Posts Tagged ‘Real Estate Agent’
Real estate agents that want to work with investors and real estate agent software that can compute rental property cash flows, rates of return, and profitability analysis are as compatible as the right-type equipment adorned by an athlete seeking excellence.
Think of it this way.
As gifted an NFL quarterback as Patton Manning is, would you expect him to walk on the field suited up with the shoulder pads of a lineman. Of course not, why? Because the larger pads worn by football lineman would in fact inhabit his ability as a quarterback to throw the football accurately. Quarterbacks, regardless how gifted, require much smaller shoulder pads so they can throw the football with maximum precision. In other words, whereas the right equipment really doesn’t account for the talent of the quarterback, it does enable it.
The same is true with real estate agents who want to work with rental property. Whereas any proficient residential agent can work with and occasionally sell rental properties, it just scratches the surface of a virtual treasure throve of investment property opportunities agents can enjoy when equipped with a good real estate agent software solution designed for rental property analysis. Here’s why.
1) It prepares you to service income-property inquiries. When you can “run the numbers” correctly on a rental property perhaps a walk-in, call in, or other is requesting information, it increases your chances to capture the opportunity. So you don’t risk losing a sale opportunity or have to refer it away because you will be prepared to work with real estate investors.
2) It helps make every first encounter with investors count. The value of making a good first impression on customers is not a secret. Real estate agents recognize that a customer’s first-glance perception can mean winning or losing business. When you are able to provide the cash flow and profitability presentations most important to investors with a good real estate agent software solution, you increase your chances that the investor will take you seriously and not simply “write you off” in favor of one of your colleagues.
3) It promotes investor loyalty. As simplistic as it may sound, just by owning a real estate agent software solution for real estate investing, you convey to the customer that you are in league with them, committed as they are to protect their nest egg, and genuinely do care how their money gets spent. By developing this type of confidence and trust in an investor, they will remain loyal to you and therein continually seek your services for their investing purposes.
4) It opens the door for more business. Once equipped to evaluate rental properties correctly, you can become more proactive to convert homeowner customers into investors. This is not a far-fetched idea. You might be surprised to discover that customers are ready to invest in rental property when they can be shown that the rates of return from owning a specific income property is more profitable than what they receive from their saving account.
5) It opens the door for referral business. When you own investment software, you will be perceived as a rental property specialist by others in your office and that will lead to referral business. This is not an exaggeration. By virtue of you having the ability to run the numbers on income property will set you head and shoulders above the rest. And believe me when I tell you that colleagues less prepared to work with investment property will gladly refer any rental property business they encounter to you.
To learn more about the benefit of using real estate agent software for rental property analysis, visit the website in my resource box below.
By: James Kobzeff
With the slumping real estate market, many real estate agents are finding themselves struggling to keep afloat. The days when new listings produced multiple offers before the ink dried and open houses produced endless streams of anxious buyers are long gone, at least for now. Residential agents now face the reality that selling real estate may not be profitable, moreover, that it may even get worse before it gets better.
Okay, but given the sagging real estate market, why would it make sense for residential real estate agents to start selling rental income property? Wouldn’t it be better to stay put in your own backyard, clinching the familiar, avoiding things new? I say no.
Foremost, if you’re a residential real estate agent, face the facts. That in this market “sellers still don’t get it and buyers won’t pay for it.” Most sellers believe they can stick on any price tag and get someone to bite, when buyers in this market are not willing to pay what they regard as an unrealistic price to some delusional and pigheaded seller still living in 2005.
Now, consider how all of it directly impacts your business. Your listings are mostly over-priced, and offers you submit are normally rejected. Rather then facilitating the ebb and flow of buyer and seller negotiations as normal, you find yourself in the middle of a tirade, trying to persuade one as to why the other is not obstinate.
Here’s the point.
Real estate agents are in a dire situation with few options. Think about it. You can suspend your license, you can bite the bullet and hope for a change, or you can become proactive by diversifying your business with rental income property and maybe close one or two additional deals this year. Which would you choose?
Here’s what you’ll discover about selling rental income property.
Whereas homeowners may not be in pursuit of a replacement house, they could be ready to make an investment. Whereas homeowners typically won’t sell on a moments notice, investors normally have a price they will entertain. Whereas homeowners may turnover one property in five years, investors habitually buy and sell multiple income properties. Whereas retirement might mean hunkering into a house, it commonly signals a designated time to unload management-intensive rental property.
You get the idea. Selling rental property offers a ton more opportunities to make money than residential property, and as a real estate agent, you’re in the right place to seize it.
So how do you get started selling apartments with little or no experience? You might be surprised to learn that it’s not that difficult.
