Every field has its do’s and don’ts. The same applies to real estate. If you want to do more than just survive then you need to know the ropes.
Do: Get your personal finances in order before jumping into real estate
It´s very important to get your own house in order before buying more of them. Have a clear idea of your existing income, expenses and outstanding loans before complicating your life further. If you do not do so already, spend a month or two tracking everything you spend money on – there might be substantial savings you can make that would free up more cash for investment. If you know there are some big ticket items in the near future (i.e. a new car), make sure you factor that into your calculations.
Do: Use common sense and set aside time to study
If you apply common sense and are willing to set aside significant amounts of personal time to research a deal (i.e. evenings and weekends), then it is unlikely that you will make an expensive mistake.
Most of the time, when people lose money on real estate investment, it is because they haven’t done their homework properly. They bought in a hurry and didn’t spend enough time doing basic due diligence.
Now from the do’s there are the don’ts. Always ensure that the property you are trying to sell is accessible. Kindly be on your feet when showing a house. Body language says more than you think.
Make The Property Hard To Show – There are times when the showings will need to be by appointment only, but that shouldn’t be your default position. Properties that are difficult to show, don’t get shown. Help your client understand the importance of making the property accessible to other real estate agents and their clients.
Put The Combo or Security Code in the MLS – This one speaks for itself. The seller has enough to worry about without you putting the access information on the Internet for the world to see. If you don’t want to take the calls to give out the combo, invest in an electronic lockbox. If you don’t want to take the calls to give out the alarm code, hire a showing service. Part of your job is to protect the property.
Sit Down During the Open House – There is nothing worse than walking into an open house and the agent is sitting down reading the newspaper or watching television. It’s okay to sit down when there are no visitors in the house, but when they are there you should be standing and engaged.
Studies have revealed that people get their appetites for houses wetted by just the images they view. So if you want to sell offer great images of the properties you are handling. Those who do reap handsomely.
According to the National Association of Realtors (NAR), nine out of 10 house hunters initiate their buying experience on the Internet. Twenty-five percent admit that online real estate photography led to the acquisition of their current house. Second only to price, quality real estate photography is the most important part of selling a home. It has never been more important to portray property in a visually aesthetic light that serves to promote its best assets. Capturing the essence of a home is not an easy task, but those who do so correctly may be rewarded with a timely and profitable transaction.
Studies indicate that quality real estate photography is more likely to generate a higher price per square foot. According to information provided by The Wall Street Journal (WSJ), “listings with nicer photos gain anywhere between $935 and $116,076” more than those that neglect to implement the necessary techniques and technology. Enlisting the assistance of a professional real estate photographer, and their DSLR camera, may result in the following advantages:
- Receive an average of 61% more views than their peers across all price tiers.
- Have a 47% higher asking price per square foot.
- Have an increased likelihood of selling homes priced above $300,000.
- Stay on the market an average of 10 days less.