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How an experienced real estate agent can get you more for the home you need to sell.
Are you looking to sell your home? If so,your choice of real estate agent could mean the difference of $25,000!
According to a report published in the Journal of Housing Research,homes listed by experienced real estate agents sell for $25,000 dollars more,on average,than those listed by less experienced agents.
For real estate agents,experience brings numerous advantages. For example,experienced agents tend to have better market knowledge,stronger negotiating skills,and a wider professional network—all of which help to provide you with the smoothest home selling experience possible.
According to Bennie Waller,a professor of finance in real estate at Longwood University in Farmville,VA,and the author of the report,”The more experience you have,the more likely you are to sell the properties that you list,the more likely you are to sell it at a higher price and the less time it stays on the market.”
1This is especially true for homeowners trying to sell a home because they are struggling with mortgage payments or facing foreclosure.While there are many options available for homeowners in this situation,it takes a trained and experienced agent to help these homeowners understand their circumstances,review their options,and navigate the best possible solution.
Whatever your reason for selling your home,choosing the right agent is crucial.Let’s take a closer look at 3 major benefits of working with an experienced agent.
An Experienced Agent Is More Likely to Sell Your Home
In general,agents with more experience are more likely to sell your home.In fact,the same report finds that veteran agents,or agents with more than 10 years of experience,are 1.6 times as likely to sell your home compared to rookie agents or agents with less than two years of experience.
Agents with a lot of experience in a specific area or neighborhood are tuned into why and how homes in that area sell.These agents work with you to develop tailored pricing and marketing strategies,helping guarantee that you sell your home.
The same is especially true for distressed or underwater homeowners.An underwater homeowner is someone who owes more on the mortgage than the home is worth.Selling a distressed property can be complicated,and it takes an experienced agent to understand and help you navigate the options available.
For example,a short sale is often a good option for homeowners underwater on their mortgage.In a short sale,a lender accepts less than the full balance owed on a loan.However,successfully completing a short sale requires the agent to have intimate knowledge of the process and paperwork,a strong supporting team,and good report with lenders,among other qualities. Agents trained and experienced in distressed properties will possess all of these tools and more.
An Experienced Agent Will Sell Your Home for More
The more experience an agent has,the better he or she understands how to list,market,and sell your home.This means selling your home for more—12.6% more or $25,000 dollars on average. Why? Experienced real estate agents understand your neighborhood and market conditions. Today,many markets“seller’s markets,”or markets where there are more people trying to buy homes then there are homes available.This means many homeowners are able to sell their homes for even more than they thought possible.Experienced agents know the current conditions of your market and can help you devise a competitive pricing strategy that will get you top dollar for your home.
Experienced agents also possess strong negotiating skills.When offers start coming in,these agents filter them down to only serious and competitive offers.Then,they will help you to close the deal for the best possible price.
An Experienced Agent Will Sell Your Home More Quickly
Experienced real estate agents also help your achieve your goals much,much faster.In fact, veteran agents sell homes 32% faster than rookie agents.That means less headache and time spent on selling your home,and more time on what comes next.
Apart from pricing and staging your home properly,experienced agents have a wide professional network.By reaching out to their extensive network,these agents are able to find the perfect buyer for your home more quickly.
For struggling homeowners,experienced agents with specific training can help you sell your home up to 50% faster.In addition to a wide network,experienced agents understand the ins-and-outs of selling a distressed property,from identifying the best solution to completing the process in the most efficient way possible.
For Experience and Expertise, Work With a CDPE!
As an experienced real estate agent with the Certified Distressed Property Expert® (CDPE) designation,I have devoted myself to serving the homeowners in our area.Whatever your reason for selling your home,I am here to help!
As a CDPE,I am extensively trained and experienced in helping clients facing foreclosure find the best possible solution to their situations.I’m plugged into the major lenders,up-to-date on Federal and local government assistance programs,and a member of the real estate industry’s most recognized network of agents.
Today,there are more options than ever for homeowners facing foreclosure.It is my mission to help as many homeowners as possible find the solution for their situation!
