Myths About Real Estate Agents

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There are some myths about real estate agents, many of which are not so flattering. But when it comes down to it, real estate agents are not too out there, and there is a logical explanation to each misconception. Let’s straighten out a couple myths and facts.

Myth #1: They have big hair.

Fact: Though occasionally real estate agents do have big hair, most are regular people who get up in the morning just like you do, and go to work just like you do. Many real estate agents, in fact, are going bald due to stress related hair loss. Same with the fancy dagger-shaped manicures; in actuality, many real estate agents have bitten their nails down to nubs.

Myth #2: Real Estate Agents drive luxury cars while talking on their cell phones.

Fact: Itâ??s true that real estate agents are often trying to do too many things at once, but they like to be careful about it. And though real estate agents would like to make a good impression on you, more often than not they drive Hondas and Toyotas and hope that their hard work will sell you, not their Lexus.

Myth #3: Real Estate Agents know your area.

Fact: Just like normal people, real estate agents canâ??t know everything. Though they do spend a lot of time driving around town, they canâ??t be in all places at once, and they themselves probably have preferences for one neighborhood versus another. Make it clear to your realtor what kind of area you want to live in, and they can help you look within that section of town.

Myth #4: Real Estate Agents live outside of time.

Fact: Real estate agents have lives too, and those lives happen to take place in the same physical realm as yours does. While it might seem like they spend a strangely disproportionate chunk of time speaking with you, they are actually trying to be as time-conscious as possible, so that you can move more quickly into your home and they can move more quickly to helping their next client.

Myth #5: Real Estate Agents just want your money.

Fact: What real estate agents actually want is an easy life. They want to help you find a home you love, and they want to make their (often small) bit of commission off of it (and thatâ??s off the sale, not out of your pocket). They do not want your soul or your firstborn, just some patience, consideration, and a positive home-buying experience for all.

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Source by Escapeso Austin Real Estate

How to Write a Home Sale Ad

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Many people are choosing to sell their homes without a Realtor these days, a plan that can save you some serious money. Of course, your house has to actually sell before you can consider that strategy effective. Below are some tips and tricks for writing an ad that generates interesting in your house and, hopefully, leads to a sale.

o    Consider your ad options. Not very long ago, a real estate ad had only one purpose: to appear in your local newspaper. And while newspapers are still a great option, modern technology calls for a more far-reaching marketing strategy. The best place to start is by asking yourself where you would look if you were in the market to buy a home. The answer, for most people, is the Internet. It’s ideal becase you don’t need to leave your house to browse the selection, and it’s ready whenever homebuyers are. These are the same reasons you want your ad to be online, and there are plenty of for sale by owner (FSBO) websites that will be happy to run your ad. Newspapers, of course, are a tried-and-true option that shouldn’t be discounted, even with the Internet’s prominence. If you’re outside a major metropolitan area, make sure that your ad appears in your local paper, as well as a large daily in nearby cities; you never know when someone will want to move out of the city and into a more rural location.

o    Set the scene. It only takes a few words for homebuyers to grab the nearest phone and beg to see your home-or for those same homebuyers to turn the page without giving your house a second thought. Include basics such as the style (ranch, two story, etc.) and the number of bedrooms and bathrooms, but you also want to include descriptive phrases that help people imagine themselves living there. Make it easy on readers by spoon-feeding them gems like, „Spacious kitchen that opens into a great room-perfect for entertaining“ or „Remodeled master bathroom that recreates your favorite spa.“

o    Put a positive spin on things. It’s not okay to lie, but it is okay to make your house sound as charming as possible. If it’s not move-in ready, say something like, „Ready to be fixed up into the home of your dreams.“ And if you live in a neighborhood that has a less-than-desirable reputation-maybe it’s known for older houses without much space-be sure to convey how your house is different. Describe how your house sits on a big lot or the fact that you have an oversized garage that can be used as a workshop. Give homebuyers a reason to change their minds about the neighborhood.  

o    Create a winning headline. It’s the first thing people will read, so it has to grab them. Pick out the absolute best feature or characteristic of your house and make that the headline: „Upscale family living at a great price“ or „Sprawling country retreat with orchards,“ for example.

o    Include a photo (or two). While fabulous copy can create an attractive mental picture, there’s no substitute for an actual photo. When you have plenty of space-website ads and flyers, for example-include multiple photos of the inside and outside of your home. When you only have room for one photo, it should be the outside of the home, preferably taken on a sunny day. No matter what angle or space you’re photographing, the number one rule is „clean and tidy.“ Clear out all clutter before snapping a picture, and be sure the area is spic and span.

o    It’s all about the price. It’s astounding how many home sellers omit the asking price in their ad. Whether by accident or intent, it’s a mistake. It doesn’t matter how much someone loves your house, if it’s $100,000 over their budget, you’ve wasted your time and theirs because there’s no way they’ll be making an offer. Letting people know up front how much the house costs is both efficient and courteous. You don’t have time to field 20 calls a day from people inquiring about the cost, only to have them slam the phone down upon hearing it. You want to take phone calls from people who know the price, are comfortable with the ballpark, and want to set up an appointment to see it.

o    Keep it short and sweet. The paragraphs, that is. The best way to lose someone’s attention is to cram a lot of info into rambling paragraphs. Bullets are a great way to separate facts into easily digestible bites. 

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Source by Jason Kay

Mortgage Brokers – Turn FSBOs Into Referral Goldmines With This Awesome Phone Script

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Even with the housing marketing as crappy as it is, converting for sale by owners (FSBOs or also known as „fizzbos“) into referral sources is still an effective marketing strategy. Don’t make the mistake of thinking that you are only going for the opportunity to help that fizzbo get a purchase loan for his new home. The real goal is to develop a relationship with the homeowner so that you prequalify all of the potential buyer prospects interested in their home that’s for sale. Using a phone script will make this even easier.

