Technological advancement has brought numerous changes in the life of a modern man but one thing, which is still similar, is the opportunities in the real estate market. It is very lucrative, and with the right measures, it can be the best. A person sometimes has many emotional values attached to a house. It is the most amazing place on earth, and the best part is houses can be extremely lucrative for a person who knows how to deal with the real estate market. There is also an increasing trend of people trying to choose the job of the real estate agent as their main career.
Real estate agents spend a lot of time in hunting for the best real estate deals. Given below are some of the tips, which can help a person to find the best investments, buying property for their business or buying a dream house for them to live in with their family members.
1. Properties On Foreclosure List
There are many houses for sale in the market, but a wise person who is looking for the better investment opportunities can look at the properties on the foreclosure list. Foreclosure in itself is not favorable as a person is losing a house. However, banks do not have emotions, and they prefer to keep their books clear by dealing with this kind of properties. Usually, a person who has purchased a certain house is not able to afford the mortgage payments for any reason, and the banks seize their properties after a certain period. The bank also removes the occupants of the house, and once the house is vacant, the bank lists it for sale. A local real estate can help the bank with the process of listing the house for sale.
Banks sometimes sell these houses at a good price, which can be extremely favorable for the buyer. So, a person who knows about buying the foreclosure rights can get a great deal out of these houses. Usually, the overall process of foreclosure is time-consuming and in some cases, the house needs a repair for the damages, so the banks sometimes offer a huge discount to the buyer as the bank does not prefer to manage the house but rather deal with it once and for all.
The local real estate agents in the area can give a lot of information on the foreclosures. Who knows one can get a great deal out of it.
2. First Come, First Serve
The following tips are useful when a new property hits the market:
- Get the notifications by asking the real estate agent. The email notifications can assist in getting hands on the house.
- Since priority is on the first come, first serve basis, it is a good idea to have the pre-approval ready from the bank.
- It is also wise to keep an eye on the properties that are in the market for a long time. The owners might sell the property with a huge discount, as they might be tired of that property since they have been holding it for too long.
3. Contacting Owners Directly
In some cases, instead of taking help from an outsider, it is beneficial to contact the owners directly. There is a possibility of finding an owner who is going to list their house on the market, and contacting them early can be lucrative. The real estate agents also have some benefit in the houses but contacting the owner directly might save them from the real estate agent fee, which can be favourable for them as well.
Given below are some of the tips to find this kind of owners:
- The absentee owners are usually living abroad, and they want to sell their property. It is possible to get a great deal from this kind of owners.
- There are property owners who do not like their tenants and want to get rid of their house.
- Some owners have the property in inheritance, and they do not know what to do with. These types of owners can be very beneficial as it is possible to strike a deal with them.
However, there is also a catch to it as the owner might not trust the person contacting him or her directly. The owner might prefer to sell the house through a real estate agent to avoid any kind of hassles, but there is no harm in trying as there is always a possibility of striking a great deal with the owners directly.
4. Improving The Different Aspects Of Funnels
To strike the best deal when it comes to the real estate market, it is important to improve the funnels. There are some tips on improving the different aspects of the funnel:
- Raw leads, which are from the Real Estate Agent
- An ideal location
- Quick analysis depicting a promise
- Deeper analysis and still depicts a promise
- Deals on which an offer is made
- Offers, which are accepted
So, seeing the list above it is obvious that in the beginning there are 200 offers, however, in the end, only one is accepted. It is more like a game of numbers. Therefore, the different aspects of the funnel give an idea of the quantity, which is necessary to get the offers accepted.
The era of modernization and information technology has brought numerous challenges in the life of a modern person looking to buy the property. A person can purchase property for a variety of reason, but an important thing to consider is that it is a good investment, which can help in the end specifically when there are great real estate deals available at the time of the economic crisis. It is a blessing finding the best deal in the market. It is a game of numbers and depends on keeping a close eye on the market. It is possible to not solely rely on the real estate agents but rather contact the owners directly.
Following some of these tips can help a person own a house.
Tips provided by:
Justin Hennessey – Maple Ridge Realtor
22308 Dewdney Trunk Rd #805, Maple Ridge, BC V2X 3J2