Posted by admin | Real Estate | Posted on October 22nd, 2009
Wealthy home buyers who buy multi-million dollar homes are typically self-made millionaires with new money, according to a recent online survey of 683 Coldwell Banker Previews International property specialists. The study revealed the top professions of these affluent customers. According to the respondents, 88 % of their customers are business or corporate executives, 37 % are physicians, 31 % are lawyers, 30 % are financial professional and 14 % are entertainers, entertainment executives or professional athletes.
Wealthy home buyers require their real estate agents to be equipped with special skills, according to the Coldwell Banker’s survey. Given the magnitude of the financial transactions involved in luxury home purchases, 78 % of sales associates said that the top most need their clients require from their real estate agents is privacy and confidentiality. The luxury customers also want their real estate agents to exercise discretion while dealing with their multi-million dollar transactions. Almost 70 % of respondents polled that their wealthy clients want their real estate professionals to offer customized services while 44 % said that the luxury home buyers want their agents to have good network and work relationship with executive assistants, CPAs and attorneys.
Wealthy home buyers also want their agents to know the inside scoop on the real estate market, according to 36 % of the respondents in the Coldwell Banker’s survey. Seventeen percent of the sales associates surveyed indicated that one of the necessary skills for real estate professionals working with affluent customers was the ability to provide emotional support to their clients. And according to 11 % of respondents, luxury customers want their real estate agents to establish personal rapport with their clients.
The study also included queries on the “must have” amenities that the affluent clientele want in their luxury homes. Wealthy home buyers want media rooms in their homes, according to 60 % of respondents and another 60 % polled that their affluent customers want “wired” homes. However, there are a few home design elements that are out among luxury home buyers. Gourmet kitchens, granite countertops and wet bars are no longer counted as luxuries by wealthy home buyers, according to the survey respondents.
The survey also found that the multi-million dollar home buyer pays a typical down payment of 20 % to 30 %, while a quarter of clients put down 30 % to 50 % of the sale price.
Posted by admin | Real Estate | Posted on October 20th, 2009
The real estate investment industry lures many a newcomer with lucrative deals and the dream of huge profits. However, like any other industry, this one too involves careful consideration of a number of factors that affect the investments. The industry has gone beyond being merely the purchase and sale of premises. The finer aspects like home improvement and repair are now part and parcel of the industry. A real estate investor’s job does not end with closed deals anymore. It involves preparing the property for sale too, and for close scrutiny!
It is always a good investment indulge in home improvement to any property you invest in. This increases the re-sale value. However, the industry is also one where home improvement and real estate investment go hand in hand and any error in securing a deal could cost a lot of money.
Many investors are known to identify and invest in properties that are in a not-so-good location. This is obviously done to save and yet procure a property. Some even end up investing more than the actual cost of the property. Such investments only spell future insecurity. It pays to exercise caution while investing hard earned money. The value of such investments only depreciates in time.
It is also very essential to understand and adhere to the building codes applicable to a particular area. Paying no heed to the essential legal permits will only end up with you paying more to get rid of the yoke of your investment being branded as illegal. There are authorized building inspectors who make sure that the home improvements are taken care of within the paradigms set by local or state authorities. This saves you a lot of money too.
Many real estate investors also make the mistake of sticking to a very rigid budget for home improvement projects. A detailed budget, not too rigid, always works to your advantage. You need to calculate every minute requirement beforehand. You will be surprised at the unexpected small returns you benefit from by being a little liberal initially.
Another mistake that real estate investors make is attempting home improvement themselves. Certain legalities specify on the services of state licensed contractors. In any case, extensive renovations are best taken care of by the experts in the industry. This also ensures safety measure in place and enables you to save a lot of money by evading legal issues in future.
With so much of calculated and hard-earned money at stake, you should avoid these mistakes. Careful consideration of the above-mentioned errors that are common within the industry is sure to help you navigate through rough times too. In a nutshell, you should:
. Identify with the real value of the property
. Double check that the location is decent
. Maintain a flexible budget
. Consider the cost of services and material
. Cover yourself to tackle unexpected costs
. Consider professional help
If you tread with caution and discrimination, you are sure to succeed in this very profitable, but volatile investment industry.
Posted by admin | Management | Posted on October 12th, 2009
There’s always a great feeling and mixed excitement when a real estate agent gets on the road with his business. An aspiring real estate agent must realize that there is more to being a real estate agent both online and on the field. The piece of property or land has distinct characteristics although in general they may have similarities, each are still unique.
However, since the agent is going to deal with both properties, as in the land itself where the property stands (legally called as an immovable property), an expertise of the general area of this business is already a great investment for the agent. It takes a lot of energy, enthusiasm and passion to have a real estate business operating for a long time. But this shouldn’t be the reason to prevent an agent from becoming an expert in real estate management. There are a lot of reasons to continue with this type of business and all is just waiting to be developed and used in a proper real estate-handling kind of way.
First, there is the development of property sprouting across North America and this just means that potential clients will never run out. This is already a good reason to continue improving one’s self in real estate management. Another point is the aid of both offline and online advertisement. Shifting over to advertisement, a real estate agent can spend an entire luxury on this area though it’s not really recommended and even suggested. There’s no point in advertising expensively since there’s a whole range of inexpensive and sometimes, even free advertisement. Being practical comes in next in real estate marketing.
Regarding legalities and procedures, fields of real estate starts from appraisal, brokerages, property management and relocation services. These fields of real estate must be analyzed, studied and practiced properly by the real estate agent since it tells of how real estate management is done with real clients. You may be working on a specific field but its important that you know all areas for better business function.