Drive around your area and search for all the homes being sold „For Sale by Owner.“ And if your area is like mine, there should be plenty of them. When you find one, write down the address, phone number, and sales price if it’s available (if they have a flyer, even better).

Once you have collected several addresses and phone numbers, it’s time to make the phone calls. Because FSBOs are heavily targeted by real estate agents, the homeowner will probably be very resistant to your phone call. You have to break through that resistance as soon as possible. And the best way to do this is to tell them early that you are not trying to get their money. Once they know that none of their money is at risk, they’ll be much more open to talking to you. Here’s the script to use:

FSBO: Hello?

You: Hi. Are you selling the beautiful home on 15 Oak Street?

FSBO: Yes I am. Who am I speaking to?

You: My name is Ken Johnson from ABC Mortgage and I was wondering what your sales price is on the home? Oh, and what’s your name by the way?

At this point, the fizzbo will be a little taken aback. His resistance is still high because he knows you are from a mortgage company, but you haven’t said anything yet to make him hang up on you.

FSBO: Well, my name is Bob and I’m wanting to get $200,000 for it. Now, why are you calling me?

You: Bob, I can hear the agitation in your voice, and I can probably guess why its there. Since you placed that for sale sign in your yard, you are most likely getting bombarded with calls from real estate agents wanting you to list your home with them. I can promise you that I’m not calling about that.

FSBO: Really? Then why are you calling?

You: I want to create a win-win partnership with you. One in that you sell your home quicker and with much less stress, and you don’t have to pay me a single penny.

FSBO: Well, I could use any help selling this house faster. But what’s in it for you?

You: Typically, during the time a house is listed for sale, it gets interest from dozens of potential buyers. Almost all of the prospects will not buy that particular home. But they still want to buy a home and probably need financing to make it happen. It is those buyer prospects that I want to get business from.

FSBO: Ok, I see. But how will you help me then?

You: I’m glad you asked that. Did you know that when it comes to selling a home „fore sale by owner“, most of the transactions never get completed? Were you aware of that?

FSBO: No, I wasn’t. Why is that?

You: The number one reason that those transactions never get to the closing table is because the financing was not properly established by the buyers. So they will go look at homes that they just can’t afford (because they haven’t been prequalified by a mortgage professional) and then go making offers. This results in a lot of wasted time (and plenty of stress) for the homeowner.

FSBO: So you’ll help me by prequalifying the buyers interested in my home?

You: Exactly! By allowing me to prequalify them (at absolutely no cost to you), you will only have to deal with those prospects who are financially able to purchase your home. Besides weeding out all of those buyers who can’t buy your home anyway, the process of prequalifying eliminates those prospects who are just „lookers.“ You know, the ones who are always driving around looking at houses for sale, but never intend to buy them.

FSBO: Wow. So you’ll do that prequalifying for me, and I don’t have to pay you anything?

You: Nope. Not a single cent. I will make my commission from the buyers side. Does this win-win situation sound like a good idea to you?

FSBO: Yes it does. What’s the next step?

Once you have the FSBO onboard, everything else will be cake. Each FSBO relationship that you establish should be able to provide you with several buyer prospects. Having a few FSBO partnerships will generate a steady stream of purchase mortgage leads. And because the time to maintain them is minimal (its basically just prequalifying prospects once you have your partnership created), you can have a number of ongoing partnerships going on simultaneously. Just remember to come across as not wanting to get any of their money, and they will be much more willing to work with you.

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Source by Joseph Pahl

Claims on Prolongation Costs in Nutshell

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It is common practice that time extension claim comes before the claim on prolongation costs. Once an extension of time has been granted, the evaluation of the additional prolongation costs is often related to the period between the contract completion date and the extended completion date. Prolongation cost is also calculated on time related preliminaries. The author contends that this line of thinking is illogical.

The intention of most construction contracts is for the Contractor to be reimbursed the additional cost which results from Employer delays. This involves a comparison between the actual costs incurred and what the cost would have been had no delay occurred. Where, for example, time is lost awaiting details which causes a two weeks delay to the critical path, evaluating the prolongation costs associated with the extra two weeks on site, following the revised contract completion date, would obviously not produce the correct answer. A more accurate evaluation would be achieved by reference to the costs incurred during the two weeks when the information was late in arriving. It is wholly a question of cause and effect.

The SCL protocol in UK, with regard to this matter, states that ‘the recoverable prolongation compensation is to be assessed by reference to the period in which the effect of the Employer Event Risk was felt.‘ It is clearly intended that, once it is established that additional payment is due for prolongation resulting from Employer delays, the evaluation should relate to the period when the effect of the delay occurs and not to the overrun period at the end of the contract.

If the party (A) suffers a loss which he is entitled to compensation from the party (B) causing the ‚injury‘ (for example a delay), the damages are to put (A) back into the position he was nominally in before the event. Hence, prolongation costs shall be the costs that actually incurred at the period the delay events impacted on the progress, instead of the period of extension. What must be priced is the effect of the delay, and it boils down to a clear analysis of the effects of the delay to ascertain the additional overhead resources which are incurred. It is only if, and when, the project as a whole is extended or prolonged beyond its programmed completion period as a result of the delay to the progress of works that the Contractor would be involved in the extra employment of resources over and above that allowed in the Contract Price. However, that certain resources could also be extended within the original contract period as a result of variations and those extended resources should, of course, be reimbursed to the Contractor.

