Buying and/or selling a home can be arduous. It’s a full-time job you have to invest in to make sure that you sell at the right price and also buy a good house at a good deal. So, it is very common for Realtors to get asked many questions during the buying and selling processes. Below are five commonly asked questions to get your ready for working in real estate:
What is the first step in the home buying process?
Getting pre-approved for a mortgage is the very first step. A pre-approval letter details how much a mortgage is worth. In turn, this informs what kind of house your client can afford and what choices to make as they look for one.
If your client already has an idea of what kind of house they want to buy, the pre-approval letter can also forecast future details like how much they need for a down payment and closing costs. This gives enough time to save up money, liquidate any assets, or even get mortgage gift funds from family.
How long does it take to buy a home?
From the point you and your client search for a property online to the closing point, buying a home can take anywhere from 10 to 12 weeks. Once your client selects a home and their offer is accepted, the escrow period (time between contract signing and closing) can take between 30 to 45 days. However, if your client is well-prepared, especially financially, the whole process can be expedited.
Can I see your references?
Before clients embark on their home searching journey with you, they are most likely going to be interested in your references. This is like a mini job interview. Informing your client of your references shows them that you are professional and also excel at what you do. It’s the perfect opportunity to highlight all of the great work you’ve done!
How many clients are you currently representing?
In the spirit of building trust with your clients, it’s also important, if they ask, to let them know how many clients you are representing. How each real estate agent handles their work depends on the individual. Some can handle five clients at a time while others can manage up to 15. However, the number of clients you represent gives an idea of how much time you will dedicate towards helping them find the home of their dreams.
How much do I have to pay an agent to help me find a house?
The home searching process involves A LOT of money. From mortgages and liquidated assets to closing prices, buying a home is a hefty investment. Hence, clients will always want to spend as little as they can to buy the home of their dreams. As a real estate agent, be transparent about your rates and explain what each price pertains to. This makes the home buying process as honest as possible for your client.