Posted by admin | Real Estate | Posted on October 8th, 2009
North Idaho real estate has always carried a high premium. Before Idaho was a state and before it was even a recognized U.S. territory people have literally rushed to get their hands on North Idaho real estate. Is it the mountain scenery that calls to people? Is it the wildlife, the rivers, fertile farmlands or the beautiful frosty winters? Perhaps those things are reasons why people stayed, but historically the real draw to snatch up North Idaho real estate has been gold.
In 1860 gold was first discovered on the Clearwater River, an event that prompted a mass migration to North Idaho, causing the population to surge from less than 10,000 to 89, 000 before 1890. Few people actually found the gold they were looking for, more people were lucky with finding and mining silver, but even as hopes of striking it rich with gold or silver began to die, people didn’t leave Northern Idaho.
Today Northern Idaho is still a beautiful place to live, attracting tens of thousands of new residents every year. The Idaho economy does not seem to be slacking like the rest of the country, and the housing market is booming. In this exciting atmosphere hiring a North Idaho real estate lawyer could be remarkably helpful.
North Idaho real estate lawyers are not real estate agents. They are not there to help you find a house, to talk you into buying a house you can’t afford, or to barge into your home at all hours to show people around. North Idaho real estate lawyers are there to answer legal questions you may have regarding the sale of your property, to help you to negotiate the sale, to properly document the transaction, and to advise you as you go through the sale process. The services of North Idaho real estate lawyers are most suited to independent home sellers or buyers who don’t want to pay commission fees to real estate agents, but need some assistance with the legal ins and outs of selling real estate.
Of course finding a good North Idaho real estate lawyer takes a little research; you don’t want to trust just anyone with a law degree to serve your best interests regarding such an important sale or purchase. Following are a few tips that may help you find the right North Idaho real estate lawyer.
Talk to friends, family members and co-workers, or your state’s Bar Association for referrals.
You can also call a local realtors association for referrals.
Prepare a list of questions pertaining to your situation. Most North Idaho real estate lawyers will answer simple questions over the phone for free. Identify a number of possible attorneys and call each one.
Ask how much each lawyer charges per hour, and request an estimate of the time required to complete the tasks you require – looking over contracts, handling disclosures, and helping with the closing.
Using this process should help you identify the best North Idaho real estate lawyers to suit your needs and facilitate the purchase or sell of your North Idaho property.
Posted by admin | Real Estate | Posted on October 3rd, 2009
If you are thinking of buying a new home, you must be aware of the difference between seller agent, buyer agent and dual real estate agents. Using the wrong kind of agent could affect the financial wording of the deal and have material legal implications. Read on to arm yourself with an understanding of the difference and how to use it to your advantage when buying a home.
Real estate law has evolved to require that an agent list who they are representing. This is normally done in you first meeting with the agent through a formal disclosure document that you must sign that identifies whether the agent is representing the buyer or seller. A seller’s agents represent the seller. Most real estate agents believe it or not are seller’s agents. They may be friendly to you as a potential buyer, escort you around town to show you multiple homes and help you prepare an offer on a home. However, the agent is working for the seller and looking out for the interests of the seller. And vice versa, buyer’s real estate agent actually works for the buyer and have a fiduciary responsibility to look out for the interests of the buyer. There are also dual agents, but we’ll come back to that in a moment.
More often than not, this has nothing to do with who actually pays the agent. Why is this important? If you are the buyer, you should seek a good buyer agent because of the financial, legal and ethical implications. A seller’s agent has a fiduciary responsibility to the seller not to you as the buyer. This means during the negotiations a seller’s agent will be working for the seller. Here’s a real life case in point to help clarify. Suppose an agent discovers that the seller must relocate for a new job, has become highly motivated and is now willing to accept $25,000 under the listed price. If the agent is a buyer’s agent he/she will be obligated and very likely excited to tell you this message. However, if the agent is the seller’s agent working for the seller – he/she does not have to convey this message to you and may not give away the data initially in an effort to get the higher offer from you.
Now, back to dual agents. Periodically your will find an agent that says they are operating in a dual role; meaning they are functioning as a buyer and seller agent. Be careful in this situation. As a buyer you may want to stay clear of a dual agent. Realistically, the dual agent is unable to fully negotiate the buyer’s interests without adversely affecting the seller and visa versa. There are some outstanding agents that can operate effectively in the dual role. However, as a buyer, you should understand the potential conflict. If you want the lowest price on a home, seek a outstanding buyer’s agent whose loyalties are aligned exclusively with you. You may be wondering who ultimately pays for a buyer’s agent. Normally the selling agent lists the property in the MLS (”multiple listing service”) and shares the commission with the agent who brings the buyer. Generally, the seller’s agent and the buyer’s agent split the real estate commission with fifty percent going to each agent. This means that although the buyer’s agent is working for you, the seller is funding the commissions to the buyer’s agent. At various times you may find a listing where the selling agent does not agree to share the commission with the agent who brings the buyer and in that case you would have to settle on who will pay for the buyer’s agent. Recognizing the financial, legal and ethical implications of buyer, seller and dual agents is important to you as a home purchaser. Prior to engaging in any real estate transaction as the home buyer, find yourself a good buyer’s agent with at least 10 years of experience in your market. They will have a fiduciary responisibility to act in your best interest and have the experience to help you negotiate the lowest price for the home.