Tips on Buying and Selling Residential Properties

Home buying and selling can be a very fast-paced industry – a house can sell within hours or even minutes. With the right tools at your fingertips you will be able to outwit and win good deals.

If You’re Buying

If you are a buyer, then you will want to take these things into consideration.

Find a lender. Before you start working with a bank, mortgage banker, mortgage broker or credit union, get as much information about them as you can. Check their backgrounds carefully. Also, get an estimate of all possible fees.

Don’t over commit yourself. There are some things that you can take care of for the buyer, but others that you cannot. Learn to be flexible and to negotiate.

Stay within your financial reach. Make sure you never go for something that is so high or right around your income level, but rather something that is 25–30% lower than your income, so that if there is ever a draw back on your financial status you’ll still be able to afford it.

Get pre-approved. If you have problems getting pre-approved because of your bad credit rating, then one good thing to do is to get your own credit report online and review it. Determine if anything on the report is inaccurate or over seven years old, which means it must be removed.

Know what you’re looking for. Whether you are going to open houses on your own or using a real estate broker, make up a list of what you would most like to see in the property and prioritize it so you can determine which items are most important and which ones you are comfortable sacrificing.

Always keep a cool head. Simple problems can become a burden when you have many details to take care or you hit a few snags on the way to closing. Work with the people who are helping you through the transaction to resolve any issues that pop up.

If you’re selling

If you are on selling the side, here are some things you should be thinking of right now.

Know when to sell. Besides spring, the best time to put your property on the market if you plan on buying another home is when interest rates are low. Low rates benefit both buyers and sellers, and you’ll be both.

Understand the process. Learn about the home selling process and about negotiating. Knowing as much as you can could save you thousands of dollars.

Decide whether to go it alone. If you decide to sell your home on your own, keep in mind that it may take longer than if you’re using a real estate agent, especially in a buyers’ market. When there are more sellers than buyers, real estate agents have the advantage of using multiple listings when it comes to getting their homes in front of buyers.

Be realistic. About your asking price, the time it takes to sell a house, the process and the market. If you go in thinking it will take only a week and you’ll get exactly your asking price, you’ll probably be disappointed.

Think improvements. While you don’t necessarily have to add on a new room or two, making some basic improvements can increase the value of the property dramatically, and can also make a significant difference in the eyes of buyers. If the house needs a paint job, use neutral colors. The same with new carpeting. If there are hardwood floors, consider having them professionally refinished. Landscaping also adds curb appeal and increases the value of the property.

Price at market value. When you do, you open your home up to more buyers who can afford the price. Listing at a high price in the hope that you’ll find the one purchaser who will pay it, often discourages many potential purchasers who could have afforded the price. If you need to sell quickly, consider advertising owner financing to draw in a wider range of buyers.

Keeping these things in mind will surely help you sell at the right price and land on your dream home. Be real and you’ll have a much better experience.

Five Ways To Grow Your Real Estate Business

Real Estate is a capital-intensive venture which revolves around making the right moves. As a real estate investor, whether new or established looking to expand; it is imperative that you take smart steps in a bid to grow your business. Knowing that real estate investment is highly cash flow dependent; there is a need for you to make the most of your options to avoid running at a loss.
Below are five great ways to grow your real estate business.

• House Flipping: Also known as rehabilitation; flipping is a strategy that has worked for many leading firms in the real estate industry. House flipping involves buying a cheap house, usually, one that is not in perfect condition, fixing it and then selling it off at a higher value. While, there are a lot of risks involved in house flipping, taking the right steps will make the process as easy as it looks. It is very important to avoid buying a house that requires an all-round fixing. Also, it’s wise to have a detailed repair estimate before the commencement of the project as this will help you discern if buying such house is a good investment.

• Lead Generation: As with every other business venture, lead generation is required to attract buyers to your properties. Lead generation involves attracting strangers into showing interest in your business and subsequently converting them to customers. Leads can be generated by setting up a website for your business that includes a clear call-to-action on your page for these prospective leads to follow. After identifying your leads, direct mail is an excellent way to follow up on them to convert them to customers.

• Finding Off Market Properties: Off-market properties are a great source of revenue. They are properties which the owners need to sell off quickly and as such; cannot afford to go through the long process of listing them for sale. As a result of the urgency involved, most off-market properties go for prices below the market value. This helps you make great returns when you resell these properties. A strong business network will increase your chances of locating these off-market properties.

• Staging the Properties: This is one strategy that most real estate investors do not utilize well enough. Having a portfolio filled with photos of empty rooms will not endear your customer to the building. Rather, you should stage the house for shoots. Set up the house with furniture, so your potential buyers can have a vibrant picture of what their new home would be like. Although implementing this strategy would involve extra cost of hiring staging professionals; you would be better off for it.

• Properly Analyze your Deals: This is vital in every dealing you undertake. It is necessary for you to examine the pros and cons of each deal before taking a decision. For example, before deciding to purchase a vacation rental; you need to consider the prospect of renting it out during the off season. In the same way, when purchasing a house to flip, you need to be sure the cost of repairs would not be overbearing.
It is also important that you familiarize yourself with the local laws guiding real estate practices in your community. The most important point you have to note however, is that realeflow software offers you all the aforementioned benefits and much more. Realeflow is the only all in one real estate investing software that’s built to get you more leads, more time and more money.