Investing in real estate used to be so simple, then the Internet came into play!
When we wanted to consider investing in real estate, we would pop down to see our local realtor and discuss what we are looking for. However, in this digital day and age, times have changed. Now, if you want to save on the commission that you may receive from a realtor, you have the chance to find property listings on specialist Internet services.
Because the marketing techniques of the sellers who decide to use the Internet might not be as obvious as traditional realtors, this means that if you want to discover the best-kept secrets in the housing market at the moment, you will need to delve a little deeper and do careful research. Checking out the condition of the house is a great idea – and to do this, you will need to do more than look at the photos of a property online. Are you investing in real estate with the intention of improving a house and selling it again to make a profit? If so, the first trick of a clever property developer is to see potential purchases up close and personal.
Many sellers will be more than happy to offer you an appointment, with a tour around the house. However, you may have heard of home staging – a technique which is used to enhance the appearance of a property. This is where unsightly blemishes and other problems are brushed under the carpet, out of sight and out of mind. As a potential buyer, you want an upfront and honest look at the house – after all, you don’t want to pay more than you need to for a property. The bottom line and your margins need to come first.
As an investor in real estate, you need to brush up on your negotiation skills. Typically, the asking price for a property will be slightly more than the buyer will want to settle for. This means that you need to do your homework, see what other properties in the neighborhood have sold for, and adjust your offer accordingly so it is realistic. Don’t be afraid to be bold and go substantially lower than their asking price – after all, the worst thing they can do is say no.
A lot of the time, especially when a property has been on the market for several months, a desperate buyer will be more likely to settle for a lower amount of money because they want to move on and buy a new house.
The most important thing to remember is in the title of this article: buying real estate is an investment, and you need to ensure that you get a return on your money if you’re doing it for business purposes. After all, if you plan to invest tens of thousands of dollars to decorate a property back to a standard where it can be lived in, there’s no point if the profit won’t be worth the bother.