Understanding Realtors and what type they are, is as important as buying the right type of real estate. How would you know what type of realtor your working with?
I'm personally a realtor and very good at investment real estate. Why is that because I actually do it. I've personally done 100's of successful homes. I also have a construction company and understand construction. What needs to be done on homes vary for example a lot of investors and Realtors make the mistake of over spending on rehabbing.
The realtor wants the nicest home to sell so spending more makes it easier in most cases. In these type of cases usually the realtor is not in the business and do not do investment real estate themselves. If they did have the knowledge then they would understand what needs to be done and what doesn't. Example Flooring in a $50,000 is going to be different than a $250,000 home. If you put the flooring in that you would a $250,000 home in the $50,000 home you've spent to much money. Easier to sale but the clients pockets don't get filled that way.
The investor that spends to much money on investment properties usually does so because they are making the home like their own. That's were a good realtor that understands investment real estate steps in and explains the type of client that will be buying that home. They will also know what the home needs and doesn't. I usually take my clients to other listings in the area so they can see what needs to be done on that home. You will also get you competition in that area.
The retail market is the samething a good realtor will know the areas and listen to the clients. For example a couple I took out that bought a $600,000 home liked the grandest looking home in the area. The inside was important but not as important as outside. I sent my wife out to show them the first batch of homes. She got back and showed me the narrowed list.
I went through the list and looked at the ones that they didn't want and noticed that the home fit all their perimeters. I told my wife to show them that one and they would buy it. Knowing what your clients like and dislike is a major reason that some realtors are sucessful and some aren't.
By the way the clients have lived in that home for 3 years. Again make sure you pick the right realtor for whatever type of property you want to buy.
Brett Young Valley Realty http://sites.google.com/site/rooftopproperties/
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