Whether you’re buying a new home or investing in a commercial property, having a good real estate agent on your side can make a world of difference. A good real estate agent will help you find the perfect property for you and negotiate on your behalf. This agent won’t waste your time by showing you unsuitable properties or suggesting low-ball bids that won’t fly in a competitive market.
Having said that, most real estate agents know things they don’t readily divulge to their clients. When buying real estate, you need to know just as much about the agent and their knowledge as you do about the property you’re interested in buying. To that end, we’re letting you in on a few secrets most real estate agents won’t tell you.
Cash Reigns King
As with most things, money talks when it comes to buying real estate. Regardless of whether you’re looking to buy a new home or working with a commercial real estate agent to buy an investment property, cash will always reign king.
While most buyers secure a mortgage for their new property, it’s the buyer with the available capital who will usually win the bid on most properties. This is because the closing process is faster and far less of a hassle if a buyer can pay cash for a property, which is appealing to most sellers.
Kitchen Remodels Don’t Always Sell Homes
While a great-looking kitchen with all the latest bells and whistles will attract buyers, these high-end renovations don’t always add the amount of value a seller hopes to garner from them.
If you’re planning to sell your home, don’t spend all your savings on making upgrades to your kitchen with the hopes that it will attract buyers and add thousands to the value of your home. It doesn’t really work that way. In fact, many people buy homes with it in mind to renovate areas like the kitchen to suit their personal style. So, focus on the essentials when it comes to renovating a home for sale.
Your Agent should know more about the Neighborhood than you
If your agent doesn’t know more about the neighborhood than you do, don’t hesitate to find one that does. A good agent will do their homework and know all about the best restaurants and entertainment options in the area, as well as the parks, coffee shops, and any planned developments that might raise home values when complete.
Your Home should be Move-in Ready if you Want to Sell it Quickly
TV shows make selling a fixer-upper look easy, but the reality is that most buyers prefer a move-in-ready home rather than having to spend thousands to make the home livable. If your home needs work, focus on the major issues first and then move on to any cosmetic fixes after that. You don’t need to spend your life savings making these renovations before you sell, but the home should be comfortably livable if you don’t want it to sit on the market for a long time.
Your Home Isn’t Worth what you think it is
Many people attach sentimental value to their homes, expecting to garner more than what the home is actually worth. Your best bet is to let your agent determine an asking price because they aren’t emotionally invested in the property, and they understand what it’s actually worth.
Whether you’re buying or selling real estate, having a good agent on your side will make all the difference. Just keep these secrets in mind as you work with your agent to get the best deal possible.
