As you begin your search for a home, you might consider seeking the help of a real estate agent or Realtor. The term "Buyers Agent" refers to the real estate agent that represents the buyer in a real estate transaction. They can certainly help you find a home. But a buyers agent (the Realtor representing the buyer) can do much more, and provide assistance in areas you might not have considered.

Perhaps the best thing about a buyers agent is that their services, all the work they do on your behalf...is free. You see, the buyers agent gets paid a portion of the commission, which is generated from the house that you buy. The seller of the house is the party providing the commission that pays both his agent and yours. So it costs you nothing to utilize the services below which are provided by a Buyers Agent.

Here are the 5 ways a buyers agent can help you:

1) Determining How Much House You Can Afford.

How much house you can afford actually depends on many factors. These include your income, current interest rates, and how much you have saved for a down payment, and your credit history. Most buyers can afford about three times their annual income. A buyers agent can help you determine if you have enough income and down payment to qualify for a mortgage on the house you want. Your buyers agent can also direct you to sources of down payment assistance, such as government programs for first time buyers.

2) Locate a Property to Suit Your Taste and Budget

This is what a buyers agent does best. They sift through the data of all the homes on the market and narrow it down the homes that match your description and have the features you want. This will save you a lot of time driving around and looking at homes that down have the features you want.

Most homes can be viewed on the internet, but the buyers agent will already have seen many of them in person and will be able to quickly help you determine the ones that are right for you. Your agent will then be able to set up a schedule so that you can tour the ones that sound good, and can attend the showings with you. If you have questions about the home during your tour, your agent can get the answers for you.

3) Help Find Financing

Your agent will direct you to several lenders or recommend a mortgage consultant who can quickly pre-qualify you for a maximum mortgage amount. These are people your agent has worked with in the past. They have proven to be reliable and your agent knows they are reputable and can get the job done. By getting pre-qualified for a loan, it speeds up the buying process.

4) Envision Changes

The buyers agent is close to the market, they work with homebuyers daily. They regularly tour homes that have been updated and remodeled, and can recommend changes that would help a home fit your needs. They can also provide names of vendors and contractors that are qualified to do the work.

5) Negotiating Your Best Deal

Buyers Agent can be most helpful here. They have been through many of these offer-counter-offer negotiations. Armed with information on comparable sales in the area, your Realtor can help you navigate the world of offers, contingencies, multiple offers, and contract deadlines. Your Realtor will know creative ways to get the most for your money, and how you can give your offer more appeal without costing you more money.

A Buyers Agent will help write the actual offer, too. This includes structuring the sale to meet your time frame, and structuring any contingencies that must be met before the final sale, such as selling your existing home, having inspections done, or getting a mortgage in place.

 

There are more great reasons to use a Buyers Agent when looking for a home, but the above 5 are the best. When you decide to have a real estate agent help you, make sure the person is a Realtor. A Realtor is a member of the National Association of Realtors, is fully licensed, and is bound by a strict code of ethics. So find a Buyers Agent today and let them help you in your home search.

About the Author

Erick Larson is a Realtor and owner of Home & Value Advisors. His focus is on Sonoma County Real Estate. Home & Value Advisors provides complete real estate finance, design and renovation services to clients in Sonoma, Petaluma, Healdsburg and Glen Ellen, California.

 

 

 

 

 

 

 

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We have many listings of homes for sale. There are townhomes for sale, homes for sale, condos for sale, lots for sale and real estate for sale, residential and commercial. Aberdeen NJ Homes for Sale. We list homes for sale in Freehold NJ, Jersey Shore real estate and many other New Jersey properties for sale. Marlboro NJ Real Estate, Homes for Sale in Marlboro NJ, Marlboro NJ, and Information on Marlboro NJ. So, come inside and search through thousands of listings of homes for sale in New Jersey and all other NJ real estate.  Look at these Listings of Homes for Sale in NJ. We are the realtors NJ!

How can you flip a contract, instead of a property?

