A good real estate agent
can be a lifesaver
when it comes to buying or selling a home, but that only works if you have
chosen the right real estate agent for you. When you’re looking to work with a
realtor, you have to make sure that you’re going into business with someone you
feel is going to understand your needs and work for you.
1. Get referrals and do your research
The rules for someone
becoming a real estate agent are lenient in many places, which is why you have
to be vigilant about doing your own research. Talk with family and friends to
see which real estate agents they’d recommend and why. Once you have a few
referrals in hand, do some research online to learn more about your potential
agent. Find out how long they’ve been in the business, who they’re connected to
and how many houses they’re currently listed as selling.
2. Meet in person and ask questions
Once you’ve decided on
an agent, meet with them in person before visiting any houses with them. Some
agents will try to lock you into a contract immediately, which should be
concerning. Your initial meeting should be all about interviewing your realtor. Ask about their experience in your price range, in the
neighborhoods, you’re interested in, their strategies for complicated or
competitive sales, and how they negotiate multiple offers. You should also see
how they will deal with a situation that requires you to sell your home
quickly. Find a company that advertises ‘we
buy houses’, or see if their real estate
company offers a cash buyout of your home. This will help you get out of a bind
quickly—if need be.
3. Do you get along?
Getting along with your
agent is essential. You should feel that they understand you and listen to you.
They don’t need to be your best friend, but you should feel at ease around
them. You’re going to be making some very stressful decisions around this person, so it’s crucial they make you feel
comfortable.
4. Look for competitive advantages
You’re about to spend a
lot of money (even as a seller) so shop around to see what realtor can offer you the best benefits. Realtors are commission based and need to hustle to
attract and keep clients. See if your agent can provide you with deals with
mortgage brokers or lawyers they know, or has a specialty in buying or selling
the type of home you’re interested in.
5. Understand their commission
All agents work on commission, and this is something you want. An agent who works on
salary won’t work nearly as hard for you. That being said, understand how much
commission your agent is charging, who is paying it, and see if they can offer
you a better deal. There’s no harm in asking, and a reduction in price can
definitely save you some money overall. This only applies if you’re selling a
home, of course, since the buyer doesn’t absorb the cost of a realtor’s
commission.
Buying property is always exciting, but it can be more than a little nerve wracking as well. This is because it is easily the largest purchase you will ever make, and yet you might not even see the property more than once before laying down a huge amount of money and possibly even tying yourself into some debt in the form of a mortgage. You will always want to make sure that you are going to get the most that you possibly can for your money, and that means being able to understand many of the aspects that are involved in the process. In this article, we are going to take a look at a number of factors to consider in order to make sure that you are getting the most for your money when you buy some property.
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Go New
If you really want to make sure that it is going to be as worthwhile as possible, one of the things to consider is to go for a new build house, as these are often going to be particularly beautiful and have many modern features older homes might not have. It actually depends on what kind of thing you are looking for, but with many new build homes r you will at least feel that you are getting quite a lot for your money, which is one of the main things here. Of course, you should still make sure to thoroughly check any property over and not just go for it merely because it is a new build. You should go through a checklist when buying a new build house to make sure that ti has what you want – do that, and you should end up with something you can be pretty happy with.
Timing
One of the more clever ways to get more for your money is to look into timing the purchase well. It doesn’t matter what the property is if you are buying at the wrong time, you are still going to end up worse off than if you manage to buy at a better time. That is a good reason to pay close attention to the marketplace, so that you can be sure that you are going to actually buy a property at the right time. Do that, and you will get the same place for less money, which will then mean that you can use some of that money to do it up or whatever you might want to do with it, even if that is just saving it for a rainy day.
Photo by Alex from Pexels
Location
We all know that location is everything in real estate, so no consideration of getting more for your money would be complete without paying some respect to this. You need to think about the location as best as you can, as often you will find it makes a huge difference to how much you are paying out for a property. If you can find an identical property in a slightly less desirable town it might be worth it, especially if it means that you will end up with basically the same place for less. These considerations are worth thinking about.
