We can guarantee you that the best advisers for real estate buyers are honest realtors who have long experience in selling properties and dealing with clients. We summarized eight valuable lessons that a buyer can use when looking for a good find.
1. Go for something that is classy, not flashy.
Marianne Prendergast is one of the most prolific realtors in Virginia, and one thing that she has learned from her upscale clients is that houses are meant to be classy and not flashy. Something grand is not automatically sophisticated. There is also the issue of taxation and maintenance, which a buyer may not be too well-informed about.
2. Choose a realtor that is a “show and sell, not show and tell.”
This is Myra Nourmand’s principle which she has been fateful to all these years. Many realtors like to brag about a good sale just to impress a new client. However, that is not a healthy practice as it compromises a buyer’s security. If that realtor can talk about his past clients with you, you are guaranteed to be the subject of his stories upon getting a new client after you. Look for a realtor that upholds confidentiality.
3. Look for a realtor that really loves houses.
Debbie Romness confesses to love houses even before she joined the real estate industry. She’s just fascinated with them, and it is perhaps the reason why she’s so effective in finding the right property for her clients.
With two decades of experience, she has learned that the best offers happen when she genuinely wants a client to own a property she deems perfect. As a buyer, you also have to find someone who can advise based on genuine willingness to help and not eagerness to sell.
4. Stick with a realtor you had a good deal with.
Robert Schulman once closed a $25-million deal despite not being the primary realtor involved with the full-floor apartment. The property was handled by another real estate company but the client insisted that Schulman be included in the transaction. What’s the reason? The client was a happy client paying a debt of gratitude.
When a buyer sticks with a good realtor, their relationship is raised to another level. The perks include better finds, and sometimes, free services.
5. Ask questions you already know the answer to.
Acting dumb is not a good idea, but asking questions to know if a realtor tells the truth works quite often. You just have to be selective of your questions.
Zarbod Zanganeh, the president of his own firm, learned this from, who else, but the king of pop himself, Michael Jackson. According to him, MJ was a knowledgeable client who knew how to validate people’s honesty and motivation. He asked questions despite knowing the answers just to ensure that he had the right people around him.
A buyer should also know how to catch a liar by the tongue because the real estate industry has a lot of liars for an agent.
6. Give yourself six months to negotiate for a house you truly want.
It’s quite a long wait for a lot of buyers, but if you are not in a hurry, this is the perfect length for a negotiation.
Kelly Zaccaro knows that some of her wealthy clients overprice their properties, and unfortunately, many of her buyers are not willing to pay for the asking price. To meet in between, she settles negotiations that at times take six months.
Come to think of it. Six months is nothing compared to the lifetime of happiness you’ll have in a property.
7. Look at print ads.
Shaun Tull is one of the many realtors who like to put real estate ads on print media rather than on many online marketing platforms. He is simply a believer of beauty in print. There is a big chance that you will be seeing better ads with better information on print, so go get that magazine and start browsing.
However, don’t ever overrule the power of online listing because they have wider networks. We, for instance, offer some of the longest lists in the market for you to choose from. We also have partnership with the top realtors in the state, something that a print ad won’t give you.
It is just a matter of choosing who to work with.
8. Know how to inspect a house in a technical way.
When David Kramer brokered the sale of the Spelling Mansion in 2011, he felt weird earning a huge commission from only one deal amounting to $85,000,000. But what’s even weirder is how his buyer, heiress Petra Stunt (the daughter of Formula One’s Bernie Ecclestone), inspected the entire mansion.
Petra had a whole team of Phds and licensed forensic experts do the inspection for her. A lab was practically set up in the middle of the mansion just to test for mildews and molds. We think that it’s a bit overboard, but your level of inspection should definitely match the price of the property you want to buy.
It is not wrong to be technical about your inspection. Spend some money if needed because the money you’ll need for renovating and fixing a house that has not been inspected is sure to be bigger.
Learning from other realtors’ experience will help any buyer in finding the best deal they can have. However, we still recommend that you meet with an experienced realtor personally because nothing beats face-to-face consultation, especially if it’s about something that involves a lot of money.
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