Traditionally, prolongation costs had been priced by reference to preliminaries. The elements of fixed costs are usually only incurred once and not affected by a delay to the project; that element ought not to be claimed. The time related costs will, unless there is a full suspension of the site for instance, continue through any period of delay and can be claimed ‚at cost‘. ‚Cost‘ will be calculated in accordance with the terms of the contract. However as safe bet initially is to adopt the time related charge levels in the originally accepted bid, which is simple in approach that any one would prefer to adopt. However, during the 1980s this traditional basis fell into doubt, and that following various cases, standard forms of contract started to insist on the actual loss and expense incurred as a consequence of the Employer’s delay, may be because of the concerns if listed out as follows;

  • Rates quoted for preliminary items could be time, method or activity related or even in doubt as to what category a particular preliminary item would belong to, such as grouting as the tunneling proceeds or dewatering in off shore cofferdam or wet blanketing in a dam defect whenever priced under preliminaries.
  • They are forecasted values quoted in competition while being commercially viable. They are values that the Contractor thought might happen rather than actually happened.
  • They are subject to any pricing strategies such as front end loading, back end loading, or that gives maximum return at completion (in a re-measure contract).
  • Rates quoted for preliminary items, similar to other unit rates, contain a profit element. Actual costs should exclude profits as well as any risk margin.
  • The philosophy behind the compensation is to find the replacement value, like in a typical insurance scheme, in order to bring back the Contractor into the original position where he stood financially had there be no delay.
  • A party should not profit from another’s loss out of eventualities beyond control of either party, say in a prolongation due to adverse inclement weather. This is in line with the principle of good faith and fair dealing.
  • The impact due to prolongation may also depend on the site involvement. For instance, the actual costs on preliminaries at the beginning and end of the progress along with the S-curve may be not as big as in the peak. The amount of additional burden taken over by a prudent Contractor varies with the period as-impacted.
  • A contract may well have many hundreds of variations, and many dozens of these could be critical and contributing to the delay.  Pro rated preliminaries may duplicate the amounts for variations individually priced under clause 52.  If a variation causes standing time (say in shotcreting in rock stabilization), then the Contractor may successfully recover the costs of that standing time as a variation even if it could be shown that the Contractor had no alternative work in any event and would suffer no loss from his idle resources.
  • Concurrent delays are excusable but not compensable, as a principle. Time extension due to concurrent delays can not be payable even with time related preliminaries on pro rata basis.
  • In contracts of civil engineering nature such as mass excavation in a borrow pit, dredging work or in demolition, more than 90% of the cost would be on plant utilization that is priced in a unit rate, say in a rate per m3, apart from preliminary items. Payment on time related basis would be wholly inapplicable when such a contract is prolonged.
  • Time extension due to suspension of whole of the works or delay in site possession (that pushes ahead the planned program as a bunch) may not necessarily cost the preliminaries in full. It may sometimes cost more than what is catered for in the preliminaries.
  • As there is usually a short ad-hoc preliminaries bill, the use of the prelims bill for pricing prolongation is not complete in a sense. For instance, the items under preliminary bill are set out in line with the conditions of contract and specifications (as guided for instance in the Principles of Measurement International 1979). Some items are neither measurable nor priceable.
  • Tender price break up is usually subservient to the contract once obtained after the contract has been let and any particular inclusion or exclusion does not bind the parties in a prolongation issue.
  • The intricacy itself of the issues when they are inextricably intertwined has made more difficult in using preliminaries as the basis of prolongation costs.

On the practice of adjusting for the duplication in recovery of additional overheads, such overheads are recovered in both payment for variations and in the pricing of prolongation costs. This is premised on the basis that the overheads in the BQ rate should not be adjusted where the variation may cause a critical delay when it would not be adjusted if the variation has not caused delay. To deduct this allowance in the BQ rate because the Contractor has incurred a delay would place the Contractor in a worse position than it would have been absent any delay. Usually, the overheads in the BQ rates which are used to price variations are not adjusted. However, it is the loss and expense which is adjusted, not the BQ rate. Not to do so would mean that the Contractor would be paid twice for some element of his additional overheads, which is not intended in contract?

Let us assume an interim claim in a road widening project to a cut off date say, 31 Dec 2006 (effects are continuing as per the Contractor so that the Contractor can submit any number of claims till the effects cease). It has two components; extension of time and additional cost due to disruption occurred in selected areas and it excludes the cost of unproductive working (ie, loss of productivity). The Contractor says delay events are widespread and extensive and only the main events have been considered, (altogether meaning that the Contractor intends to submit further claims). He may amend or update the contents at a later time whether the same is contained in this submission or otherwise, as he deems strategic. However, the source of claim is the disruption (although disruption does not necessarily cause delay in scheduled completion) resulting from existing utilities that were in excess of utilities indicated in contract drawings, utilities not in the locations indicated in these drawings, inadequate service corridor space provided in the Employer’s design, existing utilities already situated within the corridors, unforeseeable underground cavities, re-design of pump stations, encroachment on the Contractor’s ROW to an underpass, prevention of trial excavations and utility relocation and excavations withheld.

Hence, it is important to look at the entire scenario from a broad perspective. Despite, the Engineer’s assessment has been based on preliminary items. This is not contractual also because each issue shall be evaluated on its own merit as addressed under various contractual provisions in which we find the phrase ‘proper and reasonable expense‘. Since preliminaries are not ‘expenditure properly incurred or to be incurred‘, the actual expenditure needs to be determined. This would eventually include time-related preliminary items, (for instance, the costs to be incurred in keeping the performance bond and insurance on extra premium) shall also be payable to the Contractor.

