Many people are blind on this aspect of land is always appreciating and he that invest on it will have more value in due cost
What alot of people don't know about real estate
- Thread starter adazeez1995
- Start date
Real estate business is a gold mine but people with little or no idea just please stay far away from it for their own good,one would buy land where water seems to be the problem,refill it with sand and then sell at a higher profit.
Real estate is a very lucrative deal in most part of the world today. You can actually make lot of money in it. Both in rural and urban areas real estate are booming very fast just like some other sectors.
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Real estate is one of the best investment
As it pertains to real estate, alot of people don't know that:-
I. Commission is always negotiable
A real estate agent’s commission is always negotiable. The same agent could be offering a higher rate to your neighbor, telling them that that’s his “standard rate”, or could have recently given a bigger discount to his previous client even though he tells you that his commission is non-negotiable. However, the flip side of the story falls back on you as well. If you try to negotiate too much on your agent’s commission, he might lose interest in working for you.
II. The recent sale prices are often out of date
Many agents would determine the offer price for your house by averaging the recent sale prices of other houses in the neighborhood. But if you want to know the real market worth of your house, you should be looking into the pending sales instead.
If your agent is really good at his job, he should be able to get this information either through his network of other agents or by being local to the area and knowing many people there.
III. You could have gotten a greater deal
Whenever a deal is closed, the agent would gladly tell both parties that they got a fantastic deal. This may not be necessarily true. You could have probably gotten a better deal if you hadn’t rushed or done more research. Some agents are given monthly targets to achieve by their employers. That’s why they would encourage you to accept the very first reasonable offer you get.
IV. They could secretly play both sides to double up their commission
There is a concept of “dual agancy" in some US states, whereby a single agent works on behalf of both parties.
Some buyers see this as a chance to cut their commission costs by negotiating with the agent for a discount. But when the agent notices that one of the sides is unrepresented, they know that the party wouldn’t be familiar with the market rates either.
I. Commission is always negotiable
A real estate agent’s commission is always negotiable. The same agent could be offering a higher rate to your neighbor, telling them that that’s his “standard rate”, or could have recently given a bigger discount to his previous client even though he tells you that his commission is non-negotiable. However, the flip side of the story falls back on you as well. If you try to negotiate too much on your agent’s commission, he might lose interest in working for you.
II. The recent sale prices are often out of date
Many agents would determine the offer price for your house by averaging the recent sale prices of other houses in the neighborhood. But if you want to know the real market worth of your house, you should be looking into the pending sales instead.
If your agent is really good at his job, he should be able to get this information either through his network of other agents or by being local to the area and knowing many people there.
III. You could have gotten a greater deal
Whenever a deal is closed, the agent would gladly tell both parties that they got a fantastic deal. This may not be necessarily true. You could have probably gotten a better deal if you hadn’t rushed or done more research. Some agents are given monthly targets to achieve by their employers. That’s why they would encourage you to accept the very first reasonable offer you get.
IV. They could secretly play both sides to double up their commission
There is a concept of “dual agancy" in some US states, whereby a single agent works on behalf of both parties.
Some buyers see this as a chance to cut their commission costs by negotiating with the agent for a discount. But when the agent notices that one of the sides is unrepresented, they know that the party wouldn’t be familiar with the market rates either.
A major reason why real estate agents fail is because they are not willing to put in the work. If you want to be successful, be prepared to work long and odd hours. Real estate is not your typical 9-5 job. You will have to work many weekends and nights and be accessible via email and phone almost 24 hours a day
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When shopping for a home, it's important to have a good rapport with your real estate agent. Being honest and open with your agent can help that professional find you the best home that fits your needs and budget. Yet many experts agree: There are some things homebuyers should never say to or discuss with their real estate agent.
Awesome! Real estate provides more ways to earn than just buying and selling of landed property. Real estate is still a very reliable investment one can bank on with peace of mind anytime, anywhere.
We dont know about these things.
1: Everything is always great
Whenever you ask the real estate agent about the condition of the market, they will always say it is doing great. You will never hear it from the agent that the market is declining or there are some issues. The reason is that people like to work with the best in order to be successful. That is why they are unable to accept the fact that there is nothing bad or good in the real estate market. The ups and downs in real estate market are real. The fluctuations are so random and quick that most of the people do not notice them at all. That is why even in the hard times the agents will tell you everything is great because they know rates can change any minute.
2. No time with family
Being a real estate agent always takes a toll on the family. It is hard to set boundaries between work and home. They not only sell the house but also deal with all the dirty work associated with selling the house. Whether it is a new construction or an old property, they have to meet several professionals like lawyers, experts from Mechanical Engineering department and home inspectors to give you the peace of mind that you are investing in the best property. It takes so much time in their life that they are unable to make time for their family.
3. Expectation management
The worst task that agents have to deal with is managing the expectations of their clients. They have to assure that everything is managed perfectly. The marketing automation has helped the agents to show their customers the properties without the necessity of the visit. However, they are to show hundreds of properties and after that client will select the best one. In order to find these hundred properties agents have to do a lot of research and hard work to assure that every property they will show you will meet your expectations.
