is essential to guarantee a smooth selling process and select an optimal purchase offer. This expert will provide considerable support and appropriate advice for a successful transaction. Would you like to work with an experienced real estate team? Contact us now for personalized, high-quality service.