You have seen the Carlton Sheets or Ron Le Grand advertising about making a fortune in the real estate business. And you still wonder if it is true or false.
Well, stop right here, save your money and read this 'No risk, No money, No nothing' way to make money with no money down STEP BY STEP and FOR FREE!!!.
Let's say you find a property for sale, maybe a 'for sale by owner' or anything else. Do your homework and know how much that property worth. Let assume the property worths $100,000 market value today and the owner wants to sell due to divorce, foreclosure or whatever the reason. The transaction will be easier if the owner is motivated to sell.
He is asking $95,000 for quick sale. Make sure this property can sell for around $100,000 easily.

Now do this step by step:
-Get an offer as low as possible. (Let's say you got it for $86,000)
-On the contract, buyer is 'Your name AND/OR ASSIGNS'
-Closing date in 60 days (more is even better). It gives you 60 days to try to sell it before to go to closing
-Inspection within 60 days (more is better)
-And you buy the property 'AS IS' with right to inspect.
-Disclose the facts that you do this as an investor, meaning you do that to make money.
The next day you advertise that property in the newspaper for $98,000, or $2,000 less than market value. Of course, the highest, the best. But by selling below market value, you will definitely get lots of attention from rehab people and other investor or even buyers. Now or you sell the home for $98,000 and you make an addendum to the contract saying this:
-Contract assignment to 'Mr. New Buyer' for a value of $12,000 to be paid at closing.
This addendum needs to be signed by first seller, by first buyer(you) and by second buyer.
At closing, you name does not appear on the deed, the deed will go from first seller to second buyer. You just get your $12,000 check. Or you did not sell within 60 days. So day 50 or 55, you do an inspection and because you bought it 'AS IS' with your right to inspect, you will not buy the property because you will not be happy with the inspection for whatever reason. Lost of inspection fee ($150-$300)

About the Author

Cody THOMAS is a Real Estate investor specializing in flipping properties. Lear how to flip foreclosure at http://www.eforeclosureguide.com

 

 

 

 

 

 

 

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Newark NJ Real Estate, Spring Lake NJ Real Estate, Marlboro NJ Real Estate, Jackson NJ Real Estate are all popular destinations.  Spring Lake NJ is the premium shore location with its exclusive homes for sale.  Newark NJ is a popular city location for it's proximity to NYC and it's large business population.  Marlboro NJ is known for it's excellent school district, it's exclusive homes for sale, vicinity to NYC and it's a beautiful area.  Jackson NJ is a very popular residential area in Central New Jersey with many different classes of homes.  If you are interested in real estate in any area of New Jersey, please let ERA Othello Realty help you. Aberdeen NJ Homes for Sale, Marlboro NJ Real Estate, Homes for Sale in Marlboro NJ, Marlboro NJ, and Information on Marlboro NJ. We are the realtors NJ!

Last year was a record year for bankruptcies. Delinquent payments on mortgages, according to the Mortgage Bankers Association of America, reveal a coming wave of foreclosures on the horizon.

There's opportunity now for investors to step in and benefit from these properties that are about to hit the market. However, despite all the hyperbole, investors can lose money in real estate - a lot of money. If you have some cash itching a hole in your bank account and you're looking for positive cash flow and possible high returns on investment, be sure to avoid these pitfalls in the foreclosure investor field.

Paying too much for a foreclosure. Many VA and HUD foreclosure buyers have found themselves getting caught up in the excitement of auctioning up on properties and watch, without even knowing it, their supposed cash cow die right in front of them. I have personaly seen happy investors bidding on a property in Malibu Bay, Pembroke Pines,Florida up to $158,250. I met them the next day and asked them why they just overpaid for a property with a market value of $150,000-$152,000. By the way, next door was on the market for an asking price of $154,900. If you must have a 20 or 25 percent spread to make money on the purchase, then stop bidding when the price gets below that spread amount.

In simple terms, if you're bidding on a property with a $150,000 value and you intend to sell it for a 20 percent gain, then stop bidding when the price gets above $120,000. In a hot market, even foreclosures will sell at market price, but then the new owner must move in and most likely fix up a dilapidated property that has been neglected by the former owners. (Usually, when an owner is headed toward foreclosure, fixing the leaky roof or basement is the last thing on his mind, leaving it up to the 'bank' to fix instead.)

Getting a house without clear title. Since I'm not an attorney, I won't go deep into this point, but make sure you can get clear title to a property before you put your $10,000 earnest money deposit into the deal. Order a title search by an attorney to find out if you're going to have any problems taking title to the property. If you can't get title, you can't sell the property.

