The relationship you have with your real estate agent is one of significance. Especially since they are the advisors, the experts, and the business partners, that will help you through important transaction(s). It is therefore critical, not only to have done careful planning and research, but also to ask the right questions. To ensure we get to these questions right, we’ve enlisted Chris Liem, the Owner and Principal of luxury real estate Engel & Volkers Hong Kong to help us with the best fact-finding questions you need to ask your real estate agent before you commit to buying.
1. Recent transactions
Make sure to ask your real estate agent if there have been any recent transactions in the building. This will give you a reference to relative pricing in the building and last sale. Remember that floors will differ in value too, as do different unit shapes; for instance A units versus B units, one will be the most popular in the building.
2. Building age and management fees
The age of the building, along with the management fees, will affect how much capital will be required for your purchase. So it’s best to ask these questions beforehand so you don’t get any surprises.
3. Comparable buildings
Most good agents will be able to list comparable buildings for you. So you should ask to get that point of reference which will make your decision to buy or sell much easier.
Ask your agent to summarise your request. It seems so simple, but I promise this will save you a lot of time later.
5. Where would you buy?
Putting the agent in your shoes will usually reveal whether they think the property is worth the investment. After all, they will usually have the best idea of value. For example, you can ask them: “If you had the money, where would you buy right now?” or “Where is the best location for living?” and “Where is the best property price wise?”.