Friday, July 27, 2018

3 Simple Tips to Make Closing Easier


You’d think that after everything else, finishing a real estate deal would be the easiest part of the job, but it can actually be the hardest. There are a lot of important considerations you should keep in mind during closing to avoid problems later on. With a few helpful planning tips, you can be prepared for closing and wrap up everything smoothly.

1. Make the Closing Your Sole Booking 
As the final step of negotiation for the property, you need to focus your full attention on the closing. The last thing you want is to suddenly remember that you had something else scheduled the same day. Trying to balance between multiple bookings and other events can make the individual bookings into much more stressful occasions.

Moreover, you need to keep in mind how the situation will look to the buyer or seller you are working with. The process of real estate arrangements depends on maintaining a positive relationship between buyer and seller, so you need to present yourself as someone sincerely engaged in the discussion. When you’re fumbling between multiple deals or tense about time, your client may feel hesitant about the situation, thus complicating the final arrangements.

2. Check the Schedule Ahead of Time
Because it is so vital to have enough time to focus on the individual closing, you need to pay close attention to the scheduling. Not only should the closing be your sole booking, but you should make sure that your attorney and sellers also have their schedule(s) free to concentrate on the closing. Be prepared to adjust the date accordingly, since plans can change at the drop of a hat.

To ensure there is plenty of time for the closing, double-check your schedule and your client’s schedule a few days prior to the arranged date and make sure everything is still in order. Contact everyone involved to check that nothing unexpected has come up since you last spoke. If something new will interfere with the plan, change the schedule to a better time. The best plan is to have a flexible schedule in place from the beginning so you don’t need to reschedule – remember, any delay is extra time for either party to change their mind on the deal.



3. Be Prepared to Pay 
A closing deal can come to an abrupt standstill with just one common question: who’s paying? In addition to property price, there’s also closing costs that need to be paid. The buyer should come with enough money to account for all potential payments required, and the seller should make sure the buyer can actually pay before the closing.

To prevent issues over money, it’s best to straighten out who’s paying what and how much ahead of time. That way, both parties arrive at the final meeting with a solid understanding of what needs to be paid. If you are selling the house, it is sometimes helpful to offer a deal on the property’s value or cover some of the closing costs to help finalize the purchase.

Helping You Every Step of the Way
In the real estate business, where there are so many steps to ensure a positive client relationship, knowledge is power. With Real Estate Elevated and our professional real estate investment programs, you’ll find tons of useful advice on how to be successful with real estate management. Learn more about us, or check out some of the Real Estate Elevated reviews.

Wednesday, July 25, 2018

4 Ways to Recover from a Bad Investment


Sometimes real estate investments don’t go the way you wanted them to—but don’t give up. What matters is getting back on your feet and moving forward. At Real Estate Elevated we’ve learned that investment problems can be difficult to overcome, but not impossible. Here are four ways you can recover from a bad investment in real estate.

 1. Have an Exit Strategy 
When your investment turns sour, the first thing you should do is find a way to remove yourself from a sticky situation. If the investment has proven to be a bad idea, holding onto it will just make things worse for you, so get out of the investment as quickly as possible. It helps if you have planned a potential exit strategy when you first make the investment.

The exact form of the exit strategy can vary, depending on the context of the investment and your own preferences. For instance, you could sell the property at a lower cost than you originally had in mind. Hopefully, you can still break even or limit your overall loss, but the most important thing is to ensure the investment won’t continue to bog you down.

2. Stay Calm and Don’t Panic
Running into trouble with an investment you thought was good, can be very stressful and you might be furious with yourself for being a fool. Don’t let your mistake get to you. Continuing to get worked up about your failure only makes it harder to concentrate on overcoming the problem and doing better with future investments.

Rather than stay gloomy about your mistake, remain positive and think about how you can be more successful in the future. Use your previous mistakes constructively as examples of how to improve, and keep your eyes on your goal for positive future investments. Having an optimistic perspective can make a significant difference in investments, so don’t give up on your dream.

3. Analyze the Situation 
Now that you have calmed down and extricated yourself from the situation, it’s time to review the investment and determine why things went wrong for you. Look for any problems you hadn’t anticipated and anything you could have done differently. By applying your experiences to future investments, you can avoid those mistakes and have more success with real estate.

This, of course, requires you to be conscientious about your investment. Pay close attention throughout the investment process so you can look back on the experience and pinpoint key issues that should have been addressed, such as overpaying for the home initially, unexpected renovation costs, or poor marketing. Practice makes perfect, so treat your experience as a learning exercise that can be used to prevent future problems.

4. Move On to the Next Investment 
The most important thing is to not get discouraged with one bad investment. Instead, once you have a good idea of how to do better with investments, start looking for your next real estate deal. By using your past failures as a learning experience, you can have greater success with future investments. Good investments will help you recover from setbacks and expand past your failed investment. Take initiative to move from failure to success and keep looking for new opportunities.

 All the Investment Help You Need With the right steps, you can recover from bad investments, but it’s even better if you can avoid making real estate mistakes to begin with. To make sure you stay on top of things all the way, Real Estate Elevated provides high-quality investment programs that will guarantee your success in the marketplace. Check out Real Estate Elevated reviews to see what other people are saying about our programs.