First, dismiss the idea that you need to become an investment expert. Deals are closed every year by hundreds of residential agents who know little about income-producing property. Secondly, recognize the importance of numbers to real estate investing and think about buying real estate investment software to help you present those numbers in a professional fashion to sellers and buyers. Research your local market and acquaint yourself with income property prices (listing and sold). Use the real estate investment software to create an APOD for each property. Study the cap rates. Become knowledgeable about rental property prices and rates of return. Call your customers and ask whether they want to invest or perhaps own a multifamily property for you to sell. Discuss the market, present your numbers. Let them know you work with income property. Announce to your colleagues that you’re equipped to service rental property and prepared to pay a referral fee. Start attending meetings that promote investment property. Watch the classifieds and call on land or units listed by FSBOs. A colleague of mine called on a vacant lot listed by a FSBO who turned out to be an investor and subsequently listed about 100 apartment units for the guy. Call property management firms in your area and ask whether any of their clients might consider selling or buying property.
Okay, but let’s talk turkey. Am I suggesting that apartment buildings are immune from the hardships of this real estate market, or that investors are on every corner ready to throw money at you? No, investment real estate is still subject to the same murky economy, investors can be obstinate too, and you still have to work at creating your deals.
But rental property gives you the opportunity to diversify your residential business. Rather than having to rely just on the whim of one type of buyer or seller, you can broaden your exposure to multiple types of buyers and sellers. It’s no longer one product you service, but many products.
Sure, it takes effort. But considering the challenge we face, having the backbone and good sense to become creative might see us through. And that, dear colleague, would make it all worth the effort.
By: James Kobzeff
Whether you want to sell your home or lease it, you will need to find a real estate agent. A Real Estate Agent is one who is licensed by the state to practice in the business of real estate. Real estate dealings can be quite complex and a real estate agent will help you deal with the difficulties that are inevitable in the selling or leasing of your house. They are there to ensure a smooth transaction and are essential to safeguard the value of your assets.
To look for a great real estate agent, you need to start asking around for referrals. Most satisfied clients are willing to share their experiences with you and make recommendations. This will give you an idea where to look. If you can, ask for as many referrals as possible and make sure to let those you ask describe to you the experience of working with a particular agent. You will not only know who to look for but you will also have an idea what a particular agent might be like even before you meet him/her. One other option is to look at online listings or ads on the newspapers. This will save you some time and will give you an instant idea of what particular real estate offices might be able to cater to your needs. It would also help for you to attend open houses. You can observe real estate agents without having to really consult with them personally.
When you have enough information, you’ll have a good picture of what kind of agent you are looking for and who might give you what you need. Consider the top three real estate agents you have in mind and schedule for an interview with each of them. A one-on-one interaction will help you gauge his/her capabilities and character enough for you to decide if you want him to be your agent or not.
If you really want to get your money’s worth, look for a residential agent who works full-time on landlord tenant relationships and and who has had a lot of experience working with landlord tenant forms. Ask specific questions about how he/she gets the job done for other landlords or tenants and why they might be the best agent for you. When you feel that he/she is qualified and meets your standards, consult with him/her your particular needs concerning real estate leases and how he intends to accomplish what you want. Ask how much he/she will charge and negotiate the price if you feel that the tenant’s offer is too low. A good residential agent will give you a reasonable compromise after taking in to consideration your specific requirements and his/her own capabilities with handling landlord tenant relationships.
By: James Kahn
If you’re a real estate agent and particularly an agent that specializes in residential selling, but would like to supplement your business by selling income properties, then this one is for you.
In this article, I want to share with you why residential real estate agents should sell rental property, some truths and myths, and what you should do to prepare.
Benefits of Selling Income Property
The primary benefit of working with rental properties, of course, is the money. When I started selling real estate, the average commission for selling a house was about $1,500 after the broker split. When I made my first income-property sale as a residential agent, I made $15,000 after the broker split.
That sale took place in 1978 and having gotten a taste, I choose to make rental properties my business as a result, have been selling income-producing properties exclusively for the past thirty years.
But I digress.
This article is not about getting you to forsake your current residential business to become a multifamily specialist, it’s about getting you to become a real estate agent who can (and will desire to) sell investment property in addition to single-family homes because the money is good.
Let me give you one example of a residential agent here in Salem, Oregon that merely called a FSBO regarding a small vacant lot that ultimately connected her with an apartment builder who subsequently allowed her to list about sixty apartment units. She never stopped selling houses, but because she thought outside the box and also made an effort to expand her residential business, she unwittingly fell into investment real estate and made a healthy commission as a result.
