SLIPPERY SLOPES OF REAL ESTATE TRANSACTIONS

Posted on Monday, November 25, 2019

We all have had the experience of searching for a new apartment or sometimes having to buy a new house and we know it usually involves a lot of emotions. The truth is that Real estate transactions are known to be tedious and emotional journeys which many times gets prolonged, further aggravating the mixed emotional feelings. While we all at one point in our lives have to take these kinds of decisions, the ordeal is one that many hate to deal with and prefer to avoid. But must this be the norm?

The good news is that Real estate transactions do not have to be complicated, stressful or risky…. Yes! This is possible when you have the right information and expertise to guide you in your decision making. The Not so good news is that it could be quite difficult getting the right information and expertise needed to guide you through. 

The fear and uncertainties associated with buying or renting an apartment can be avoided by having an understanding of the processes and best approach to each step of the transaction.

In the following weeks we will be revealing a couple of things that you need to ensure a smooth and safe real estate transaction. We will present them as simple as possible while offering recommendations to help you real time. 

WHO TO WORK WITH:

This is the most important determinant in achieving your real estate goal void of complications and it cannot be overemphasized. While it initially seems cheaper and easier to work with a road side agent, without the qualification/ understanding of the legalities involved in legal contracts, they are not equipped to deal with complications that may arise, and this becomes a costly risk. Their numbers and ability to comb the market is a strength, but it is nothing compared to what is at stake. Professional realtors are trained and have the necessary qualifications to handle real estate transactions from start to finish.

We will briefly highlight some of the slippery slopes below.

Understanding The Clients Request: The first step is always “The Request” What the client needs. A proper understanding of this is important to ensure a speedy and stress-free transaction; but the details of the request usually becomes lost in transmission from one agent to another, as they connect with one another. This results in wasteful viewings, as options presented are usually far from the original request made (size, budget, location, type etc). 

Control Of The Transaction: There is the issue of who has control of the dynamics of the transaction. Who is speaking with the decision maker? Who holds them accountable to the commitments made? Many times, the professionals through influence are able to maintain control and have direct contact with the owner of the property on one side or the Buyer/ Renter on the other. This is very important in real estate transactions because information dissemination could get diluted or thwarted as the chain between the buyer and seller lengthens.

Due Diligence: “Professionalism is knowing what to do, when to do it, and doing it (Frank Tyger).Consider this, If Mr Tim employed the services of a professional real estate agent he wouldn’t be in court fighting to get his money back after paying to the wrong person whom he thought owned the property he bought, due to the negligence of the agent he employed. A professional Realtor has the moral obligation by training, to conduct a measure of search to ensure that he deals with the right people and that payment is made to the right person in real estate transactions. 

Market Knowledge: Red Adair once said If you think it is expensive to hire a professional, wait till you hire an amateur. Professionals never guess, they make it their business to know their business; Mrs Tonya would not have paid above market value for her property, if she had engaged the services of a professional Realtor. As he would have ensured a valuation was carried out on the property to help in decision making. It is better to enjoy reliable market knowledge and not fall into the trap of being led blindly by just any agent.

It is important to work with industry experts with first-hand experience in:

  • Residential and Commercial developments.

  • Leasing, Sales and Acquisition.

  • Valuation of properties and other assets.

  • Advisory services.

  • Land acquisition.

  • Effective negotiations.

  • Assets and Facility Management.

Reliability: Above all, professionals look out for your best interest, ensuring they get you the best deals within your budget and timeframe. A professional Realtor will always look out for your best interest because he thrives on relationships and wants to leave you feeling satisfied and fulfilled.

At KingsCourt Realtors our core values are Integrity, Market Knowledge and Reliability. We handle the entire transaction with utmost professionalism from start to finish giving you the best experience. Michelle Moore once said, Professional accountability is a good thing and without it, excellence is merely a pipe dream, and even average performance isn’t a realistic expectation.

So as you go about your activities this month, Look out for an industry professional who you can trust, to avoid the slippery slopes of unnecessary complications and risks that no doubt are associated with Real estate transactions.

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