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News from The Front Lines of Real Estate

Real estate transactions are rarely easy, but they have become even more hectic during the global pandemic. Active inventory has hit historic lows while demand is extraordinarily high and agents finding success in this market are dusting off old skills while honing news ones. I do believe that with the right preparation, many consumers will find that this is a good time to buy and/or sell real estate, but you will need to go into it with a plan. Here are a few tips that I’d like to share as you hire a broker to fulfill those plans.

This is not the time to break-in a rookie: Oh sure, you want to help-out that family friend or relative gain a foothold in the business and you need to hire somebody right? In my opinion buyers and sellers need a steady hand right now, you’ll want tenure. Preferably an agent or broker that has worked in the best and worst of market conditions because right now, it’s a little of both.

Don’t get pre-qualified, get pre-approved: I hate to argue with catchy ad campaigns but simply filling-out an online application with Rocket Mortgage just won’t get it get it done in this fast-paced market. Find a local lender then get your credit, income, assets and job history verified before writing offers. Buyers should know that the online mortgage originators have a poor reputation for closing on time among real estate professionals. Their advertising makes it sound easy, it usually isn’t, sophisticated sellers and seasoned listing agents know that.

Great technology skills are critical: Buying a home sight-unseen is becoming a real thing. Think about the trust and confidence that these buyers must have in their representative to accomplish that. Strong listing agents are deploying pre-inspections, professional photography and 3D virtual tours. Agents must be very tech-savvy and we used to say that paperless transactions were in all our futures. From digital signatures to great photography and online connectivity, the future is now.

Don’t hire a salesperson, find a trusted advisor: Thanks to technology, finding the right home or a buyer for your home is easy, that gets you to first base. You’ve still got three bases to go and that’s when you may realize that you need a seasoned “Air-Traffic Controller”. For example, managing contract contingencies has never been more critical and simple elements such as appraisals often become deal-breaking issues in many transactions right now. Hire a representative that will help you see around those corners.

Who would have thought that the real estate market would remain so strong while so many industries are failing? Some are forecasting that the real estate industry will lead the economic recovery. While no one can predict the future, we all have the opportunity to hire the right professionals to assist with the now. I hope this helps, stay safe.

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