Buying a home is not necessarily always easy, and neither is selling one. However, if the buyers/sellers take all the precautions they need, then it can make the process run much more smoothly. Take a home inspection as an example. Without conducting one, homeowners are left blind to what information may really be hidden in the walls. Whether it is a faulty update or lack of knowledge on the home in general, it is better to save time and worry and have someone look to gather the full information.
It Is a Personal Responsibility
If someone is selling home, it is important to provide any potential buyer with the necessary information he/she needs to make a purchasing decision. The same goes for someone buying the home. That person is entitled to knowing exactly what kind of building they will be investing, and it will save time and money if they find out it will not truly be a good fit in the end.
Illegal Installations/Updates Can be Revealed
Conducting a home inspection will reveal any illegal or faulty errors the building may have gone through during the times of maintenance. It will be beneficial to know these before putting the home on the market and encountering any further problems. Illegal home updates may risk the safety of others, making the home itself a hazard to anyone living there.
The home inspection will also reveal what cannot be so easily seen. Even if a home seemed perfect at the beginning, old age or weathered materials could cause future problems that only a home inspector may be able to find. As an example, the inspector could find wet areas in the building’s interior after a storm, which could lead to mold and mildew forming later.
Negotiation Tool for Buying and Selling
After knowing new information with a home inspection, this inspection could benefit either the buyer or the seller. If the buyer can find quality updates or more stability in the home than before, the home has the potential to increase in value. Although, if the buyer finds a few faults with the potential new home, there may be room to negotiate a lower price.
In some instances, homes will not be able to get the proper insurance if certain conditions are found. By getting a home inspection, the homeowner will know what he/she needs to do to get the building fixed to obtain the right coverage. Sometimes, the home inspector himself can make these changes, which will save time and money.
If someone is buying the home, it is important for the buyer to have an inspection conducted because it will reveal all needs for maintenance or upgrade costs. This will then give the buyer direction to see if the home is worth purchasing when compared to all the extra money needing to be spent due to these expenses. If it is the seller, he/she will have to compare how the money being invested in these upgrades compares to the profits after the home is finally sold.
Most importantly, a home inspection will provide several answers to all who are speculating and asking the “what ifs”. This is a service that will provide clarity, saving time and money. It will hopefully also bring buyers and sellers closer to meeting their real estate goals.
When it comes to a buyer. Every single one of them is different. They are different in terms of their needs and their budget. While some may be forthcoming with information that will help a real estate agent finds the perfect home, there are other times where they will have to do some digging for key information that could make or break a deal on a home. By looking at the following, these are the top questions to consider before selling a property.
What are your plans for the property?
This is an important factor to consider when showing each property. If they were to purchase, what plans would they have for it given the current condition? Depending on their answer, the changes could either benefit or hinder the buyers. The purpose of buying a new home/property is so that it can service them better than the previous area, and it is the real estate agents’ job to find that good fit for them.
If it is a business, what parts will be updated?
Specific to selling a business property, it is important to know what will be updated/changed because this could affect the negotiations in a deal closing. Knowing this information up front will be a great benefit for both parties, so that everyone will understand how the property may be alternated for future use. This is especially important for someone that might be buying the business outright because there are more legal matters involved.
Why are you buying now?
This answer gives the agent a better understanding of the buyer’s thought process for buying in the first place. For instance, if the buyer is looking to start a family, then the agent will most likely need to show homes that have more bedrooms than the previous needs. It is those types of situations that will bring the situation closer to a deal.
What is your budget?
Budget is a huge deal when it comes to selling property. This is the number one question to ask so that both parties are not wasting their time on potential places that are out of reach. Knowing the budget will help to narrow the search and give a realistic perspective on what the buyer can get with their money.
Are you working with a lender?
This is an important piece to add into questions about budget. Different types of lenders or loans associated with buying a home could impact the initial deal. For instance, if a great deal of money needs to be borrowed, this may make the purchase riskier and more untrustworthy.
What deal breakers are on your list?
It is crucial to know why someone will say no to a particular property. For instance, if someone owns multiple vehicles, the buyer may not say yes to a home that does not have a garage or set parking places. These types of needs must be considered before showing a home.
How many homes have you already looked at?
The agent needs to know how long you have been in the middle of the buying process. He will be able to better assess why those homes were not a match and can make sure not to show the same home twice. If someone happens to just be starting out, the agent may then supply more information to those who have not experienced purchasing a home before.
