As a real estate investor or buyer, one certainly has goals and aspirations as well as an expectation to get the best value for money and time invested. Being a first timer in the business and profession of buying, selling and renting buildings or land requires you to have knowledge in real estate. This knowledge is crucial for you to get the best value for your money and to consistently make money as a seller. I have compiled and listed the best tips and real estate practices for you to ensure that you get it right the first time and a successful real estate business.
1. MAKE SURE YOU HIRE THE RIGHT AGENT.
Hiring the right agent should be among the top items in your to do list before investing your money in real estate. It is advisable to spend time to find the best agent to work for you. The best agent should have experience in the real estate market and one who possesses good negotiation skills to help you in making deals. He/she should maintain a good relationship with existing clients and work to build relationships with potential customers. A skilled agent also monitors the market for current and future trends. This will save you a lot of money and guarantee success. The right agent can be found through referrals from trusted sources or searching online on social platforms such as LinkedIn. Make sure to look at their credentials, ratings and reviews before shortlisting your list to five agents. Meet them and conduct an interview them personally to find the best agent suited for the job.
2.MONITOR MARKET SALES ACTIVITY
Monitor the real estate market activity to identify the best time to buy, initiate price wars or sell your property at a good price. The real estate market is said to be in a balanced housing market if it has an average stock of a period of half a year. This kind of market is not easy to disrupt by starting a price war. However, when the inventory is below the equilibrium there is more demand and therefore the seller has more control over the terms and price of property sold. When the inventory over a period of half a year is above the housing equilibrium demand is low and the buyer has more control, as a seller you will have to offer price discounts in order to attract the market.
3.INSPECT THE PROPERTY
As a seller dealing in real estate or buyer looking for property to buy, ensure you thoroughly inspect the property before going ahead to buy. You may also hire the services of a professional inspector to help you examine the property’s condition as well as the site. This will help you in making your decision.
4.COMPARE PRICES OF NEARBY PROPERTIES AND RENT
This is helpful in pricing your property as a seller or choosing the best property to buy as a buyer. If a property costs a high price, this price is used to calculate its rental price and then comparing it to similar nearby property rental prices. This also applies to low cost properties.
5.DON’T BASE YOUR INVESTMENT DECISION ON EXISTING TAX LAWS
In making your tax investments in real estate, do not base your investment decision on existing tax laws as they are bound to change. Look for the right property and its financing, go ahead and invest. Current tax laws should not hinder your investment decision.
These real estate tips will help you succeed in the sector by adapting to the current market conditions.