Negative or unprofitable cash flows. The whole idea behind buying a foreclosure is to buy low enough so that rent checks will cover the investor's mortgage payment, taxes, insurance and fees each month and then leave the investor some profit at the end of the month. Unless the property is in pristine condition and all the systems will last repair -free years, you're setting yourself up for financial hardship if an air conditioner breaks or the refrigerator has a compressor attack.

The monthly cash flow should include enough to finance any breakdowns or repairs while the tenant lives in the dwelling. Negative cash flows are not deductible expenses.

Not taking care of little problems before they become big problems.

Don't take the cheap way out on being a landlord. A house starts deteriorating from the day the builder completes its construction. Your new investment property is creating cash flow - take care of it. Keep it painted regularly, clean carpets and floors between tenants, fix broken windows, repair leaks promptly, replaced rotted wood, etc. If you let the property deteriorate until you can't rent it out any longer, you've waited too long to fix these items. In addition, to fix defects early on will save you money if you wait and the bill doubles or even triples.

Failing to educate yourself on tax benefits of owning investment properties. If you're going to invest in rental property, talk with professionals in the field who know how to maximize your financial benefits form this new form of investment. Accountants, attorneys and real estate practitioners are all worth their fees as they help you avoid pitfalls, increase your gain and keep you out of trouble.

About the Author

Cody THOMAS is a Real Estate investor specializing in flipping properties. Lear foreclosure resources at http://www.eforeclosureguide.com

 

 

 

 

 

 

 

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ERA Othello Realty can help you buy or sell your home.  732-364-2015.  We offer relocation packages for corporate accounts, government accounts or for individuals.  Whether you are moving from out of state to New Jersey, or you are within NJ and are moving north, south or lateral. We are your NJ Relocation specialists and we look forward to being challenged by your needs.  From finding a house to selling your house, from moving companies to utility changes, and from school assistance to job assistance we are here for you every step of the way. We are the realtors NJ!

Being a recent first time home buyer, I looked everywhere for tips before making a purchase. The information in Housebuyers Bootcamp is truly an all encompassing guide for the first time home buyer. This guide covers all the angles of the decision making process, such as finding the right neighborhood, checking out local schools and visiting multiple homes. These seem like reasonable questions but it is easy to get lost in the excitement of buying a home. If I had bought this book prior to buying my home, I would have made it my checklist to go through. The credit and interest rate tips given in this guide will also help the homebuyer find the best deal available. With so many lending companies, choosing the right one can often be a daunting challenge. The simple advice given in the Housebuyers Bootcamp can help a new home buyer avoid many of the common pitfalls in real estate decisions. There are numerous bonus materials in this package but many of them are redundant. The extras are basically just visual guides that explain many of the tips that are found in the text. If you prefer a visual explanation I would definitely recommend giving them a view. Much of the information in this guide may be considered common sense, but knowing how buying a house can be overwhelming, it is always good to have a guide to follow. The Housebuyers Bootcamp contains a lot of repetition but is overall a good guide on the path to buying a home.

Justin Golds 12-13-2006

About the Author

Recent college graduate and first time homebuyer.

 

 

 

 

 

 

 

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If you would like to buy a house/home we are your source of thousands of available listings of real estate. As a native Licensed New Jersey Real Estate Broker we have many agents in our realty who are very familiar with the needs of New Jersey Real Estate buyers.  If you are interested in selling your house, or any other NJ real estate, we are here to help you sell.  Our experience real estate office staff will walk you through the whole house selling process. Get in touch with us and we will show you how we can help your sell your home in New Jersey.  We are the realtors NJ! Great Marlboro NJ Real Estate, Homes for Sale in Marlboro NJ, Marlboro NJ, and Information on Marlboro NJ.

Well, you are buying a house, congratulations! But before making the purchase, read these helpful tips first.

Home and shelter is the number one priority for everyone. Everyone must have a roof over their head whether to rent or to own. When you own a house, the house is not only served as a shelter, it is also served as a vehicle for you to build wealth or equity. Having said that, you should pay attention to the following tips to making sure that the house that you are going to buy will have a good resale value.

How to choose a house that has good resale value?

