Make Sure To Avoid These Common Real Estate Investor Mistakes

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Although the rewards can be high in the real estate game, the financial risks are also real. When looking to enter the market of real estate investment, it is critical that all avenues are explored and all precautions considered. Here is a list of a few of the top mistakes that rookie investors making when jumping into the real estate market:

NOT BEING AWARE OF DAYS ON MARKET (DOM)
This crucial statistic is one of the best indicators of the health of the market. A higher DOM generally demonstrates that the market is more buyer-friendly while a lower DOM is an indication that a market is more difficult to crack. Knowing these numbers for your region and keeping tabs on their fluctuations will greatly increase your odds of success.

CHOOSING THE WRONG PEOPLE
When flipping houses, it is especially important to find a stable crop of quality contractors to do the dirty work for you. Ask around to trusted colleagues for recommendations and then ensure that the candidates are properly vetted. Hiring the wrong contractor can end up busting a budget and wasting precious time. And in a business where time is money, that is a losing proposition.

NEGLECTING TO LEVERAGE THE MLS
With the popularity of sites like Zillow and Redfin exploding in recent years, many realtors are moving away from the traditional MLS listing. Neglecting to harness the power of the MLS is a big mistake. As the host for the largest pool of real estate properties, the MLS still holds the greatest power in the market. Not leveraging this service could prove to be detrimental to the success of your business.

NOT CREATING A COMPLETE BUDGET
Before jumping into the real estate market, it is critical to plan out a complete budget, taking into account all possible pitfalls and roadblocks. Failing to do so can negatively impact both your current project as well as your potential for success in the future.

FORGETTING TO OBTAIN THE PROPER PERMITS
Although the red tape can be tedious, savvy real estate professionals understand the importance of following the rules when looking to flip a house. Do not neglect to obtain the necessary permission in the name of saving money and time.

How To Create Client Relationships That Can Build Your Business

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Real estate agents have many tools at their disposal to help them find the perfect home for their clients or to sell a home for as much over list price as possible. The internet and other technology makes getting the word out about a particular home as easy as pressing a button on a keyboard.

But, as any successful real estate agent will tell you, all the technology in the world is not as important as building lasting and solid client relationships. Below are some ways to form lasting bonds with both home buyers and sellers:

1. Engage your community: This is an area where technology can be extremely helpful. Ensure that your web site offers clients and prospective clients an engaging experience with plenty of feedback.

2. Help your client to shine: Be intentional in helping your client to look their best in front of others. By helping them to appear to be the hero in the real estate transaction, you will not only advance your business relationship, but gaining a friend who can help you grow your business.

3. Kindness and respect matter: There’s a great deal of truth in the maxim “treat others as you would want to be treated.” Kindness, courtesy and respect are the hallmarks on which successful personal and business relationships are built. It is also important to be honest and admit where we’ve made a misstep.

4. Marry your personal relationships and technology: Technology exists to simplify your business, so use it to help you keep track of appointments; clients wish lists; and sales leads. These reminders mean you don’t have to remember anything but still have all the information you need to successfully close the deal at your fingertips.

5. Put your clients first: Successfully closing deals is the heart of the real estate business, but to do that an agent has to demonstrate that he sincerely cares about the needs and personal situation of every client.

6. Make a lasting impression: Whether you’ve just rented an apartment or sold a family their forever home, placing a gift that is unique to them in the residence is a way to show them you appreciate their business and care about them.

What Outdoor Features Can Set Your Home Apart?

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Most homeowners are interested in increasing their home’s value to ensure that they can make more of a profit off of the property once it’s time to sell. When it comes to boosting your property value, adding outdoor features can prove to offer a high rate of return once you find a buyer. When you want to invest in features that will pay off, there are a few features that are worth purchasing.

Barbecue Stations

Barbecue stations and outdoor kitchens are in demand among buyers because it offers a place to entertain outdoors. Homes with barbecue stations have a 26 percent higher value than those that don’t include the feature because it provides the ability to spend more time outside.

Showers

Outdoor showers are increasing in popularity because they provide you with the chance to rinse off after taking a dip in the water. Many homes that are located near the beach or a lake can benefit from an outdoor shower because it will prevent you from tracking in sand or dirt.

Fire Pits

Fire pits are now considered to be a staple for outdoor spaces because they allow you to stay warm while inviting your guests over. The open flames make it easy to roast s’mores and can make it possible to spend time in cooler weather conditions while stargazing.

Patio

A patio makes it possible to lounge outdoors instead of having to sit on the grass in your backyard. Patios are a valuable addition that has an ROI value of over 100 percent. You can place patio furniture on the feature and spend time dining outdoors while taking in the view of the surrounding environment. Finishing or repairing an existing patio can also have a high return of 500 percent. Add outdoor light and a few pillows to make it a comfortable space.

Pools

Although some pools don’t have an effect on the value of the home, they can increase what the property is worth if there’s enough space available around the feature to ensure that the backyard can still be used for other purposes. Install a pool with spillways, a diving board, or rock formations to create an appealing feature that will increase the visual appeal and the functionality of your backyard.