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Archive for the ‘Real Estate Agents’ Category

Whether you are buying a home or selling a home, you are most likely going to need the services of a real estate agent.

It is best to avoid pushy ones for the following reasons:

Most people have seen movies and heard horror stories about pushy real estate agents that try to get you to buy a home you aren’t interested in or list your home for a price well above what it’s worth. The last thing you want is for the real estate agent you work with to be anything like the stereotypes.

A real estate agent’s success will tell you a lot about how he or she works. How many homes does that agent sell? An successful agent that sales many homes is usually easy to work with. When you are interviewing real estate agents you might find it helpful to ask for references.

Of course, these references should have experiences relevant to the services you are looking for. If you are buying a home from the real estate agent, speaking to someone who has had a positive selling experience with the agent will not be of much help.

Choose an agent based on a referral you receive from someone you trust. When a friend or family member gives you the name of a real estate agent, there is a greater chance of you having a successful experience with the agent, than if you randomly choose one from the telephone book.

Make sure the person who is referring the real estate to you has had a recent experience in working with the agent.

If you are a buyer working with a real estate agent, make sure to give the agent the details you are looking for in a home along with the maximum price you are willing to pay. Your agent should make every agent to show you homes that meet the criteria. There are some agents that will attempt to show you homes that are above your maximum price or do not meet your priority criteria.

Usually this happens because the agent has some ulterior motive for selling the property. Respond to this situation the first time by asking that the real estate agent only show you homes that meet your criteria. If the agent continues to disrespect your wishes, you should move on to an agent that will abide by your requests.

Pushy real estate agents are fairly easy to recognize. You will notice that the agent does not truly seem interested in your needs or wants. The agent’s primary concern will be to sell you something.

For buyers, the pushy agents will try whatever is necessary to get you to purchase a home that you aren’t interested in. These agents might express frustration when you do not make a swift enough decision to meet their satisfaction.

When working with a seller’s agent, be wary of real estate agents that pressure you to make decisions before you are comfortable with working with them. A professional agent will assist you in making educated decisions based on facts. This kind of agent will even provide you with the information necessary. If you feel that a real estate agent does not have your best interests in mind, kindly thank them for their services, and enlist the services of another real estate professional.

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If you invest in real estate it is worth trying to find a good estate agent.

A real estate agent is one of the most useful resources for a real estate investor.

An agent’s job hinges on being knowledgeable about the real estate market. This knowledge includes property that is available for purchase, the exact thing a real estate investor is looking for.

When you are working with a real estate agent, it is important that you get him or her to understand that you are not the typical buyer or seller. Most real estate agents, if they have worked with investors previously, will already be aware of this. However, there might be some instances that you have to educate the agent on the way real estate investors look at buying and selling real estate.

Whenever you make a connection with a new real estate agent, even one that is already aware of an investor’s viewpoint on real estate, it is necessary for you to let him know the criteria you use for purchasing investment properties. Doing this ensures the real estate agent will only contact you with properties that have investment potential for you

Sometimes agents have their own questionnaire forms for you to fill out. In any case, the key information you need to relay to the agent includes the following: the criteria you use to purchase a property, your goal for purchasing the property, whether or not you wish to be contacted about properties outside your criteria and goals, total number of properties that you might purchase at a time, and any issues with financing that you might have.

If you are an investor that primarily works with properties that you can fix and flip, you need to let your real estate agent know the kind of “fixing” you prefer to do with your property. You might only want to do light repairs such as painting, replacing fixtures, etc. Perhaps, you are not one that shies away from houses that need extensive repairs like plumbing or foundation repairs. It is important to let your real estate agent know these criteria as well.

Keep in mind that real estate agents are paid commission based on the price of the property. When you purchase a low-priced property, the agent makes a low amount of commission on this property.

Unless you plan on doing the extra work associated with the purchase, like writing up the offers, it is a better business practice to compensate the agent for the time spent working with you. If the agent spends a great deal of time showing you properties, consider negotiating an hourly wage. The real estate agent will see that you value his time and is more likely to notify you with good investing deals.

In your career as a real estate investor, you will meet many people that will be of use to you. The real estate agent is perhaps one of the most important of these.

Maintain a good working relationship with agents by being clear on what you are looking for and compensating him for the time he spends working with you.

1. Showing you bad houses to buy before showing you the target house.
Your Real Estate will first show you a series of houses in terrible condition and is overpriced. Then, after you see your terrible selection and you believe these houses are what you after to work with. Once that belief is set in, then your Real Estate Agent will show you a nice house.

By the Law of Contrast, a valuable house looks even more valuable when it comes after a worthless house.

If you find yourself viewing houses that are just rip offs, be careful when you see a decent house. It is actually less valuable than you believe. You Real Estate Agent may even try to compliment those worthless houses so that when decent house shows up, you believe it’s your perfect home!