LOCATION
The most important thing in real estate is location. It is the most important element in real estate because land is heterogeneous and it is permanently fixed in one place. You cannot move your house to another location if it is in a bad location. Since location is an element that is beyond your reach for change, it is the most important element to consider. The rule of thumb for determining a good location is to choose a location that is integrating and flourishing, such as an area that is moving in the forward direction. Look for location that is situated in an area that has structured economic development, transportation, infrastructure, and local government. One of the examples would be a house in a suburban area that is moving toward becoming a major city with a lot of economic activities going on. To look around an area, you can enter an address on zillow.com to get the aerial view of the property that you are interested and survey the surrounding environment. Besides, you can also do some research in the library or go to the local Chamber of Commerce to get information about a city or log on to the city's web site. At all costs, avoid airport, rail road, and heavy industrial area that constantly produce noise and air pollutants.

SCHOOL DISTRICT
The next thing is the local school district of your home. When buying a house, try to do some research on the local school district and find out the school performance ranking and public review of the school system there. Whether or not you have a family, you should consider the quality of the school system in the district where you want to live because an excellent school district will guarantee excellent resale value since there are always a lot of buyers seeking to buy a home in an excellent school district for their kids to have the opportunity to go to excellent schools.

NEIGHBORHOOD AND CRIME RATE
Look for a safe and well organized housing community. Your home should be in a safe and well maintained neighborhood to make it marketable for high resale value. New housing developments usually have Homeowners Associations established for taking care of the community; they enforce the covenants of their community, and also ensure that proper maintenance, care and order are in place to maintain their property values. At all costs, avoid run down neighborhood or a neighborhood that is going downhill. Go to the local police station to find out the crime rate in your area.

HOME STRUCTURE AND APPEAL
The home itself has to be pleasant in and out. A pleasant home should be well designed, constructed and maintained. If there is something that will turn you off in the house, walk away because your buyers will probably have the same kind of negative feeling of the house when it comes the time to sell it. Remember that no deal is better than a bad deal. There are always plenty of houses on the market for you to choose from.

Finally, buying a house that will have a good resale value is the key to building wealth in real estate and it would be a nightmare for anyone to move into a house and then later on regret it if the above elements were not considered before buying the house.

About the Author

Emi is a freelance writer, her specialty is in real estate and mortgage. She also writes articles for findmyroof.com, a web site that provides free online real estate listing service.

 

 

 

 

 

 

 

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If you are looking for homes for sale in Spring Lake NJ, Newark NJ,  Marlboro NJ or any other area in New Jersey ERA Othello Realty are the real estate agents that you are looking for.  Whether you are looking to buy or sell your New Jersey real estate they can help you.  We list homes for sale in Manalapan NJ, Point Pleasant Beach real estate and many other New Jersey properties for sale. Aberdeen NJ Homes for Sale, Marlboro NJ Real Estate, Homes for Sale in Marlboro NJ, Marlboro NJ, and Information on Marlboro NJ. Search through thousands of houses for sale in New Jersey. We are the realtors NJ!

As a maker of house signs it never ceases to amaze me at how few home owners consider the importance of having a decent house sign on their homes. We are told that first impressions are the most important, well consider this, the first thing a new visitor to your home will probably see will be your house sign.

Take a walk down any street and you will see a remarkable variety of house signs and what I can only describe as non house signs. I recently wandered through my village taking note of the house signs adorning the various properties. It is a small fairly prosperous place, the houses for the most part reflect this. They are on average well maintained and most have well cared for gardens showing every sign of having reasonably house proud owners.

However, the number of homes with frankly, tatty house signs is astonishing! I saw house signs made of plywood and written with felt tip, old wooden signs so worn and sad they were unreadable, a house name painted on a concrete building block in a very shaky hand! One cast resin sign had some of its letters missing and one, with the name of a farm written on cardboard! Fully half of the houses in the village have signs that in no way reflects the quality of the properties.

Our village is not unusual. The sad fact is that many home owners just don't consider a house sign as being important. This is poor thinking for many reasons. Let us for the moment put aside the aesthetic reasons and consider the practical downside.

We are all doing more of our shopping on the internet, these goods have to be delivered, your local postman knows his route and will usually deliver to the right address no matter what the state of the house sign but drivers for private delivery firms and even Parcelforce often spend hours every day trying to find badly signed houses in long roads.

