Mistake #1: Not taking the time to enhance your home's showing.
When potential buyers drive past your home, their first impression will be based on what they see on the outside. If the buyer is disappointed, they probably won't want to take the time to go inside, no matter how nice the inside may look. Many sales are already closed before the buyer walks inside, based solely on the outside appeal of the house. There are many things you can't change, such as location or lot size, but you can enhance the appearance of your home with a few minor alterations and some serious cleaning. Ask your REALTOR® what can be done to make your home more attractive. A good agent will know what buyers look for.

Mistake #2: Insisting that your home is shown only when it is convenient for you.
While no one wants their dinner disturbed by strangers trooping through the house, often the only time buyers can see your home is after work hours or on weekends. Plan ahead. Keep the house orderly and make time away from home. If possible, plan events to take weary children away from home showings. Sure, a last minute showing might be a minor inconvenience, but it also may be the last buyer who sees your house before deciding to buy it.

Mistake #3: Attempting to hide problems with your home.
Be honest with your REALTOR® and your potential buyers with regards to the property relating to health, safety, or environment. It's common today for inspections to be a part of the sales contract, and during the inspections most problems will be discovered anyway, but hiding the truth can kill a sale and land you in court. It's much better to factor the costs of repairs into the sale rather than face lawsuits after the fact.

Mistake #4: Inadequate marketing methods.
In most cases, you will have to advertise your home. Marketing today requires much more than a "for sale" sign on the lawn. Prospective buyers with their busy schedules don't have the time to simply look through the classified ads. Your home should be marketed 24/7 hours a day with an information hotline and virtual home tour on the Internet. Ask your REALTOR® what strategies are in place so that you can be sure your property is generating potential leads 24/7.

Mistake #5: Failing to look at your home from the buyer's perspective.
Sellers tend to become too comfortable with the clutter that surrounds their home. Buyers may tolerate such mess in their own homes, but the homes they are looking at to buy must be spotless. A repair, no matter how small, is something the buyer will look at as an added expense and inconvenience when purchasing the home, and can thus use it to negotiate a lower price.

Mistake #6: Offering explanations about your home during showings.
Potential buyers usually feel more comfortable when the homeowners are not present. If you do remain home, resist the urge to offer explanations, point out perceived flaws or offer to repair items that the buyer might not have noticed or question your REALTOR® about. People differ in preferences. The less said, the better.

Mistake #7: Not understanding how to price your home properly.
Determining the market value of your home is one of the most challenging aspects of the entire selling process. If the list price is too high, you'll limit showings and offers. Some home sellers believe they have to price the property high so that they can accept a lower offer or have room to negotiate. Potential buyers who may have otherwise liked the home don't bother to come by because of the high asking price. It's important to know and understand how the current market works. A buyer is more likely to make a full price offer on a home that is priced right before making a low offer on a home that is priced too high. A top-producing agent will know how to advise you to price your property correctly to generate the most profit.

Mistake #8: Not planning your move before your home sells.
Many sellers don't plan their move early enough, then they feel totally overwhelmed when it comes time to vacate the property. Have your move organized before a contract is ever signed. Don't wait until the last minute to get an estimate from a moving company. When you do things last minute, the price can skyrocket and you don't have the time to shop around. Be sure to keep a record of your expenses during the move. Many of these expenses can be tax deductible. Take an inventory of everything you own so that you know the proper things arrive at your new home.

Mistake #9: Being inflexible or unwilling to compromise.
Sometimes it is necessary to be flexible when it comes to the sale of your home. If you're not willing to budge about the date you move out, price, necessary repairs, etc, the buyers can become discouraged or even angry. Agreeing to a repair that might cost a couple hundred dollars might actually save you much more on interest on your home loan in the long run. While you don't have to give away hard-earned equity, often sellers must look at the overall savings involved. Again, ask your real estate agent for advice. Choose your listing agent wisely. Working with a full-time professional real estate agent is a must. Choose your agent by asking questions of him/her. Find out how knowledgeable they are about houses currently for sale in your price range and also of houses that have recently sold.

Choosing Your Agent Wisely:
Any agent will show enthusiasm and will want to list your house for sale but choose your agent based upon
A. Experience at listing and marketing houses for sale.
B. Ability to use technology to market your house world wide to buyers 24/7.
C. Reviewing with you a comprehensive Marketing Analysis of home sales in your area.
D. Ability to offer a written detailed 30-DAY MARKETING PLAN that will get your house sold at the highest possible price.

