Buying Cheap Real Estate Properties At State Auctions
State auctions are becoming more and more common nowadays. People meet up and convene during these social functions to see what the state government has to offer to the public.
Some people are particularly keen on state real estate properties, because they always equate such assets to profits and ideal locations and values.
That is why state auctions for real estate properties are almost always jam-packed. Most traders, buyers and investors flock such occasions to be able to peek at potential and promising properties that could also be significant investments
Here are some useful ideas and guidelines that could help you make it through and get away with real estate property auctions in the state level.
1. The real estate property is an investment so treat it as such. That means, expect volatile prices. Seek advice and gather expert opinion about a particular real estate asset you might want to make an eye at.
2. Seek the professional help, advice or opinion of a broker or an agent. Usually, these middlemen gets the transaction going, meaning all the other aspect of the sale and acquisition would be taken care of. You just have to place the funding, pay commission and voila, you are there, the estate is yours. Saves time and effort.
3. Evaluate and assess the overall state of the real estate property for sale. It would be easy to assess whether the pricing justifies the sale of the property.
4. Keep an eye on details of the transaction, like the payment terms. Usually, real estate transactions are priced 20% to 30% more if the payment term is installment and spread throughout some period of time.
5. Never keep your eye off the price tag if you are looking and considering the real estate property. Sometimes, there are aspects or areas that you might see really appealing, but in reality, the shortcomings and imperfections are far more and would greatly offset the desired qualities. Be realistic.
Buying real estate properties is never a hard task. Just be sure the ideas and concepts you have in mind are still intact. And that you will be focused all throughout the process. Otherwise, seek professional help or consider buying properties through other venues.
Article By: Tim Lee
How Much Does My Real Estate Agent Need To Know?
Real estate agents would say that the more you tell them, the better they can negotiate on your behalf. However, the degree of trust you have with an agent may depend upon their legal obligation. Agents working for buyers have three possible choices: They can represent the buyer exclusively, called single agency, or represent the seller exclusively, called sub-agency, or represent both the buyer and seller in a dual-agency situation.
Some states require agents to disclose all possible agency relationships before they enter into a residential real estate transaction. Here is a summary of the three basic types:
1. In a traditional relationship, real estate agents and brokers have a fiduciary relationship to the seller. Be aware that the seller pays the commission of both brokers, not just the one who lists and shows the property, but also to the sub-broker, who brings the ready, willing and able buyer to the table. It most cases you will have 2 broker’s splitting the commission.
* Dual agency exists if two agents working for the same broker represent the buyer and seller in a transaction. A potential conflict of interest is created if the listing agent has advance knowledge of another buyer’s offer. Therefore, the law states that a dual agent shall not disclose to the buyer that the seller will accept less than the list price, or disclose to the seller that the buyer will pay more than the offer price, without express written permission. Many times it makes sense to “assign” someone in your office one side of the transaction, thus assures there is no conflict of interest.
* A buyer also can hire his or her own agent who will represent the buyer’s interests exclusively. Sometimes a buyer’s agent must be paid out of the buyer’s own pocket but the buyer can trust them with financial information, knowing it will not be transmitted to the other broker and ultimately to the seller. More often the seller pays both the selling broker and the buyer’s broker.
About the Author
Christine Hancock began her real estate career proving herself a top producer on a new high rise development. This experience gave her valuable knowledge of construction as well as the buying process and resulted in 4-million dollars in sales during her first year.
chris@getanewhome.net
Real Estate Marketing for Professionals
When marketing a home, most Realtor’s do the 3 P’s, Put it in the MLS, Put up a sign & pray. You do not need to re-invent the wheel,, just be 5% better than most Realtors to be in top 10% of all the realtors in your market . You need to develop strong marketing skills, both online as well as offline. You need to constantly market your listings. Consider investing some money in Search Engine Optimization and/or placement. It is now known that 75% of consumers start their home search on the internet. A strong Web presence is no longer a novelty it is a necessity to anyone who wants to be a successful realtor. If you are serious about being a successful realtor, you owe it to yourself to look to become a marketing professional
Here are some suggestions for marketing your listings.
Create a marketing proposal, customize your proposal to each client.
The Multiple Listing Service (MLS)
As soon as you receive a signed listing agreement, enter it into the your Multiple Listing Service service, making it instantly available to other real estate professionals.
Virtual Tour
Have a professional photographer photograph the home and create a Virtual Tour. When marketing your homes, pictures speak a thousand words!
The Sign—Your Personal Billboard
Since exposure is the key to selling a home, use signage whenever possible. As people pass by, day or night, they see from the sign that the home is for sale, and see immediately who to call to get more information or to view the property.
Custom Property Brochures
Use the photographs that the professional photographer took to create an eye catching custom property brochure. Many people look at 10 or more homes in a day, you want your home to stand out at the end of the day.
Newspaper Advertising
Newspaper advertising enables you to introduce the property to more than 1,000,000 interested, prospective buyers each Friday and Sunday. Feature your property in these publications, and continue to have a presence in your local newspaper until the property is sold.
Custom Mailers
Distribute mailers to over all local brokers and everyone in your farming area. Again using the professional photos that you took.
Website
By accessing a website, potential buyers from all over your local area will see information and photographs of the property, and will be able to receive a fast response to their inquiries regarding it. This is where you need to do some research and possibly spend some money on Search Engine Optimization/Placement.
RELO
No marketing plan would be complete without considering the rich potential for relocation sales. Each year thousands of people relocate. Membership in a Relocation company, gives you immediate access to ready homebuyers.
Open Houses
Some home sellers want them, some do not. Your can discuss the possible advantages of an open house, and the best way to conduct one with the least inconvenience to your client.
Remember 17% of Real Estate agents make 80% of the money. Use these suggestions consistently and you will soon be in the 17%!
About the Author
Christine Hancock began her real estate career proving herself a top producer on a new high rise development. This experience gave her valuable knowledge of construction as well as the buying process and resulted in 4-million dollars in sales during her first year.