Step 1: Agent Interviews

Interview several Realtors, the most satisfied clients are the ones who have interviewed other Agents; by knowing who else was out there they are confident right from the outset that they have made the right decision.

Step 2: Sign an Exclusive Listing Agreement

Once you have decided on your Agent it is standard for them to ask you to sign an exclusive listing with them. This document will reassure the Realtor that the homeowner has made a decision and will be loyal to the selected Agent. Once the Agent has this reassurance they will start to invest their time and money into marketing the property.

The property is listed ‘Exclusively For Sale’ at 5% or 6% commission. The exclusive period usually lasts a week or two while the prep-work is done (pre-inspection, photography, home staging, floor plans, decor etc…). If the home is ‘double-ended’ and the Agent is not in competition, the Agent will normally be receptive to discussing a reduction in the commission. Double ended means that the listing Agent sells it to a client during this exclusive period.

There is a specific set of rules that will allow the Agent to negotiate in good faith on behalf of both parties. I believe that this is actually not fair to the Seller since you sign a listing with them vowing to work in their best interest. It is appropriate to ask the listing Agent’s Broker to negotiate on behalf of the purchaser. This way both parties still receive fair representation.

Step 3: The House is Staged

There are many different things that have to happen before a property can be properly marketed. Most of these items have to do with getting the property shined up and ready to be photographed and subsequently shown. This process is typically referred to as ‘Staging’ a home.

Staging can mean anything from a new coat of paint and some fresh flowers to entirely re-decorating and furnishing a home. There is great value in staging because it helps market a home to a broader audience then the current owner’s individual taste. This can be a very touchy subject because most people take great pride in their home, as they should, and think that it already looks its best. Unfortunately a lot of Buyers might not have the same appreciation for lime coloured paint or they may have trouble seeing how big the room is past all the boxes of receipts and tax papers from 1976.

It is usually the clutter and minor deficiencies that the home owner doesn’t notice anymore. They tell themselves they will get around to fixing it eventually and just never do. This is where the Agent has to be cautious not to overstep their boundaries, but make it clear that the goal is to sell the home for the most amount of money and it is therefore necessary to appeal to the widest audience possible. Quite often an agent will recommend a ‘Fluffer’ or ‘Stager’ to do this because that way they don’t have to be the bad guy. The goal of staging is to make the house desirable to everyone who would be looking in their market.

The Agent should shoulder the costs of all the marketing, but the homeowner is expected to pick up the costs of staging and any pre-inspections. These are suggestions that will net them more money at the end of the day and stay with the house after sale.

At this point the house is ready to be professional photographed and subsequently marketed. Don’t underestimate the value of having your home professionally photographed. Pictures form the basis of any marketing campaign. To sell your house for the most amount of money in the least amount of time you need you home looking its absolute best.

Conveyancing is the legal term for the process of transferring ownership of a property between two parties. A conveyance is legal document known as a deed that conveys a property from the seller (or vendor) to the buyer.

Property conveyancing is usually carried out by a solicitor, a licensed conveyancer, or, in Scotland, a solicitor’s agent. It is possible to carry out your own conveyancing, but for most people this is not advised. Some estate agents offer in-house conveyancing services, although it is usually wiser to engage an independent solicitor in order to avoid any conflict of interest. It is also a good idea to engage a solicitor who has been personally recommended as frauds committed by solicitors are not unheard of, and have even increased in recent years.

For buyers, your conveyancer will require the property details, the name of the selling agent (if applicable), a list of items to be included in the sale, details of your financial sources, the name and contact details of your lender and when you wish to take possession.

If you are selling, the conveyancer will need details of the deeds, the name and contact details of your lender, copies of any planning consents, and the date by which you wish the transaction to be completed.

The conveyancing process (detailed below) takes on average 10-12 weeks to complete, but the timescale is determined by financial, legal, social and personal factors. During the period prior to contracts being exchanged either party can pull out of the transaction for any reason without obligation to the other, giving rise to gazumping or its opposite, gazundering.

The conveyancing process should involve the following:

1)      Verifying ownership of the property and ensuring that a good title is obtained. Title refers to a bundle of rights in a property and is distinct from possession, which can accompany ownership but is not necessarily enough to prove it.

2)      Carrying out local authority searches.

3)      Ensuring that the land has been registered and checking the existence of any restrictive covenants. Restrictive covenants refer to the restriction of anything from the height or size of building, to the materials used in construction.

4)      Ensuring that any planned alterations have necessary planning permission, building licenses, and that they have a warranty.

5)      Checking that any debts against the property are cleared before contract exchange.

6)      In leasehold properties, the lease and its clauses are checked.

7)      Drawing up a contract of sale.

8)      Registering the title in the name of the new owner after the property is sold.

There are a number of other checks that you can ask your conveyancer to carry out, for example:

1)      Finding out who own any adjacent land, and checking the level of development that may be allowed, especially any commercial activity. Checking if there are planned developments in the area that may affect the value of the property (e.g a motorway, landfill sites, railway lines etc) is highly recommended.

2)      Ensuring that the seller is the sole owner and actually has the right to sell.

3)      Discovering if the property is prone to flooding is important especially with coastal properties or those near to rivers. Erosion and global warming issues should also be considered.

4)      Discovering what the land both surrounding and under the property was originally used for which is especially important with relatively modern properties.

Many people successfully carry out their own conveyancing and it is entirely legal to do so. However the process is time consuming, complex and a good grasp of details and much patience is required. It is also risky as if a mistake in the contract is missed, it is possible to be left with a property you cannot sell. If it is the fault of the solicitor or conveyancer, you can at least sue.

If you do have a complaint about your solicitor, it is advisable to try to resolve it with them personally, if this fails you can report them to the Office for the Supervision of Solicitors.

Types of Realestate Investment Companies

By and large, real estate companies offer different types of investments, each of which have corresponding types of securities and funds. Some of them include Real Estate Investment Trusts (REITs), tax-deferred funds, and pension securities. Real estates are also classified into property types that include apartment building, commercial centers, office buildings, residential houses, and hotels among others. And finally, real estate investments can also be acknowledged by location. High-end realties found in the heart of the metro boast of steep prices while those from a fair distance command lesser pecuniary demand.

Realestate Investment Companies’ Role

These realties’ primary function is to direct and counsel investors in making wise fiscal decisions. For this to become doable, these investment firms uphold credibility in the industry and sustain dominance and influence in their target markets. Promoting the business interests and attending to every client’s needs allow these companies to endow with sound investment advices to their clients. The current market status also have significant influence to these advices, albeit assurance that the asset will pay off. So whether your real estate property will become a boon or a detriment in the long run, better be certain that you delineate and demarcate investing objectives prior to going full throttle in the property investment sector.

Where to Find Realestate Companies

Real estate companies are situated globally: Southeast, Northeast, Southwest, Midwest, Pacific Northwest, South, and West. They are also branching out internationally as a way of intensifying client base, market presence, and credibility in the global market. Conversely, small time real estate companies likewise offer same good deals with less overhead and operating expenditures. They may not be an upscale real estate firm but these small companies are often the ones more personable and affable.

In a nutshell

Real estate firms no matter how big or small implements new metrics and tools for measuring market performance. This is to make certain that the kind of service they provide remains top-notch, one that will continue the pace in the market, and will answer and provide clients’ interests and demands. And topping the list of America’s most trusted real estate firms comprise of the following: American International Group (AIG), Marcus & Millichap, America’s Capital Partners, and Kennedy Wilson among others. Some cater on real estate investing while other firms’ focal interest of operation act as real estate investing branch, brokerage corporation, or a banking business.