Nu-Way Real Estate Training Blog

Author: John Harris

For those individuals who use realtors to buy or sell a home, the transaction looks fairly seamless. It goes something like this:

• Buyers:
o Contact a realtor, who elicits from them what type of property they wish to purchase.
o The realtor shows them several properties, until they make an offer on one and it is accepted.
o They go with the realtor to the mortgage lender, that the realtor may have lined up for them and set the appointment. The buyers provide any information the lender needs and signs the appropriate paperwork.
o The buyers and realtor meet at the closing to sign all the papers, get the keys, and go to their new home.

• Sellers:
o Contact a realtor, who discuss with them their pricing preferences and timelines for the sale.
o Realtor does a walk-through of the property, suggesting things that should be done before listing the property.
o Sellers make the repairs or renovations.
o The realtor lists the property.
o The realtor, as well as other realtors, shows the property to potential buyers until an offer is made and accepted.
o Inspectors and appraisers show up, then leave to make their reports, and the realtor gives the results to the sellers and buyers’ agent.
o Once the realtor tells them everything is complete, the sellers move out before the closing.
o Sellers and realtor meet at the closing to sign all the papers, sellers and realtor receive their checks, and they hand over the keys to the property.

This is very simplistic; yet when a realtor is handling your buying or selling needs, this is pretty much how it appears.

Of the homes sold across the nation, 20 percent are sold by the owners, without a realtor. Surveys show that the primary reason is money; the sellers wish to save the cost of a realtor’s commission, which usually ranges between five and seven percent of the purchase price of the home. Unfortunately, many of these owners end up regretting their decisions, because it costs them that five-to-seven percent or more due to unexpected pitfalls in the sale.

First, there is a lot involved in the sale of a home. Realtors assist with the before-listing preparation; help you set a starting and deal-killer selling price (the price level you will not accept); setup and hold open houses; set up and coordinate all home inspections and appraisals; and set up and coordinate a real estate attorney and the closing. Realtors market your home to a broad base of interested buyers and other realtors, show your home or coordinate with you for other realtors to show it, negotiate offers, and close the sale. They even coordinate the timing of the sale, when you are buying other property that is dependent upon the sale of your home.

For buyers, realtors first help you to determine just how much you can afford to pay for a home — it is generally more than most people believe. They then weed through the myriad of homes that are on the market, matching potential homes to your purchase specifications. They arrange to show the homes to you, assisting in what to look for, what questions to ask, and after-showing discussions with you on possible problems or good points of the home. Realtors assist you in making an appropriate offer. They do all of the negotiations for you, representing your best interests — especially important when a seller has a professional representing them. Once your offer is accepted, the realtor may even suggest mortgage lenders and accompany you to your first meeting. Your realtor then works with the seller’s representative to ensure all inspections, appraisals, title searches, and permitting is properly completed, negotiating for you resolutions to any bad inspections. Again, working with the seller’s representative, the realtor coordinates a real estate attorney for you, as well as the closing.

Realtors know the right questions to ask — it is their job as professionals to keep abreast of the real estate market for their area. They handle any problems that arise, protect you as the buyer or seller, know what to avoid in real estate and during negotiations, and know what is/is not covered by the home warranty of the sale. They also ensure that all compliance and disclosure issues are dealt with properly, making sure that nothing is overlooked that could cause you a legal problem in the future.

Author: Jack Sternberg

As we all know, attitude is everything in any kind of business. There’s the old saying “Attitude is altitude.” In other words, the more positive your attitude, the higher you’ll fly in your investment career. Now, that saying is definitely true, but it’s also a little simplistic.

Here’s a plain fact: you can’t simply think you’ll succeed and then do so. Thinking has to be combined with action! You have to get in there and do the everyday spadework that finds and closes deals.

So, a great attitude and the ability to take action are two primary characteristics of successful real estate investors. However, there are some additional characteristics you should know about. A few, lucky investor-entrepreneurs are born with them. Most of us, however, aren’t. The good news is that we can learn them! It just takes study, practice and application.

