RSS

Tag Archives: sell a home

What you Need to Know if you Decide to Rent out your Home

The economy has changed the way people are handling their homes.  Most specifically, many people have not been able to sell due to an upside down mortgage so they rent out their home and wait it out.  People often decide to rent out their home until they have enough equity in the home to sell.

In general this can be a great way of making sure you have money coming in and aren’t at risk of losing your home.  It seems like every other person these days is renting out their home and honestly, rental homes are in huge demand these days due to people having poor credit or not enough money to buy a home.

An ideal situation is when you can get a tenant who would like to sign a rent to own deal.  You are renting the home out, but the possibility of those same people buying your home after a certain length of time increases due to the lease you put together.  If the renters decide not to buy, you get an amount of money that is non-refundable because the renters changed their mind.  It’s more of a win-win situation.

The problem arises when you have a renter sign a long-term lease (say for two years) and then want to sell the home before the lease is up.  Sure you might be able to sell the home depending on the way the lease is written up, but the renters can still stay in the home until their lease is up (unless you wrote something in the lease to the contrary).  This means that any potential buyer has to agree to be a landlord for a particular amount of time before they can take over the property.

There are times when this might not be a bad solution.  If you have a starter home that would make a great investment property, having a renter occupying the home might be a plus.  If you have a bigger home though, you won’t attract the investors and most buyers will look elsewhere.

I encourage you to always contact an attorney and have them write out a lease if you decide to rent out your property at any time.  Make sure you understand all of the issues that could arise if you want to sell at some point down the line.  Just because every other person is becoming a landlord these days doesn’t mean they understand all of the implications of what they are doing.

Research as much as you can.  Get expert opinions and make sure you fully understand what you are about to undertake before you decide to rent out your home.

 
2 Comments

Posted by on February 8, 2013 in business, how to, rental property

 

Tags: , , , , , , ,

A Key Ingredient For Success

When looking into a possible career in real estate, there is one thing that needs to be understood.  To be a real estate agent is to have a sales job.  I have met several people over the last few months who heard what I did and said that they were thinking of quitting their job and becoming an agent.  These were people who were social or liked to look at pretty homes or were just burnt out and looking for something different.

Real estate is all about sales.  How you present yourself to a potential client.  What tools you use to successfully sell a home.  Being able to negotiate any offers that come in.  It’s all presentation.  Sales is one of those areas where you have it or you don’t.  To be successful, you need drive and ambition.  You also need confidence in your own abilities and an understanding of what style works well for you.  Cultivate that style and you have an excellent chance of doing well in a sales career.

So what do you do when there are well-meaning people surrounding you who go beyond giving advice?  Have you experienced working with someone who insisted that you forget your own methods and concentrate on their way of doing things?  I have had many jobs unrelated to real estate where there was a supervisor, manager, team leader or co-worker who insisted that the only way to accomplish something was to do it their way.

I find this to be short-sighted and rather unnerving.  It’s one thing to have an open mind and try out a variety of ways to get from point A to point B.  Sure someone else may know best.  When someone else dictates your form though, especially in sales, problems will inevitably occur.

Everyone has their own style.  The way to achieve greatness is to take the tried and true ways to gain business and approach it from your own personal style.  Without mixing in a persons personal form, you will come across as robotic, unpolished and inadequate.

Look I have tried some methods that have been completely against what is comfortable for me.  What I truly understand is some methods of going after business I balk at because they aren’t within my ethical code.  I will not promise people things I can’t deliver.  I won’t call people and then, call them again and again when they have told me they aren’t interested.  I won’t abuse my friends and family by constantly harping on them to find me business or overload them with a bunch of real estate information they aren’t interested in.  Basically, anything that screams of being like a used car salesman is not something I am willing to do.

So the key to success in a career in sales is to find your own voice and be proud of it.  Listen to the advice of others, sure.  Take what works and discard the rest.  Most importantly, no matter how much someone is in your ear trying to make you handle yourself in a manner that isn’t what you are about, stay true to yourself.  Block out their voice and concentrate on your own.  In the long run it is you that you have to count on.  Others won’t be supporting you so trusting in yourself is imperative in reaching the success you are after.

 
Leave a comment

Posted by on October 4, 2012 in advice, career, life, lifestyle, opinion, personal

 

Tags: , , , , , , , , ,

Spinning My Wheels, but Determined!

