It’s great to ask your Realtor questions, especially if you don’t know the answer. Sometimes they’re good, sometimes it’s better you keep them to yourself…
In a multiple offer situation, some people ask…”Do you know what the other offer prices are?”
Unfortunately no. The listing agent has the Seller’s best interest in mind, and will not disclose any price information of the other offers. It’s like those silent auctions where you submit your bid in a box, and the highest bid wins…same thing with multiple offers, the best offer wins.
During house viewings, specifically in houses that are not of interest, some people ask…”How old is the house?” or “How many days on the market?” etc..
Does it matter? If you don’t like it, let’s move onto the next one. Let’s not waste anyones time. The answer will 99.9% typically won’t change your decision if you don’t see yourself living in the house.
When searching houses online, some people ask…”What do you think it will sell for?”
If I got a dollar for every time this was asked, I could retire! I don’t have a magic ball, I wish I did, because it would make this job so much easier! It’s impossible to tell you what a home will sell for. There’s so many factors involved such as the Seller’s motivation, Agent education, holding offers, etc. that I can’t give you an answer. What I can give you is data driven market value of homes in the area and what they have sold for, so you can make an education decision on an offer.
An Investor asking…”How much do you think we can rent this for?”
A much easier question to answer than the above. Based on previous experience, we’ve gotten $x for this type of home, so you can expect that type of rent.
An investor asking…”What the vacancy rate of <city>?”
Valid question, but it’s really insignificant for the majority of the markets we’re investing in around GTA and outside of the GTA. If the house is a good house for rental, are you NOT going to buy if the vacancy rate is 6% vs 3%?! I hope you’re not making decisions just based on that.
Going through a home with an investor and telling them it’s a student rental and they’re paying $500 a room, and then they ask…”Is this too far from the campus to be rented to students?”
No, I just told you students are living here and paying $500 a room. Is that not proof of concept for you? Please pay attention.
A Seller asking…”Can I see photos of the home after you’re done taking them?”
GREAT question. Please ask this if you’re a Seller to make sure the listing agent is putting professional photos when marketing your home. If they’re not professional, find another agent.
A Buyer or Investor who I’ve just met ask…”I’m looking for a ‘good deal’, let me know when you find one and gives their business card.”
I just met you, I don’t know you and you’re asking me to find you a ‘good deal’? Sorry, this ain’t a one-night stand…it doesn’t work that way. At least offer to buy me some lunch.
You get the random call from Realtor.ca and they ask…”Can I see the home today at 12pm?” (and it’s 11:30am).
For some Agents, they’ll drop everything and do that for you. For me, nope. I’m not here to just open doors for you. I want to make sure we’re a good fit to work together before I start to help you, and you, as a Buyer should also get to know your Realtor and see if you like them and trust them.
There’s probably a lot more common questions that I get on a regular basis, so I might add to this once in awhile. Again, there are good questions and there’s also stupid questions. Ask the right ones.