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Are you planning on placing your property on the market for sale or rent? Are you considering seeking the assistance of a real estate agent or agency to get your property sold or rented but don’t know who to turn to? Then this article is for you. Today we share with you 7 of the most important characteristics that a real estate agent should possess.

• A successful real estate agent is honest:One of the most important characteristics that a real estate agent should have is honesty. In any business clients want to work with someone whom they can trust, therefore agents should strive to be upfront and transparent in their transactions.

• A successful real estate agent is passionate:Find an agent who is excited about the job. A real estate agent should have a passion for finding the right property for someone who is interested in buying or renting, as well as making their clients happy. Yes, the commission is great but that feeling of making your clients happy!…. the picture below explains

Photo credit: Pinterest.com/ Lighter side of real estate

• A successful real estate agent knows how to negotiate:Whether a client is buying, selling or renting, strong negotiation skills help the process go smoother. In the mind of the buyer or tenant the property can always be offered at a price lower than what it’s listed at, au contraire this is not always the case, and quite often the seller or landlord is of opposite views.  The agent therefore has to pull out their negotiation skills and tactics to achieve a win-win solution as quickly as possible.

• A successful real estate agent has good work ethics:Successfully selling a property takes a lot of time and effort. They must be aggressive towards marketing the properties in order to get them off the market while remaining ethical. The agent should provide clients with the necessary attention required, engage prospects and conduct showings proficiently.

• A successful real estate agent is well-organized:Having efficient organization skills such as keeping track of appointments, arranging meetings, being on time, returning client calls and emails promptly…

• A successful real estate agent knows the local market:Information on the local market is essential knowledge that an agent must have, especially if they are working with foreign clients. They will be able to properly advice on accommodations, amenities, culture, history etc. of the location which will influence the decision of the person(s) whom they are assisting.

• A successful real estate agent is knowledgeable about the sale process:The agent must know as much information as possible about the process so that they will be better equipped to guide their clients through the process. For instance, they should know the necessary documents required to transfer real estate from the seller to the buyer as well as the applicable government fees.

With a good real estate agent everybody wins in the end.

What other qualities do you look for in a real estate agent?  We would love to hear from you.

Your home is an important asset to own. Not just its financial benefits but also because of what it represents. A home offers security. It is generally viewed as a place of love, where memories are made, where families are built. It is because of these and many other reasons that many individuals desire to one day own their home. And just as there are reasons to want to own a home there are several reasons why individuals would want to sell their home: from personal reasons such as moving away, or accommodating a growing family, to financial reasons.

Whether you are selling or buying a home the real estate process can be a daunting task that if not handled properly can be exhausting and both the owner and the buyer can cause the process to be more difficult than it already is.

Here are a few tips to help homeowners avoid making mistakes that could hinder the selling process.

1)        Overpricing

Most sellers have a tendency to overprice their property. One of the main causes of overpricing results from the homeowner’s emotional attachment to their property. As a property owner, once you have made the decision to sell you should detach yourself emotionally from the home because this attachment does not affect the buyer’s decision. Bear in mind that a real estate transaction should be viewed and handled mainly as a business transaction. Homeowners can also overprice due to the property features that they believe to be of high value. However, what may seem appealing to the owner may not have the same appeal to the prospective buyer. The best way to avoid overpricing is by formulating a selling price based on the most recent property valuation and taking the price of similar properties in the area under consideration.

3)        Not Trusting the Agent

One of the most significant components of any personal or business relationship is trust. As a homeowner looking to list your property with a real estate agent or agency you have to ensure that there is an element of trust. Before listing your property, ask as many questions as you need to get comfortable working with the agent. If at the end of the conversation you feel like you cannot trust the agent it would be best to look elsewhere in order to avoid the tension that distrust is most likely to cause down the line.

Similarly to homeowners, buyers can make mistakes during the real estate transaction that they may eventually regret later:

1)        Lowballing

As a home buyer it is only natural that you would want the lowest price possible, however there is a big difference between negotiating to get a more affordable price and lowballing. Sometimes buyers can come in with unrealistic expectations about how much the property is worth. If you feel that the selling price is a bit steep and you really love the property, when negotiating it would be best to make a realistic offer that is not too low from the owner’s asking price.

2)        Searching for the cheapest property

Individuals searching for homes to purchase on a strict budget often keep their eyes open for the cheapest property they can find. What some homebuyers fail to consider is that most times cheaper properties tend to have many issues and require renovations. It is wise to find out as much about the property as you can, its value, structural integrity, etc. without only considering the price.  Before purchasing a home, you should be aware of anything that may be wrong and factor your findings into your final decision.

Were the above tips useful?  Share this article with family and friends.  If you need any clarification on this topic, feel free to email us at feedback@millenia.dm.

You’re Daydreaming about the Perfect Home—Finding yourself constantly daydreaming about features you wish your current house possessed? Is it an open-plan kitchen, triple garaging, swimming pool or master bathroom? You would be more comfortable if you upgraded to a more modern house packed with more features. You want a house that has it all. This is a sign that you are ready to move to a home with larger bathrooms, larger closets (maybe a walk-in), a home office, etc.