This is not only inconvenient, its harming the environment! The extra fuel burned driving up and down and the hot air generated by all the foul language must be punching great holes in the ozone layer!

Also if ever you have the misfortune to call for one of the emergency services you will be less than pleased if the paramedics can't find you with the defibrillator, or the burglar escapes before the police can find your house!

The aesthetic reasons are also pretty compelling, you may have spent thousands on improving and decorating your home, you have maintained the exterior of your property and paid that landscape gardener a small fortune to remodel your estate. Now look at your house sign, does it really reflect the love and hard work you have put into your home? If not it may be time to consider a new house sign.

You do not have to pay vast fortunes for a suitable house sign.The main thing is to choose a design of the house sign that suits the quality and the style of your home.

There are plenty of sites on the internet selling house signs.Try to focus in on the style or material you would prefer for your house sign and narrow the field by doing a focused search on a search engine.

Browsing these sites and taking the time to choose a house sign that will enhance the selling of your house will be time well spent.

About the Author

Steve Walker has been a stone and marble mason for 40 years, working in almost every type of stone marble and granite. He is now the sole owner, craftsman and teaboy of StoneEngravings House signs - www.stoneengravings.co.uk

 

 

 

 

 

 

 

 

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ERA Othello Realty is your source for your real estate needs throughout New Jersey.  From the shores of Spring Lake NJ to Newark NJ they can handle all your real estate buying and selling needs.  For homes for sale in Monmouth, Ocean, Mercer, Burlington, Camden, Middlesex, Passaic and all the other counties in NJ.  From Central NJ to Northern NJ to Southern NJ you can count on ERA Othello Realty for New Jersey Real Estate. Aberdeen NJ Homes for Sale, Marlboro NJ Real Estate, Homes for Sale in Marlboro NJ, Marlboro NJ, and Information on Marlboro NJ. Look at these Listings of Homes for Sale in NJ.  We are the realtors NJ!

As the housing market loses value and interest rates go up, many people are getting a nasty surprise. Simply put, they are having trouble meeting their mortgage payments.

Trouble Meeting Your Mortgage Payments?

In the recent smoking hot real estate market, the conditions were perfect for buyers and sellers alike. Buyers were presented with unbelievably low interest rates. This, of course, meant they could borrow large amounts of money at incredibly low costs. For sellers, this abundance of cash created a tremendous sellers' market with even unremarkable homes flying off the shelf as fast as they were listed.

The question for many during this period was whether the low interest rates and high home prices were creating the seeds of disaster for many. While times were great, what would happen when the market returned to normal parameters? Well, we are starting to find out.

If you are involved in the real estate market, you already know that home prices are pulling back and interest rates are rising. For people that purchased a home in the last year or so, this is not a good situation. They bought at the top of the market and have little equity in their property. At the same time, they borrowed money on low teaser interest rates that are now increasing to the point they can't afford the monthly payment. Unfortunately, the pull back in home values means they often don't have equity they can access to pay the bills.

If you are having problems meeting your mortgage obligations, the first step is not to stick your head in the ground. You need to deal with the situation or your lender will deal with you. In this case, we are talking foreclosure and booting you out of the house. If you sit on your butt and hope, you are not going to be saved. You must act.

The obvious step to take if you are in a bad situation is to sell the house. Is this an ideal choice? Probably not, but do you really have any other option? If you can price the house and pull at least some equity out of it, this option definitely beats defaulting on your loan. If you default, your credit will be a nightmare and it will be a very long time before you can qualify for a loan again.

If you have little equity in your house, you may be surprised you are actually in a better position when it comes to dealing with your lender. First and foremost, the lender does not want the house so it is very unlikely to proceed with foreclosure. Instead, the lender is going to grumble, but should agree to a forbearance agreement. This agreement cuts your mortgage payments in half or eliminates them entirely for a period of time. If you took out student loans to go to college, they were in forbearance while you were actually in school since you could not repay them. The same thing works with real estate. Taking this step can help buy your time to sell the house or come up with some alternative plan for making the payments.

The heyday of the recent hot real estate market is over. Many people are finding themselves in deep trouble when it comes to meeting mortgage obligations. If this is your situation, do not procrastinate. Take action to avoid a nightmare.

About the Author

Raynor James is with FSBOAmerica.org - providing information on mortgage loans for buyers.

