Flipping Property & Using a Real Estate Agent
Flipping property can be fun but can also be tiresome especially if you’re doing the projects by your lonesome. Sure, you enjoy all the profits to yourself but you are also loaded with a lot of work and thinking. So you ask yourself the question "to hire or not to hire a realtor?"
If you feel you need someone to assist you in your flipping projects, then getting a realtor is the right decision. Working with a realtor may be uncomfortable to you at first but as soon as you get to know each other and develop an open communication line, everything will go on smoothly. It’s okay, though, if you want to be extra careful because the realtor will be part of your personal experiences once you make a commitment.
Before choosing a good realtor or real estate agent, do ask for referrals from relatives, friends and colleagues. It’s important that people you know are knowledgeable of the realtor’s character and professionalism. You can then narrow down your choice to the realtor that can understand your needs, meet your expectations and help you in buying and selling the right homes to flip.
Once you’ve picked the realtor you like to work with, keep in mind not to sign an agreement right away. Give yourself more time to know the capabilities of the one you chose. A good realtor should explain to you what to expect from the buying and selling process as well as your rights and obligations. He or she should inform you of the area and types of homes you wish to buy, the turn-over rate in the area you target and if the location has a good resale potential. He or she should not pressure you into making decisions but rather should guide you in making the right choice concerning your needs, wants and expectations.
Always keep you communication lines open to avoid misunderstanding and misinterpretations on some vital information. Feel free to share your views and other things that bother you. Be sure to ask for written documents like a comparable market analysis to find out the prices of homes that were recently sold in your area. A dedicated realtor, however, will provide you with these documents without you asking for it.
Remember that realtors work for your best interest. They know their work and are well-informed about their local market so you can rest assured that they will help you look for the right homes to flip and the right buyers when you resell the home at the highest possible price.
Realtors are experts in the real estate business and are members of the National Association of Realtors (NAR). As NAR members, they are required to follow a code of ethics to assure their honesty and integrity in all their work. Their knowledge, training and skills should greatly help you in the negotiation process. They also have access to the multiple listing service (MLS) in marketing your homes and to pre-qualified buyers who are bent on buying homes in your area.
If you plan to continue your home flipping ventures for a long time, it’s best that you stick with your trusted realtor. They work fulltime to meet your needs so give them the respect due them. If, however, you feel your realtor is not doing you a great job, by all means look for another one.
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