It is useful to know the key players in the real estate business. Like sports superstars, the most successful investors in the real estate business form a team and network of people of the highest caliber to train them, develop their skills, extend their reach, and support their efforts. These are the people you should invite to your team.
Real estate agent: Hello, my name is Janette. I am a licensed real estate broker. We have an expert knowledge of our surrounding real estate market. If you are interested in buying a home, please come by my office and I will introduce you to one of our sales associates.
Real Estate Sales Associate: Hi, I’m Tanya. I am a Licensed Sales Associate and Realtor®. I can show you hundreds of properties using our Multiple Listing Service (MLS). And I’ll give you valuable market information on prices and trends at no charge or obligation. MLS will show hundreds of properties. We can quickly isolate the ones that best suit your needs. When you’re ready, we’ll take a tour of the ones you want to investigate further. My fee is generally paid by the seller and is a percentage of the final purchase price.
Appraiser: Hello my friend, I am Kevin, a State Certified and Licensed Appraiser. In order for you to obtain financing, your bank or lender will hire me to determine its market value. To protect your investment and protect you, it is my responsibility to ensure that the purchase price or loan amount matches the market value. To get to market value, I research current listings and sales transactions for similar properties in the area. I will also report on the actual condition of the property and the surrounding neighborhood. If the purchase price and the loan amount are in line with the market value, everyone is satisfied. My fee is usually $ 300 or $ 450.
General contractor: Hi, I’m Bob. If you have a residential rehabilitation project, give me a call. It does not matter if the project is small or large. I will show you a portfolio of my previous work and a list of references. Don’t forget to make sure all of your contractors are licensed, properly insured, and have workers’ compensation. You don’t want to be sued for someone else’s mistake or bad judgment.
Surveyor: Hi, I’m Russell. I am a licensed surveyor. It is particularly important to survey properties in older neighborhoods because property limits are often not strictly enforced over the years. A lender will likely require a survey. If your neighbor’s fence or garage is encroaching on your property, you don’t want it to continue or you may lose your property rights. I will provide you with a drawing of the exact boundaries of your property, buildings, utility easements, and any encroachments. If you want to build or sell a part of your land, a survey will be necessary. My fee is typically $ 225. – $ 350.
Home inspector: Hi, I’m David. I am a trained home inspector. Before buying a used home, you will probably want to give me a call. I will warn you if you are buying any serious problem. My job is to thoroughly inspect the property for anything that I think may cause problems for you in the future. If the roof is leaking or has ever leaked, you are likely to find out. If the electrical service is not wired correctly or does not comply with the code, I will report it. I will write down all my findings and send them to you. This report may allow you to terminate a contract and / or negotiate some price concessions. My fee is typically $ 225. – $ 400.
Title agent: Hi, I’m June. I am a trained and closest title agent. Never buy a home before erasing all bonds, lawsuits, and other claims against the property. It’s my job to make sure I have a clear title before closing the deal. This will protect you and your lender. I will also help you purchase title insurance to cover your interest if someone is later discovered to have a legitimate title claim and it was not found in the initial title search. Your lender will require you to purchase title insurance to cover your loan amount. Title insurance is a small percentage of the property’s value. My total charge varies because it covers certain state taxes, title search, attorney fees, registration fees, courier service, document processing, etc.
Insurance agent: Hi, I’m Caroline. I am licensed by the state to sell property and hazard insurance. Lenders and homeowners depend on insurance to reimburse them for major losses from fires, hurricanes, and lawsuits. Having the right insurance will limit your financial losses. Without insurance in a split second, you could lose a lifetime of savings. The cost of insurance is related to the value of the property and the probability of loss.
Real estate attorney: Hi, my name is Chris. I offer many services to people who work in the real estate sector. I can provide you with legal advice and representation. I can write any type of contract for you. If you are a landlord, I will take care of all the legal work to help you evict a problem tenant. Some issues you don’t want to tackle on your own. I am licensed to practice law. My rates are generally billed hourly based on the complexity of the issue.
Mortgage broker: Hi, I’m Bill. I am a mortgage broker. If you are looking to buy a home or investment property, I can help. I have access to hundreds of lenders and programs throughout the county. I will take the time to tailor your needs to the right loan. With today’s technology, I can get an answer on the best interest rates and terms, usually in a matter of hours. Usually the borrower and the lender pay my fees as a small percentage of the total loan amount.
Termite Inspector: Hello, my name is Spider. I conduct property inspections to determine if there are active termite infestations. Often times, your lender will require it and buyers must insist on it, especially in Florida. I will identify any past termite damage and look for signs of current activity. My fee is usually less than $ 100.
Now there are some other key players on my team, but these are the essentials. I hope you enjoyed this article and found the playful nature fun. Good luck on your investment!
