Your success in selling and buying real estate can be affected by various unpredictable factors like interest rates, personal and societal economic conditions, and demographic statistics. The market’s temperature can raise or drop, quickly, leaving you to deal with dramatically shifting property values. In some cases, this means lost ROI.
However, there are some evergreen elements in achieving real estate success that you can control. Consider the following Real Estate Tips to keep you thriving while many others struggle.
Tip 1) Be the Expert
If you want to succeed at anything in this highly-competitive landscape, then you have to become an expert at what you wish to excel in. In the case of real estate, that means remaining proactive about:
Conducting careful and detailed market research
Supply and demand dynamics in your sales area
National and per-capita economic indicators
Regardless if you’re a buyer or seller of RE, make sure you develop a thorough understanding of the forces that can affect your success.
Tip 2) It’s always a fine time to buy RE!
The best time to buy real estate is whenever you can! There’s an old saying in the RE game: You make money when you buy real estate, not when you sell it.
History shows that the real estate industry is in a continuous cycle of booms and busts. Various factors are in-flux at all times that drive prices either up or down.
Regardless of everything else, people need places to live! They must have shelter for themselves and their families, and they know they have to pay to provide it.
Research which areas are currently growing or are projected to grow at high rates. Then, buy the real estate you are able to in those areas NOW!
Tip 3) Location! Location! Location!
Some things never change. One of those is that location matters more than just about anything else in real estate. A lovely property in an undesirable area will most likely not bring an optimal price. However, when presented properly, even an eyesore can bring a high price in a highly desirable area.
Other factors about a location to consider are transportation infrastructure, school systems, crime rates, personal freedom markers, and tax rates.
Tip 4) Don’t Forget about Hidden Costs
Title companies, escrow companies, lenders, brokers, runners, servicemen, and various other people are all needed to make real estate transactions run smoothly and expeditiously. It’s not feasible for most to attempt to perform all of these roles alone, and if they do, the results will likely be unsatisfactory.
Make detailed lists of all the expenses you will encounter during your real estate sales and purchasing processes. Take your time on this to avoid any unpleasant “surprises” in the future that can cost you profit!
Bonus Tip) Exterior Curb Appeal Matters – A Lot!
If you are selling a property and desire the best price you can get, then do not overlook the importance of exterior curb appeal. There are various very-affordable and doable techniques to enhance the appearance, desirability, and the price you will be offered for the property.
Consider the following inexpensive ways to increase the value of any property:
Paint the doors and window frames
Shine the glass
Clean the gutters and downspouts and make sure they are working correctly
Spring for a new mailbox
No trash anywhere!
Cut the grass and edge the sidewalks
Plant some flowers
Add some low-cost solar accent lighting
There are literally hundreds of other affordable ways to enhance the appearance and desirability of any property, no matter how dilapidated it might start out like!