Questions To Ask A Real Estate Agent – Inspecting a Property (Part 1/4)

[arve url="https://www.youtube.com/watch?v=6Y4bg-WzmGM" mode="lazyload" align="center" /] How do you talk to a real estate agent and what questions do you ask them to get better information to buy better properties at a better price. Book Your Free Strategy Session Resources Related To This Episode Inspecting A Property Series Part 1 - Questions To Ask A Real Estate Agent  Part 2 - How To Assess Street Appeal and The Surrounding Area Part 3 - How To Inspect The Outside of a Property Part 4 - How To Inspect The Inside of a Property   How To Inspect A Property Before The Open Home Transcription: When it comes to inspecting a property, there's a lot of different things to think about and a lot of things that you need to look for as well as do as well as ask and so tonight when he was Ben Everingham from pumped on property, we are on a couch. That property is not the property, so it happened a lot about this before today's video started company cash pick up the property can definitely not taking your pants from anywhere else that we know now, but we'd love those guys. Focus is also if you guys haven't checked it out, but okay, when it comes to inspecting a property, there's a lot of different aspects to it and so we wanted to break this into a few different episodes and the first one, this one here, we're going to be talking about questions to ask the agent. So we're gonna be talking about how to talk to that agent. Different things that you can ask the agent to really give you a good idea of where the property is, where the negotiating room is and all of that sort of stuff. And this is the thing that we actually use, like we're literally walking through this series of videos exactly what we do as a business just so that you've got a tool set that you can ask better questions to get better information to hopefully buy property at cheaper prices using this information. Yeah. And the stuff that we're going through has been built over a number of years. So ben and his team over here at pumped on property had built it and space within. Every time they went to an inspection and they miss something. It's like, okay, we need to, but there's something. Listen, make sure we don't miss it next time. How many mistakes can bend personally making these portfolio before he creates a full system to not make those mistakes again, you're getting this giant spreadsheet now. I'll just try and remember it. Difference in how we work, but okay. When it comes to questions for the agent, we just want to say from the outset that it is really good to book an open for inspection rather than trying to do this at a open to the public open for inspection. So I did do a video with Simon on how to actually make that happen. So if you haven't checked that out, we'll leave the links in the description down below, but you want to talk about why that's so important before we get into what questions are. It's so important because at an open home, one of two things happen. The agent is freaking out about nobody being there and then every single person that walks through the door, they have to have these meaningful conversation with or there's just heaps of people there and you can't spend meaningful time with them. The second reason and the most important reason to me why it's important is you want to build a personal relationship with these guys and actually get, give them the sense that this is important to you, that you're a serious buyer so that they treat everything that you say, you know as it's going to actually affect us out. Yeah, and so when you're at an open public open for inspection, there's so many things that can distract the agent and it can be so and distract you as well and having a meaningful conversation with the agent, it's going to be more difficult. Whereas if you're building that relationship one on one through an inspection that you booked, then it's much easier to ask these questions and, and to put that into perspective a business we have never actually attended a public inspection since we started because there's absolutely no point in going there. Yeah, and so we recommend that you do the same and it's not very hard to do either to poker. So we've written down a couple of questions and by we, I mean all the work here. This is five years of Ryan's mind coming onto the first question I absolutely love, which is asking the agent, when did the current buy this property and for how much? Why do you ask that question when you can find it online? It's so funny that you say that because I actually go and find it online before I go and then I asked the agent to see straight away the agent's bullshitter or they actually earn openagent and secondly, if the agent actually knows anything about the property or not, I'm there to really, really good ways of saying who you're dealing with very, very quickly. Okay. So let's go through this and break it down a bit. So firstly you can find out when the property was previously sold. Hold Online. It's not difficult to do. I used to use on the house, but there's a whole bunch of new address now that real estate.com publicly releases all this data now afraid. Yeah. So you can see when the house was previously sold and how much it was sold for. So you can go in already knowing this. So let's like talk through the different examples of things that could happen. So the agent knows it then analyze Babbitt. Yeah. Like do call them out on it hundred percent. I called them out on it because everything in negotiation is about leverage. Right? Sorry if I'm sounding super tactical in this video, but this is what we want, like I, I hundred percent want to know if the person that I'm working with has integrity because I come from a values based place personally where every single thing I try and do in my life is aligned to know helping people and actually being honest about shit and if I'm not working with something, someone that values aligned with me and I want to know before I, you know, put my heart on my sleeve and go out there and try to do the right thing. And so when you call out the agent, how does that then affect how you deal with that agent moving forward? Will we only deal with the three agents in each cell but sell 95 percent of the property? So generally to be a top performer you have to have some form of integrity because you don't have a longterm relationship with a market in the suburb if you just issued, they just, the best agents are bullshit. Basically. That will really happen that the agent will lie to you straight to your face. It really happens, it rarely happens and if it does, it generally an out of area agent, a rookie agent, a grain agent, all of those people we've talked about in other videos that we love to buy from. So just be careful if they do do that. And then obviously this might be an opportunity there. Like long story short, the reason why actually finding out the price point is important isn't for anything to do with the agent, although it does help with that. It's more around, let's say the person bought the property 10 years ago in Sydney and they bought the house on Granola beach for 500,000 bucks. And then fast forward to today, that property is now worth $2,000,000. Um, you know, versus a person that bought it 12 months ago for two point $2,000,000 and now it's worth 2 million bucks. It's going to be very, very difficult for that person that bought it a year ago for two point 2 million bucks to sell it for anything less than what they bought it for. Plus the entry and exit costs where it's going to be much easier to negotiate with someone where there's actually some some wiggle room in there to negotiate. So what you're trying to figure out here is how much margin in the deal for the current owner, which can allow you to negotiate more or potentially negotiated with less. So the just bought the property recently and the market's gone down. Even if it's gone up a bit. Yeah. People are just highly unlikely to sell property for less than what they bought it for. When I see a great property that was recently purchased and I'm. I can say straight away if someone's losing money to sell it or if they're just frightened. Gabe and I'll just making a little bit. I know human nature isn't like we hate losing something and we hate feeling like it's a lose situation in negotiation, so they're far less likely, but those people also can hold out for a higher value for a longer period of time until their listings on the fifth page of real estate.com and all of a sudden they do get desperate and you can on the flip side of that, if you track a listing for long enough, finally, great deal as well, so those kinds of opportunities in that if you see that it's been recently purchased for a certain price and there's no wiggle room, then obviously just hold that deal lightly because they might not want to negotiate to the point that you want to negotiate. It doesn't mean you can't have a crack at it. We're not buying real estate. I buy them from people that are buying them for a long time because I made that that person is far more likely to give me a concession. I'll just avoid the properties that were recently purchased that I have to wait for a long time for it. He who doesn't want to buy at the right price, like I would rather miss a few and wait for the right one nine, then I can save myself 20, 30, 40 half. And the next question that we have for the agents is how long has the property been on the market? So it's important to compare the average number of days for the suburb as a whole. So let's say the average number of days, it's 35 from the time it goes on realestate.com til the time it settles or cells. Um, you know, if a property has been on the market for 60 days, it was either originally priced really high or it was just not the right type of property. Nobody in the market seeing value in it.