The real estate industry can be brutal, but it can also be highly profitable. Many people have found great wealth in real estate, but they work very hard for their success. If you are willing to learn and work hard, you can make a full-time living. Here are a few things to know if you are considering going into real estate in New York.
1. Staging is critical.
The New York, real estate market is highly competitive. Buyers can afford to be picking, and they are willing to keep looking until they find a property that is exactly what they want. The benefits of staging a home are that it will present the potential buyer with the home’s potential. Home staging means using furniture and home decor to set up what the house could look like.
The stager’s goal is to make it feel like there is plenty of room and living spaces. The master bedroom will be arranged in a way that makes it the most appealing. A professional stager will ensure your property makes the best first impression on potential buyers.
2. Understand how mortgage loans work.
There are many mortgage options in New York, so it is important to understand those options to educate your buyers who may be concerned about their ability to get a mortgage loan. You will need to learn how down payment, interest rate, and loan type impact monthly payments. Basically, the more you understand mortgage loans, how they work, and how different factors will impact the buyer, the better equipped you will be to provide your client with the best possible customer service.
Word-of-mouth marketing is critical, and the happier your clients are with your service, the more likely they will be to recommend you to their friends and family. Your job is to help buyers find the house of their dreams and pay as little as possible for it. Anytime you can work with the seller’s agent to get some concessions for the buyer, they will like you even more.
When working for a seller, the goal is to get the highest possible price for the house. That means making sure it presents perfectly, the open house is widely advertised and well attended, and you are readily available to answer questions and solve problems.
Even if the things you do are relatively minor and take only a few seconds, it will make the seller feel that you are really working in their best interest. When you make suggestions about the house’s presentation, it is important to show them afterward how well things went due to those suggestions.
3. You need to work with the buyer and the seller.
A successful real estate agent will work with both buyers and sellers, which means you need to be comfortable with the staging, marketing, and selling side of real estate, but also the finding properties based on the client’s needs, showing properties, and working with the sellers’ agents. When you are working with a seller, you need to offer professional advice to ensure they get a higher offer than they were expecting.
You need to explain why an empty house won’t sell well, so you need to work with a stager. Working on both sides of the market will be to your advantage in the long run, even though it is more work. Working on both sides of the market will also help you know exactly what is available in different neighborhoods. The faster you can put together a list of showings for a buyer, the more impressed they will be with your work.