Moving home is an expensive process, but you could hugely reduce that expense with sufficient planning well in advance. The key is to avoid jumping into decisions without properly weighing up your options. You might be eager to move and perhaps you’re even working within a limited window of time, but you can’t put a price on thorough research when it comes to saving yourself a fortune. In this article, you’ll find some suggestions that’ll help you to make the process of moving house as cost-effective as possible.
Photo by Milly Eaton from Pexels
Do your property research.
As mentioned in the introduction, thorough research is essential to saving money when it comes to moving house. We’ve discussed this on our site before. And research is incredibly important when it comes to the purchase of your new home. After all, this will be the biggest expense you face throughout the entire process, and it’s a purchase that should serve you for many years or decades to come. Of course, we’re not going to suggest you should aim for the cheapest properties possible. You should aim for the most cost-effective properties possible. You don’t want to compromise on quality when it comes to buying a house that you’re hoping to call “home”. You might want to check out https://www.redrow.co.uk/ for high-quality new builds that come at an affordable price. There are plenty of cost-effective options when it comes to modern properties. Just make sure you weigh up plenty of different options. Get good at haggling too.
Declutter.
Another way to make the process of moving house as cost-effective as possible is to declutter. For starters, this gives you the opportunity to make some money. You could sell old possessions online or at a yard sale to raise some funds for the house-moving process. But it’ll also save you money when you hire a removals company to help you transport your belongings to your new home. You’ll get a much cheaper quote if you have fewer belongings to move. Decluttering is sensible both in a financial and a mental sense. You don’t want to drag all of your clutter with you to your new household, after all.
Search for free or cheap furnishings.
Even if you save a heap of money throughout the moving process, you might be worrying about the cost of turning your new property into a home. This is particularly the case for those who are moving into their very first property, but even people who are moving from one home to another might have to get rid of old things and buy new ones to replace them. However, before you spend a fortune at your nearest furniture store, you might want to search for free furnishings in your area.
You’ll find so much fantastic homeware and pieces of furniture online that doesn’t cost you a thing if you look in the right places. Freecycle is a great site for finding free furnishings, as suggested at https://www.moneysavingexpert.com/. Facebook Marketplace also has options that are either free or cost next-to-nothing. It’s worth browsing the internet to see if you can find anything that’s perfect for your new home before you waste a lot of money. The perfect furnishings could be waiting out there for you at a fraction of the price you’d pay in a standard store. That being said, some charity-run furniture stores stock absolute gems at amazing prices.
In the life of an adult, there are a few times that are commonly stressful. One is getting married, another is having a child, and buying a home is another.
While it might be exhilarating to search for homes and wander through open houses, the actual process of buying a house is enough to force someone to live in an apartment forever. From the waiting to the paperwork, there is nothing else quite like buying a home. Fortunately, there are a few home loan tips from the pros that can help you survive the stress, struggle, and moments of impatience.
1. Understand What You Can Afford
Having the biggest house on the block might be
your dream, but being “house poor” is no fun. When you shop for your home, find
something you can afford so you can enjoy living in your home. Learn what you
can afford before you even begin to look so you do not fall in love with a
house that you cannot afford.
2. Get Pre-Approved
Once you know what you can afford, it is wise to talk to a mortgage expert and get pre-approved for a home loan. This will give you credibility with sellers, especially if you want to see homes by appointment. Getting pre-approved for a mortgage is not the same process as getting a mortgage, it simply means that you have the income and credit rating that qualifies you for a mortgage of a pre-approved amount.
This home loan tip means that if you get into a bidding war with another buyer, having a pre-approval letter could give you an advantage.
3. Research Neighborhoods
If you find a home that seems like the price
is just too good to be true, there is usually a reason – the neighborhood. It
is amazing to consider that a similar home could range in value dramatically
because of the neighborhood.
Prior to choosing a home, responsible home buyers
will research neighborhoods, especially the schools, the public transportation
options, the noise, and the nearby shops and other amenities. Check out how
neighbors interact with each other. Look at how neighbors take care of their
yards and where they park their cars. Some neighborhoods have associated fees,
which can substantially add to monthly payments.