Where the Employer is responsible for disruption to the progress of works i.e., where he has disturbed progress to items on the critical path so that the Contractor is delayed in the completion of work and suffered additional costs in completing the works, the Contractor may claim the cost of wasted or increased overheads incurred as a consequence of the disruption. As with other claims, the principle problem with providing evidence in support of such claims is not so much in identifying the actual cost incurred but in satisfying the Engineer that any additional cost claimed arises as a result of the event relied upon. In other words, the challenge is to satisfy the Engineer that, but for the disruptive event, the cost to the Contractor would have been less than it actually turned out to be and that the difference arose as the result of extension because of disruption.

Once established that the delay was unforeseeable, uncontrollable, critical and causative, the Contractor does get the extension of time but he is only entitled to any loss and expense incurred as a specific consequence of the Employer-caused delay. This basically means that if the Contractor is able to identify extra costs at the activity or event level, he recovers these but not the general running costs of the project. 

Also, the author prefers the term ‘actual loss‘ instead of ‘actual cost‘ for clarity. The Contractor should be entitled only for the actual loss and not the actual cost (in other words, the difference between the actual cost incurred in delay and the cost that would have incurred under normal circumstances as planned for which the contract rates are inclusive of basic cost, overhead and profit). The sum so arrived will eventually cover up any escalated component in prices of materials and labor and any loss of productivity. This will avoid possible over-compensation. All the cost items shall only be defensible with site records and other documentary evidence. The extent of entitlement and then the quantum has to be decided on the foregoing principles.

In nutshell, it is eligibility that follows quantum. The use of preliminaries on pro rata basis would not truly result the actual loss in prolongation. The level of compensation is what is reasonable in the circumstances. Each case shall be evaluated on its own merit. If the cost difference can be seen as being not too remote from the original event it may be recoverable. The industry has accepted that the correct means of evaluating prolongation costs is by reference to actual expenditure, justifiable upon contemporary records.  

Unless otherwise the parties have taken on board by contract the risk of pro-rata application of time related preliminaries, the author is scared of recommending so-called ‘preliminary‘ method, instead any method that is capable of finding the actual loss is admissible and the answer is ‘it depends on the issues‘ where the expertise of the quantity surveyor triumphs.  Seldom does one size fit all.

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Source by Dr. Chandana Jayalath

Real Estate Buyer Agents Must Recognize Clients‘ PERCEPTIONS

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In most states, those buying a home, may opt to work with either a Selling Agent, or a Buyers Agent. When working with the former, the relationship, is one of being a customer, because the representative is legally working for the homeowner. Although ethically he must provide you with honest, ethical, truthful service, his final allegiance, is with the seller. If one opts to hire a Buyers Agent, however, he or she, will be working for you! You are his client, not merely a customer! He must provide additional, more in-depth service, etc! However, when and if you opt to go in this direction, seek a real estate professional, who is ready, willing and able, to recognize, appreciate, and respond to your PERCEPTIONS. Some of these may be based on facts, and others on feelings, but the quality professional, will hold your hand, and comfort you, throughout the entire process.

1. Price: While you may believe you are an expert in determining what price houses should sell at, or are worth, a real estate professional must guide you, and explain the factors involved, etc. Just as homeowners are often guided by a Comparative Market Analysis (CMA), a Buyers Agent should provide you with this, as well, so you can see what similar homes, have sold for, recently, and must take the time, to explain it, in detail.

2. Emphasis: When you hire an agent, you must be forthcoming, so you are both on the same page. Explain the factors and features, which are most important to you, and why! Together, develop a priorities, as well as a Wish List, so you can truly compare what you are looking at, to what you see.

3. Realistic: If you are serious about wanting to buy a home, you must be realistic, in terms of pricing (what you can afford, including downpayment, and monthly carrying charges), and understanding, you will never find the perfect home (in every way)!

4. Choices: There are generally several choices and/or approaches. Do you seek a house, which is move-in, ready, or one which might be considered, a fixer-upper? The latter will probably be less costly up-front, and permit you to modify to meet your needs (finances considered), but might mean more possible headaches or uncertainties. Let the agent know your choice or preference!

5. Priorities: Even the greatest Buyers Agent, cannot read minds! Discuss your priorities, from the beginning of the process!

6. Time-frame: How quickly do you want to move? Is the relocation dependent on selling another house?

7. Intents (short-term, starter home, or for life): Are you seeking a starter home, which you will live in for a short period, and then move up, as your life circumstances change? Are you planning to live in the area for a while? Or, are you seeking your proverbial, Dream Home, which you spend a large part of your life in?

8. Options: There are many options, in terms of styles and features, as well as financial/financing! The more you discuss with your representative, the better the process will proceed!

9. Needs: Clearly differentiate between your needs, wants, likes, and preferences!

10. Specifics: If you are rather flexible, let your agent know. On the other hand, be certain to inform your representative, of any specifics, etc.

When buyer and agent, work together as a cohesive team, the process goes far more smoothly, and with lots less stress! Discuss your PERCEPTIONS, in-detail, from the very beginning!

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Source by Richard Brody

Houses For Sale By Owner: 6 Negotiating Tips To Take Note Of

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Häuser für Verkauf durch Owner sonst FSBOs in der Immobilienwelt nennt. Ein FSBO Verkäufer erfordert einige Kenntnisse über den Verkauf der Häuser. Ansonsten, das Geschäft nicht so profitabel werden wie Sie es haben wollen. Daher müssen Sie Ihre eigenen Forschungen zu dieser Sache arbeiten zu machen. Sie sollten Fragen, kompetente Beratung am allerwenigsten.