 

 

 

 

 

 

 

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If you are looking for homes for sale in Spring Lake NJ, Newark NJ,  Marlboro NJ or any other area in New Jersey ERA Othello Realty are the real estate agents that you are looking for.  Whether you are looking to buy or sell your New Jersey real estate they can help you.  We list homes for sale in Manalapan NJ, Point Pleasant Beach real estate and many other New Jersey properties for sale. Aberdeen NJ Homes for Sale, Marlboro NJ Real Estate, Homes for Sale in Marlboro NJ, Marlboro NJ, and Information on Marlboro NJ. Search through thousands of houses for sale in New Jersey. We are the realtors NJ!

Every time I talk to someone about my business and career, it always comes up that "they've thought about getting into real estate" or know someone who has. With so many people thinking about getting into real estate, and getting into real estate - why aren't there more successful Realtors in the world? Well, there's only so much business to go around, so there can only be so many Real Estate Agents in the world. I feel, however, that the inherent nature of the business, and how different it is from traditional careers, makes it difficult for the average person to successfully make the transition into the Real Estate Business. As a Broker, I see many new agents make their way into my office - for an interview, and sometimes to begin their careers. New Real Estate Agents bring a lot of great qualities to the table - lots of energy and ambition - but they also make a lot of common mistakes. Here are the 7 top mistakes rookie Real Estate Agents Make.

1) No Business Plan or Business Strategy So many new agents put all their emphasis on which Real Estate Brokerage they will join when their shiny new license comes in the mail. Why? Because most new Real Estate Agents have never been in business for themselves - they've only worked as employees. They, mistakenly, believe that getting into the Real Estate business is "getting a new job." What they're missing is that they're about to go into business for themselves. If you've ever opened the doors to ANY business, you know that one of the key ingredients is your business plan. Your business plan helps you define where you're going, how you're getting there, and what it's going to take for you to make your real estate business a success. Here are the essentials of any good business plan:

A) Goals - What do you want? Make them clear, concise, measurable, and achievable.

B) Services You Provide - you don't want to be the "jack of all trades & master of none" - choose residential or commercial, buyers/sellers/renters, and what area(s) you want to specialize in. New residential real estate agents tend to have the most success with buyers/renters and then move on to listing homes after they've completed a few transactions.

C) Market - who are you marketing yourself to?

D) Budget - consider yourself "new real estate agent, inc." and write down EVERY expense that you have - gas, groceries, cell phone, etc... Then write down the new expenses you're taking on - board dues, increased gas, increased cell usage, marketing (very important), etc...

E) Funding - how are you going to pay for your budget w/ no income for the first (at least) 60 days? With the goals you've set for yourself, when will you break even?

F) Marketing Plan - how are you going to get the word out about your services? The MOST effective way to market yourself is to your own sphere of influence (people you know). Make sure you do so effectively and systematically.

2) Not Using the Best Possible Closing Team They say the greatest businesspeople surround themselves with people that are smarter than themselves. It takes a pretty big team to close a transaction - Buyer's Agent, Listing Agent, Lender, Insurance Agent, Title Officer, Inspector, Appraiser, and sometimes more! As a Real Estate Agent, you are in the position to refer your client to whoever you choose, and you should make sure that anyone you refer in will be an asset to the transaction, not someone who will bring you more headache. And the closing team you refer in, or "put your name to," are there to make you shine! When they perform well, you get to take part of the credit because you referred them into the transaction.

The deadliest duo out there is the New Real Estate Agent & New Mortgage Broker. They get together and decide that, through their combined marketing efforts, they can take over the world! They're both focusing on the right part of their business - marketing - but they're doing each other no favors by choosing to give each other business. If you refer in a bad insurance agent, it might cause a minor hiccup in the transaction - you make a simple phone call and a new agent can bind the property in less than an hour. However, because it typically takes at least two weeks to close a loan, if you use an inexperienced lender, the result can be disastrous! You may find yourself in a position of "begging for a contract extension," or worse, being denied a contract extension.

A good closing team will typically know more than their role in the transaction. Due to this, you can turn to them with questions, and they will step in (quietly) when they see a potential mistake - because they want to help you, and in return receive more of your business. Using good, experienced players for your closing team will help you infinitely in conducting business worthy of MORE business...and best of all, it's free!