4. Prepare For The Added Costs
When you buy a home, there are more expenses
than the down payment and the monthly payment. There are good-faith deposits,
closing costs, inspection fees, homeowners insurance, and moving expenses. Make
sure that you can afford all of them.
5. Decide What You Need Now
Many first-time home buyers will buy a house
for the future. They will look for homes with several bedrooms, large yards,
and plenty of places for children to play – even if they do not have any
children.
Then, they have to take care of all of that
space and make those massive mortgage payments. This leaves little time to
consider having children because home expenses are so high.
There are also home buyers who will buy a very
small home because there are just two people in the family at the time. But, then
children come along and there simply isn’t time to find a bigger home and move
because it is time-consuming and expensive to raise children.
Somehow, you will decide what suits your needs
and your budget now and will keep you comfortable if your situation changes.
6. Get Involved In The Inspection
Process
This can be overwhelming for the buyer and
seller. The inspection is usually limited, so
it can be helpful to ask for additional inspections. You will have to decide if
the home is going to be safe to live in and if you can live in it without
worrying about constantly having to repair it.
It is worth the extra money to pay for
inspections for mold, insects, and radon. It is also worth it to pay for the
inspector to evaluate the roof and crawl spaces. You should do everything in
your power to attend all of the inspections. If you have a concern, ask the
inspector to look at it the concern a second or third time.
7. Work With Professionals
It might be enticing to buy a home for a low
cost or for free through your brother’s uncle’s best friend who sold houses in
1979 but still has his real estate license, but it certainly will not help you
in the long run.
It might seem like a waste of money to pay a realtor, but good ones can actually
make the process less stressful. Do not skimp here, or you will pay for it in
other ways.
8. Save For A Down Payment And For A
Problem
When you are saving for your down payment, you
should also save for the first problem. Most expensive problems happen when you
least expect it. The furnace might quit in the middle of a snowstorm. Your
water heater will die when you are taking a shower on the coldest morning of
the year. Your garage door opener breaks when you are late for work.
When you own a home, you have to pay to fix
the problems that arise. And, they will arise. You just don’t know when. So,
having money set aside to fix those problems makes them get fixed faster.
9. Learn How Mortgages Work
Mortgages are complicated. They are more than
down payments and monthly payments. There are special home loans for first-time
buyers. There are home loan programs for veterans and for people in special
industries, like medicine. You can find out more from mortgage
websites about the specific products that meet your needs.
Mortgages also come with options. There are
ways to reduce down payments, but other costs increase. You can choose to get a
30-year mortgage or a 15-year mortgage. You can choose to have an adjustable
interest rate or one that remains steady throughout the term of the loan. The
options are plentiful and can be customized to meet your financial needs.
10. Learn Patience
The last of our home loan tips is to remember that the process of buying a home requires patience. When people hurry through it, problems usually happen. Others have been through the process and here is a handy stress free guide to moving. Finally, learn to work methodically and patiently through the process, so you are sure that everything will work out properly and in your best interest.
The real estate industry is quite a booming
sector that largely influences the economy regionally and nationally. Working
in the real estate industry as a sales agent can, therefore, be a lucrative job
opportunity, that many people desire. Excelling in this industry, however,
requires you to be well-informed, aggressive, and versatile enough. Success, in
this regard, is measured in terms of how well you can drive sales as well as
how much of a foothold you have in your market. To start your career as a real
estate agent, here are important tips on how to become successful.
Estate agent shaking hands with customer after contract signature
Establish
a niche
The real estate industry is quite huge in
terms of the range of products available. Working as a real estate agent,
therefore, exposes you to a wide range of opportunities and options from which
you can choose where to major in. Whereas there is no precise division in terms
of products you can deal with, it is important to understand where your passion
is. Among the key opportunities at your disposal in this regard includes
focusing on becoming a buyer’s agent whereby your role would include finding
and negotiating for a home for your clients.