4. Justifying your worth
In the market it gets really hard to prove your worth. You have to work day in and day out for the customers and in the end, they will negotiate when it’s time to pay for the service rendered. Most of the customers will ask you to lower your income and it often gets hard to make them understand that how much hard work you have put into your business to reach this level of success. There are some customers that will never listen to you.
5. Increasing competition
The increase in competition is badly affecting the real estate market. There are several agents that do not have the best knowledge regarding the market and management, when they do not provide reliable services they affect the reputation of the best agents in the market. Another issue that most of the people prefer to work without agents and that is why the issues increase.
6. Budgeting is tough
Being a real estate agent is tough. One day you are rich and next day you will not know when you will get your next project. That is why the agents have to manage their budget with such perfection to assure that they can pay all the bills and meet their requirements until they get the next project. the next project might come after weeks or even months.
Working in the real estate market is not as easy as it seems like. it takes a lot of hard work, patience, and consistency to be the best.
1: Everything is always great
Whenever you ask the real estate agent about the condition of the market, they will always say it is doing great. You will never hear it from the agent that the market is declining or there are some issues. The reason is that people like to work with the best in order to be successful. That is why they are unable to accept the fact that there is nothing bad or good in the real estate market. The ups and downs in real estate market are real. The fluctuations are so random and quick that most of the people do not notice them at all. That is why even in the hard times the agents will tell you everything is great because they know rates can change any minute.
2. No time with family
Being a real estate agent always takes a toll on the family. It is hard to set boundaries between work and home. They not only sell the house but also deal with all the dirty work associated with selling the house. Whether it is a new construction or an old property, they have to meet several professionals like lawyers, experts from Mechanical Engineering department and home inspectors to give you the peace of mind that you are investing in the best property. It takes so much time in their life that they are unable to make time for their family.
3. Expectation management
The worst task that agents have to deal with is managing the expectations of their clients. They have to assure that everything is managed perfectly. The marketing automation has helped the agents to show their customers the properties without the necessity of the visit. However, they are to show hundreds of properties and after that client will select the best one. In order to find these hundred properties agents have to do a lot of research and hard work to assure that every property they will show you will meet your expectations.
4. Justifying your worth
In the market it gets really hard to prove your worth. You have to work day in and day out for the customers and in the end, they will negotiate when it’s time to pay for the service rendered. Most of the customers will ask you to lower your income and it often gets hard to make them understand that how much hard work you have put into your business to reach this level of success. There are some customers that will never listen to you.
5. Increasing competition
The increase in competition is badly affecting the real estate market. There are several agents that do not have the best knowledge regarding the market and management, when they do not provide reliable services they affect the reputation of the best agents in the market. Another issue that most of the people prefer to work without agents and that is why the issues increase.
6. Budgeting is tough
Being a real estate agent is tough. One day you are rich and next day you will not know when you will get your next project. That is why the agents have to manage their budget with such perfection to assure that they can pay all the bills and meet their requirements until they get the next project. the next project might come after weeks or even months.
Working in the real estate market is not as easy as it seems like. it takes a lot of hard work, patience, and consistency to be the best.
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According to my own point of view, there are many things people do not know about real estate business, such as many people do not know that your chances of losing in real estate business is very low and in real estate business something you profit times two of your normal profit
You are very right with this your take on real estate investment. As for me personally, I'd like to own a real estate investment company, I want to be involved in the big deals, although all these would be after I have taken a course on real estate investment which would aid the process
Generally speaking, a lot of people believe that you can earn substantially well from real estate market. However, they do not know what it takes to earn well. It is true that you can make $20-$30K profits from a single project, however, what many people do not know is you will have to first invest $200-$300K in that property so that you can sell for higher margin.
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There are so many things people do not know about real estate they only know it is very profitable, sometimes the people who are into real estate affilate with government because they do not have much money to invest in the business.
Agent only need to know how much you are qualified to borrow. How much you have in the bank. "This is for your lender to know, not your real estate agent " he adds. Your personal and professional relationships.
Truly, you don't have to start real estate business with money. You can partner with a real estate company and make good profits by Marketing their business and earning huge commissions when each person buys a property. This is a great way to make money.
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Real estate is like a golden hen for people who have pretty small knowledge. I think your ideal is to being a real estate, you don't necessarily needs to be the one selling or buying the land with your own money, you just need a very profound knowledge about real estate and you are good to go. I bought a small land with 2 million but now its of 6 million rs in just 5 years.
You made a valid point but to be an independent partners in real estate business you must have done some good deal before that will boost your profile for partnership. Partnership can never be achieved by a real estate new comer or novice.
Well you are right about the big companies, starting a agency takes money too but in the long run it's a good investment to venture into especially in real estate
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O think your ideas is quite good enough and encouraging to participate in estate real business not necessarily have a good huge amount of money to invest but you can be an agent or a partner who will work with others in providing information and handling certain business activities as it concerns.
I agree, I think it is better to start an agency, also you could start an agency with lesser capital and then continue to grow from there.
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