Monthly Archives: September 2011

Real Estate For Sale by Owner

Any real property is not always sold by the real property developers or companies. Such properties are sometimes directly sold by the residential, commercial or self storage owners and they do these either themselves or through the agents they appoint. But whatever they do they must make sure that they get the maximum for the property. And there are ways to do it. It has been often seen that any such sale by the owner ends in realtors grabbing the property and the owner losing out on the price or profit. The sellers often find it difficult to find buyers for their property. So whenever there is a real estate for sale by owner , there is a chance that the owner, being an ordinary person without the experience in marketing of real property ends up the loser.

So any real estate for sale by owner is often found lucrative as a deal because of the ignorance of the owner. To see that they do not lose the owner must  take some precautions. The primary of which is fixing the price of the real property. This is a real problem and people often undervalue or overvalue. This takes much research and study to determine the correct price that an owner should demand and still find buyers. It has been seen that the first couple of weeks are crucial for any property because it remains new on the list and the interest of the buyers are the highest during this period. So the price of any real estate for sale by owner must be accurate and not deter the prospective buyers from showing interest in the property. Any corrections in price at a later stage may not yield any result at all.

Real estate for sale by owner is not very different from selling a home through an agency. Here too is a matter of salesmanship. A good approach will yield good results and a mismanaged unit will cost dearly. So like any other product the house should also be made appealing. Whenever a prospective buyer shows interest in the house, he does not expect it to be in mint condition but also does not want a dilapidated house. A shabby looking house will automatically lead to devaluation. So there is a matter called staging a house. It means that the house will be made presentable to the buyer so that the first impression makes a big impact. Also, a thorough checking must be done and money must be spent where necessary repairs are to be made. The exterior should be painted as well and presented well.

Now comes the most important part of real estate for sale by owner and that is marketing the property. A good amount should be spent on advertising the house and this should be done in the proper medium. Internet is one of the best options and this caters to a larger base than advertising in local newspapers and spreading the news through acquaintances. It should be remembered that the purpose of such advertising is to attract maximum number of buyers even if they do not buy the property. But a good exposition of the property to the appropriate buyer can compensate for the advertisement you spent on. The final job is to close the deal after the necessary evaluation of the matters agreed upon by the owner and the buyer.

This is a simplistic view of the process which might require a few other skills. Some have it while others appoint an expert for the job.

Check your checklist when home shopping.

 

After making a tough decision to buy real estate your problem is not solved. Now, you need to relax and make a proper planning of how to go about with the details. Friends and relatives are usually the first ones to lend a helping hand while making a selection. You will have plenty of offers and choices, plenty of homes to visit and also know about many home buying experiences. You will be more in a fix if you are a first time buyer. Being a first time buyer individuals are a bit nervous and worried if their investments are being rightly made and whether they will get a proper return on their investment. Moreover, first time buyers are usually flooded with suggestions and advices which often go to a large extent to influence them. A buyer of a home needs to first decide how many homes he will see. It may happen that he is visiting homes and housing complexes one after another, but not able to decide when to stop. This often happens when the choices are many, and we do not understand when to stop.

So next time when an individual decides to buy real estate you should first decide how many homes he should see. This is only possible when he knows what his requirements are and what he is looking for in a home. So, the best suggestion is to put down in paper all your property related requirements. If you have all the details written down, it becomes much easy to tally and know if the home is meeting all the requirements. When people buy real estate they often hire the services of an agent who helps them in the entire process of buying the home. So if you are hiring the services of any agent, he may ask you to accompany him to see the properties. In such a case, he may take you along to visit 4-5 homes in a day. Do not desire to visit more homes than this because if you visit also you will not be able to remember the details once you return home. Then in that case, it becomes difficult to make the right choice of a home. It may be physically possible to visit 20-30 homes in a day but it is not possible to make a right choice in that manner.

The next important aspect is how to rate the properties when you decide to buy real estate . The best way now is to carry a digital camera and take some close-up images of the house number and then the interiors and all facets of the house, including storage closets, laundry room and furnace room, to make it worth remembering. Do not forget to make notes of some unusual and interesting features of the homes, along with color and design elements. Buyers should not ignore the surroundings of the property and location, because no matter how the property will be used, i.e. for residential or commercial purposes location is of prime importance. If you have some special requirements about the location then it is important that before visiting the site you know about the location and whether it matches your requirement. Or else why should you waste your time and energy visiting the site?

There are many buyers who rate properties on a scale of 1 to 10 as soon as they leave the premises, so that they can shortlist the properties. So while you finalize to buy real estate  you can shortlist the properties starting from the highest graded one and if required go on for a second visit.