Top 5 Real Estate Investing Hacks
Looking for some hacks to make better investments in real estate?
We’ve got you covered. Let’s dive in!
Hire The Best of the Best
If you’re looking to sell a home in great condition, you’ll want to hire the best real estate agent. If you’re looking to sell a house that needs quite a bit of work, on the other hand, this could mean hiring a real estate investor who can pay you cash for the property. If you’re getting a loan, this could mean hiring the best mortgage broker around.
People don’t say no in the world of real estate. Mortgage brokers, agents, and investors are all out to find work. It’s your job to sift through them and find the ones that are most passionate about what they do so that you can get the best deal.
Get Multiple Bids
Whenever you are diving into a real estate project, it is important to get multiple bids. We like to think in threes. If you need to get some landscaping done, get bids from three landscaping companies. If you need to get some plumbing work done, get bids from three plumbers. Looking for a mortgage? Call three mortgage brokers!
When you get multiple bids, you have a better chance of finding the best price. Plus, any smart contractor, mortgage broker, or agent, will bring their A-game if they know others are involved.
Don’t Be Afraid To List Low
A list price that is too low will create a multiple offer situation. Essentially, people will see that the price is low and they will bid it back up to the market value. People often make the mistake of listing too high. If you do this, no one will show up, no offers will be made, and the house will grow stale on the market. Buyers will begin to think something is wrong with the listing.
List on MLS
Some people like to list their properties on sites like Redfin and Zillow while others like to throw listing on sites like Craigslist for free. While these selling tools are wonderful, they won’t provide exposure to the entirety of the marketplace.
If you want to be serious about selling your home, don’t be a “For Sale by Owner” lister. List using MLS. If you followed our first step and found the best agent to work with, the 6% commission on MLS won’t matter, as you’ll make more than if you listed it on your own.
The First Offer Is Often The Best Offer
If you follow our advice and list low, make sure to consider the first offer that comes in. Don’t wait around for a better one. The reason for this is that the first offer you receive will likely come from the most interested and qualified party. They may have been waiting for a home like yours to hit the market and they knew they had to jump on it to get it.
This does not mean you have to accept the offer necessarily, though you should work with them. If the offer is low, make a counteroffer instead of shutting them down.