7 Questions to test the Loyalty of an Estate Agent

Buying or selling a property or home will be difficult when dealing with an incompetent or disloyal Estate Agent.

Please don’t think that this article is about being negative about estate agents.

I am of the overall opinion that many estate agents are excellent, however, most estate agents fall into one of three categories: good, average or poor.

Then, there is that worrying small percentage of estate agents who are downright incompetent. Every industry is inflicted with this type of person and I suspect the real estate industry has more than its fair share of incompetent agents.

The truth is; a good and a bad Estate Agent have the same one thing in common – their job is to be a “deal-maker.” However, you need to be warned – some estate agents will perform any type of tricks to get a deal. There is certainly nothing wrong with enthusiasm to pull a deal together – it is to be applauded. However, a good Estate Agent always needs to remain professional and ethical throughout the property selling process.

The majority of homeowner’s are inexperienced when it comes to buying or selling a property. They therefore rely on the “perceived” ability of the estate agent they are dealing with in the selling process. Most homeowners are an easy target for a dishonest or incompetent estate agent.

In any negotiation, a WIN – WIN deal is the ideal goal. Unfortunately, sometimes when buying or selling a property, the result happens to benefit just one party…the buyer, the seller or possibly just the estate agent. So therein lies the danger. Who is the estate agent really working for? Where do their true loyalties lie? With the seller, the buyer or themselves?

These 7 questions will help you decide who the estate agent is really working for. Upon viewing any home use these questions to test the estate agent.

The answers will normally reveal something about the estate agent and their ability and true loyalties. If the agent betrays the seller, the chances are that they will betray you as the buyer as well. Conversely, If the agent defends the seller, it’s likely they will defend you too.

Here are the questions to ask:

  1. Ask the Estate Agent: What price will the seller accept?

You could learn the lowest price that the seller will accept.

  1. Ask the Estate Agent: How much do you think the home will sell for?

You could find out that the Estate Agent has an opinion less than the asking price.

  1. Ask the Estate Agent: When does the seller need to move out?

The Estate Agent may then reveal an urgent deadline. This will be an advantage to you the buyer in negotiating a lower price.

  1. Ask the Estate Agent: Why is the homeowner selling?

The Estate Agent could possibly reveal a confidential reason for selling.

  1. Ask the Estate Agent: How long has the property been on the market?

The Estate Agent may reveal if the property has been difficult to sell or perhaps why.

  1. Ask the Estate Agent: Who priced the property?

The Estate Agent may deny any involvement and could blame the seller for being greedy.

  1. Ask the Estate Agent: What other homes are there in competition to this property?

This is particularly useful information, if the Estate Agent gives you an honest answer. You can then ask the Estate Agent to show you some of these competing properties.

These questions are basic and not difficult to ask. However, if you don’t ask these types of questions you can place a buyer or seller in the hands of a dishonest and incompetent Estate Agent.

Purchasing a property is a significant investment for anyone; so, it is advantageous to choose an Estate Agent you can trust and have confidence in.