I’m getting to that spot where I feel like the shampoo bottle instructions.  Wash, Rinse, Repeat.  Basically that is how I have been getting through the last few weeks.  I can prospect by doing one or all of the following.  Contact for sale by owners, foreclosed properties and expired listings all in the hope that someone might want to list their home with me.  I can hand out flyers, contact companies that would have interactions with people looking for a home (wedding planners, divorce attorney’s, bankruptcy attorney’s…) and I can email my “sphere of influence” meaning the people I know with snippets of news about the housing market, and oh, by the way, are you looking to buy or sell a home?

Sure there are a few other things I can do.  I can spend money and advertise.  You can market yourself in a million ways on the web and in person.  The point is, after weeks of hustling, it really comes down to the same rotation of things to do in hopes of getting an eager participant.

I love Real Estate and I especially love being able to work with a client.  The first few months is like a virtual rollercoaster ride of ups and downs, twists and turns.  You have really got to be a thrill seeker to keep jumping back on that coaster and go for another ride.

I am determined to see this thing through.  I want to be able to say that I went on the biggest, scariest rollercoaster ever and not only survived it, but loved it so much that I am bored and want to find something even bigger to tackle.

 
10 Comments

Posted by on September 5, 2012 in career, job, lifestyle, opinion, personal, thoughts

 

Tags: , , , , , , , , ,

Interview with Carolyn Coakley of Real Estate One

As part of my Adventures in Real Estate blog, I thought it would be beneficial to interview some Real Estate Agents who were in different stages of their career.  I met up with Carolyn Coakley from the Real Estate One, Royal Oak office who graciously allowed me to interview her about her experiences as a Real Estate Agent.

Carolyn, who is a native of Baltimore, Maryland, has a fascinating background.  After attending and receiving a Master’s Degree from the University of Virginia and Harvard University, Carolyn settled into the Title Insurance and Mortgage industry where she worked for over 25 years.  Along the way, she has also spent her time teaching at some of the most prestigious universities in the country.

This wonderful woman with her lovely southern accent is so charming, sweet and authentic that I knew she would make a perfect candidate to interview for this blog.  I hope you enjoy reading her interview as much as I enjoyed meeting up with her to have the following conversation.

INTERVIEW

1.  What made you decide to get into Real Estate?

I worked in the Real Estate industry for over 25 years.  I knew I wanted to work for myself, and becoming a Real Estate Agent seemed to be a natural fit.

2.  How long have you been a Real Estate Agent?

I have been an agent for almost 6 months.

3.  What has been the best part of your job?

I love dealing with every personality type.  I love people, what makes them click, interacting and negotiating.  I am fascinated with the variety of people I encounter from day to day, and it truly is the best part of my job.

4.  What has been your least favorite part of your job?

Honestly, it’s climbing up and down stairs in homes that have no banisters.

5.  What has been your best experience?

Finding a home for a Major in the Marine Corps without him or his wife viewing the properties in person.  I found out what they were looking for, sent those photos of potential homes and they narrowed the choices down to a home they thought they would love.  I met them for the first time at the closing.  After signing papers, I showed them to their new home, unlocked their door and handed them their key.  They walked in and fell in love with their home.  It was an incredible and very satisfying moment.

6.  Do you have any unusual stories you would like to share?

I was showing a home to a couple and went down to check out the unfinished basement.  In the corner I saw a shadowy figure moving around.  I watched it until it disappeared. I had just seen a ghost.

7.  What do you enjoy most about working for Real Estate One?

The people in the office.  Everyone is a true professional and characters in their own right.

8.   Are short-sales or leases a big portion of the transactions you have encountered?

Leases are a big portion of my client base right now.  There is a shortage of available housing so people are turning to leases for the time being.

9.  What advice would you give to someone looking to sell their home?

Sell now.  You have a great opportunity to get your asking price if your home is priced right.  Multiple offers on a well priced home are very common these days.

10.  What advice would you give to someone looking to buy a home?

Have patience.  You can fall in love with a home at noon and that very home might be sold by 5pm.  There is a shortage of inventory and so being patient and continuously on the lookout for what new listings are hitting the market is key.

 

Carolyn Coakley is a licensed Real Estate Agent at Real Estate One in Royal Oak, MI.  If you are interested in Buying, Selling or Leasing a home, you can contact Carolyn Coakley at:

Real Estate One
26236 Woodward Ave.
Royal Oak, MI 48067

Cell: (313) 461-3983
Office: (248) 548-9100

Email: carolyn.coakley@gmail.com
Website: http://www.carolynmovesme.com

 
2 Comments

Posted by on August 6, 2012 in career, job, life, people

 

Tags: , , , , , , , ,

 
%d bloggers like this: