The Buying Process
Before deciding on buying any property it is necessary to complete an evaluation of your wants and needs, this should be the time to hire a professional to objectively assist you in this process.
Likewise the ACEPI will offer you better options in identifying suitable properties and also about financial matters. Why then, should you use a qualified Real Estate Broker?
The Real Estate Broker is not, as some people may think, someone who facilitates and sells property, but a professional who can properly advise and represent a client in a real estate transaction. The Broker is not the only the person who will try to sell you a property, but the one who can best satisfy your needs, in terms understanding financial parameters and requirements. Best of all it would not cost you any more by using a Broker from the ACEPI since they are the ones with the contacts and the best qualified to find properties. Once you have decided to buy a certain property the Broker will advise you about price, financing, contracts, taxes, obligations, transfer fees, terms and all other relevant aspects, additionally he will give you the survey of the property, and a copy of the title search.
EXCEPT AS OTHERWISE STATED, THIS INVALUABLE SERVICE IS FREE TO THE CLIENT.
The Selling Process
It is generally considered that a property has many values:
1) Owners Value- The price the owner wants.
2) Comparative / Market Value- This method of appraisal assumes that properties with similar characteristics will sell at similar prices.
Market data is collected on recently sold properties and from this data value is determined.
3) Investment/ Income Value- This method determines the present value of future cash flows from the property and presumes that this value is the current price an investor would pay.
4) Replacement /Cost Value This method of appraisal determines the value of the site, adds the cost of replacing a modern equivalent of the subject building (construction) and deducts depreciation if the building is not new.
5) Actual Value- The price that a willing Buyer pays to a willing Seller in other words the price for which the property is sold.
Once the Real Estate Broker values the property and the Seller is in agreement, the Broker will suggest different methods for marketing and selling your property. For example, Classified Ads, Feature sheets for distribution, Internet Exposure. Etc. he/she will also recommend important points to you with regards to the general condition of the property and showing instructions.
Important advice for the Owner
1.) Hire a professional Real Estate Broker you trust, normally one that comes recommended to you or one whom you have qualified. We advise you to not to call too many Brokers in order not to cause confusion and lack of responsibility from any of the Realtors. The ACEPI Brokers all co-operate with one another.
2.) Pay attention to your Brokers advice in terms of the best way of presenting your property to potential buyers such as painting, cleaning, repairing leaks etc. Consideration should be given to the overall cost of these repairs.
3.) Once a Listing is secured, the property should be free to show to clients. During showings the Owner should try to be absent or at least stay in the background and allow the Broker to conduct the showing without interruptions. Many times the owners do not realize that they can actually be a hindrance rather than help with the sale because the Buyer needs to relax and feel at home. Remember that it is the real estate Broker who knows the client and his needs and can also overcome any objections as a third party.
4.) Pets can present another problem, while some people tolerate them, it is not conducive to a sale when dogs are barking or misbehaving.
Bad odors from cats and dogs are a turn-off and quite often can mean the end of the sale.
5) Likewise, keep everything nice and clean, avoid loud music when showing the property, soft music in the background can enhance the atmosphere as well as lights, turn them on. If the property has a guard he should be instructed to open the house for the clients and shut up.
Here again, there are many examples of a guard speaking out of turn or asking the wrong questions and destroying the sale.
6.) By hiring a professional Real Estate Broker you will be ensure that unknown or unqualified people do not enter your home, thereby maintaining your security. Another reason is that in most cases the Buyer will request additional modifications/repairs to the home which can sometimes overwhelm the Seller, the Broker is trained to handle these requests between the parties and do what is reasonable, which takes a lot of stress away from the Seller. Bear in mind that the ultimate goal of the Broker is to create a win-win situation for all parties.
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