Listed below are the six main secrets in real estate-
- Open houses are not lucrative anymore- while it used to be the case that you would have to host an open house for potential buyers to see your house and decide if they wanted to buy it, this is no longer the case. In the fast paced technology world that we live in today, all buyers need to do is look at an online listing of your house and view the pictures from the comfort of their own homes! Today, if your agent is trying to advise you to hold an open house, it is not to attract buyers for you but to attract more clients for themselves so beware!
- The main task is marketing- the main job of any realtor is to market the house that is up for sale. Make sure that you hire a proper realtor who holds a licensed Realtor Card and not a real estate agent. Seek the reviews of previous customers as well as look online to see if the individual you are looking at is well versed in marketing tactics and will actually help you get good buyers for your house. Be wary of realtors who try to entice you with big firm names and demand a lot more money. Do your research well before committing to any one person or company.
- Discount brokers/ Limited service brokers can be chosen over realtors/ real estate agents- even though your real estate agent may convince you to not get a broker, this may actually be an option for you to consider as brokers may help you cut costs. If your house is valued at less than $120,000 or if your house is listed in a market of high demand, it is a good idea to try using a discount broker or a limited service broker
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- All agents are not created equal- while you may think that all real estate agents can offer you the same services, this is not necessarily the case. Depending on which area they are from, how long they have been employed, what kind of services they provide, and what their educational qualifications are, agents will vary from each other. It is therefore extremely important for you to speak to multiple agents as well as their previous customers to ask your questions regarding the kind of services they offer and their prices.
- What is “buy the listing”? – When an agent gets his owner to sign an agreement to sell the house at an inflated sales price and then gradually reduces the price until the house is sold, it is termed as the agent “buying the listing”. Essentially, the owner of the house thinks that the house can be sold for higher than what the market value is.
- For Sale By Owner (FSBO) Houses do not reduce cost and time- since real estate is an industry that mainly runs on profits, it is important for you to consider what you are in line for if you are looking to buy a home that is listed as an FSBO house. What this essentially means in that the owner of the house has not hired a realtor to sell it. However, you have employed an agent to try to buy you the right house. If you are looking to buy a house that is listed as an FSBO, inquire if you will be the one to pay the commissions on the house as well as other payments including closing and down payments.