Working with a full-time professional real estate agent is a must. Choose your agent by asking questions of him or her. Find out how knowledgeable they are about houses currently for sale in your price range and also of houses that have recently sold. Can your agent recommend a good lender that has the reputation of excellent customer service and low rates to assist your new buyer with financing? A good listing agent can get your house sold quickly at TOP DOLLAR and help you find a new home.

Have questions, need advice you can count on or just want to discuss this further? Don't waste any more time; pick up the phone and call us now! we're here to help! 800-585-4011.

 

Moving into a new home can be one of the most stressful situations that a person can endure, so it is vital that you find ways to make the transition as easy as possible. There are two distinct types of stress that one faces when changing homes. First, there is the financial aspect of the move. Finding the right home at the right price, negotiating the purchase with a seller, filling out the lengthy paperwork involved, and handling the escrow can all take its toll. Then there is the emotional aspect of the move, and this is often where the greatest amount of stress is felt. A competent and professional real estate agent can make the financial steps of the process easy, but if your emotional needs are unfulfilled, you may find yourself tired and frustrated and not acting in your own best interest.

It's important to begin with the end of the process in mind. When you know the exact result you want to end up with, the process of getting there becomes much easier. Take the time to analyze how your life will be once you have moved into your new home and how it will be better than your current situation. Take the time to write out the improvements to your life and keep this with you at all times during the transaction. Having a physical copy of your goal will energize you to achieve it, regardless of any setbacks. This will be an emotional anchor that can keep you mentally in place.

Be flexible throughout the process. Allow yourself financial peace of mind by overestimating the costs. Many things can happen between the time you begin looking for a home and closing the sale. Hidden costs, problems with the inspection, or fluctuating interest rates can all pop up at any time during the transaction. By allowing yourself flexibility, you can compensate for sudden changes that otherwise might bring a halt to the process. If you anticipate and prepare for these problems, you can avoid getting angry or frustrated when things don't go exactly as planned.

A good REALTOR® can review the step-by-step procedure in purchasing a home. Trust the process and stay focused on your ultimate goal of home ownership and you will find the process will go smoothly. Trust that your agent and the team they have assembled are working in your best interests.

Work with people who are willing to educate you on every step of the process. The more knowledge you acquire when buying a new home, the more at ease you will feel. Understanding that things don't always go exactly according to the original plan is key, so take the time to learn about the step-by-step procedures. Have confidence in your REALTOR® and yourself. Ask every question on your mind, no matter how seemingly insignificant it is. When buying a new home and moving, there are no stupid questions.

Sometimes, the best way to remedy a situation is to remove it from your mind completely for a little while. Seek out a form of entertainment that you know relaxes you and embrace it. Maybe you like to play a sport or watch movies. Use your hobbies and enjoyable pastimes to relieve your stress.

Moving can be especially hard if you have children. For adults, living in a home for a few years represents just a small portion of their lives, but children who have lived in a home for most or all of their lives will face a much more difficult time when changing homes. Even just those few years represent a much larger portion of a child's life.

Familiar things such as friends, schools, the streets where they played and the shops they were accustomed to visiting will be changing. Everything in their home will be new. The impact on a child starts the first time they hear about moving and can be very uncertain. It is important to include your children in as many aspects of your new home as possible. Instead of just letting them decorate a new room, take them to the store and let them help choose new paint or carpet, the decorations, and whatever else that will give them the opportunity to feel like the new house is really a home.

Teenagers can have a hard time if they have an established life in high school, especially when they have close friends or a boyfriend/girlfriend. Teenagers already view themselves as adult members of the family, so be sure to treat them as such. Expect that your kids may be even more distressed after the move when they must restart their lives from scratch. Give your teenagers a long distance allowance to keep in touch with those they left behind, but also encourage them to join as many clubs and sports at school as possible in order to build a new life with new friends and a new environment. There are so many different ways that moving can be stressful on both you and your family, it is important to take the time and steps necessary to make the transition as easy as possible. Remember, the most important part is that you are starting a new life filled with new possibilities and opportunities. By making the most of these opportunities, you can have a successful move for you and your family.

Choose your agent wisely. Working with a full-time professional real estate agent is a must. Ask questions of your agent. Find out how knowledgeable he or she is about houses currently for sale in your price range and also of houses that have recently sold. Can your agent recommend a good lender that has the reputation of excellent customer service and low rates? Does your agent ask questions of you to have a full understanding of what you are looking for to help you get the most home for the money?