3) Not Arming Themselves with the Necessary Tools Getting started as a Real Estate Agent is expensive. In Texas, the license alone is an investment that will cost between $700 and $900 (not taking into account the amount of time you'll invest.) However, you'll run into even more expenses when you go to arm yourself with the necessary tools of the trade. And don't fool yourself - they are necessary - because your competitors are definitely using every tool to help THEM.

A) MLS Access is probably the most expensive necessity you're going to run into. Joining your local (and state & national, by default) Board of Realtors will allow you to pay for MLS access, and in Austin, Texas, will run around $1000. However, don't skimp in this area. Getting MLS access is one of the most important things you can do. It's what differentiates us from your average salesman - we don't sell homes, we present any of the homes that we have available. With MLS Access, you will have 99% of the homes for sale in your area available to present to your clients.

B) Mobile Phone w/ a Beefy Plan - These days, everyone has a cell phone. But not everyone has a plan that will facilitate the level of use that Real Estate Agents need. Plan on getting at least 2000 minutes per month. You want, and need, to be available to your clients 24/7 - not just nights and weekends.

C) Computer (Preferably a Laptop) - There's no way around it, you have to have a computer & be savvy enough to use email. You would be wise to invest in some business management software, as well. If you'd like to save some money (and who wouldn't) then you can get the client & email management software Thunderbird from www.mozilla.com and you can get a free office suite from www.openoffice.org The only downside to these programs is that they do not sync with your PDA or Smart Phone. A Laptop is a BIG plus because you'll be able to work from home or on the go. New Real Estate Agents are often surprised by just how much time they spend AWAY from the office, and a laptop helps you stay on top of your work while on the go.

D) Real Estate Friendly Car - You don't have to have a Lexus, but your Miata won't do the trick. Make sure that you have a 4 door car or SUV that is comfortable and presentable. Keep it clean, and for God's sake, don't smoke in it! You're going to spend a LOT of time in your car, and put a lot of miles on it, so if it's fuel efficient, it's a BIG plus. If you're driving a sporty convertible, or still have your KILLER Jeep from college, it's time to trade it in.

4) Lack of Proper Funding If you've taken the time to create your business plan, than you should definitely have your budget, but I can't stress enough the importance of having and following your budget. However, the budget alone doesn't address the important aspect of funding. 90% of all small businesses fail due to lack of funding. Typically, new agents will want to have 3 months of reserves in savings before taking the leap into full time agency. However, money in the bank isn't the only way to answer the question of funding. Maybe your partner can support you for a certain period of time. You can keep a part-time job that won't interfere with your business as a Real Estate Agent. Many successful waiters make the transition to successful real estate agents with no money in the bank. When you start your new business, don't expect to earn any income for, at the least, 60 days.

5) Refusing to Spend Money on Marketing Most new Real Estate Agents don't realize that the hardest part of the business is finding the business. Furthermore, they've just shelled out around $2000 for their license and board dues, so the LAST thing they want to do is to spend more money! Again, the problem lies in the lack of understanding that you've just jumped into the Real Estate Business, you haven't taken a new job. And any good businessperson will tell you that how much business you GET is directly correlative to how much you SPEND on marketing. If you choose the right brokerage, then you will get some good inbound leads. However, don't neglect a good, personal marketing campaign from the beginning to get your own name out as the Real Estate Agent to go to.

6) Not Focusing Their Marketing Efforts in the Most Effective Areas One reason why many new Real Estate Agents who do begin spending money on personal marketing stop is because they spend it in the wrong place. The easiest place, and where conventional Real Estate tells you to spend your money, is in conventional print marketing - the newspaper, real estate magazines, etc... This is the most visible place to see real estate advertising, it's where large offices spend a good part of their money, and so many new agents mistakenly spend their money here. This becomes very frustrating to new agents because of its low return. Large brokerages can afford to spend their money here because they're filling two needs - they're marketing their own properties for sale while creating new buyer traffic for their buyer's agents. New Real Estate Agents should look to their own sphere of influence and referral marketing to see the most effective return on their investment. An agent can spend as little as $100/month marketing to their family, friends, and colleagues and see an incredible return. There are many great referral systems around that all focus on the same premise - that if you consistently market yourself to your sphere of influence as the Real Estate Agent to go to - then you will get more business. The key is to pick a system and to follow that system. You will see results.

