Professor Eli Beracha gives us a strategy for picking a good real estate agent and tips on how to secure a good deal when purchasing a property.
How to Find a Good Real Estate Agent
Here are a few takeaways:
- Do not just go with a recommendation from your friend or somebody you met on the Internet.
- Try to see who is really selling properties in your area.
- Choose an agent with whom you feel comfortable. A good working relationship built on trust and open communication is key to a successful real estate transaction.
- Interview two or three agents and pick the one who understands your needs and is willing to work with you.
- Stay away from unresponsive agents or those solely focused on gaining the commission.
- And finally, trust your gut.
How to Secure a Good Deal on a Property
Tips for securing a good deal:
- Enter the market with lender approval or cash to show sellers you're serious and qualified.
- Make a substantial security deposit to demonstrate commitment and potentially negotiate a lower price.
- Consider properties that need some work rather than turn-key ones, as they can be purchased at a discount.
- Be prepared to invest time, effort, and money into updating a property for potential savings.
- Don't hesitate to walk away if negotiations don't meet your fair price, as there are other options available.