How long are you looking to live in the area?
This question will better assess the type of investment someone is willing to make on the home. If a buyer happens to travel consistently, they may not want a home that needs to have renovations considered. This person may also have a lower budget because of how long he/she will be staying in the area.
What is the best way to contact you?
New listings come as fast as they go. By knowing the best way to reach the client, more effective communication may be established. This will lead to a faster deal and ability to move into the home faster.
What is your ideal neighborhood?
This question will give the agent the ability to start looking at properties/homes that are located in either that neighborhood or one similar that will cater to those needs. It will create more of a narrowed search, giving the buyer more of what he/she wants up front.
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Real estate is not what it first appeared to be a few years ago. Like any industry, it grows and changes with a target market’s wants and needs. It also rapidly evolves with the technology that becomes available to it. Although real estate may have changed in the last few years, it has done so for the benefit of all buyers and sellers in the market. By looking at a few key technological updates, we’re able to grasp exactly how one of the most lucrative industries has developed.
With the power of being plugged in online, listings have the ability to sell themselves without the buyer having to actually be present. This especially caters to international buyers who are unable to make the trip to see their new home. By listers uploading pictures/videos appealing to the potential buyer, there is able to be an accurate virtual representation. If seeing the home through photos/pre-made videos aren’t enough, then real estate agents have the ability to chat over the phone via video and walk the potential buyer through the home in a personalized manner. This is a perfect way for the buyer to see and ask questions about anything they were originally hesitant about at the beginning. When listings are offered online, deals are more likely to close faster, and the lister will have the opportunity to sell more over a shorter period of time.
Nowadays the buyer or seller don’t necessarily have to be present to close the deal, which will save time and money for both parties. With the advancement in technology, important contract papers are able to be scanned through from the comfort of a phone. Again, this is a great factor for those who live internationally because those people won’t keep having to travel back and forth. This may help those who only live in a different borough because it will save the normal commuting time.
Sometimes, seeing isn’t always believing when it comes to a new home. Potential buyers like to feel as if they’re really there to grasp the full experience. With the enhancement of virtual/augmented reality, that same buyer will have the capability to visit another home from the comfort of their current living room. This type of technology reality is much newer to the market, but it has been able to build trust and add credibility to those who don’t always believe a simple picture.
Mobile apps are a clear game changer to the market. Now sellers have the ability to upload listings on more than one platform, giving the home far more exposure than it once was able.This benefits the potential buyers in the same way. They are able to look at several listings at once, giving them more options.
With the mobilization of different online platforms, people now have more of an opportunity to invest their money safely online with a guaranteed return. One of the many ways investors are doing this is through crowdfunding. There happen to be several crowdfunding sites available that will match investors with new opportunities that will benefit them the best.
With the advancement in technology, marketing has changed immensely over the past few years. As an example, Instagram users have been creating different profiles specific to homes they’re renting or selling. This has allowed them to showcase the home in a unique way and highlight all of its unique features. By marketing in this way, a large audience may be reached and the platform has encouraged a larger engagement record.
In the world of real estate, there are a couple of people whom are key players. Ranging from appraisals, home inspectors, property managers, mortgage loan officers, contractors, bankers and even government agencies; there are usually many people playing important roles in the real estate industry including the prospective buyers and sellers. But it is important to note that the real powerhouse of a standard real estate transaction are those people in charge of the coordination process: real estate agents and real estate brokers!
On different occasions and for different reasons, a real estate agent works at different points: salesperson, buyers’s advocate, analyst, consultant, negotiator or even as a marketer. Below are the top 5 values and qualities that a great real estate agent should possess:
Successful real estate agents are usually up-to-date in the realm of real estate agency. They’re very active in the local market as this is the reason they are always able to render effective services to their clients. Their educational and professional development is continuous giving them the opportunity to expand their businesses and remain atop the real estate industry. If you emulate and develop a flair for knowledge acquisition, then, on the long run, you would definitely achieve a very positive value which would boost your presence and upgrade your relevance in the world of real estate.
- Building a Network of Connections
In the world of real estate agency, building a vast array and network of connections is highly important. Great real estate agaents usually possess relevant communications and networking skills within the market they work. Obviously, the aforesaid list of connection usually include several other real estate agents and brokers, potential buyers and sellers, appraisers, home inspectors, and mortgage loan officers and other role players in the industry.
