5 Important questions to ask a real estate agent before you buy a property

1. How long has the property been on the market?

This question is really going to give you an idea of whether the vendor is getting keen to sell. Generally, most vendors get keener to sell their home the longer it is on the market. Once a property has been for sale for 6-8 weeks, many vendors (and agents) are starting to think that their selling price is too high. If the agent tells you that the property has been on the market for at least 6 weeks, ask them if the price has been already reduced or whether the vendor would consider a reduced price.

Also, another bonus for you is that if the agents contract to sell the property is nearing its end they might be getting extra keen to sell it. You might find that the agent will become your best friend and will give you all the info you need to buy the property at the lowest price.

2. Will they negotiate on price?

This sounds ridiculous, but don't underestimate its power. By asking this question an agent might just give up the information you want to know before you make an offer.

3. Why are they selling?

By knowing the answer to this question, you can get a sense as to how eager they are to sell, enabling you to work out their timetable or deadline for selling. For example, if the agent tells you that they are moving up to Brisbane to start work in 8 weeks, you know they are motivated to sell as soon as possible. If they are downsizing because the kids have left home and they still haven't bought a new place, they may be willing to hold out longer to get the right price.

4. Have they had any offers so far, if so how much?

Try and find out what previous offers have been declined, or offers that have been successful but possibly fallen through. This can give you an idea of what the vendor will accept, or at least what other buyers have thought the property is worth.

5. What is the lowest price they'll accept?

Not all agents will give you a straight answer to this question, but some agents will actually give it to you straight up. For example, if an agent says "They'll take $320,000", you know not to go over this amount. Even if they don't give you an exact amount, they are likely to give you an indication as to the price a vendor may be willing to accept.