Buyers, sellers, real estate investor, coach, and mentor so certainly for real estate investors as well but anyone who either owns a home or intends on owning a home needs to know these 10 real estate hacks are 10 of the greatest lessons learned from all of those years of experience.
1.Hire the best
Hire the best that could mean higher the best real estate listing agent you can you sell the house and you have a retail a home that’s in beautiful condition. It means if you’ve got a house that needs a lot of work and you need to get rid of it in a moment’s notice hire the best real estate investor to pay cash for that property it means if you’re getting a loan hire the best mortgage broker and these things are all available.
Thanks to the internet you can research who is the best real estate agent in your area you can do that in a place called real trends. It gives the list of who sold the most by volume by a total dollar amount mortgage brokers. They have the list of who it does the most volume you can work with the best and that’s what’s so great about real estate.
2. Get three bids
If you need to replace your roof, call three roofers, if you need to do something to your AC that’s more significant than just a check-up get three bids from three different AC companies.
If you’re looking to get a mortgage get bids from three mortgage brokers all they don’t want you to do that they’re going to tell you lies about how it’s going to hurt your credit if it gets pulled more than once your credit score on your credit report when you try to get a loan well it turns out that you can get as many pools as you want in a two week period and it doesn’t hurt your credit at all.
Get three bids because when you do you’re going to get three different answers it’s amazing plus when they know you have other people involved what they’re going to do is bring their a-game so if you get three bids whether it be on a mortgage on an AC on a roof that also means real estate agents. Talk to the top three so I’m saying hire the best but get the top three and then get bids from all three some people are lazy that would make the phone calls they don’t want to do it do it needs to be done.
This is a hack of hacks you will save money you’ll get the best out of people and it always works.
3. Selling the property list on MLS
We’ve got people these days that want to try to use things like Zillow or Red Fin and they want to do it the freeway part on craigslist. Look, if you do that you’ll never get complete exposure to the entire marketplace pay the six percent commissions you’ll still get more than if you listed let’s say for sale by owner and you sold it for sale by owner you’ll still get less money because you won’t get complete exposure to the marketplace so listed on the MLS.
4. When selling, your price can never be too low
Mean that your list price can never be too low because the lower you listed the more likely you’re going to originate what’s called a multiple offer situation and the people will bid the property right back up to what the market value is.
When selling the house is to list it too high you do that you won’t get any showings and you won’t get any offers then it’ll grow stale on the market it’ll just sit there and people will start to think there must be something wrong with this house no one else has bought it all of a sudden it becomes the unwanted listing don’t go there if you’re selling your house list it low
5. When selling, your first offer is your best offer
The first offer equals the best offer. Right here has lost people so much money over the years so they put the property on the market. let’s say you took my advice and you listed it nice and low and the first offer that comes in you look at and go, wow I got an offer that much let me just wait around for the next couple of months and see what else comes in. NO don’t do that, first offer from the first person that came in they are the probably most qualified most interested party for all. That’s your buyer almost always.
So your first offer is usually your best offer that is the key it will save you a ton of money
6. Buyers are liars and sellers are too
This means that if you’re looking to sell a house and a buyer tells you something you gotta verify it.
Verify when a buyer says they got the cash they got the credit they got this they got that you got to verify it all and vice versa check it out make sure your crystal clear on what’s going on verify because buyers are liars and sellers are too.
That means is typically people are buying and selling only a few homes in their lifetime it’s not some repeat transaction like they own an ice cream store there are people to be coming in and out daily they’re not trying to build customer relations they’re like dealing with one house in their life they’re going to lie to you. We’re talking about the individual seller and the individual buyer because those two parties don’t do all that many transactions so they don’t have to worry about their reputation.So what you need to do is verify verify verify it.
7. Buy right or not at all
it’s a great discussion on what most people don’t talk about owning real estate owning your own home.
So you’ve got a buy right or not at all a lot of times, it’s safer just to rent unless you going to stay in there for five years or you’re getting a good deal on it where there’s a lot of instant equity, I have made a career, I’ve made a fortune out of buying homes from people that didn’t buy right they didn’t have a good contingency plan.
Here as a hack number seven, buy right or not at all. Don’t make an emotional decision the intelligent here because it’s not always that easy the house once you’ve gotten into it. You get that big fat mortgage payment and you’re trying to sell and you’re trying to hire the best but you don’t have enough in equity they’ll pay the Commission’s and now you’re stuck now you’re stressed out be careful here it can be a major trap and realtor’s across America don’t really care if you’re in that trap because they’ve already made their commission when you bought or sold.
8.Buy less than you can afford
Buy less than you can afford because you’ve got new expenses coming at you otherwise it’s going to be a miserable experience that’s a huge hack by less than you can afford.
Options, keep looking until you find something that fits for what you need and it fits for your finances otherwise just keep renting because you are going to get hit with a lot of expenses you didn’t see coming once you’re the owner.
9 If you can’t qualify for a loan get creative
To buy houses creatively you can do this too it’s not completely complicated and so if you have a dream of being a homeowner but you can’t qualify for a loan that should not stop, you get creative.
10 Always maintain walk away power
Walk away power what does that mean that means that if you are buying a house be willing to not buy it if the inspection comes back and there’s a problem, if the appraisal comes back lower than what you have it under contract for and the seller won’t drop the price be willing to walk away, if you are selling a property be willing to say no to a deal if it’s just completely the wrong deal you’ve got to have walk away power.
Credit goes to Phil Pustejovsky