If you or someone you know is facing foreclosure,contact me today! I’m here to serve as a trusted advisor and to lend all of my training,experience,and expertise to helping you navigate your options.
Six military veterans will soon have their dreams of homeownership fulfilled thanks to the efforts of Orlando REALTORS®. Behind-the-scenes work has been going on for more than a year, but an affordable housing initiative spearheaded by local REALTORS® officially launched on February 24 when the City of Orlando approved the donation of six lots in downtown Orlando to the Florida Real Estate Foundation, the charitable arm of the Orlando Regional REALTOR® Association. The lots are located in the Parramore neighborhood off Benson Avenue, on Polk Street and Jefferson Street. “The foundation and its project partners are grateful to the Orlando City Council for their donation of the six lots. By removing the cost of the land, the city’s donation will contribute to the homes’ affordability and will help enormously in getting the project off the ground,” says REALTOR® Beverly Evans, of Axel Real Estate, Inc., and chairman of the Florida Real Estate Foundation. “The City of Orlando is pleased to support the Florida Real Estate Foundation initiative,” adds Orlando Mayor Buddy Dyer. “Through the Pathways for Parramore initiative, the City of Orlando has made significant strides in revitalizing the Parramore neighborhood including a focus on providing more opportunities for homeownership in the community. This partnership with the foundation will further support these efforts.” The six contiguous lots donated to the foundation will be transformed into Heroes’ Commons at Jefferson Park, a “village” which centers around six detached, single-family homes. The village will include shared garage access, green space, and connectivity between the homes to create a commons area.
The primary goal of Heroes’ Commons at Jefferson Park is to provide mortgage-free homes to (in order of priority):
- Income-qualified, disabled veterans from any branch of the United States Armed Forces;
- Income-qualified veterans; or
- Income-qualified City of Orlando and Orange County public safety employees*.
“The Orlando Regional REALTOR® Association is honored to offer homeownership to those who have served,” says ORRA Chairman Zola Szerencses, RE/MAX 200 Realty. “The service men and women who defend our country and our way of life are also defending the American dream of homeownership, for which REALTORS® are grateful.” Future homeowners will have access to supportive social services that ease the transition to civilian life and family life. Customized services related to mental health, physical health, and education will be available for as long as they are needed. Housing and Neighborhood Development Services (HANDS) of Central Florida has once again partnered with the foundation to handle qualifying potential homeowners and ensuring that they fulfill the project’s income and education requirements. A military veteran or City of Orlando/Orange County public safety employee who is interested in becoming a Heroes’ Commons at Jefferson Park homeowner can contact HANDS by visiting http://www.cflhands.org/index.php or calling 407.447.5686.
Florida Real Estate Foundation’s Heroes’ Commons at Jefferson Park Project Partners:
Orlando Regional REALTOR® Association | Central Florida Chapter of the American Institute of Architects | Central Florida Urban League | City of Orlando | Fair Housing Continuum, Inc.| Home Builders Association of Metro Orlando| Housing and Neighborhood Development Services of Central Florida, Inc. The Florida Real Estate Foundation was created by the Orlando Regional REALTOR® Association in 2005 to address Central Florida’s critical need for affordable, workforce housing. Heroes’ Commons at Jefferson Park will be a project of the foundation’s award winning “Art in Architecture” program. The Orlando Regional REALTOR® Association represents more than 9,500 real estate professionals throughout Central Florida and protects the private property rights of all homeowners. “Public Safety Employees” are defined by the City of Orlando and Orange County to mean those persons who are full-time, sworn employees of local police departments, sheriff’s office, corrections departments, or other law enforcement agencies; and members of local fire departments responsible for at least one of the following: fire suppression, emergency medical response and patient care, fire and injury prevention, arson investigation, hazardous materials incident response and management, and/or response to acts of terrorism. Brought to you by:
Renting out your house can be a smart financial move, as long as you calculate your costs carefully.
