The real estate business is one of time and
experience. The longer you’re out on the
market selling property, buying property,
negotiating, building relationships with your
colleagues and clients, the better you’ll get.
But it takes time.
Investopedia.com has a list of things that
every real estate professional should know. I
definitely agree with a lot of they have to say.
Here's a list of three essential tips and my
thoughts on them.
You absolutely must do your homework.
What are the price trends in your
area?
Are they accelerating more quickly in
one area then another?
Are they just not moving at all?
Is there a wave of foreign buyers
taking an interest in the area?
The more you know about
prices in a particular
neighborhood, the more
you’ll know about the
demand there, and
knowing about demand
will help you determine
how to price your own
listings.
If you’re going to sell a stereo on Ebay,
you’ll want to see what other people are
charging for that same stereo, or one
similar it.
Where has a neighborhood been?
Where does it seem to be going?
Not just in numbers, but also trends,
events, developments.
Are you seeing a number of new forms
of infrastructure pop-up (e.g. roads,
schools, etc.)?
For starters, you can drive around the
neighborhood. But I’d also recommend
checking in with town hall to get a figure
on what sort of developments are slated.
Towns with lower property taxes will
almost always be more in demand. Use
this information to your advantage. Speak
to the local tax assessor to learn how
much the municipality charges for $100
of house.
You’ll also be able to
learn the last time a
given area was audited
by the local
government and figure
out when the next
reassessment is set to
take place.
Are a lot of people moving to the
neighborhood?
Are school’s reaching their capacities?
Do the roads look like they’re in
terrible shape?
If so, taxes may go up.