Another benefit of being able to work with rental property, especially for those of you who have been successful at selling houses and have a sizable customer list, is that you have at your disposal a ton of potential investors. Given this economy and the fact that banks are only paying about 2% to use our money, it might surprise you to discover that homeowners who have never invested in rental property are more open to the idea now than ever before.
Lastly, it benefits you to have the ability to sell income-producing properties because it prepares you to service walk-ins and others who inquire about income property. So you never risk losing a sale opportunity or have to refer it away because you’re not prepared to work with real estate investors.
You Don’t Need to Become a Specialist
The beauty of rental properties is that you don’t have to become a specialist or have any special training to sell it. Naturally, there are exceptions with some types of commercial property, but at the end of the day, most properties associated with real estate investing require little preparation on your part.
How to Prepare
Bear in mind that real estate investing is about the numbers-cash flow, rates of return, and profitability. Therefore, obtain good real estate agent software that will enable you to run those numbers correctly (and easily).
A good real estate agent software solution will provide you with cash flow presentations you can give to (and capture) investors and, just by virtue of using the software, enable you to learn all you need to know to service investment properties adequately. As an added bonus, having the ability to create multifamily cash flow and rate of return presentations, you may even get some referral business from colleagues.
Okay, I admit, I am trying to make you aware of my real estate agent software program. But I wouldn’t risk alienating even one colleague if I didn’t witness for myself the remarkable success residential agents have had with investment software. If it didn’t work, I wouldn’t even suggest that you consider it.
Here’s to your success.
By: James Kobzeff
Honestly, purchasing a real estate property in Florida is never easy. Aside from the financial resources needed to acquire prime residences in the area, you need to be knowledgeable in the real estate business to get the best deals in the transaction. If you think that you don’t know enough about it, then it would be best to let an expert lend you a hand.
Real Estate Agent
A real estate agent can be a big help in your residential acquisition in Florida. They are quite knowledgeable in the real estate business and can help you with any legal matters that you might find confusing.
In most cases, a real estate agent helps both the buyer and the seller at the same time. They assist in the purchase transactions, and are usually paid by the seller in the form of a commission according to the price of the property. They can also become a dual agent and help both individuals arrive at a profitable venture in real estate acquisition.
Note, however, that it would be wise to pick out the best real estate agent the business has to offer. Ask around family members and friends if they have anyone they can refer to you. If not, check the local yellow pages or the Internet for one in your area.
Benefits Of Hiring An Agent
A real estate agent can help you find your dream home in Florida. They are connected and affiliated with many real estate firms in the region, so they can give you a wide selection of residential properties to choose from. All you need to do is to provide them with some specifications of your home from the floor area to amenities. You may also want to include the range of your budget so that they can narrow down their search.
Also, a real estate agent can help determine the price of the property by carefully inspecting every nook and cranny of the real estate that you plan to buy. They can point out flaws and problems in the overall architecture to bring down the home price of the seller; this can also help the buyer determine the overall repair cost when they plan to give the property a complete overhaul.
These professionals can also assist in the legal matters of real estate acquisition. They can act in your stead while penning up the purchase agreement between you and the home seller. They can also take a look at the deed, title, insurance, and other encumbrances of the property in question so that you won’t have any worries later on.
They can also help you with the closing deals in your purchase. Considering that they have contacts and acquaintances in almost any legal bureaus and agencies in Florida, they can easily expedite the acquisition process without any difficulty.
By: Vanessa A. Doctor
If you are selling residential real estate, no doubt you want to sell it fast and keep prices competitive. People have pretty high expectations out of properties today and they’ll look for a better deal if they can’t get it from you. If you want to sell off your residential property as quickly as possible and you still want to make sure you make some money on your home, the following are some tips you need to use.
Tip #1 – People Pay Less the Longer Your Home Sits
Have you ever seen homes that have prices that have been slashed a huge amount? More than likely this has occurred because the home has been on the market for a long time without any potential buyers. While some of the reasons for your home sitting without selling may be a reasonable one, most people will think that the home has a problem or is a bad deal. Homeowners that are stubborn really pay, so you need to work on selling as fast as possible for the best price on your piece of real estate.
Tip #2 – Use a Real estate Agent
There is a lot of real estate that is affordable today, and there are more homes out there than buyers. This means you need to make sure your home really stands out and you can do this with a good advertising campaign. However, you’ll need someone that knows how to effective market and advertise a home, which is where a good real estate agent comes into play. Use a real estate agent that will come up with a good marketing campaign to help make sure your home sells quickly.
