Real Estates as the simple explanation goes is the business of buying a piece of land and building on it. It can be a small independent house, a big apartment complex or even a massive office building with state of the art amenities.
One can either be an agent in this business or an investor. Both stand to gain from the profits of the business as both roles are extremely crucial for the business’ success. An investor will have to plan the money flow and decide on how to invest in a project. An agent will have to get suitable projects to invest in and also sell it once the building is completed.
When you are a real estate agent who is buying and selling properties to the general people, here are a few services you will have to provide addenda to them. Here are some points to cover in your addenda:
• Inspection – This basically covers the inspection of the site, providing the inspection report and all negotiations related to the inspection. A property cannot be handed over without an inspection and showing proof to the buyer that the property being handed over meets all the specifications laid out in the contract.
• Septic – It is the duty of the builder and seller to ensure proper septic system in place while handing over a built property. This part will cover details of who will pay for the corrections; changes etc. a correction or change is different from drain repairs. The builder will cover the initial part where the drain systems are provided. An agreement can also include details about repairs thereof.
• Property Condition- The seller will have to provide a property condition report, highlighting the areas of the defect, as well as major repairs that have been carried in the property, in the past. This part of covering about major repairs mostly comes into play when the property comes for a resale. There are instances where major repairs have been done for a new property as well, but that is a rare scenario.
Last week, I read an article written in a financial magazine that the real estate sector is on a low because of some stringent economic policies and natural disasters. The prices are at an all-time low and builders are running into depth. Many projects have been stalled and several real estate tycoons have lost their money. My cousin had paid a hefty sum to a builder for a luxury apartment. She canceled it as the project was extremely lagging and the refunding is yet to be made. Still, I came to know about multiple real estate transactions. Land and houses were getting sold at good prices. How did these owners manage to sell their properties without heavy compromises?
Demand drives the business and quality drives the demand
Every business runs on the concept of demand and supply. In the above case, supply is surplus and demand is still strong. People need houses to live and they are still earning. Then what made the aforementioned builder run into debts? How did this project go stalled? Yes, it was lack of demand because of poor quality and lack of service after occupancy.
You shouldn’t meet the fate of my cousin or the builder. Here are some practical tips for sellers in the real estate sector:
As a builder, study the market and customer preference thoroughly first. The feedback you get is to be considered. Do not compromise on the quality of building materials used by keeping profit alone in mind.
Just like the building structure, the finishing and furnishings should be duly completed to create the desired appearance and atmosphere in the house or apartment.
The first look and welcoming warmth of houses depend on the flow of light, air and interior arrangement.
Lightings can improve or destroy the first impression of your property, but sellers often prefer to ignore the schematic approach such as that followed by http://modern.place in it.
Provide after occupancy service up to certain duration for maintaining the trust of the customers and to know the response of your work.
Real estate can really become your wealth if you bother to add some wealthy effort and intelligence to it.