A successful property sale requires both the seller and the real estate agent to be on the same page and understand each other completely. This understanding is only achieved by asking the right questions at the right time. So, we’ve compiled a list of questions to ask your real estate agent when selling a property in Pakistan to make sure your property sale closes smoothly.
The interview stage is equally important for a seller and agent. By asking this set of questions, sellers can ensure that they have chosen the right property dealer in town, while agents will get a better insight into the sellers’ needs and requirements. This can also help agents find another suitable property for the seller.
So, without further ado, let’s start questioning!
List of Important Questions to Ask Your Real Estate Agent When Selling a Property in Pakistan
Putting your property on the market is a crucial step, and by the time you’re all set to sell your home, you already know a lot about how the real estate industry operates. However, it’s always a good idea to know a little more, and nothing should stop you from interviewing your agent before finalising who you want to work with:
- What are Your Average Charges?
- When Should You Pay the Dues?
- Have You Made Any Successful Sale in the Same Area Before?
- What is the Best Time to Sell a House?
- How Long Does it Usually Take to Sell a House?
- How and Where Will You Market the Property?
- What Will Happen If You Have a Disagreement?
Before we begin explaining why these questions play a crucial part in cutting the clutter and help you find the right agent, let’s first understand the right platform to throw these queries. The best way to bring up these queries is to arrange a meeting at their office. It is also acceptable to interview your agent over the phone if you cannot manage time for a face-to-face meeting.
Now, let’s continue from where we left off!
What are Your Average Charges?
Just like you wouldn’t buy something from the store until or unless you are sure about its price – the same goes for the fees of real estate agents. It is absolutely necessary to talk about the charges/commissions at the beginning to avoid any quarrels after the sale.
As a piece of general information, real estate agents in Pakistan usually charge a small percentage of the agreed selling price for your home. The percentage can vary from city to city. Here’s a concise overview of the commission rates of property dealers in the three main cities of Pakistan:
For Karachi: The commission rates charged by a property agent on the sale of a residential unit in Karachi is fixed at 2 percent of the total selling price – in cases where a property is under PKR 1 crore. However, if the value goes over the aforementioned price, then the rate of the commission hovers anywhere between 1 and 2 percent of the selling price.
For Lahore: In case a residential property is sold in Lahore with the help of the real estate agent, the commission rate lies anywhere between 0.5 to 2 percent of the selling price, mainly depending on the type of the property. Some agents have a fixed rate of 1 percent of the total property value as well.
For Islamabad: The rate of commission for the sale of residential properties in Islamabad is around 1 percent of the total property value. However, some agents also charge anywhere between 1-2 percent, depending on the mutual agreement.
For further assistance on the subject, head over to our recently published guide on average commission rates in Pakistan on buying, selling, and renting properties.
When and How Should You Pay the Dues?
This is, without a doubt, one of the most important questions to ask your real estate agent when selling your property right after you have inquired about their commission percentage. Some property dealers in Pakistan ask for an upfront payment after the house is sold. At the same time, some agree upon receiving cash in instalments after everything has been resolved between the seller and the buyer. This agreement is primarily based upon the type of contract you are in with your agent. So, make it a point to ask your agent how and when you need to pay the dues and have it included in the contract.
Have You Made Any Successful Sale in the Same Area Before?
As much as it is important to know about your property agent, it is equally essential for them to be familiar with the area your residential property is situated in. You should be sure that they are active in your local area and know the local property market as well.
However, it shouldn’t be a deal-breaker if the agent hasn’t sold any properties in your area over the last couple of months. You should know that property agents are always looking to expand into new areas, and sometimes the market is a little flat, and there are zero or fewer opportunities in certain areas.
But, then again, why is it important for you to know if they have made any sales recently? Well, an agent who has recently sold properties in the same area can bring many advantages to you. For instance, they are more likely to have an account of people who are in search of a property like yours in that particular area.
Simply put, they have their fingers on the pulse, and they can comprehend the market demand and how the supply is.
Is it the Best Time to Sell a House?
Nobody will tell you this, until or unless you ask, but fluctuations in the real estate market are real. It is one of the handiest questions to ask your real estate agent before putting your house on the market. While it will take you a little longer than usual to comprehend the market, your agent knows the hikes and dips. So, for you to understand it quicker, it will only take a simple question to understand whether it is the right time to sell your house or you should wait a little more.
Moreover, property agents have plenty of experience. You can tap into their knowledge bank and ask them for some suggestions to make your house a little more appealing for the market in the meantime you wait.
How Long Does it Usually Take to Sell a House?
There’s an adage that goes, “the sooner, the better” – rightly said for the property market. Nobody would want a house that has been on the market for more than usual. It is quite crucial, but a seller needs to ask the agent about the average time of selling a house for two reasons. First of all, they should be aware of when the offer is going to stale. Secondly, it will help them find another house and plan their moving process accordingly.
How and Where Will You Market The Property?
As a property owner, it is your right to know where your estate agent will market your property. Currently, the most popular option among several property dealers is Zameen.com – Pakistan’s personal property portal. We work with smart search tools to streamline the buying and selling transactions. We also ensure that your home reaches all the potential buyers in the market by offering customised options according to your needs. For further assistance, you can also get in touch with our call centre representatives at Zameen Helpline.
Hence, always remember to keep this as a part of questions to ask your real estate agent before selling your property.
What Will Happen If You Have a Disagreement?
It is not uncommon to have a disagreement or a difference of opinions among humans. It might bother you a little more if you haven’t completed your homework properly by understanding your own needs, timelines, and budget. Similarly, you have to be prepared with the solutions and talk about everything you need at the beginning of the contract. The key is to ensure mutual respect and agreement about everything.
However, if things go awry and you find yourself in a situation where you need to resolve something, always remember that talking and communication is the key. Make a list of possible issues that can arise midway and ask your property agent without any hesitation.
Always remember that real estate agents will appreciate your concerns only if you take time in advance to interview your agent. Make sure not to go overboard with these questions since they are busy individuals and probably handling several clients at the same time. Try to limit your questions to the most crucial issues and logical subjects. Do not make the mistake of throwing all these questions in the very first meeting, no matter how pleasant the conversation is going.
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