Have questions, need advice you can count on or just want to discuss this further? Don't waste any more time; pick up the phone and call us now! we're here to help! 800-585-4011.

 

 

Investing in real estate provides many owners with positive cash flow, tax benefits and the satisfaction of making an impact in others' lives. Like any investment, real estate has market trends that, if ignored, can cause an investor tremendous headaches.

Many first-time investors part with their hard-earned money without taking the time to study their investment. They rely on traditional trends and gut feeling. Before you risk your money, take the time to learn all you can about your market. By aligning yourself with the right professional, you can avoid these twelve common mistakes and ensure an excellent return on your money.

1. Failure to determine your time needs. Money, capital appreciation, tax benefits, loss of management, equity pay down and simple pride of ownership are a few of the things that must be addressed before you make that first investment. A service-minded real estate professional can be a tremendous asset by taking the time to evaluate your needs and make sure you've got all your bases covered.

2. Not checking out the seller or seller's agent's numbers. Claims of extremely high rates of return run rampant in real estate investment. Don't get caught up in a wave of excitement regarding a property. Check every detail - rents, payment history, taxes, expenses, deposits, future modifications - everything regarding the finances of a potential investment. Be certain you are working with a good agent - it's like an insurance policy against overlooking all the seemingly insignificant but very important details.

3. Don't get emotionally attached, it's just business. Owning investment property carries with it a great potential for creating and holding wealth, but you may also be forced to make potentially difficult decisions. Evictions, re-investment into the property, and time management all need careful consideration. Real estate investment is not a "hand's off" type of business - it will require your vigilance.

4. Avoid negative cash flow. Property that eats cash every month can drain your working capital rapidly. This can create stress, frustration and become painful over a period of time. Expecting constant appreciation and positive cash flow may be unrealistic for a novice investor. A strain on your bank account may cause you to sell the investment before the benefits of ownership are ever fully realized.

5. Failure to do a thorough inspection. Look everywhere! Hire a professional inspector. Ask the tenants about pest problems, structural damage or recurring problems and don't overlook anything. A value-driven real estate professional will help you find the right inspector and can help you avoid costly mistakes. 

6. Failing to have adequate insurance. Investment properties bring liabilities such as tenants, cars, parking lots, cleaning facilities, property liability - the list can be both extensive and daunting. Adequate insurance coverage is an absolute must. Be sure to consult with an insurance professional to protect your assets.

7. Inspect, approve, and confirm all documents. The list of documents that need to be proofed can be overwhelming to the first-time investor. Building permits, zoning laws, rental and lease applications, health licenses, inspection reports, title policies - the list is long and you can't risk oversights on any of these. The right real estate professional will work with you to make sure nothing gets overlooked.

8. Get a bill of sale for all personal property involved. Many types of personal property (appliances, furniture, draperies, fixtures, etc.) can be involved with an investment sale. Be very detailed and know who owns what.

9. Charge fair rents. Vacancies, turnovers and lease terminators are your biggest expenses. Charge fair rent, treat your tenants with respect and respond quickly to their needs. It's a lot less costly in the long run to take care of the little problems while they are still little rather than waiting. A vacant property doesn't make you money.

10. Select qualified, good tenants from the start. You must take the time to check references. Previous landlords, employers, financial references, credit and judgments are all vitally important. If there are any questions, do a thorough investigation. Drive by their previous residence. A little work up front can save you all sorts of problems later on.

11. Make sure you get estoppel letters. Get letters from the tenants confirming the status of tenancy. Make sure their version of the rental agreement or lease corresponds with the seller's interpretation.

12. Don't spend positive cash flow. Most successful investors have free and clear properties. Be sure to re-invest your positive cash flow back into the property payment and speed up the amortization schedule. This decreases your debt load and increases your equity, which in turn increases your net worth.

Investment property can be one of the most rewarding aspects of your financial portfolio. Be sure to be as knowledgeable as possible before risking your money. Do your homework! Consult with a professional real estate agent and protect yourself from the hidden troubles that can plague first-time investors.

13. Choose your agent wisely. Working with a full-time professional real estate agent is a must. Choose your agent by asking questions of him or her. Find out how knowledgeable they are about houses currently for sale in your price range and also of houses that have recently sold. Does your agent work with a good lender that has the reputation of excellent service and low rates to assist you in obtaining financing?

Does your agent ask questions of you in order to have a full understanding of what you are looking for and to help you to find the best property for you?

Have questions, need advice you can count on or just want to discuss this further? Don't waste any more time; pick up the phone and call us now! we're here to help! 800-585-4011