Some Young Foo

Lessons Learned in Real Estate

April 6, 2008 · Leave a Comment

From Pete, a veteran investor / rehabber, over lunch at Maxwell’s on Dempster Road:

  • The name is the game (location).
  • Where is the property located? Close to shopping, transportation, schools, entertainment.
  • You gotta have guts.
  • Expect to lose some deals, it’s part of learning.

When interviewing a seller’s agent to help sell your home, ask the prospective agent:

  • How much experience they have
  • How long their listings have been in the market
  • How many listings sold in the last 12 months
  • How long it takes to sell a home in today’s market
  • The average selling price
  • How list price is established
  • List price-to-sale price ratio
  • How they’ll market your home
  • Any to-do items before marketing your home
  • How they’ll communicate with you

Buying or Renting. If you’re new in town, rent for two years before buying a house.

Categories: Real Estate
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