The PROPERTY DOCTORS, Sydney Australia Novak Properties
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The PROPERTY DOCTORS, Sydney Australia Novak Properties
EP. 1348 STUPID QUESTIONS TO ASK AT AN OPEN HOME
What if the questions you thought were silly are actually your secret weapon in real estate? Uncover the unsaid truths and strategies behind "dumb" questions that could save you thousands in property negotiations. In our latest episode, we peel back the layers of what really happens during open homes and how asking the right questions can reveal the seller's true motivations. Tune in to hear how mastering the art of inquiry not only helps in understanding the property's condition but also positions your offer strategically, potentially making the difference between winning or losing your dream home.
Join us as we share our experiences and the quirkiest questions we've faced, with a touch of humor and a wealth of insight. From understanding why a property might linger on the market to navigating the delicate balance between your needs as a buyer and the agent's role representing the seller, we've got you covered. Whether you're eager to know just how low a seller might go or want to grasp the intricacies of strata details, this episode promises to boost your confidence and arm you with the knowledge needed for a successful property purchase.
Dumb questions to ask your real estate agent. There's no real dumb questions, but there's some annoying ones. We're going to talk about them right now. Stay tuned.
Speaker 2:I love this topic, spicy. We were brought up saying there's no silly question Like and if you don't ask you don't get. But I have to say you know running open homes for the last few years. We do see, you know, some buyers come in and just navigate them like an absolute pro and you've got others. That just you know get back up what about?
Speaker 1:what about the? Um, the elder that comes through, that just knows everything like?
Speaker 2:yeah, they're the or the advisor, the advisor I used to be a real estate agent that's it, yeah, and and so, um, we're here to talk to you this morning about, I guess, the stupid questions to ask at an open home or in, in theory, if you flip it around the other way, like how you can navigate an open home like a pro, ask the right questions. In my opinion, the right questions unlock all the insights as to what's going on in the owner's head, and that can be really helpful as a buyer, because if you kind of know the way to frame up your offer or how, to you know, use the terms in the right way to present your offer in the strongest light, it could be the difference of buying the property. So pay attention here.
Speaker 1:We've got some good little nuggets for you sure it could be a great way to annoy your real estate agent if you listen.
Speaker 2:If you really want to know how to annoy your real estate agent, watch this show yeah, but look, even if you annoy the real estate agent, don't get along, it shouldn't you stop you from buying the property. But if you kind of work together it will make it a lot easier. So question number one we've shortlisted eight of our favorites. Number one I get it all the time why are the owners really selling and like, are they in financial distress? Yeah, I hear that all the time yeah, it's sort of like you're all.
Speaker 1:It's sort of like you just want to inflict pain on the owner and just tell me that they're desperate.
Speaker 2:Yeah.
Speaker 1:I don't mind telling them the motivation of the owner.
Speaker 2:Yeah, I think that's a helpful question you know if the owner's, you know, looking at another property that might give you the go-ahead to try and put forward a good offer that matches their settlement terms.
Speaker 1:But it's the way it's asked. Trade the deal a little bit, yeah.
Speaker 2:Yeah, it's the way it's asked what's wrong with the property and why has it been on the market so long?
Speaker 1:Oh yeah, I love that question because sometimes we get that asking you're asking a salesperson what's wrong with it, like well, like, even if we knew, we're not going to tell you we're there to sell it but but also like we didn't build the property or anything like that.
Speaker 2:We're, you know, we're fortunate to represent the home in its current state and and of course we, you know, organize things like building and pests and strata reports, but that's not the property, that's the whole building. We're not strata managers either, though sometimes you get about strata and it's just like that's out of my um. You know, that's out of my realm how much is in the strata?
Speaker 1:how much is in the strata kitty?
Speaker 2:like that's a good question. That's a good question. Sometimes the agent knows, or, if they don't know, they're able to get the resource to you so you can have a look can't rely on it.
Speaker 1:The agent tells you that's true.
Speaker 2:Um is the asking price negotiable? How low will they go, I think? Um how low will they.
Speaker 1:I don't mind the negotiable, but how low will they go? Like, that's like we're working for the vendor, we're not gonna just drop our pants, just sell. Are they gonna take? Well, some agents will, though. So might as well actually answer that question. God, they'll take. They're asking 500,000, but they'll take 450. Why are you asking 500,000 the property, when you're going to tell them you're going to take $450,000 on the spot?
Speaker 2:You know, I find buyers get most confused with that asking price or guide price when they might be coming from a different country with a different set of sort of marketing styles. So in the UK, as an example, there's an asking price and quite often you come in under the asking price and then you meet somewhere in the middle. But the word guide for Australian real estate industry is basically like a 10% range to give the buyers goalposts to work between. So if you're looking at a guide of a million, that gives you hopefully a bit of an idea as to what the answer is Give me more stupid questions.