Tip #3 – Expect to Get Less than You Ask
You need to expect to get less than you ask when you are trying to sell residential real estate. No longer are you going to get people trying to outbid others for your home. Today you can expect to have quite a bit of haggling and you’ll need to compromise if you are going to sell. Having a real estate agent is important because they can help you to get through the deal to a price that is reasonable. So, when you set the price on the residential property that you are selling, just expect to get less than you ask for. It is important that you allow a professional to do the negotiating for you to get the best price.
Tip #4 – Ensure a Professional Reviews the Papers
Before you sell your piece of residential real estate, even if you’re selling it without an agent, it is important to have a professional take a look at the paperwork. The contract should be looked over carefully by someone that knows what they are dealing, since a typo or a small mistake can end up costing you a lot of money or a lawsuit.
Tip #5 – Research the Market
It’s important that you research the market in the area before you even try to sell your home. Sure, you may like those pink counters in the kitchen, but it may turn buyers off and make your home take a long time to sell. You want to ensure that your home appeals to many buyers so that you can sell as quickly as possible. Look at other homes and popular properties to make sure you do the right things to your home to make sure that your piece of residential real estate sells as soon as possible.
By: Dennis Frank
Florida hosts thousands of residential real estate properties that offer a lot of advantages to those who wants to grab the opportunity to buy one. As the number of people who visits the region increases, so does the number of home acquisition in the area — since many of these individuals want to settle down and enjoy the beauty, economy, as well as the lifestyle that is so common in many cities around Florida.
If you are planning to move your family into Florida, then you better start planning for a home acquisition that will serve as your foundation when you settle down in the area. In fact, this should be your prime concern if you want to avoid any troubles later on when you set foot on Florida soil.
Pick The Best Location For A Family Home
The first step for a home acquisition project in Florida real estate is to check out different locations that will suit your preference and convenience. If you are moving into the area to address a job opportunity or to set up a business, then you might already have a location in mind for your home acquisition.
If you don’t have one, then you better look for one in Florida that will fit perfectly with you and your family’s needs. First, assess each location and the real estate properties offered in it. You might want to compare prices while you’re at it.
Also, you need to check the facilities available in the surrounding area that you might need during your stay — research on the recreational and commercial facilities in the location of your choice, government offices, hospitals, schools, shopping malls, and so on. Pick the ones that offer the most convenience for you and your family.
Consult A Real Estate Agent To Help You Out
Consulting a real estate agent to help you on your Florida real estate acquisition is the perfect idea if you want to cut down the effort in looking for the perfect home. These individuals have access to home listing from different real estate firms in the area. They can find one for you in record breaking time if you provide them with your home specification and budget. They can also help you in negotiating with the seller, as well as processing all the necessary requirements to speed up the acquisition process.
http://commercial-realestate-florida.xon.us — Florida Real Estate
By: Vanessa A. Doctor
Investments made in property could be to acquire residential, commercial or investment property. With improved government policies and affordable bank rates, a large number of individuals are considering Houston residential real estate deals. Availability of feasible mortgage plans prompt clients to make such purchases. In relation to Houston residential real estate, clients can invest in primary lodging options or investment property. The latter refers to residential property that is not used as the primary living quarters, which includes vacation homes or holiday properties. In such cases, owners use the residential property for lodging, for a minimum part of the year. Since, it stays vacant for the rest of the year, owners can choose to rent their property and earn an income. This helps cover maintenance costs and proves to be profitable for owners.
Price points for real estate residential properties vary upon inflation as well as local events and pricing of neighborhood properties. For this reason, localities that are reputed to be upscale or posh tend to be costly as compared to developing or downtown areas. Variations in the prices are directly related to drainage facilities, quality of living, and other facilities that a society or condominium provides. Individuals may choose to invest in them in order to be able to engage in re-sales and rake on profits on their investments.
Houston residential real estate deals are plenty and it is advisable for potential investors to be judicious in their selection. This is made much easier if they consult reputed real estate companies or agents. When brokers help close a deal they are liable to receive a set percentage of the entire proceedings as their service charges. In order to reduce the chances of being engaged in dubious property deals, it is advisable to engage in comparison-shopping and to check the credibility of a Houston residential real estate agent.
By: Ken Marlborough
What is an REO Bank Department?
If you’re looking to expand your real estate career and become an REO agent, then you already know how important it is to find the REO bank departments and market yourself to the personnel inside those companies. However, if you’re like most agents you may think an introductory email and a registration on the banks website is all it takes. Wrong!
If you want to truly become an REO agent, you need to do more than the typical agent is doing. Sure you need a good REO bank list, but it’s what you do with that list that will make all the difference in the world.
