Author Archives: Paul Takahashi

Qualities to look for in a Real Estate Agent

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Hiring a real estate agent is very important nowadays to get the right house at the right price and according to your needs, or if you are looking to sale your house. A real estate agent can make your life easy while buying or selling a house but there are certain qualities or traits you should look in a real estate agent. Let’s discuss some of those.

Communication

It’s always a nightmare when you have to deal with an agent to buy or sell a house who is not able to communicate. As this market is time sensitive, you need an agent who can quickly update you where you stand with your current buying or selling situation. So when you are looking to hire a real estate agent, you should make sure he possess good communication skills.

Local Knowledge

A real estate agent is of no use if he/she doesn’t have enough knowledge about the local market. You should always prefer an agent who has prior experience of sales in that area. So make sure you pick the best man for the job in this regard.

Negotiation Skills

The best real estate agents always possess great negotiation skills as it is a must in order to get the right value for the buyer and seller. The agent has to be smart in negotiating, as too much of it can also lead to losing a deal.

Honesty

One of the main quality which should be present in a good real estate agent is honesty and transparency about every minor detail to the buyers and the sellers. They will tell how much you should expect from sale price point or the timing of the sale. Also if you are a buyer, an honest agent will never keep you in the dark about any flaw in the house which you will find later.

Attention to detail

You should always look for an agent who pays attention to every detail and take care of even your small demands. If the agent is organized, follow up with leads and pay attention to your needs, he will be more successful in closing more deals for you.

 

Problem solver

As the job of a real estate agent requires facing a lot of problems and challenges, the best person you should look to hire must be one who can come up with creative solutions for the problems and issues.

 

What are the Possibilities and Probable Outcomes of Buying Vacant Land or Undeveloped Residential Plots?

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When buying vacant land or undeveloped residential plots, it does not, in actual fact, involve any type of property; not at the time when you purchase it.  But, in future, some type of property will sit on the land or plot.  There are endless possibilities of what vacant land and plots can be used for.

Possibilities when Buying Vacant Land or Undeveloped Residential Plots:

Buy and Sell at Higher Price; this means that you believe that the purchase price was below market value and you hope to find a buyer that will buy at your new higher price.  The term for this type of purchase and sale is “flipping the land”.

Buy and Hold the Land; while you believe that the price of the land will increase in value.  You need to pay the normal taxes and maintenance of the land during this holding time.

Buy Rezone and Sell; the land you purchased might be zoned for a specific use.  The land around has been developed and the land will be worth more if you rezone it.  For example, it could have been zoned for commercial use but now the area developed has become more residential.  Re-zoning it will make it more valuable for possible potential developers.  The fact that the zoning has already been changed will save them time and money.

Buy Develop and Sell; buying the land, develop it by building a home, and sell it to someone that would like to live there.  If the land is bigger, you can start a vineyard or vegetable patch, and sell to a buyer that like the fact that the land is already cultivated and it can just be managed.

Buy Develop and Hold onto the Land; you purchase the land with the intention to develop it for yourself.  You can build a department building or townhouse complexes to rent out to tenants.  You can also build a shopping centre and rent space out to retailers.

There are numerous more options to do with vacant land.  The possibilities are endless and whichever way you go about it, there is an income to be made, one way or the other.

What is the Difference Between Commercial and Residential Real Estate Properties?

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Even though both the Commercial and Residential Real Estate involves the selling or buying of property, that is where the similarities end.  You cannot really compare these two; it would be like comparing an orange with an apple.

The Difference between Commercial and Residential Real Estate:

Commercial Real Estate

In Commercial Real Estate the focus is on Business.  The property involved is either sold or leased, to achieve a predetermined objective.  The property is used as an investment that will generate return funds.  In other words, for business and getting return funds.

For Commercial sales, the selling process looks at numbers and investment return calculations.

Commercial Real Estate deals involve much bigger amounts of money.  Commercial purchases can include several units, creating a larger one, for example, apartments, shopping centres, townhouses, etc.

Commercial Deals are much more complicated and are following a quite different set of steps and guidelines.  The transaction cycle for commercial purchases can take several years.

Residential Real Estate

Residential Real Estate is revolving around the needs and wants of families and the homeowner.  These properties are purchased only for individual use and mostly provide housing for families.

Residential sales, on the other hand, are more a personal, emotional type of purchase.  The house may just feel like the right one to buy.  A key factor might be the return on investment in the future.

The Value of Residential Purchases is calculated and determined by market rates of houses in the specific area.  You might only need a small down payment, and finance the rest of the price through taking out mortgage financing from the bank.

The selling or buying of residential property from the beginning with the purchase offer until the closing of the deal, are executed through a fairly well known, established set of steps.  It mostly takes a few months, rather than years to finalize everything.

These are only a few ways in which residential real estate differs from commercial real estate.  The parties involved, the money involved, the route the transactions follow, almost everything is different, except for the fact that it is property being sold or purchased, with the help and involvement of a Real Estate Agent.

5 Reasons Why you should Hire a Real Estate Agent to Buy or Sell Property

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When buying or selling a residential property there are many things to know.  You might know what you are looking for and the price range that you feel comfortable with in either selling or buying.  But there are many things that can help you when making a final decision.  You will need the type of information that only a Real Estate Agent can give you.

5 Reasons why Hiring a Real Estate Agent is Important when Buying or Selling:

  1. They Have the Experience and Knowledge; to help you find the best deals available. This is what they do.  They know their way around properties and they know everything that you might need in the transactions of either selling or buying.
  2. A Real Estate Agent Acts as a Buffer; between you and possible buyers and sellers. An agent organises all the showings, handling the negotiations, dealing with other agents, filtering phone calls while finding the serious buyer or seller to make an offer.
  3. They can provide Market Related Information; about the conditions that can influence the selling or buying process. They have the information at hand that will guide you to not overprice when selling and buy at the highest price if a better value for the same is available.
  4. A Real Estate Agent will handle the Paperwork; they know what types of forms are needed, where the signatures go, when each form should be submitted or filled out, and all those bothersome administration things that we do not know all about.
  5. Will Keep Contact to Sort out Possible Queries and Answer Questions; there may still be documents that need stamping of tax transfers that can follow months after the close of the transaction. Your agent will always be only a phone call away.

A Real Estate Agent’s continued success can be boosted a lot by referrals; therefore, they will always perform at their best, doing business with clients.  Your good word of mouth can get them their next client.  They will do their uttermost to ensure a good, problem-free transaction.