Wenn ein FSBO Verkäufer bestimmte Aufgaben erfordert, das gleiche ist der Fall, wenn Sie ein FSBO Käufer sind. Sie haben Ihre Arbeit um das Beste aus Ihrer Investition herauszuholen. Was ist ein FSBO Käufer wie Sie abverlangt? Nun, du musst nur lernen, einige Verhandlungen über Tipps, um den Deal zu machen alles Wert. Schließlich ist es Ihr Geld auf dem Spiel.

6 verhandeln Tipps für Käufer von Häusern zum Verkauf durch Eigentümer

erste Sachen zuerst wollen Sie vom Verkauf profitieren, der Verkäufer will auch seine eigenen Vorteile. Es ist in diesem Zusammenhang, dass Sie lernen, wie man verhandeln sollte. Daher Ihre Käufer Pflichten in Häuser für Verkauf durch Owner gehören die folgenden:

1. Nicht beleidigen des Verkäufers. Geben Sie keine negative Bemerkungen während Sie, die Immobilie zu verkaufen erkunden. Bist du nach was Sie von dem Bestreben sparen, besser gut sein, wenn mit dem Verkäufer zu tun. Du wirst das nicht wenn der Verkäufer Sie arrogant findet.

2. Schließen Sie das Geschäft schnell. Diese Häuser für Verkauf durch Owner können für eine lange Zeit vermarktet wurden. Verschwenden Sie keine Zeit des Verkäufers, wie er müde des gesamten Prozesses bereits. Geben Sie ihm Zeit zum Atmen durch das Geschäft schnell zu schließen.

3.Make der Verkäufer sich wohl fühlen. Wenn er denkt er ist smart, dann ihn glauben zu machen, ist er. Es gibt nichts falsch mit dem. Wenn Sie das tun, werde er Ihr Angebot in kürzester Zeit geben.

4. Von ihm als er erfährt, von Ihnen zu lernen. Er kann nicht haben einen Hintergrund auf wo man eine Titel Politik kaufen oder wo Sie die sogenannten gutgläubigen einzahlen sollten. Bist du bereit, mit Lösungen, dann sagen Sie ihm wie man über diesen Prozess zu gehen. Sie müssen erkennen, dass ein Verkäufer aber unter Kontrolle zu sein, so dass dieser Teil nicht übertreiben will.

5. Verhandeln vor enge Aufwendungen ist ebenso unerlässlich. Feilschen Sie nicht aller Zeiten. Prüfen, wie viel Aufwand diese Verkäufer verbracht haben und wieviel Kosten sie für Werbung und andere Nebenkosten zugeteilt. Seien Sie nett genug zu erkennen, dass sie Blut, verbracht haben Schweiß und Tränen für diese Häuser für Verkauf durch Owner.

6. Vergessen Sie Probleme, die während der Transaktion entstehen. Sie können später mit ihnen umzugehen. Solange Sie gut mit dem Verkäufer ausgehandelt haben, gibt es nichts zu befürchten. Er wird höchstwahrscheinlich Ihr Angebot in kürzester Zeit nachgeben, solange Sie keine Anzeichen von Zweifel in Bezug auf das Geschäft zeigen.

Häuser für Verkauf durch Owner kann in der Tat große Investition für Immobilien-Käufer. Wenn Sie schauen, um ein Haus aus dieser Kategorie zu kaufen, besser lernen Sie die Verhandlungen Tipps auswendig. Sie werden feststellen, dass jedes einzelne Ding in der Sache allemal wert sein wird.

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Source by Bill Johnsons

3 Simple Tips for Building Homes of Your Own Success

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Building Homes of Your Own is a computer game where you are challenged to get a loan, select and purchase property, design and build a house, and sell it for a profit. There are three levels to the game, Urban or Suburban, Rivers and Lakes, and Coastline. For each progressive level you will be given a larger loan for your budget. On the third level, Coastline, you will receive a loan for more than 1 million dollars.

Construction Technology Engineering is the main focus of the software. It is meant to be as close as possible to real world situations in the building homes industry. Many students in Technology Education and Engineering class utilize this software to learn the steps to planning and building a house.

Here are some of the main tips for being successful in the Building Homes of Your Own game. First, you need to remember that you are not designing the house for yourself. You will be given different situations depending on which property location that you choose. Most design something they would want to live in while ignoring the demographics of the surrounding area. The surrounding houses and neighborhoods are big clues to whom you may want to sell your house to. You must check the demographics for information surrounding your property. For example, average population age is very important. You don’t want to build a skate park in the backyard of a neighborhood where the average age is 65 and older.

Second, when designing your floor plan and interior remember you are trying to make a profit on the property. Your profit is the amount of money above what you spend on building the house. For example, if you design a very large house with the most expensive interior choices, you will not be able to make as much profit on your property.

Third, planning for your house designing decisions is the most critical step that most people overlook. There are three planning phases you need to consider. The „site phase,“ where you find and purchase your property. The „building phase,“ where you decide on your floor plan, exterior, and interior. The „sell phase,“ where you advertise and sell your house to potential buyers.

Your home will be judged by how much profit you make on your property. You must be able to find the right buyers by checking their credit information. They will be rejected by the bank for a home loan to buy your property if they have bad credit. A score of 70 percent or higher means you can go on to the next level. Remember these tips and tricks for reaching the next level when playing Building Homes of Your Own.

