How much do you really know about the real estate business? Unless you yourself are an investor or real estate agent, the answer is probably not much. Getting up to speed on how things work will benefit you in the long term. Now is the time to get acquainted with some little known facts about the real estate biz.
The Wider You Advertise, the Easier You Sell
A lot of people tend to think that they can simply set up a “For Sale” sign in their front yard and there ends their advertising campaign. A few more enlightened souls may reckon that their real estate agent puts their home in a nebulous “Listings” somewhere in cyberspace. The truth of the matter is a bit more complex.
If you don’t know how to properly advertise your home, you probably shouldn’t be offering it for sale in the first place. This includes would-be real estate moguls who think putting their clients’ property in the “Listings” solves everything. You need to expose your home on all of the possible advertising venues, online and off.
For example, you should consider signing up for a real estate newsletter subscription or two just to get the hang of how it works. This is the knowledge that will benefit you even before you put up your home for sale or turn it over to an agent to sell. Knowing how to use this material will benefit you when it comes time to make your move.
It All Needs to Go into Writing
Many people think that certain transactions, such as the owner of the home agreeing to paint the front door before you buy it, can be guaranteed on a handshake deal. But this is just not the case. Too often, you end up with bad feelings or even a shut down for the deal because someone isn’t living up to their end of the bargain.
The obvious solution to close any real estate deal is to get every last detail in writing. Whatever it is the seller wants, whatever you want, hash it all out in negotiation and get it duly noted. This will save a lot of time and trouble in the long run.
Location Affects More Than Just the Asking Price
“Location, location, location” is more than just an empty cliche. It actually means more than you think it does. Location will affect not only your asking price in the present but also the value of your home in the future. If the location you are looking for selling from is lacking in any way, closing a deal with a client will be much harder.
Home Renovations Don’t Always Skyrocket Your Home Value
There are many sad stories where agents were forced to inform their clients that a costly renovation didn’t add much real value to their property. This is because certain types of renovations simply aren’t as much in demand anymore. It’s also because overall home values in your area may be dragging down the price of yours.
Many Home Sales Never Feature an Actual Open House
One of the hottest trends in the real estate biz is the rise of virtual showcases. You can go to any number of sites on the web to take virtual tours of properties all over the country. You can thus get a realistic idea of what the home is like without ever having to leave the comfort and safety of your own couch.
This type of video tour is becoming more and more prevalent, especially with the rise of global pandemics such as Covid-19. It cuts down on wear and tear on your home and prevents strangers from peeking around into areas they shouldn’t. Virtual video showcases for properties are highly recommended by real estate agents.
Learning the Biz Can Only Benefit You
You may not be planning on becoming any kind of expert in the real estate market. But it will benefit you nonetheless to learn a few things about how the industry really works. This is the knowledge that you can put to good use when it comes time to buy or sell a home. The more you know, the better prepared you will be to profit.
Regina Thomas is a Southern California native who spends her time as a freelance writer and loves cooking at home when she can find the time. Regina loves reading, music, hanging with her friends and family along with her Golden Retriever, Sadie. She loves adventure and living every day to the fullest.