Your Real Estate Expert
There is an old Zen Saying that goes something like this: “If you want to know the way up the mountain, then ask the person who goes up and down on it everyday.” The same holds true for the real estate market. There are lots of advantages of having the right real estate expert with you on your quest for the right house or commercial property. Let us review some of the more obvious advantages and also review some of the other points that you may not have crossed your mind. The right real estate agent will connect you to to the right investment apart from all the other things that you will need for success in your real estate investments or buying decisions. Consider your property consultant as your gateway to the world of real estate.
What is the Cost of a College Education
You can consider this cost to be the same value as what the real estate agent offers you. A good real estate consultant has the knowledge of the property market akin to that of a master’s degree or more. When you have a good real estate agent aiding you in your hunt, you are effectively saving lakhs of rupees in education costs!
A real estate consultant will help you to source the best deals, ensure that everything is legal, help you with closing the sale, fixing up and finally selling your property. Your property agent will also be helping you with all the necessary paperwork, negotiating and communicating with all the parties involved. The right agent will act as your friend, partner, advisor and shrink!
It’s All About the Deal
Your real estate consultant deals with the nitty gritties of real estate every single day and has been doing it for years if not decades. Not only do they work with property every day, they mostly deal in the same kinds of real estate. They know a good deal when they see one. When you entrust a real estate agent with finding the right property for you, you know you are entrusting someone who has instincts sharpened from many years of experience in the game.
Your real estate agent has access to legal hotlines viz. a direct connection to lawyers who are experienced in real estate. The lawyer advises your agent and correspondingly advises you on legal and investment matters.
A real estate agent works closely with city planners, inspectors, developers and housing contractors. Your estate agent can help you procure the requisite permits and help you navigate through the various legal and administrative processes to make the buying process that much easier for you.
The Inside Information
Lets be honest – A property is not going to be a great deal unless there are some problems with it. You will be able to find a property that that is 25 % – 50 % below market value only when there is a lot of work to be done on it. But at the same time, you get a bad deal if there are too many issues and problems surrounding the deal. The right real estate agent will be able to find the right deal for you no matter what.
Everything starts and ends with the selection of the property. A good real estate agent will see opportunities where others see problems. But only if the agent has years of experience behind him. There are properties that do not seem to have a lot of potential for the untrained eye, but when seen by a pro, they are identified as diamonds in the rough. The location of a property makes all the difference. A house or an apartment facing a busy road or a nullah will obviously be far less desirable than one facing a lake, a beautiful garden or the sea. An experienced agent will be find the proverbial needle in the haystack and help you zone in on buying the correct property in the best location for you.
Learn Real Estate Lingo
Every industry has it’s own vocabulary and groups of words and expressions that are unique to the business. This may sound to be trivial but it can really help save you from a lot of embarrassments, problems and money in the future. Communication is important for success not only as an investor but also as an end user. If something is being communicated that you do not fully grasp, you will not know how to react. Without fully understanding the context and background of the business, you will miss out on a lot of opportunities. It is therefore important to have someone as an ally – someone you can feel comfortable confiding in and asking for clarification. Sometimes even Google may not be able to throw up answers about the latest on investor slang! To have someone on your side whom you can ask questions and get knowledgeable answers without feeling judged is highly beneficial to your success as a real estate investor.
Buying with the Sale in Mind
The right real estate agent can help save you from your worst nightmare – buying a property that you cannot sell! After having invested in a down payment, fixed costs and holding costs and not having a buyer can cost you dearly.
You must always buy with a sale in mind. Buying with the sale in mind is the no.1 value that your agent gives to you. By getting the best deal for a property you can resell the property in no time. As in investor if the property you bought does not sell, then it does not matter what you did right. The point is you did one thing wrong – you did not purchase with the end sale in mind.
Keep the following points in mind to avoid getting saddled with a property that you cannot sell:
- Hire the right agent – someone who knows the market.
- Diligently study the data that your real estate agent gives you.
- Know who your buyers are.
- Understand what buyers are looking for .
- Make financing easy for the buyers.
- Set up the financing and fit it to the profile of the buyers.
- Buy with selling in mind.
If you are buying a property with the intention to sell, then it is a good idea to find similar properties in size, location and finish close to your desired property and find out what the properties sold for and how long they took to sell. Look atleast four months into the future and visualise the condition of the real estate market then and think about how the market conditions and the time of the year will affect your sale.
In the end, we leave you with a good quote from one of my favourite writers – Robert Kiyosaki.
“Real estate investing, even on a very small scale, remains a tried and true means of building an individual’s cash flow and wealth.” – Robert Kiyosaki, Author of Rich Dad Poor Dad.
It is absolutely necessary for you to deal with the right real estate agent because it is ultimately he / she who will make the difference between success and failure. You will be able to buy the right property only when you have an agent on your side who possesses the right blend of knowledge, experience, connections and compatibility.