Immobilienmakler Heidelberg

Makler Heidelberg

Immobilienmakler Heidelberg

Makler Heidelberg

Immobilienmakler Heidelberg
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Source by Joshua Cane

Is Buying a House a Good Investment?

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Intended Audience

Individuals looking to purchase a home for personal use or as an investment. As well, looking into conventional wisdom’s statement that buying a house is one of the best investments someone can make.

Summary Points to Take Away

  • Why a House is good investment: (1) Forced Savings Plan (2) Leverage (3) Inflation Resistant (4) Tax Free Capital Gain (5) Control over Asset.
  • Points against a House as an investment: (1) Lack of Diversification (2) Maintenance Costs (3) Historically lower returns than equities (4) Unavailable to take advantage of other opportunities (5) Limited Scope.
  • Additional points to consider if planning on purchasing property for personal use: (1) Doesn’t provide any cash flow (2) No tax shelter from interest expense (3) Can get personal joy out of investment.

Analysis

Conventional wisdom states that buying a house is one of the smartest and best investments an individual can make. This article is geared towards challenging this conclusion to see whether this statement rears any truth to it.

Why a House is a Good Investment?

Forced Savings Plan

Most individuals claim that the purchase of their personal home was the best investment they’ve ever made, which is true in most cases because it is the only investment they’ve ever made. The general public struggles with saving for retirement; thus, purchasing a house assists in that problem as it forces individuals to continuously pay down the mortgage (or lose the house in a foreclosure to the bank); therefore, allows the storing of equity for the owners. This built up equity (i.e. market value of home minus remaining mortgage) can be borrowed against during their retirement years or they can downgrad into a less expensive house in order to provide some retirement funds to the owner. If individuals take a disciplined approach to saving, then the benefit of being forced to save in order to pay for a house diminishes

Leverage

Typical real estate purchase require only a 5% deposit, while the remaining amount can be borrowed through bank debt. Few alternative investments outside of real estate can the acquirer obtain such significant leverage, which can enhance investment returns.

Example, suppose that you purchased a home for $200k, for which you made a 5% deposit down ($10k). During the next few years the house appreciates in value and you sell it for $220k (10% higher than the level you purchased it). Though the return on the house is only 10%, the return to the investor based on invested funds sunk into the home ($10k) is 200% ($20k earned over $10k investment) –  that is the power of leverage. On the negative side, more debt means higher fixed monthly mortgage payments; thus, higher risk of being able to make the monthly mortgage payments. As long as cash flow is not a concern and the mortgage payments can be met – investments should be leveraged to maximize returns to the investor. Could you imagine walking into a bank and asking for $100k to invest in equities while only putting 5% down – likely to never happen, this is a major benefit of real estate ownership.

Inflation Resistant

Real estate holds its value during inflationary periods; thus, acts as a hedge against the investors other assets that aren’t protective against inflation (ex. Currency). The asset will continue to hold its buying power (store of value), which is difficult to get outside of investing in precious metals. The reason real estate holds its value is there is the same number of houses that the increased monetary supply of dollars are chasing; thus, it’ll take more dollars to purchase the houses as the supply of houses stays stagnate while the demand rises (due to the increase in the number of dollars in everyone’s hands). This can become critical given the current economic times and numerous expansions of monetary supply across many nations, which will have the aftermath affect of higher inflation.

Capital Gain is Tax Free

In Canada, every home owner is provided with a capital gain exemption on amounts earned in excess of cost for their principal residence. Only one piece of real estate can be claimed as the principal residence per individual. For example, if you owned a home and a cottage, only one of those houses upon selling could take advantage of the principal residence exemption. No other asset class has such advantageous tax reduction characteristics. Unfortunately this is a onetime event; thus, those holding numerous pieces of real estate can only apply it to one property.

Allows for Control over the Asset

Real estate is typically an investment an individual has control over (assuming you’re the majority owner – which is typically the case) by the means of the owner has the ability to increase the value of the asset, which may not be the case in most other investment opportunities. When purchasing real estate, owners can make capital improvements to the home (ex. Finished basement, new porch, etc.), which will increase the value of the property (capital appreciation) as compared to purchasing stocks or mutual funds as assets where the owner can’t take action to increase the value of those assets (unless they’re a significant owner, greater than 20% – which is typically unlikely). The ability to control an asset adds value to the owner through what is known as a control premium, as a real estate asset may be more valuable in the hands of some individuals over others.

Why a House is a Bad Investment

Lack of Diversification

Average individual thinks the stock market is very risky while investing in real estate is more of a certainty. Purchasing equities allows the owner to conveniently hedge their risk amongst various companies in numerous industries, countries, etc. The purchase of real estate doesn’t provide the ability to diversify risk away as easily unless an investor plans on owning numerous pieces of different types of properties (ex. residential, commercial, resorts, etc) across various markets (North America, Europe, etc) – which is probably very unlikely for the average investor. Purchasing real estate prevents the diversification of risk because it’s dependent on the economic, migration, and regulation trends of the local area.

For example, assume you purchased a home in Oshawa, Ontario – which is a town extremely reliant on the large manufacturing facility of General Motors (GM). Should GM cut back on production or move their facility housing prices would fall sharply as it is the biggest employer in the area; thus, demand from individuals will decline as unemployment rises and real incomes fall. With a decline in demand and supply staying stagnate (as you typically can’t “un-build” a house once it’s constructed) the price will have to shift towards in order to align demand with supply.

Real estate doesn’t allow the investor to diversify away the specific risks in the local area as compared to purchasing equities, which allows the investor to spread risk amongst investments that perform differently during different points along the business cycle. Most individuals when purchasing real estate have all their eggs in one basket.

