• What Real Estate Agents and Buyer’s Agents Need to Know About Building Inspections

    28 May, 2014 | 118 views

    As a real estate agent, you know how important the role a building inspection can play in the sales process. Even seasoned veterans within the industry can have questions about building inspections; buying or selling agents are no exception. Whether you’re working as a buyers’ or sellers’ agent, it’s not uncommon for there to be a bit of confusion surrounding building inspections, real estate agents’ role in the process and how the relationships between all involved parties come together.

    Building Inspections, Real Estate Agents and Referrals

    Because real estate agents and building inspectors often form professional relationships through the natural course of their respective careers, it’s not uncommon for agents to refer clients to a particular building inspector. Because the agent has a vested interest in the sale of a home, it’s also not uncommon for there to be concerns related to a potential conflict of interest. When suggesting a company for building inspections, real estate agents must be aware of the company’s reputation for honest, neutral reporting of property condition. Their reputations should also be companies that only engage fully licensed builders with a suitable level of experience (5 to 10 years as a minimum is a good guide). In the event of less than thorough building inspections, real estate agents can find themselves under scrutiny from buyers who feel the agent’s only motivation was securing a sale. When you refer a client to any home inspection agency, be sure you’re choosing one with an outstanding reputation classically they will be associated with organizations likeMaster Builders or the Housing Industry Association and have a proven track record, as the quality of their work has the potential to affect your own professional reputation.

    Should Real Estate or Buyer’s Agents Suggest a Building Inspection?

    In a word, yes. Regardless of your status as an agent for the buyers or sellers of a property, suggesting a building inspection allows you to give your clients the basic knowledge they need in order to make informed decisions. Armed with the information contained in a building inspection report, sellers are able to set a fair and reasonable price for their property without the possibility of unpleasant surprises in the future. By encouraging homeowners to seek vendor inspections, real estate agents can help to ensure their clients are well aware of any potential issues with the property long before an offer is extended. Potential buyers will almost certainly seek out an inspection before making such a large investment, and current owners who have not taken the same steps may find there are undiscovered structural faults within their home. Not only can this discovery derail a promising sale, but also leave homeowners saddled with financial difficulties if they’re suddenly forced to accept a much lower selling price than originally anticipated.

    Because making an informed purchasing decision is dependent upon a pre-purchase inspection, buyer’s agents & Conveyancers who represent potential buyers should also encourage their clients to seek inspections before assuming any contractual obligations. Building inspections can uncover hidden structural faults, which allows your client to adjust their offer accordingly or continue their search for the perfect home. When a building inspection report finds no major defects, however, it can also provide the sense of security a nervous buyer needs for reassurance and peace of mind. In the end, a quality building inspection conducted by a reputable company can be a buyer’s agent or real estate agent’s best friend.

    Contact the WA office of Houspect on 1300 1300 68 or email

    info.wa@houspect.com.au

    Houspect Building Inspections– Buy, Build, Invest and Sell with Confidence