Truth is, in Nigeria, most people ask more questions about a football match than they do when about to list their homes. A report has shown that individuals are only interested in two questions for their real estate agent How much will they get for the property and what will the commission be?
A number of real estates agents have even said sellers in Nigeria take time to ask additional questions and many hire the first agent they meet or anyone claiming he/she can help them sell their property. One thing home sellers in Nigeria have to realize is, selling real estate is a big and important transaction and sellers should be willing to ask as many questions necessary to be sure they are getting the right person.
With the high rate of fraudulent real estate dealings in Nigeria, sellers should make sure they are getting the right agent to help them sell their home and treat the first meeting with a listing agent as an interview and ask questions.
There are so many questions you can ask your potential realtor but here are 7 important questions home sellers should ask real estate agents in Nigeria.
- 1 1. What’s your qualification and experience?
- 2 2. How do you plan to market my property?
- 3 3. Do your rep both sides of the transaction?
- 4 4. Do you work with buyers this price range?
- 5 5. How much do you think my house will currently sell and why?
- 6 6. Are your fees negotiable?
- 7 7. What is your sales statistics?
1. What’s your qualification and experience?
In a country where it can be a bit hard to differentiate a qualified agent from a fraudulent one, it is essential you inquire about the realtor’s experience or qualification. There is no magic number or required years of experience for a real estate agent but as a seller, look for real estate agents in Nigeria with enough sales under their belts. Meaning agents that can comfortably handle deals from listing to closing and also know the area and have familiarity with the local inventory. So, ask agents about their recent listings.
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2. How do you plan to market my property?
If you want your home to sell in Nigeria, you have to market it. So asking the real estate broker how he/she plans to market your home helps you understand how visible your property will be in the market. Most home buyers are beginning to search for their homes online, so see how well the agent plans to raise your home’s visibility online. Asking if the broker has a website or a blog is also a good question as this is another avenue he/she can use to advertise your property.
3. Do your rep both sides of the transaction?
It is normal in Nigeria to find agents who work either on the buyer or seller’s side, but hardly will you find the same agent on both sides. But the case is not impossible, so it’s a good idea to ask what happens if your agent ends up on both sides on the deal. This is important in a situation the deal gets sticky and you don’t know whose side the agent seems to be looking out for.
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4. Do you work with buyers this price range?
This question is important as you get to understand if the agent will make an effective negotiator. A lot of real estate agent might claim they have or can work with your price range but you have to be sure as this will also tell how fasts your home will be off the market.
5. How much do you think my house will currently sell and why?
This will provide you with an idea of the agents market knowledge and also think behind how he/she prices your home. A trick to know an experienced agent is that he/she will use recent market data, current comparable properties in the market, the condition of your home and amenities in reaching the price.
6. Are your fees negotiable?
One thing you should realise is all real estate compensation is negotiable even if some Nigerian real estate agent might claim a flat rate. The agent can decide to be paid from the traditional percentage of the price to a flat fee or you might even be willing to present the agent with another way to get compensated if he/she has no problem with it.
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7. What is your sales statistics?
Not all agents in Nigeria keep sales statistics but the qualified and experienced will likely have this information. The more data and slats an agent is willing to share, the more confident they are in sharing their expertise and ability to sell your home. List-to-price ratio is one of two good stats to look at. This is calculated: final sale price divided by the most recent listing price, expressed as a percentage. If the percentage is over 100 percent, the agent’s homes sell for more than their list price.