Maintenance Costs

Transaction and maintenance costs are significantly higher for real estate investments than stocks, mutual funds, etc. When purchasing stocks costs are typically broker commissions ($20 per transaction if using an online discount broker), while when purchasing a home it is typically 2% commission on the transaction value, significantly higher than purchasing equities.

Once you purchase shares, no further cash is required from the investor unlike real estate, which requires constant annual expenditures that continue to increase the investors cash committed towards the property, such as property taxes, insurance, utilities, maintenance and repairs of the asset, etc. These are costs that real estate investors or home purchasers don’t factor into their expected return, but play a significant role as the payment of property taxes (etc.) doesn’t contribute to the value of the property for eventual sale in the hopes of capital appreciation.

Historical Lower Returns Compared to Equities

During any 20 year period throughout history, no other asset class has outperformed equities, which includes real estate. This is from the perspective of asset vs. asset without consideration of leverage and how that may enhance returns (as discussed earlier). While it is true that over the long run real estate prices go up in value, this is typically due to inflation incurred. Recent spikes in housing prices seen in the past 10 to 15 years has been due to changing demographics, specifically the baby boomer generation (who makes up largest segment of the population in North America) go through life stages at the same time (same goes for starting a family and purchasing a home and real estate investment property). The result was a large influx in demand without a corresponding increase in supply as construction requires lead time; thus, leading to rising real estate prices.

Will this high demand continue? That’s where the argument lies. Likely there will be softness felt in overall real estate demand as baby boomers already have their homes and they’re likely to either stay put, move to retirement homes or downgrade into a smaller place in order to obtain some retirement income. Immigration will continue into North America that will prop up demand, but likely not the extent to fulfill the whole in demand left by the baby boomer generation; therefore, the future appreciation in real estate properties is likely to flatten out.

Can’t Take Advantage of Available Opportunities

The purchase of a home or real estate property requires the individual to tie up a significant portion of their net worth into the property (in a lot of cases, all of it). Having all your net worth in real estate is a risky strategy as you’ll be severely impacted by movements in real estate prices as compared to having your cash tied up into several asset classes; thus, less vulnerable to swings in any one asset class. Similar to the discussion had under the “diversification” section of this article.

With the majority of an investors net worth tied up in a real estate property, there isn’t available cash to take advantage of other opportunities that come along; thus, significant opportunity costs are involved in venturing into real estate. This should be considered before purchasing an expensive personal home or making a real estate investment.

Limited Scope

Real estate is a local good, unlike gold for example – which can be bought and sold throughout the year for the same market price. An individual looking to buy a personal home or make a real estate investment doesn’t have access to all available properties as there are physical limitations to contend with. It comes down to wanting to live where you grew up or currently work or not wanting to buy a rental property far from your home in order to reduce logistical issues. For example, if you live in Toronto, Ontario and are looking to make an investment in a rental property, you’re unlikely to consider properties in Paris, France though the opportunities may be better than those surrounding Toronto due to language and logistic issues. Equities (and etc.) are globally traded and available; thus, users can take advantage of opportunities around the world; thus, their scope is not limited to the local area of their current surroundings like real estate is.

Additional Points to consider if you’re purchasing a Home for Personal Use.

Doesn’t Provide Any Cash Flow

An asset typically provides you with cash flow, i.e. puts cash in your pocket. When purchasing a home, cash only flows out (property taxes, repairs, etc.); some would argue that if it appreciates in value then it is an asset. In this instance it is only an asset when converted into cash and if that is the case, where will you live? Likely end up buying a new house, which has also gone up in value similar to your house.  This makes it difficult to realize the value of your personal home appreciation, which acts more like a liability than an asset since it takes cash out of your pocket instead of putting some in there.

Tax Deductibility of Interest

Interest expense paid due to bank loans taken to finance investment properties is deductable against income because the investor is pursuing income and tax legislation allows deduction of any expenses incurred in the pursuit of income. This is not the case for a mortgage taken out to purchase a house for personal use as the individual is not in the pursuit of income; thus, interest expense is paid with after tax dollars, with no tax shelter provided. If those funds had been borrowed to invest in equities or mutual funds, the interest would be deductable because again that would count towards the theme of pursuing income.

Can Get Personal Joy Out of It

Unlike equities and other alternative investments, the investor can’t personally use or get joy out of it as compared to purchasing a home, which the individual can live in and enjoy during the investment process. An investor who purchases shares in General Motors (GM) can’t exactly borrow and test drive cars whenever they please simply because they’re a part owner. This is a qualitative benefit that is difficult to quantify, but should be considered.

Where to go from here?

The main reason to purchase a house is to have somewhere to live and enjoy their life, don’t think of it as an investment. Buying a home isn’t a bad decision; it is the investor’s perception that may be tainted because it is important to realize that there are many arguments against a home as an investment to be considered. Don’t buy real estate property with the mindset that an individual can’t lose and that there is no better investment opportunity than to purchase a home, etc. Beware of conventional wisdom that states there is no better investment than purchasing a house.

THANKS,

SIMON GIANNAKIS

Immobilienmakler Heidelberg

Makler Heidelberg

Immobilienmakler Heidelberg

Makler Heidelberg

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Source by Simon Giannakis

How To Be An Expired Listings Guru (Note: This Is 100% Legal)

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The biggest mistake you can make in real estate sales is overlooking the ripest fruit.

Where is the ripest fruit in real estate sales?