So, my recommendation is to study the essential characteristics I explain below and then work hard to integrate them into personality. It can be done! I know, I did it!

Characteristic 1: The Entrepreneurial Spirit Whether in real estate or other businesses, entrepreneurs are essentially opportunity-seekers with an independent streak. They have a great combination of vision and common sense. Through research and hard work, they seek out niches in the market that no one else has exploited (vision). They then do the numbers on those niches. If the numbers are good (common sense), they exploit that niche; if not, they move on. They favor the KISS principle—keep it simple, stupid!

Characteristic 2: The Planning Spirit Successful real estate investors are planners to the core; they detest a “shotgun” approach to investments, knowing it will spread their resources too thin and not bring in really profitable deals. They possess the “Have a plan and work it!” mentality. In other words, once they’ve set a goal, they do the day-to-day work of setting objectives to carry out those goals. They plan on a daily basis to keep their focus on achieving their long-term goals. They never get distracted by daily events or people that get in the way of achievement of their goals.

Characteristic 3: The Networking Spirit Successful investors know in their bones that they live or die on the information they get and the contacts they make within a local community. So, they’re careful to cultivate a reliable network from the start to the end of their investment careers.

Successful investors know that they have to give back to the network of contacts and fellow investors. It’s not always possible, but many investors know that the quickest and most effective way to success is by finding a mentor who can teach them the ropes.

They also know that they have to give in return to their mentors. It’s not a one-way street where you take and give nothing in return. They show mentors (and others) their appreciation through tips, leads, gift certificates, birthday cards, theater tickets, etc. Small personal gifts show that they care and are thinking of the mentor.

Author: Matt Fay

The field of commercial real estate has been experiencing an increase in the demand of people looking for an affordable place in which to do business. Since not everyone is able to afford to invest in commercial real estate, they are looking at their options in leasing. A landlord will need commercial real estate landlord representation to assist in dealing with prospective tenants as well as effectively placing the real estate on the market.

Leasing a commercial real estate property requires a lot of research and planning to be accomplished, as well as a lot of leg work in interviewing prospective clients and tenants. Commercial real estate is quite different from a residential real estate. It entails more requirements to consider, as well as selecting the right business for your property. Having quality real estate landlord representation will definitely help in screening those businesses and tenants for your real estate.

With a real estate landlord representative, the marketing of your commercial real estate property will be much easier than if the landlord took on this challenge themselves. A professional representative will assist you in planning your marketing strategy to ensure that your real estate gets the widest exposure, featuring its good points and characteristics. They will also help in the formulation of your marketing plan as well as assist in preparing the things you will need to post your real estate in print media and in websites. A good commercial real estate representative should also have a database of potential clients that the landlord would not have access to. Because of this wide coverage, you will be able to find tenants not only locally but in neighboring regions and even on a national level. A wider range of prospects means a better deal for your real estate.

Your real estate landlord representative will help you project the maximum net income that you can get on the operation of your commercial real estate. This means that they will help you choose the business tenant that will provide you a risk free rental as well as the highest rental price offer. You may also be included in the community meetings of real estate brokers as well as receive updates from your agent. They can also present to you a marketing goal plan that you can follow to achieve maximum utilization of your property.

Another job that a commercial real estate property representative will gladly do for you is to set the qualifications for potential tenants. This is to ensure that the tenants that you will be getting are serious ones with the ability to follow through with a leasing contract on your property and are not a waste of time and energy. They will also help in conducting interviews on those potential clients to screen out those that may be too high of a risk, and find those tenants that offer the highest potential of staying in the space.

Real estate properties are great investment opportunities especially if they are maximized and used properly. To ensure that you are getting what you deserve for your real estate property, then get real estate landlord representation. A good representative will gladly help you through the ups and downs of commercial real estate market and will help protect your investment for you.