- A Problem Solving Mindset
One key thing that work and contributes to the values of a great real estate agent is having a problem solving mindset. Real estate agents are usually positive thinkers who provide creative solutions to problems via optimism and critical thinking. For instance, they are well-learned on how to appropriately come up with creative solutions and showcase a house in order to make it more marketable while they also generate and build impressive MLS listings that would attract the appropriate buyer.
- Hustling Spirit and Tenacity
The real estate industry is really a no joke. To become a top reckoned and great real estate agent, it requires that you possess a tough hustling spirit, mental grit and tenacity. This is because you will be required to put in a great work ethic and purse every lead to aggressively market the properties of your clients. It’s not all about the time you expend, rather about how right and smart you’ve successfully worked to be a great agent in the industry.
- Paying Close Attention to Detail
If you want to be a great and successful real estate agent, it’s quite important that you have good listening ears and pay attention to details. This is very important to your career in real estate industry. A good agent is very attentive to the essential needs of his or her clients’and must be well-organized, follow leads and maintain a very strong communication with clients. With these, more deals are assured to be closed and more relevance, ascertained.
Conclusively, it is quite imperative to know that the above listed values are those of a great real estate agent, and if they are inclucated and put into good use, you’re rest assured to become a top relevant and very successful agent in the real estate industry.
When you’re looking for a new home, the first thing you should do is contact us and have us take you on a tour of homes you might like, right? Wrong!
The first thing you should do before you do any house shopping whatsoever is to get pre-approved for a home loan.And before we take a look at why pre-approval is so important, let’s look at the difference between getting a pre-qualification versus a pre-approval because they are not the same thing. One gives you a general idea of what price range you can shop in, while the other gives you the power to fill out the purchase and sale agreement(s) as soon as you find the home you like.
Getting a pre-qualification is the first task in the mortgage process and it’s simple and quick. You supply a lender with the basics of your overall financial situation, such as your how much debt you have, what your income is, and any the value of any assets you might have. This will give you a general idea of how much you may qualify for on a mortgage. But the big point here is that a pre-qualification will not put you in a position to place offers in writing. That’s where the pre-approval comes in. Here are some good reasons why the pre-approval letter from a lender is so important in your home buying search:
- You will save a lot of time (and probably a lot of money spent on filling up your gas tank) because the pre-approval letter from a lender basically says the lender is ready to provide you with a home loan for a certain amount. This reduces the time you have to spend going over home listings. A big time waster for home buyers is looking at a lot of listings while at the same time asking themselves, “I like that home, but I wonder if I can afford it?” Pre-approval takes the wondering out of the equation. It’s like going fishing. If a friend told you he or she wanted to take you fishing and you agreed, where would you go fishing? Without discussing it in detail, you wouldn’t know where to go and neither would your friend. But if your friend asked you to go fishing at a specific lake because they knew that lake is stocked with a specific kind of fish that you like, then you could prepare ahead of time with the right kind of fishing pole, fishing lures and bait, etc. Pre-approvals do the same thing. You can be prepared ahead of time before you go home shopping because your pre-approval gives you an idea of what cities, what neighborhoods and what price range is right for you.
- You also have more buying leverage when you are pre-approved. It is a well known fact that sellers most often accept offers from potential buyers that are pre-approved. It’s like if you were buying a home with all cash from directly from your wallet. If you’re not pre-approved and yet you make an offer to a seller, it’s like showing the seller an empty wallet. Telling a seller you want to buy their home with no pre-approval is just a bunch of hot air, and hot air does not close deals. But if you are pre-approved and you make an offer to a seller, it’s like showing them the same wallet-this time loaded with cash. They’ll know you’re a serious and prepared buyer. And when sellers are approached by a pre-approved buyer, there’s a good chance that there will be room for negotiating on the price too.
- A pre-approval means your lender can get you on the fast track to closing the deal. Appraisals can be ordered right away, and in some cases a 60-day closing can be shortened to 30 days or even down to three weeks. And the potential for a quick closing will look very attractive to a seller who needs to sell fast because they’re being transferred by their employer to a new city, etc.
Because a pre-approval is the most important contingency to satisfy in a purchase agreement, getting that done ahead of time will make home shopping much ease.