Here is the list of the easiest targets for your quality, professional real estate brokerage services:

In order of COLD TO HOT prospects:

9. People hiding under random targets (cold calling, door knocking)

8. People you know (your „sphere“) (just slightly better than random)

7. People who have listed property with a competing real estate broker

6. People who promise someone they will list their property

5. People who promise you they will list their property soon

4. People who have listed, and are currently dissatisfied with their broker

3. People who, today, will drop their current broker and might look for a new one

2. People who promised to give you the listing

And the NUMBER ONE HOT PROSPECT is sort of almost a client already:

1. People who signed a listing agreement with you that is post-dated for the day their current listing agreement expires

I am sure this list could be fortified in many ways. In some of my writings on my website I let you know about some more prospects and how to get them. But for right now I want to let you in on a little-known secret.

This secret is information that most real estate salespeople would pay a lot of money to get, and I will give it to you free here.

The way to get this information is to log into the MLS system of your choice (Rappatoni, MLX, e.g.) and search the database for listings which expire within two weeks. NOT EXPIRING TODAY. That is too late.

Then, contact those sellers with a very plainly stated letter which says in BOLD CAPS: this is not a solicitation to list your property during the present time, but in the future, when NO OTHER LISTING MIGHT EXIST on your property.

Include a statement a listing agreement. Why? Because your sellers may be interested in selling their property still, if their current broker does not hold up.

Make sure you POSTDATE the listing agreement and put it in the envelope.

OK, the big question is….

…Is this ethical? Absolutely. Here is why.

From the REALTOR® Code of Ethics : Standard of Practice 16-4: REALTORS® shall not solicit a listing which is currently listed exclusively with another broker. However, if the listing broker, when asked by the REALTOR®, refuses to disclose the expiration date and nature of such listing; i.e., an exclusive right to sell, an exclusive agency, open listing, or other form of contractual agreement between the listing broker and the client, the REALTOR® may contact the owner to secure such information and may discuss the terms upon which the REALTOR® might take a future listing or, alternatively, may take a listing to become effective upon expiration of any existing exclusive listing…. – Emphasis mine

This practice is known as the Postdated Listing. It is a real contract, but its effective date is after the expiration of the current exclusive listing.

Now, there may be a problem with exclusive listings broker in this case. The broker may say, „You found my listing through the MLS and that is unethical.“ You tell that broker, „The unethical thing is for you to take a listing which is not selling. I am not protruding into your listing agreement. You may sign another, postdated listing or get the listing extended. I am not prohibiting you to do that. And if you have done a good job, your client will sign again. But let’s let the seller decide.“

Be professional, be polite, be a business person. But be competitive. Don’t sit back and wait for the expiration of the listing, or you may find that one of your competitors had the same idea but took action, and that seller will put a new sign up the very next day after the active listing expires…. And you would be too late.

Enjoy this sales tactic, and think through it properly. Also beware that you may make some enemies using this technique. But the only competitor that everyone likes is the one who lays on the ground and does nothing to challenge your business.

Immobilienmakler Heidelberg

Makler Heidelberg

Immobilienmakler Heidelberg

Makler Heidelberg

Immobilienmakler Heidelberg
Der Immoblienmakler für Heidelberg Mannheim und Karlsruhe
Wir verkaufen für Verkäufer zu 100% kostenfrei
Schnell, zuverlässig und kompetent


Source by Brooks Hanes

For Sale By Owner Marketing Generates Mortgage Leads

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One of the best ways to generate mortgage leads is through working with home sellers

who are going it alone as For Sale By Owner or FSBO.

The key to FSBO marketing is creating partnerships with home sellers. Since almost

every buyer needs a mortgage, you provide a necessary service that will enable

a seller’s home to be sold. Real estate agents traditionally refer buyers to loan

officers during the home-selling process, but with FSBOs, there is no agent. That

means the seller assumes the role of referring buyers to loan officers and that’s

where you come in.

Most sellers are not very familiar with the process of selling real estate and won’t know that they should require interested buyers to be pre-qualified prior to accepting an offer. Helping sellers understand that you can save them oodles of time by pre-qualifying their potential buyers is a literal gold mine. You could also prepare a flyer on a variety of loan types and payments for a mortgage on that seller’s home. FSBOs want to sell their home and, therefore, they will give your business card to everyone that comes through. That means fresh mortgage leads for you, whether for this property or another one.

The most effective way to secure relationships with for-sale-by-owner sellers

is to offer more than pre-qualification services. FSBOs need marketing help like

a free ad on a for-sale-by-owner website and promotion to buyer lists. They also

need sample contracts and disclosures, industry contacts like title companies

and appraisers, yard signs, and even home flyers. These items can be bundled together

into a „for-sale-by-owner kit,“ which can be offered to sellers in exchange

for the opportunity to pre-qualify all buyers showing interest in the home.

You can use a variety of sources to locate FSBOs in your area, including:

  • Local Newspapers
  • Yard Signs
  • Paid service that scours websites and newspapers every day

Some of the popular methods of contacting FSBO sellers are:

  • Phone
  • Direct Mail
  • Door Hangers
  • Web Links

Most FSBO sellers will be very enthusiastic about the services you can offer them and will gladly refer buyers to you. Additionally, the sellers themselves will most likely need a loan to purchase their next home, and, having established a professional relationship of trust with them, you put yourself in a great position to provide that loan. That’s another mortgage lead.

Immobilienmakler Heidelberg

Makler Heidelberg

Immobilienmakler Heidelberg

Makler Heidelberg

Immobilienmakler Heidelberg
Der Immoblienmakler für Heidelberg Mannheim und Karlsruhe
Wir verkaufen für Verkäufer zu 100% kostenfrei
Schnell, zuverlässig und kompetent


Source by Nate Garin