A listing agent role, on the other hand, will
give you an opportunity to become partners with persons seeking to sell their
homes. Other types of real estate agencies that you can focus on include
working as a dual agent where you represent the interests of both buyers and
sellers and working as a transaction coordinator where you help in the
processing of the administrative items in real estates. Defining and knowing
your role in the real estate agency industry will give you proper incentives to
understand what your goal would be, thereby helping you to get focused.
Know
your market well
The real estate industry is quite volatile and
is defined by various factors
including social, economic, and political factors. These factors affect the
industry in terms of pricing of products. To be successful, you need to
understand the real estate industry in general well. Such understanding ensures
that you can appropriately respond when the market behaves in certain ways,
thereby preventing prospects of making errors.
In addition to the overall knowledge of the
industry, it is important to have specific knowledge of the particular market
that you are focusing on. If, for example, you are operating within a certain
locality or neighborhood, it is prudential to understand the dynamics of
pricing of real estate products within the area as this gives you an
opportunity to be relevant to the market and your customers in general.
Know
where to source good deals
As an investor and businessman working as an
agent in the real estate industry, it is important to be a good deal maker.
Part of the successful deal-making process requires you to understand where to
source your products from. Success is also defined in terms of your ability to
accurately balance profit-making and customer satisfaction. In this regard,
finding a good deal from the various key sources of real estate properties is
crucial.
As an agent, you should, therefore, be well
equipped with knowledge regarding real estate auctions where you can source a
good property up for sale. It also pays to learn more
about potential distressed properties
for sale in your locality and the market in general as you can be sure to find
good and affordable deals.
Establish
partnerships
In any business, establishing partnerships is
one of the critical factors that define success. When working as a real estate
agent, establishing such partnerships with other real estate agents and clients
gives you an opportunity to network in ways that increase the prospects of
successfully making deals. Networking with the relevant stakeholders in the
real estate industry increases the prospects of your success as it may also
open up new opportunities through referrals.
Establish
and cultivate an online presence
In this digital age, various tools have been introduced that can significantly revamp and boost your business as a real estate agent. You should, therefore, endeavor to establish an online presence by creating a website or a blog from where you can engage the market meaningfully by regularly publishing relevant information. Social media presence such as on Facebook, Twitter, and LinkedIn can also significantly improve your reputation and grasp of the market as you get an opportunity to network and meet other key market players in the real estate industry. A great guide to social media marketing if available here.
Prepare
for challenges
The real estate industry, like any other
industry, is quite volatile and prone to significant challenges. When investing
in this sector, it is important to foresee the various challenges that you will
be bound to meet ahead of you as that gives you a hedge and the ability to plan
yourself beforehand. Among the prominent challenges that you will be bound to
meet include:-
Fluctuating sales
· Fluctuating sales – sometimes your ability to drive sales would flop
seasonally based on external factors.
External impacts
· External impacts – the industry is controlled by multiple key factors
including political influence which may destabilize your position as an agent.
Financial shortcomings
· Financial shortcomings – you may go for long without driving sales,
therefore prompting you to take some cost-cutting measures.
Competition
· Competition – the real estate sector is quite congested with numerous
sales agents.
Lack of a definite schedule
· Lack of a definite schedule – sometimes you may be required to work
overtime to secure deals and be able to meet your clients.
Volatile responsibilities
· Volatile responsibilities – working as a real estate agent needs you
to be able to switch roles between a buyer’s agent and a sales agent.
Disappointments
· Disappointments – it is not guaranteed that you will successfully
seal deals. Sometimes you will get disappointed by failed deals.
In conclusion, working as a real estate agent
in our economy today requires you to be fully-equipped with sufficient
knowledge of the various factors that drive success. Sufficient preparation
thereof requires you to not only understand your market but also know your role
well and how to optimize your success by utilizing various tech-tools available
in the market. Also, you need to be well aware of the multiple challenges you
would be bound to meet and how you can counter them while maintaining focus in
your work.