You have a single-family house and you are considering renting out your home. Perhaps you’re temporarily relocating for work, or maybe you inherited your childhood home from your parents, and you’re not quite ready to part with it yet.
Renting can be a profitable choice, but it requires an investment of time, money, and organization to make it work. Here’s how to determine whether renting out your house is worth the cost.
Calculate your monthly expenses
You want to charge at least enough to cover your monthly outlay. So the first step is to use our free downloadable worksheet to calculate your costs. Start with regular expenses like mortgage, maintenance, and homeowners association dues.
You may also need to upgrade your insurance coverage. Your agent can advise you about adding landlord insurance, a special type of policy that covers rental properties. As a rule, landlord insurance costs about 25% more than standard homeowners insurance.
If you’re renting the house furnished, make sure you’re covered for the personal possessions you leave behind. Jane Cline, the insurance commissioner of West Virginia, tells owners to prepare a detailed inventory of household items. If you’re renting the house unfurnished, figure in the costs of moving and storing your items.
Check out prospective tenants
As a practical matter, you’ll have to formally check out your prospective renters. MrLandlord.com, an information and service site for landlords, suggests a variety of background checks: credit reports, eviction reports, and criminal background reports. None of these is expensive, but you must get your prospects’ permission.
MrLandlord.com charges $8.95 for an eviction report. A combined credit and eviction report is $14.95. If you want to be especially careful, a countywide criminal report costs $29.95.
Account for maintenance and upgrades
Even with the most scrupulous checks, you can’t be completely sure renters will take good care of your home. Eva Rosenberg, an enrolled agent in Northridge, Calif., advises that if you’re not within easy driving distance of your rental property, you’ll need to arrange for someone else to keep an eye on the place, even if it’s just to make sure the lawn is mowed. If the tenants are neglecting upkeep, you’ll want to know about it sooner rather than later, since it could be a warning sign of trouble down the line.
Of course, even if the renters are conscientious, problems can crop up: boilers will fail; roofs may leak; washing machine hoses can burst. If household systems or appliances need repair or replacement, you’re better off spending the money up front, before the fix becomes an expensive emergency.
You may also want to invest in some of the “extras” that Sue Peters, a broker in Wellfleet, Mass., recommends adding to attract a tenant willing to pay a higher fee. She suggests spending money on air conditioning, expanded-channel cable TV, and a Wi-Fi network.
Don’t want the headaches? Hire a property manager
You can save yourself a lot of time and effort if you engage a management company to oversee the property and take care of the details. Some firms charge a percentage of the rental fee, others a flat monthly fee, based on the extent of services. Joe Aimone of GoRenter in Phoenix, Ariz., says his firm offers a variety of services, starting at as little as $50 a month, including general maintenance, rent collection, and—if necessary—eviction.
A management company can help you figure out how much to charge, find and vet tenants, and prepare a lease. It will also pay the real estate taxes on your behalf and present you with an annual 1099 form. Many management companies maintain 24-hour emergency lines and a roster of approved service people, so they can take care of plumbing or electrical problems and bill you later. A property manager will also see that driveways and sidewalks are shoveled, so you don’t find yourself with an unpleasant claim against your liability insurance.
Expect to pay a management company 8% to 10% of the annual gross rent, on average, with a $50 to $85 monthly minimum.
Keep scrupulous records
Whether or not you use a management company, you’ll have to keep extensive business records. DeDe Jones, CFP, CPA, in Lakewood, Colo., advises owners to save receipts for any expenses and to file them carefully.
The IRS treats maintenance expenditures, like a new hot-water heater, differently from capital improvements, such as a new deck or patio, so you’ll want to consult a tax professional. Meanwhile, keep the two types of receipts separate to make tax prep easier. You’ll have to file Schedule E on Form 1040, which can also serve as a template for the kinds of records you’ll need.
Finally, because of the complex tax and liability issues involved, many financial experts suggest forming a corporation when you become a landlord. An attorney can advise you about whether incorporating makes sense in your situation.
- Published: May 21, 2010
- By: Richard Koreto