Articles, quotes, and opinion pieces in Forbes Magazine and on Forbes.com. I’m a regular Forbes Contributor through their Real Estate Council and other organizations.
4. If Your Have High Risk Tolerance – Risk tolerance is a key factor, as it takes a leap of faith to leave a “day job” with a guaranteed paycheck and enter the entrepreneurial field of full-time real estate investing. The investor will want to have significant capital reserves to go into the business full time, in order to weather the ups and downs in the market.
7. Pick Up The Phone – Call your clients rather than texting, and always answer the phone when clients call if possible. Working with thousands of investors, I notice many trying to “automate away” too much of their client engagement. Use good tools to ensure that follow-up occurs, but keep it personal. Clients don’t want to work with a real estate robot.
Tip #4 – First-time homebuyers often have the idea of buying a “fixer upper” house and putting some “sweat equity” into it, perhaps with the hope of getting a bigger house in a better neighborhood. What they often discover is that a property that needs a lot of repairs will not pass the inspection required for their mortgage. That’s why most distressed properties are purchased by cash buyers (investors).
Tip #6 – Zillow isn’t perfectly accurate, but check the “Zestimate” for your home on Zillow. You can get a feel for whether the market is heating up or cooling down based upon the periodic updates to the Zestimate for a home. A website will never know enough to tell you the exact value of your home, but it can reveal whether home values are trending up or down. – Jeremy Brandt, We Buy Houses®
5. Evaluate Your Needs Vs. Wants – Homebuyers should separate their needs from wants. You might need bedrooms for each person, but want a game room. There is no “perfect” house, so understanding what you really need and communicating that clearly to your agent is very important. Agents will do a better job for you — and the process will move much more quickly — when they understand the things that you really need in a new home.
9. Blockchain Is Not Cryptocurrency – Our company is researching blockchain technology for use in real estate. The thing professionals need to understand is the difference between the blockchain and cryptocurrency. The blockchain is a public ledger. It will give us the opportunity to improve the home title process and perhaps even eliminate title insurance. Cryptocurrencies are based on blockchain and highly speculative.
3. That Sentimental Feeling – Sellers who have lived in the home for many years develop a sentimental attachment. As a result, they often underestimate the need for, and cost of, repairs. This can lead them to have a price expectation that is far higher than the actual value of the home. Sellers often have to learn that it is the market that determines the best price for the property — not opinion or sentimental feelings.
2. ‘Instant Offers’ – Various real estate companies have started offering “instant offers” on houses. Unfortunately, these “offers” aren’t based on an inspection of the home, knowledge of property condition, etc., so they aren’t really offers at all. The majority of the time, the offer is later completely changed once someone inspects the house. This is deceptive and frustrating to home sellers.