Finding the right property for you can be a very frustrating experience. You can easily get property overload by seeing too many properties. The best way I find to remove a lot of wasted time display properties, which don’t fit your criteria, is by using an agent.
With the advent of the Internet, searching for real estate has become easier. Many times, the property you see online may not check all or most of the boxes on your list. Many times you don’t realize this until you actually see the property.
Real estate agents have access to information that you don’t. They have access to new listings that may not appear on MLS yet, they can talk to other agents who know of properties that fit their criteria, etc. In short, they should do most of the legwork for you and put together a short list of properties you may be interested in viewing.
Finding an agent you can work with may take a bit of work at first, but once you find an agent you feel comfortable with, it will save you time and money.
From the start, you need to tell your agent exactly what you’re looking for in a property, what your renovation budget is, and how much you want to pay for a property. Whether the property is a long-term investment, or even a short-term one, her agent should be able to provide her with the information she needs to make an informed decision about the property’s potential. If I am looking for a specific property, my agent will provide me with the following.
Average Buyers Profile: In other words, what kind of people usually buy in that neighborhood, families, young professionals, etc.
Buyers Criteria: What are those buyers looking for and hoping for in that neighborhood that would help them in their decision to make an offer on a property in that area?
average selling time: How long does it take to sell a typical home, at fair market value?
comparable: This will be a list of properties that were sold in the last year that are similar to the property you are viewing. These should be a list of properties that sold at the top of the market and why they sold for the best price. Also ask about comparable properties that have been on the market for a long time and why they are not selling.
average appreciation: How much does the average property appreciate in value per year? You should use this to determine a projected selling price.
Other variables: What could influence property values in that neighborhood during the time you will live in the property? These could be new development projects, or lack of crime rates, etc.
There are other ways to find real estate, and you can do some of the work yourself. Use the Internet, MLS listings, local newspapers, real estate brochures, for sale by owner ads, etc. In the end, I always get my agent involved and have them do the research for me before viewing a property.
In conclusion, a real estate agent can give you the information to make the right decision that you may not have access to. They will also save you time searching for a property that meets your criteria, thus saving you money. A good agent will work hard for you because you may be able to do business with him or her again.