2. Making you travel to look at the houses you want to buy first.
This is a very common practice and it would seem to make sense. You would need to look at the houses before buying it, correct? Well, there is reason behind the Real Estate Agent wanting you to travel and spend your valuable time staring at these houses. By spending so much time on one house, it becomes too much of an effort to find your perfect house. You end up settling for your less than desired house.

What should be happening is that before looking at the house, you should request a comparable analysis. Your Real Estate Agent has statistical information about the houses you are looking at and houses similar to what you are looking at. This statistical information reveals the market value of the home and whether the home is worth you TIME. By not showing you the comparable analysis, the time, effort and pain it takes for you to search for a home causes you to make a decision faster. If the Real Estate Agent shows you the comparable analysis first, it reduces the pain and you would wait longer to decide. Also, the Real Estate agent has to spend time to create the comparable analysis report where most likely, they would not want to do.

Rule of thumb: Find a Real Estate Agent that will give you the comparable analysis first.

Now, this isn’t to say you should never look for the house first.

There is one exception.

When you first meet your new Real Estate Agent, there is some level of concern on the agent’s side. The agent is spending valuable free time on you, gambling that you would buy a house through him. So if you start off by requesting comparable analysis, he will not do it. Any honest Real Estate Agent would not do it. A comparable analysis is valuable information that the Real Estate Agent gets for being a Real Estate Agent. They need to pay a fee to be a Real Estate Agent.

What the Real Estate Agent needs to know, is that you need to provide some “level of comfort” that you will certainly buy the house through him in order to get the comparable analysis. To me, this is fair because if the Real Estate Agent is going to spend the time on you to help you find a home, then it would only be fair that you buy through him and let him get the commission.

The legal way to show this “level of comfort” is to sign the 90-day commitment contract that indicates you would only work with him and no other agent for 90 days. This legal way is by no means the only way nor is this a bad way, either. It is only a matter of preference and your relationship with your Real Estate Agent that determines the best approach.

3. Encouraging you to put a high security deposit when writing up a contract to purchase your desired home.

A security deposit informs the seller you are interested in purchasing the property and the amount lets the seller know how serious you are. The higher the amount, the more serious you are.

The moment the contract is agreed upon by both parties and signed, you must provide the security deposit within the set time specified in the contract. This security deposit is suppose to be returned to you if the contract becomes null and void, if the conditions (usually financing and inspection) specified in the contract fails.

Now, this procedure seems to be fair. Here is where the problem lies:

If the contract becomes null and void and you want your money back, all parties must sign a form called a Mutual Release. This signature must include the buyer, buyer’s agent, seller and seller’s agent. If any one party does not sign, you will not get your money even if the contract has been null and void. If anyone party refuses to sign, you have to go through court, most likely small claims court, to settle your dispute and if you know anything about the court system in Canada, you know your court date could be as long as two years away!

You should never be serious in buying house. It is poor negotiating tactics. If your Real Estate Agent encourages you to put a high security deposit, it is because your Real Estate Agent wants you to be serious about purchasing the property even though it is poor negotiating tactics.

The reality is your security deposit can be very difficult to get back. Sadly, this is the general process in most home buying transactions and it is a very poor process.

And did you know…

IT IS NOT NECESSARY TO PUT A SECURITY DEPOSIT AT ALL!

There are no limitations to a contract. It is only a matter of agreement. You can write anything you want on the contract as long as both party agrees. My suggestion is to encourage your Real Estate Agent to only provide the deposit after the contract passes the conditions. This is possible, but only if your Real Estate Agent is willing.

Once again, I cannot stress this enough, to find a Real Estate Agent do not search through the Internet and pick the first one you see. Good salesmen do not make good Real Estate Agents.

If you have any more questions or concerns, feel free to e-mail me at admin@freerentalads.ca
You are also certainly welcome to e-mail me your good and bad home buying experiences. I may or may not choose to post them up.

More to Come!

One of the most important things to do when purchasing a home is to find a great real estate agent to make the process flow smoothly and effectively. A question many people ponder is how to find a good real estate agent. The best agent may not necessarily work at one of the top ten agencies in the area. The agent who will work best for you would be an experienced agent who will listen to your needs, act in a professional and ethical manner and knows the market in your area.

1.)Word-of-Mouth or Referral
Most real estate professionals attract a sizable amount of business because of a satisfied client who recommends them to a friend, family member or neighbour. When you are thinking of purchasing a home, it is a good idea to ask those around you who they have used and ask them to elaborate on their specific experience with the real estate agent in question. Successful real estate agents strive to make customer satisfaction their number one priority and will do everything they can to facilitate a good experience for a customer. Try to find an agent that has a proven track record and reputation for delivering quality service, customer satisfaction, and have experience in the neighbourhoods that you are looking in.

2.) Do an Online Search For Real Estate Agents
There are many online resources available when searching for a real estate agent referral, but this by no means ensures quality. The agents referred online may have paid a fee to the website owner to be listed in the directory. Performing a Google search of the top agents in your area and then reviewing their websites will give you a good list of agents to interview. Agents who have experience in the field will tell you, but a newer agent will more than likely have the extra time to spend working with you. Review any customer testimonials or feedback about an agent you may be interested in retaining.

