What Do Millennials Look For In a Home?
What Do Millennials Look For In a Home?
In this video Aaron Novello outlines what sets The Novello Group apart from other agents.
Usually when buyers and sellers are engaged in the selection process of choosing an agent, often they ask friends for a referral.
With today's internet technology, however, folks are now going online and doing their own homework and studying agent reviews.
Like any other service, such as using reviews to buy a product on Amazon or choosing which restaurant to visit through Yelp, agent reviews on platforms like Zillow and Google essentially provide "social proof" that others have used an agent's service. Good reviews confirm that the agent provides good service, communicates properly, maximizes sellers' returns and makes the home-buying process as smooth and efficient as possible.
It's a great way of developing trust and I encourage you to refer to reviews when selecting an agent, if you're a seller and/or a buyer.
We've had the great fortune of earning a stellar reputation online with 199 five-star reviews. Make sure whomever you are considering for the job can back up their claims of superior service and results with reviews.
Please don't hesitate to get in touch with me if I can help you in any way at all.
Handling Offers When You're in a Hurry To Sell a Property
The strong real estate market conditions here in South Florida could mean that it's a great time for you to cash out of a rental property.
While this can often be a complex decision, today I'd like to address a couple of common key considerations.
Tax efficiency is always a concern where capital gains are likely. However, for those investors who are selling rental property as a means of, say, buying a more attractive or larger property, the 1031 Exchange is a really great option.
A 1031 Exchange enables investors to take money that would otherwise go towards taxes and use it to make more money. It recognizes that you are selling an investment property and using the money to pay for another property intended to be used as an investment.
As you would expect, there are plenty of rules governing what's eligible in a 1031 Exchange, including some flexibility in terms of what can be classed as business property. For instance, you can even include a vacation home if it's only used by you for two weeks out of the year or for less than 10% of the time it's been rented for.
Inevitably, you need to talk to an expert to make the most of this opportunity and we have excellent contacts with experts in this field that we can put you in touch with.
Another concern for landlords can be how to handle the impending sale with existing tenants. Clearly there will be contractual obligations, but effective communication is absolutely key.
It's sometimes feasible to negotiate the sale of the property to a new investor who will be happy to have existing tenants and to honor the terms of a still active lease agreement.
Most of the time however, it's more straightforward to give your tenant the legally required notice to vacate. If a very fast sale is essential, it is not uncommon for tenants to be paid to leave early. Again all a balance of your individual circumstances and needs.
It also makes a lot of sense to put the property on the market 90 days before the lease is up so that the unit is not unoccupied for an extended period of time.
I hope that the above is of help to you and I would be delighted to answer any other specific questions you have if you're exploring the possibility of selling rental property.
Please don't hesitate to contact me.
News from The Novello Group - Should I Relist with the Same Agent?
I'd be very surprised if at some time you hadn't looked to see your home's value on one of the well-known generic home pricing sites.
These sites are great fun and they can at least provide a very, very rough idea of what your home might be worth.
But they most certainly are not accurate.
The fun of getting a home evaluation in this way can lead to unrealistic expectations and ultimately disappointment when sellers come to the realization that the price they were given online was not realistic.
If you look carefully at the definition of the value online sites provide you for your property, you will see based on geographic location, they can be off by as much as 10%.
So why are these home valuations unreliable?
Each site has its own calculation method. There is therefore no consistency to the methodology and also no account taken of current market trends, or actual condition of the property or modifications that have been done.
Ultimately, getting a home valuation in this way is simply not an accurate measure of your home's true worth. To obtain that, you need to engage with a highly experienced agent who will know exactly what is happening in the property's market sector, not only in terms of very recent sold prices, but current buyer trends. When these factors are taken into account in combination with an in-person walk through of the home, the result is an assessment of value that is much more precise.
If you would like to get an accurate assessment of your home's worth, please let us know.
News from The Novello Group - What's Happening to Mortgage Rates?
While everyone wants to sell their home as fast as possible, it's also true that, for some sellers, the need is greater than for others.
Take the example of a couple whose kids have left home and decide to downsize. While they will move when they find the right home and get the best deal for their current property, there is generally no pressing deadline.
On the other hand, many sellers may have a move imposed on them, most usually by having to relocate for a job or a death in the family. Every second can count in such situations, so it makes sense to have everything lined up so that the sale can happen as quickly as possible.
Here are four ways of helping the process to move along rapidly:
Price - There's a tendency for many sellers to want to start at a higher price than the market will bear, which inevitably means that an adjustment will have to be made in terms of the price somewhere down the line, in order to attract potential buyers to view the property. Here's where listening to the advice of an experienced agent pays particular dividends when time is of the essence. Good agents will know exactly where your home sits in terms of the local competition and be able to suggest an optimized price that will immediately stimulate interest and, as a result, possibly attract multiple offers, improving the return (We actually had a client this week who received 3 offers and ending up selling the property for the full asking price).
Condition - It's a well proven maxim that a home in great condition will sell quicker and for more money than a similar property in an inferior state. If you have any suspicion that you could be moving in the coming months, there's no time like right now to check everything is working as it should and that furniture and decor is both well-presented and in neutral colors to appeal to the widest possible customer base. Some sellers are even going as far as to get a home inspection carried out, instead of waiting for one after an offer has been made. It's a great way of creating buyer confidence and avoiding any nasty surprises that could delay the sale, or worse...
Showing Availability - Inflexibility in terms of when you would be willing to let buyers view your home can be costly and slow down a sale. Consider that some of the most well qualified potential purchasers work some strange hours, including those in the healthcare industry and law enforcement. Make sure you're on their viewing shortlist by accommodating their schedules.
Professional Quality Pictures - When you're in a hurry to sell, you need to make a fast impression. Don't hire an agent who uses a mobile phone and then posts poorly lit and amateurish images online. At The Novello Group, we always use professional photography to promote our listings, which means your home will look at its best from the very moment it is listed, giving you the best chance of a very positive early response.
These are just a few pointers as to how you can help to influence a quick sale. Why not contact us today for a more detailed discussion related to your own situation.
Whether you're buying or selling a home, you are relying on the professionalism and determination of your agent to get you the very best deal possible.
When you consider that the average agent sells less than a handful of homes a year, however, it's more likely than not that your own agent will only engage in passive sales and marketing, as opposed to adopting a highly active approach.
A passive approach is essentially a "sit back and wait" policy whereby the agent doesn't make strenuous efforts to promote the property and purely relies on market forces and often sheer luck to get the job done for you.
This philosophy, of itself, often explains why homes don't get sold and buyers don't get the best options.
So what does an active agent do every day on your behalf?:
If you aren't getting the right results from your agent, find out today if he/she is working to the above principles. If not, well it's probably time for a change, so why not contact us to learn how we will adopt an active approach on your behalf at all times.