7) Choosing the Wrong Brokerage for the Wrong Reasons New Real Estate Agents choose their new broker for a variety of reasons - they have a good reputation, they offer the most competitive split, the office is close to their house, etc... While these alone aren't bad reasons to choose a broker, they aren't going to do a lot to help you in your success. The #1 reason to choose a broker, and the question to ask is, "What do you offer your new agents." If the answer is, "The most competitive split in town" you should definitely keep looking. Remember, 100% of $0 is still $0. If you're leaning towards the largest broker in town, who has a great reputation, remember this: You're starting a BUSINESS not a JOB. While it might be fantastic to brag to your friends about landing a job at a prestigious company, it's no accomplishment to hang your license on the same wall in the same office as other successful agents.

Your #1 concern when interviewing new Brokers is what they offer you as a new agent. Do they have incoming leads? What does their training program consist of? What's their retention level? What's their average sales price? Do they encourage their agents to promote themselves? A Broker's purpose is to help new agents start successful careers and to help established Agents progress their careers to the next level. As a new agent, concern yourself less with commission split or agency name and more with specific programs and agency standards.

A new career in Real Estate is very exciting. Starting a Real Estate business provides the new Agent with opportunities for limitless potential and freedom. New Agents have a notoriously high failure rate, however, so a new Real Estate career can also be a very scary prospect. However, if you avoid the 7 Top Mistakes Rookie Real Estate Agents Make, then you'll be far ahead of the competition!

About the Author

Eric Bramlett Austin Texas Real Estate is Broker/Owner of One Source Realty in Austin, Texas. He has seen considerable success in real estate, and looks forward to many more years in the business.

 

 

 

 

 

 

 

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Let's get one thing clear & out in the open immediately, in order for you to buy houses below their real open market value - someone has to have a very good reason to sell it to you at a loss to them.

I call it trading on adversity, someone must have a situation or problem they cannot solve on their own and they must have confidence in you that you can provide at least part of the answer before they will deal with you on the terms you need.

Some of the reasons are:

Financial hardship
Domestic break-up
Urgent Relocation
Retirement
Bereavement

There are long established trade secrets, tactics, methods and personal qualities which you must have, guidelines you need to become laser guided towards finding cheap undervalued houses.

The easiest and quickest profit you are ever going to make in buying and selling houses is when you buy them, it is the time the seller is the most motivated and eager to complete the transaction.

But beware, if you can smell a quick profit it will be a time where you can also become too enthusiastic for the deal. You might overlook something or be tempted to improve your offer if the deal is looking like it might not happen.

The answer is to have as many target houses as possible at the same time that you are negotiating for, you do this by saturating your target area with the knowledge that you are in the market.

You must also have strict guidelines for the minimum and maximum figures you will consider and stick to them. You must write your financial rules down and compare every house you look at according to the ratios you have calculated to give you the profit you feel is worth pursuing.

Remember it is no good at all to be completing lots of deals but making little or no money. Even though you will feel like you are missing deals because they do not fit your criteria you will make more money with less effort by finding as many potential deals as possible but only doing the deals which match your written rules and which provide you with enough profit.

Although you will be trading on someone's adversity this does not mean they need to feel bad about the deal.

You should always try to find ways to make the seller feel good about finding a solution to their problem. Try to find a deal whereby each party has some goodwill to the other and both feel that they have received the best value under the circumstances.

About the Author

Hi My name is Carl Henry, I have been involved in Real Estate & Property trading for 28 years. If this subject is of interest to you you may find my ebook "21 Golden Rules For Success in the UK Property Industry" helpful, available at http://www.com1com.com/060917succeed/

 

 

 

 

 

 

 

 

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ERA Othello Realty can help you buy or sell your home.  732-364-2015.  We offer relocation packages for corporate accounts, government accounts or for individuals.  Whether you are moving from out of state to New Jersey, or you are within NJ and are moving north, south or lateral. We are your NJ Relocation specialists and we look forward to being challenged by your needs.  From finding a house to selling your house, from moving companies to utility changes, and from school assistance to job assistance we are here for you every step of the way. We are the realtors NJ!