Rei Resource Blog
GAIN AN ADVANTAGE IN YOUR
REI INVESTMENT BUSINESS
Rei Resource Blog
GAIN AN ADVANTAGE IN YOUR
REI INVESTMENT BUSINESS
The ideal agent is not always the one with the most sales under his or her belt, or the most years on the job. The ideal agent is one who listens to your needs, and is easy to get along with, and most importantly has the tools and skills to address your unique situation.
Every home buyer is different just as each individual is. Some have credit issues. Some are relocating and buying from out of state. Some need help selling their current home in addition to buying a new one. Just as buyers have different needs, real estate agents have different skills and specialties.
Here's how to find the agent who's right for you:
1. Ask a colleague, friends and family for agent referrals.
Nobody knows you as well as your friends and family do. So they're often in a better position to recommend an agent who is well-suited for your needs. Your colleague can also be of an assistance, especially if they just purchase a home recently. Most of the time you can trust a referral from friends or family more than one that comes from a complete stranger.
2. Talk to multiple agents.
National statistic showed that 84% of home buyers choose the first real estate agent they contact. This means one of two things. Either most people are choosing wisely the first time, or they're just rushing into things without shopping around. Probably a little of both. As an investor we work with agents that understand the investing language of today and most importantly answer there phones.
On another note. You don't have to exhaust yourself interviewing agent after agent, but at least talk with two or three to see who you're most comfortable with (which leads to the next point).
3. Consider your comfort factor.
Professional expertise is an important criterion when choosing a real estate agent. But interpersonal skills are equally important. After all, you'll be working with this person anywhere from on average 3 to 12 months, so it helps to get along with them. We all have unique personalities, and that's the way it should be. Although when working with someone professionally, if helps if their personality "meshes" well with your own.
4. Ask how they find there listings.
When deciding on a real estate agent, ask how they search for homes. Some agents have their own preferred listings that they favor. But you want what's best for you, not what's best for your agent. You're paying them, right? So make sure the agent is willing to search high and low to find the best home for you. That includes using the Multiple Listing Service (MLS) as well as their own personal network. Experienced agents at times have inside intel when someone is planning on putting there house on the market.
5. Read paperwork carefully.
This advice is heavily used for a reason. It's critical that you examine all documents and contracts during the home buying process, and that includes your agent purchase agreement. At some point during the relationship, your agent will probably ask you to sign an agent agreement. Basically, it just means that if the agent shows you a particular property, your purchase of the property should be credited to that agent. We professionally recommend that you have a real estate attorney look over the contract before signing if you don't understand the conditions of the contract. In most cases it's simple, just be sure to read it carefully and ask questions.
Annalyn. is a Marketing Director and Investment Support Specialist at Norita Investments a Commerical Real Estate Investment Company.
As a renter in my youthful years there wasn't an option for rental insurance, but times have changed. Since then millennials can make a educational choice based on there individuals needs....
Many renters don’t stop to think about what happens if there is a water leak, someone breaks in and steals their new flat screen TV or gaming console, or a visitor slips and falls in their apartment. The reality is; you will be responsible! While your landlord has insurance that covers the property or building, that coverage does not include your personal property or liability for injuries which occur in the space you rent ~ be it an apartment or a house and yard.
If a fire should destroy or damage your home, your landlord’s insurance will cover the structure. It won’t cover damage or loss of your belongings. Neither will it provide for the cost of temporary housing for you and your family.
You may think you don’t have enough personal property to make the cost of insurance worthwhile. You’re most likely wrong! Once you sit down and add up the cost of everything you own, you may be in for a big surprise. Consider what you have invested in such things as:
•Furniture and accessories• Electronics like flat screens TV's, video game consoles, computers
• Small appliances like portable A/C units, nutribullets, etc.
• Dishes, silverware and cookware
• Sporting goods
• Jewelry, Car keys, etc!
Could you afford to replace all of these things?
Even worse, what would you do if your guest is injured on your property and decides to sue you for medical costs and more? It’s a scary thought, isn’t it?
Are you beginning to see why rental insurance may be a very wise investment?
The cost of rental insurance is based on several factors:
• The dollar amount of your coverage
• Whether you choose to be reimbursed for Actual Cash Value or Replacement Costs (more about that in a minute)
• Where your rental property is located and the number of previous claims made, not only by you, but by others living in the same area.
Let me explain the difference between Actual Cash Value (ACV) and Replacement Costs. ACV is the value of your property at the time a loss takes place. For example, if your television set is five years old, it’s valued at much less than if it were brand new. The lesser amount is what you are reimbursed.
However, if you opt for Replacement Cost, you’re paid whatever it costs to go out and buy a new TV with similar features. Insuring for replacement cost raises the amount of your premium so it’s a good idea to get quotes for both ACV and Replacement Cost policies. Then you can decide which option fits your needs and budget.
Another thing to keep in mind is that jewelry, valuable collections, and guns are usually covered under a separate policy or “rider”. If you own these kinds of items, be sure to tell your insurance agent. You don’t want to find out after disaster strikes that they aren’t covered or that they aren’t covered for their true value.
One way you can reduce the cost of your rental insurance is to check with whichever company insures your car. If they provide rental insurance you may be eligible for a multi-policy discount.
Rental insurance may be worth the investment just for the peace of mind it offers you.
Benjamin. is experienced as a property Wholesaler, Fix & Flip and Turnkey Rental Property Sells throughout the United States.