Friday, March 1

5 Key Points Real Estate Agents Should Know About Building Inspections

5 Key Points Real Estate Agents Should Know About Building Inspections

The real estate industry is a complex web of transactions, relationships, and regulations. From the moment a listing goes live, to the final signature at closing, real estate agents serve as the maestros of the symphony that is home buying and selling. A crucial yet often underestimated aspect of this process is the building inspection – the inspection not only serves to provide peace of mind to the buyer, but also stands as a pivotal point that can make or break a deal.

Understanding the importance and nuances of building inspections can give real estate agents a considerable edge. This expertise allows you to guide your clients through the inspection process with ease, ultimately ensuring smoother transactions and satisfied customers.

Here are five key points every real estate agent should know about building inspections:

Timing is Everything

Timing isn’t just important in comedy; it’s also crucial in building inspections. Advise your clients to schedule inspections as soon as possible after the contract is accepted – this proactive approach allows sufficient time for any follow-up actions like negotiating repairs or reducing the sale price. It also prepares the buyer for what to expect and minimises the chances of unpleasant surprises that could derail a transaction.

Pre-Inspection Preparations Can Make All the Difference

Prior to an inspection, encourage sellers to take care of minor repairs – a dripping faucet or a missing tile may seem trivial but can give the impression of neglect. Moreover, such minor issues can disproportionately affect the final report and cloud the inspector’s judgment regarding more critical aspects of the home.

Diverse Inspections for Diverse Needs

Building inspections aren’t one-size-fits-all. Inspections can be general or specialised based on the type of property, its age, location, and other factors. For instance, if the property has a pool, pool fence inspections are mandatory in many places. In fact, for those located in the Victoria capital, pool fence inspections in Melbourne are not only obligatory but essential in ensuring the safety of the future inhabitants.

The Report is Not a To-Do List for Sellers

While a good inspection report can serve as a negotiation tool for the buyer, it is not a mandatory to-do list for sellers – agents should clarify this for both parties. The buyer may request repairs or a price reduction, but ultimately it is up to the two parties to negotiate which, if any, repairs will be made. It’s the agent’s job to facilitate this negotiation, making sure each party’s interests are adequately represented.

The Importance of Professional Advice

Just as you wouldn’t recommend a casual stroll through the internet to resolve legal issues, relying solely on an inspector’s report isn’t advisable either. Real estate agents should encourage clients to seek specialised advice for identified issues. For instance, if an inspection report notes potential structural issues, the next step is to consult a structural engineer.

Understanding the intricacies of building inspections puts you, the real estate agent, in a position of authority and trust. It helps in averting crises, facilitates negotiation, and adds value to your service. Master these key points, and you’re not just selling property; you’re providing a complete, informed, and secure real estate experience for your clients.