3.) Visit Open Houses in the Area
You should visit some area open houses where you can actually meet with a potential agent in a non-threatening manner. Here you can see how they work, collect business cards, formulate an opinion and talk with them on a personal basis. If you are thinking about selling a home, pay close attention to how the agent presents the home. Make sure the agent is polite, informative, approachable and professional. Does the agent promote the home by handing out professional looking feature sheets or other related materials? Is the agent trying to play up the features that make the home more enticing? Or is the agent in the corner, back turned and uninvolved in the whole scenario?

4.) Pay Attention to Real Estate Signs
Carefully monitor the real estate signs in your neighbourhood. Observe how long from the day they go up until the home is actually sold. An agent who has a high sales turnover might be a better choice than an agent who has lots of for sale signs but few sold signs. An agent who gets results is what you want.

5.) Why Agents Use Printed Advertising
There are two main reasons real estate agents use printed advertisement. First is to advertise and sell a specific piece of real estate. Secondly, advertising is used to promote the agent handling the transaction. By checking the local Sunday real estate ads in your neighbourhood and then checking the agents website, you can find the agents who may specialize in your particular neighbourhood. Contact the agent and inquire about their expertise and ask any other relative questions you may have.

6.) Seeking Recommendations from Other Real Estate Professionals
Ask around and seek out other real estate agents for a referral. Most agents are happy to refer a buyer or seller to another associate, if the service you require is not a specialty they can provide. Some agents only specialize in resale property, while others work predominantly with the sale of new homes. Other agents work exclusively with commercial or investment properties. Mortgage brokers are a great resource for agent referrals; many brokers have first-hand knowledge and can point you in the direction of a top-quality real estate agent and remember professionals tend to refer like-minded peers. There is also typically a referral fee involved for the referring professional so be careful that they refer you to the best Agent not the one that pays the highest referral fee.

Real estate investment or any transactions related thereto involves hefty sum. Therefore, any transaction which may emanate from it must be properly secured, documented and legal. Usually a potential buyer would be a total stranger to all these transaction intricacies. It is then that he engages the services of a real estate professional which may assist and guide him/her in the entire process.

A real estate professional, or in laymans term real estate agent or broker, is either a licensed or non-licensed practitioner who engages in providing assistance any potential estate buyer in property selection, best land-deal options and even property documentation as an after-sales service. Thus, when a potential property buyer engages the services of a real estate agent, he entrusts all his real estate deals and transactions to that professional. It goes therefore without saying that a potential buyer must select a trustworthy, capable, legitimate and skilled real estate agent. How then should a potential buyer qualify his real estate agent?

Legitimacy to transact any real estate deals is a main issue in selecting a real estate agent. For one, since property transaction involves a big investment, it should therefore be always legal. Hence, a potential investor must only transact and entrust the deal to a legitimate professional. This is the first criterion for selection that a potential buyer must always consider. The real estate professional must be, if possible, licensed. If he/she is not licensed, he/she must be accredited by a top real estate broker house. This will be a surety that he is qualified to take on any negotiations and consummation of property deals.

A real estate transaction involves a wide array of selections, negotiations and paper trailing. Usually these transactions are likewise state/area-based. Each state would have their own set of tenets for real estate deals. In the same way that a potential buyer has his/her own preferences of areas to invest, type of investment to engage in as well as after sales transaction preferences. For instance, if a potential buyer opts to invest in ranches rather residential units, a real estate agent to be engaged in should be one which specializes in farm lots or ranch estate selling and processing. On the other hand, if a potential property buyer wants to assume foreclosed properties in the west coast, then a responsive agent to be engaged in should be someone with enough experience and background in foreclosed properties and has accreditation in the west coast. This only goes to show that in selecting a real estate agent, one should be keen on the field of specialization of the agent. His specialization must be responsive to the needs of the potential buyer/client. Otherwise the engagement of a real estate agent would be futile if he would not be able to assist the needs of the client/buyer.

The existing network of contacts of property sellers and government property registry and documentation is also very important criterion. When a potential buyer intends to invest, he/she wants a wide array of land options from which he can choose from. This means that the agent must have a ready list of properties for sale available at his fingertips. Hence, he should already have an existing network of property sellers. Otherwise, your choice as a buyer would only be limited. Worse, if the choices given are not that of your own preference. Further, once a sale is already consummated, transactions for documentation start. With the bureaucracy in the government, a good agent must have a network of contacts inside the government structure to assist him for an accelerated processing of documents.

In the final analysis, the engagement of any real estate practitioner, broker or agent should alleviate and spare a potential real estate investor from the intricacies of the entire real estate transactions. Hence, the real estate agents roles must be to assist, guide and ensure that all transactions are secured and fully consummated. Thus, the real estate agent o be engaged must be qualified enough to handle these.