If are looking to becoming a landlord or homeowner, here are three simple lessons to help get you off on the right foot.
#1. Do your research;
One of the most overlooked aspects of Real Estate is
the information that is so readily available. Since it's inception the MLS system has undergone a number of changes. Back in the day in order to buy property you would contact a Realtor who would show up with a book of properties of which you would be directed to the ones you would like to see (sometimes with some serious arm bending.) . When the MLS system when public there was a consensus among Realtors that the "sky was falling" and it would spell the end of our industry. Fast forward a number of years and we have seen the same perspective when it came to releasing the MLS data to consumers. Guess what? Having consumers have access to the same data that we do at our fingertips makes us better at our jobs. Being able to discuss properties and deals in real time with our clients gives us the ability to service them better and be more nimble and close more deals. The naysayers that fight against the purveyance of information can keep doing so, we'll gladly assimilate this into our business model and lift our clients to new heights. Rant over........
Now that you know you have access to tons of information have some fun! Determine what types of properties interest you and what areas you are excited about investing in. Isn't that your job? you say?- Yes and no. We are here to support you and provide guidance and understanding of the market and it's prevailing condition but don't count yourself short. You're intelligent and capable, and being part of the process will make for more intelligent and educated decisions. Look around you-Real Estate is after all local so take note of properties you could see yourself owning as you go about your day to day life. Feel free to be broad on this search, dream a little! The more concise you can get with you're ideal the property the better we can serve you!
#2. Don't be so sensitive
Whether it be buying your first starter home or 3.4 Million Dollar 40 Plex business is business. We stand by our credo that making a decision when it comes to an investment is a business decision. We've seen people get emotionally attached to a concept or idea of property ownership and we've also seen people pushed into deal by advisors as if there will never be another deal. Real Estate is cyclical and inherently properties will always be changing hands. There will be another home, investment property and piece of vacant land for you to buy. Make sure the property is sufficiently vetted and invest where the numbers make sense. Now let me state that being passionate about investing is a whole different beast. Feel free to let that out and have some fun while you're going through the process. You should feel a sense of excitement and growth as you move along the buying process and if you don't, on to the next one!
#3.Build a team
Yes we are going to tell you to hire a Realtor. Yes we are Realtors. We understand the assumption that everyone makes when they're getting an opinion from someone in the industry they are working in. We are also going to tell you that you should have a team of professional s around you. Just like head coach Chip Kelley of the incredible Philadelphia Eagles has a supporting cast of offensive and defensive coordinators, you'll need a team of lawyers, accountants, Mortgage professionals and yes...Realtor as your supporting cast.
The #1 thing we'd recommend in selecting your team. TRUST. Make sure your team is looking out for you and hire the right people to represent your interests. This is the customers service business after all!
- REALTORS® must adhere to a strict Code of Ethics and Standards of Business Practice ; your guarantee of professional conduct and service excellence.
- We have the facts on comparable pricing, neighbourhood trends and housing market conditions, data you can use to set your best course of action and maximize your investments resale
- The Real Estate Assurance Fund is available to you in the rare event of fraud, or breach of trust by a REALTOR®. It is your protection against financial loss. This fund is financially supported by our members; and,
- A licensed brokerage supervises the business conduct of all REALTORS® to ensure their compliance.
- We take into account each clients unique wants and needs and tailor our work around them. We understand that every situation is different and put in the hours needed to ensure the attention to detail is provided from start to finish.