Speaker 2:What's the crime rate like in the area? Or you know the other question I get, like how many apartments in the building are rented like. We never know these certain numbers, but the best closest you can find is on your strata report. It tells you more or less than 50%. How many people have put in offers? That's a pretty common one. Is that a bad question? How many people have put in offers?
Speaker 1:Eight, eight, eight. There's been so much interest in the property. It's unbelievable. What about what's an agent going to say? Is the agent going to go? No, no offers. What about what's the owner being offered by other buyers?
Speaker 2:Yeah, disclosing offers between parties. I think at that point, if the owner was wanting to, you know, have a conversation with every buyer about every offer, they would probably lean in putting the property, the property, to auction.
Speaker 1:So if it's private, if an agent is gonna tell you, if an agent is gonna tell you what other people are offered when you submit the offer to the agent, that agent is gonna go and tell your offer to all the other buyers out there yeah, yeah, it's spot on, so just just be cautious there.
Speaker 2:Um, what about other hidden issues? Do you get that?
Speaker 1:yeah, but it's again like you know is. Are you gonna, as an agent, are you gonna sort of nominate all the negatives on the property straight up? Because they've asked that question, no, yeah, yeah, um can you guarantee I won't get?
Speaker 2:money if I buy this. You know, would you buy this?
Speaker 1:or would you live here?
Speaker 2:um, yeah, that that's a question we get sometimes, but it's obviously very for every individual. But we're fortunate.
Speaker 2:Some properties have all different price points in all different areas so it's tricky, plus the agent that sometimes um the the other one that I really like mark is when the is when the buyer that comes through and he taps on the wall to see if the walls you know brick, or taps on the wall to see if the wall's you know brick or rock, or that's the best. Or when they come into the open home and turn all the lights off and all the other attendees are looking at them because the lights were on and now the lights are off.
Speaker 1:I love that. That is annoying. That is annoying. But look there's there's some, are there any other ones?
Speaker 2:no, I think those, those are the best. Look, there is certainly ways you can navigate an open home to look like a pro? Um. Some of these, some of these questions you don't need to ask as well, because the the information's already readily available. So you can sometimes find out how long has the property been on the market and if you don't ask the agent, you might have an advisor or another contact that can help you. The same with the price guide. You can see the price guide online, so you know, you can probably get a pretty good idea what the price is before you walk into the open.
Speaker 2:I've got a big knob question. What's that?
Speaker 1:Show me what's on your agency agreement of opinion of value.
Speaker 2:I never get that, though that's proper knob.
Speaker 1:That's proper knob. So buyer's agents go down this rabbit hole. So buyer's agents go down this rabbit hole and they ask the selling agent to show them what's on the agreement. And it's like why the hell would I show you an agreement that I have with my seller as to what I've told them, what the opinion of value is and my commission and marketing and whatever the expenses are all on the agreement? Why would I share a private document with the buyer's agent? We need question. We need we know.
Speaker 2:But not only that. It's got all the confidential information of the owner as well numbers.
Speaker 1:Yeah, it's like asking to have a look at your bank statement we furthermore we've, we've, we've expressed to a buyer's agent that there's another offer or offers on the property and they've asked to see those offers on contracts yeah, or screenshots um yeah, it does happen, it does happen. So, in conclusion, is there is there is that one question which you just think that's genius.
Speaker 2:I'll tell you mine, I think I think buyers that ask is the owner looking for a preferred settlement is a genius question. I think that tells so much, If you know what settlement the owner's looking for. That really puts you in a good position to either try and match that or, if you think that's not going to work for me, here's how I can make my offer stronger, Because there's two things.
Speaker 1:You can negotiate price and terms. They both go hand in hand. I like that. I'll tell you what I love. Um, I love the question to the agent. It's actually not a question, it's statements. I love people that are so upfront as to their present position. Then I feel like I can help you as a buyer. So I love when a buyer will turn up and say hey look, we're living in DY at the moment. Conversation, we're living in DY at the moment. We're in a two-bedroom. We've got our finance approved. Me and my partner we were schooled locally. You know we've got the approval we've got is up to 600 000. Anything we're happy to buy this week. Um, I, that sort of buyer that's.
Speaker 1:That's very open with information. I think actually makes the agents lunge forward to help that person. So biscuit, face at an open house, don't say anything, walk in, walk out. No, smiling, yuck. You know it's hard to help those people. Person that comes through, smiling, happy, great with information. Chatty, chatty, chatty. I think that really makes you lunge forward as a real estate agent. So I think just a good old-fashioned chat with an agent is a great idea.
Speaker 2:That's the topic. We've smashed it. That's how you can navigate and open like a pro.
Speaker 1:Have a great day.
Speaker 2:You too.
Speaker 1:See you bud. Bye-bye mate.