Home Buying Tips – How to Make Your Realtor Understand What You’re Looking For

A real estate agent’s work is basically to get you the property that you have in mind and not what the agent has in his mind or thinks you are looking for.

However, as a responsible customer to be, you are expected to give the realtor a very clear picture of your ideal house so that he sticks to your preferences and get you the property that you deserve.

Let the agent understand the five most important factors to consider when investing in real estate:

• Objective of buying the property
• Type of property
• The cost of the property
• The location of the property
• Management of the property

Objective of Buying the Property

Clearly spell out to the realtor what is your real reason for buying the property. Tell him if you want the house for your family or individual use. It could also be intended for renting out to business people or may be intended for sale later at a profit. Let the realtor know your objective clearly before the deal is sealed.

Type of Property

The realtor should know the type of house that you want to own. There are many types of houses to choose from including single family homes, apartments, business premises or industrial buildings. Once you have decided on what you want, let the agent know so that the appropriate house will be sought for. This prevents confusion during signing of the contract.

Cost of the Property

Let the real estate agent understand how much money you intend to invest in the property. The agent should also know your preferred mode of payment, whether it is a one-off purchase or it is through installments. He should also understand how you plan to finance the investment especially if it involves mortgage payment. The agent should understand what plans you have for the property in terms of insurance and tax remittances.

Location of the Property

Accessibility to social amenities like schools, health centers and entertainment facilities is very important when buying real estate. The security of the place where the property is located needs also to be considered. Spell out to the agent what you would like to get in your neighborhood including also the type of neighbors you would like to be next to you. Let the agent consider opportunity costs that might arise due to the distance of the property from the expected social amenities.

Management of the Property

The real estate agent should know how you intend to manage your property once you acquire it. This depends on whether you want to be the visible landlord or you would rather employ a manager to collect the rent for you. The agent should be aware of how you would like to manage the tenants as well. You might ask for deposits while choosing specific tenants. Let the agent also know if you will hire a contractor for repairs or you will do them yourself.

Very Important

Before investing in real estate ensure the agent understands your position on these important points.