First: Know Your Competition
As a real estate agent, you know that this economy and its effect on the housing market has created a lot of out of work agents. Some of those agents think that if they become an REO agent all of their problems will disappear. Because of this misconception, you are going to be competing against many agents who have bought a list of REO bank departments. The good news is, those agents will contact the bank one or two times and give up.
Here’s how a typical agent tries to list foreclosures for banks:
They buy an REO bank department list They send an email to all of the contacts on the list and let them know they’re available to list REO’s The register on the banks’ websites They wait They wait some more
After waiting for REO listings, these agents usually give up and try another tactic to drum up real estate business.
Second: Out Market Your Competition
If you’ve been a real estate agent for any length of time, then you know that you need to constantly market to your past clients, current clients and potential clients. You would never dream of sending your marketing list one email and then waiting for them to call you! You need to take that same approach as you strive to become an REO agent.
Treat the bank employees and asset managers like you would any potential lead:
Send them a hand written note thanking them for allowing you to register on their website Send them your promotional material. (A pen, calendar, etc). Make sure it has your name, your area, and the fact that you list REO properties. Send them a monthly newsletter. Email works well, but a tangible mailer works better. Send them a $5 coffee card as a thank you when they assign you a BPO (careful, some organizations prohibit gifts)
Here are a few quick, proven tips for people just starting out in their real estate jobs. Steer clear of these traps:
10. Listing Over-priced Properties
Some sellers who are in no hurry to sell will put their homes on the market for an outrageous amount and see if they get an offer. In addition to wasting your time, this creates negative advertising for your name. People in the neighborhood will drive by the house and see that you still haven’t sold it yet after six months for a year and wonder why you can’t do your job. Chances are that no one else in that area will consider working with you.
9. Stealing Listings from an Agent in the Same Office
There is no better way to be known as a sleazy agent than to take listings from colleagues. Even if clients were unhappy with their previous agent and approach you to take over, politely decline the offer. Both the clients and your fellow agents will respect you for your integrity.
8. Lacking a Game Plan
As a real estate agent, you are essentially running a small business. You would never run a small business without a clear plan of how you are going to conduct daily business, long term goals, marketing strategies, etc. so there’s no reason you wouldn’t do the same for your estate career. Too many agents sit back and hope that their careers will fall into place.
7. Shortage of Savings
The general rule is that real estate agents should have a minimum of 3 months savings since they are guaranteed at least 60 days without savings. I say have as much savings as possible, since the average new agent makes 25K for the each of the first two years. Having money to cover the bills will allow new agents to focus on creating a strong foundation for their business, rather than taking on part time jobs to support themselves. A major reason for new agents to switch careers is that they did not have enough money to hold them through the first few slow years.
6. Driving Too Far
As a soft rule, avoid driving more than an hour to a listing. It’s a waste of time and gas.
5. Relying on Your Memory
Invest in a PDA or computer program to keep track of your clients. Record their names, birthdays, special facts about them (“likes fly fishing”), what kind of service you provided for them and when, the names and ages of their children, etc. These facts will come in handy when you call and say hello, send cards, or if they choose to use you again. When you have a few clients, it may seem easy to remember these things, but trust me, five years later and a hundred clients down the road, these details will be blurred.
4. Choosing the Wrong Brokerage
It may seem tempting to sign up with the first brokerage that offers you a job, but what you truly need is a brokerage that will provide hands on training. What you have learned through your limited pre-exam courses will not be enough to make you a successful agent. Your first brokerage should provide you a mentor, continuing education and support through your first few transactions. It is relatively easy to get hired since brokerages don’t pay their agents wages, so you have the luxury of being picky in whom you choose to work with.
3. Abusing your Job Flexibility
So just because you are allowed to come in at noon and take three day weekends does not mean that you should. Agents with set hours report higher productivity and more satisfied clients.
2. Relaxing at Closing Time
Once you make/accept an offer on the house, a large amount of behind the scenes work is crucial to making sure that the sale runs smoothly. Make sure all inspections are conducted according to schedule, that the clients know their finance options and that repairs and other improvements are made. If the other party appears to be stalling for time, make sure you know the reasons and place a firm deadline for a decision.
1. Sitting Back and Waiting for Clients to Call
It’s a struggle for new agents to start a career because they lack a client base for referrals and repeat business. One common way for new agents to meet clients is though “floor time,” a designated time at brokerages for real estate agents to take calls from people interested in buying or selling a house. Some real estate agents rely too heavily on this for business and mope around their desk the rest of the week. Be proactive! Call FSBOs, inherit client lists from agents no longer working for the brokerage, knock on doors… do whatever it takes to prevent too much “down time.”
By: Lisa Jenkins