Your Family is Growing—Planning on growing your family or trying to cram your children into a shared bedroom? Then you are ready to move into a new home. Having the right amount of space is an important part of a happy household, especially as your children get older. Living with 1 bathroom might be manageable when your kids are toddlers, but just imagine 3 teenagers sharing one tiny bathroom. Mornings will get stressful really fast!

You Hate Your Commute—This sign that you’re ready to move into a new home sometimes has little to do with how much you love your home. It’s about your job and the amount of time it takes for you to travel from home to work. Long commutes can be mentally and   physically exhausting, not to mention financially draining with the current price of gas.  Spending more time in the car than you spend in your home is a sure sign that you need to move.

Your Voice Echoes in Your Home—Once your home was filled with the harmonious, melodic hum of a busy family. Now you ask your spouse where the keys to the car are and you hear your voice bounce off the walls like you’re in some sort of sanatorium. The kids are gone, and their noisy friends with them. When did that happen? Hard to say, but it happened and now your way too big house is just a haunting reminder of your kids’ absence. Time to ownsize. The space will feel more practical, and the limited square footage will discourage adult children from moving back in with you.

You Dread Caring for Your Yard—You might be ready to move if you are constantly frustrated with the upkeep of a huge     backyard or expensive landscaping. Consider moving to a home that has a smaller, more manageable yard.

Your Neighbourhood Has Changed —When you first moved into your neighbourhood, it may have been a quiet leafy street of single storey homes. However, neighbourhoods can change over time. If increased development caused by a growing population isn’t to your liking, it may be time to find somewhere away from the urban life.

When you come to the decision to move, be smart and seek advice from a trusted agent to get you up to speed with the market in the area in which you are looking to move.

You have done it! The documents have been signed, the sale has been finalized and the keys are now in your hands. Congratulations!!! Now that your real estate dreams have been realized and you are finally the owner of your dream home, what’s next? Now you are ready to move in.

Today we share a few simple but useful tips for homeowners who are moving into their newly purchased home.

1) First thing you do is change the locks of the new home! Do I need to say why? I did not think so! Apart from the previous owners, real estate agents, cleaners, maintenance workers you really have no idea how many strangers could have access to the keys of your newly purchased home.

2) Remember to have your mails forwarded to your new address! You may also need to have your address updated at important institutions. Otherwise your mail will keep being sent to your listed old address.

3) Do not give junk a free ride! Before you move, sort through your belongings and get rid of as much things as possible: sell, donate or throw away.

4) Make sure to pack socks in pairs! Just kidding, that was a bonus. This fourth tip is to place screws, bolts or plugs for all furniture in clear bags and tape them to the respective piece of furniture.

5) Label all boxes or bags with numbers and create a master list separated by rooms and place the relevant numbers with the room it belongs to.

Several years after Earl Seraphine moved from one part of Dominica to the other, he decided to sell one of his homes since he had no plans to move back and thought that the proceeds from the sale of the house would be of greater use at the time.  In the process of listing his home with the real estate agent he was asked the value of his home.  This was a question he just couldn’t answer factually since he had never done a valuation before and the understanding of valuation theory and methodology is not commonplace.  He started doing some research and fortunately found a competent and generous valuator who explained the importance of valuations and some of the different techniques used to prepare a valuation.

He learnt that there are several methodologies used for property valuations, three of the most common ones are Comparable Sales Method, Income Approach Method and Cost Approach Method.

The Comparable Sales Method compares the subject property with other similar properties in its vicinity to estimate the value of the subject property.  In addition to the location, this analysis examines characteristics such as the size, conditions, available utility, building regulations, business climate etc.  Not very often the property being valued has few comparative elements or may be unique. In such circumstances the less comparable elements would be estimated differently to ensure accuracy.

The Income Approach is more suitable for income generating properties because it allows investors to estimate the value of the property based on the income it produces or is expected to produce.  This would be useful for a buyer to determine if a property is a profitable investment.  The estimated income is discounted using the discounted cash flow model to determine the present value of the property.

The cost approach investigates the cost component of the property and this includes the cost of the land as if vacant, plus cost of construction.  Depreciation based on the age of the property is thereafter deducted.  It is said that the value is more accurate for new buildings.

It is important to note that there is no perfect method to value real estate never-the-less whether buying a home, selling one, using it as security or making improvements, knowing its worth is fundamental.

Earl having made the decision to sell one of his houses would want to ensure that he receives the value that his property is worth.  He could use the valuation as a guideline to price the property so that he can catch some home shoppers’ interest.

As a potential buyer a valuation is crucial to ensure that the amount asked for is not considerably higher than the actual value.  It is a pre-requisite in the property transfer process as the valuation is needed by the bank if the buyer is taking a mortgage.  It also forms part of the transfer documents to be submitted to the local registry.  It may also show that the buyer has done some homework and gives both parties grounds upon which they can negotiate a final price.

A valuation provides one with valuable information such as whether the price for a property is exaggerated or not and would give a seller a realistic price to market his property.  It is generally recommended that persons do not purchase property without first doing an assessment.  Likewise, it is good practice to value a property before putting it on the market.