When I consider what and how we earn our income, I can candidly say that those who perform with the knowledge and expertise that is required and needed are assuredly worth every penny. One must consider what is required and necessary when certain last-minute issues and glitches occur. Problem-solving expertise is a requirement to complete many tasks.
The lack of proper certificates of occupancy, permits and surveys dealing with additions of rooms, illegal decks, fences, basement bathrooms, etc. can take an inordinate number of hours or many months to resolve.
We may not always be involved in the actual solution, whereby attorneys, expeditors, and contractors will be required to legalize the defect. However, we have to be able to ascertain what issues, if any, there are, which may not always be apparent and obvious. We do recommend a pre-inspection if the home is over 20 years old.
It is tantamount to ask pertinent and probing questions during the initial meeting with the homeowner. Why have they decided to sell? Will they be staying locally or moving out of the area? If they are moving out of the area, we can refer several brokers that can assist them. We can also help with a mover or contractor if they need any repairs or work done.
Other questions to consider asking: Has any work been facilitated, e.g., bathrooms, kitchens, structural improvements, without filing for permits? Who was responsible for filing the permits, your contractor or you? Was the work done by a licensed and insured contractor? When your fence was installed, did your contractor have a copy of your survey to know where your property line was located to be able to legally position it? Is the bathroom in your basement legal? Do you have egress out of your basement by a separate exit?
These are some major issues that can cause your price to be adjusted lower, if the defects are not rectified or a pre-negotiated credit is applied to the sale price.
Being involved in the process from the beginning to the closing table can be simple or quite daunting, depending on what issues come about during the transaction.
Things do occur, and one has to be ready to find answers and solutions. One must be at the top of one’s game and a problem-solver. At the same time, one must have strong relationships with other professionals, e.g., attorneys, contractors, mortgage brokers, and others, to minimize and eliminate complications and difficulties.
The real estate licensing classes prepare you for being able to pass the NYS exam, that’s all! However, it doesn’t prepare you for issues and situations that arise when performing the business. Over the years that you are in the business, you will learn by trial and error, being mentored and what is called on the job training. That is why this business is surely not for the meek and timid.
I believe we truly begin to earn our money from the initial meeting with our clients, understanding their perspective and circumstances; once there is an agreed and accepted inspection, right from the executed contracts through to the closing.
This is when challenges and curveballs pop up. To have a successful outcome, the most conducive and fundamental alternatives and solutions have to be discovered and identified. Having strong negotiating skills is crucial and is an essential component in keeping a deal on track and headed in the right direction.
Those agents that absorb and learn something on a regular basis and become sponges for the knowledge and advance their expertise and develop consultative acumen, become the overall winners over the years.
The dropout rate by agents throughout the U.S. is occurring at a staggering rate, from a high of 1.55 million to the current 1.2 million agents. The effort, discipline and sacrifice of one’s valuable time that is required in the process of becoming successful is a stumbling block for so many and a major contributing factor to the exodus of those not being able to make a living in real estate.
The fact that housing inventory in many locations is at a 50-year low is also contributing to the attrition rate. If you can’t list, you probably won’t last, unless you have enough money from a significant other to keep you grinding the pavement to survive and finally make it. The same can be true for those areas where inventory has increased substantially and the number of buyers has decreased markedly, also making sales much more challenging.
It’s an amazing business to earn a living. You need to have comprehension and be well-rounded to make it in the industry. Our job is to always try to help sellers, investors, purchasers, and tenants in a professional, caring, candid and transparent fashion. To do our best to either find a buyer for their home, or find a home for our buyer, or an investment or rental for our clients.
Philip A. Raices Broker Consultant of Turn Key Real Estate,
3 Grace Ave Suite 180 in Great Neck
For a free 15-minute consultation, value analysis of your home, or to answer any of your questions or concerns, call
(516) 647-4289 or by email: Phil@TurnKeyRealEstate.Com Search properties at your leisure and convenience at:
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