I thought that today I would talk a little about some of the tools that most real estate brokers and salespeople have in their “real estate toolbox.” The difference between being licensed and being effective really depends on having the right tools and techniques and knowing how to use them. These are just a few tools that you can use in real estate. These tools and many more are all covered in the 75 hour course offered by Brooklyn Real Estate Institute.
Finding a Property
Really the first step in any real estate transaction is finding a property. While the old, “drive around in neighborhoods that you like” approach might be great, any experienced real estate professional will definitely have a few more tools at their disposal for finding a property.
The first great tool for finding is people. Building a network of buyers and sellers that trust and rely on you is essential for any real estate professional. You won’t need to go canvas the neighborhood if you have satisfied customers that bring their listings to you and refer their friends.
Online databases and other publications are another great tool for finding. After completing courses at Brooklyn Real Estate, you will know how to find and list properties on key databases like the Multiple Listing Service (MLS) and others. These databases are invaluable for finding properties that fit your client’s needs or pitching your property to prospective buyers.
Valuing a Property
Once you find a property, you have to be able to find out what the property is worth. In a market full of uncertainty and shifting prices, this can be a tough task for even experienced professionals.
No discussion about property value would be complete without mentioning appraisers. An appraiser is a professional who evaluates certain criteria to determine an objective value of a property. The value assigned by an appraiser not only helps buyers and sellers, but is also used by banks and lenders to ensure that their loan is secured by valuable property. While the appraisal value is certainly important, any seasoned real estate professional will tell you it’s far from the last word.
Another great tool for valuing property is to use public records searches. Public records can include information about past sales, including how much the property sold for at its last sale. Public records can also include valuable information like tax appraisals and related proceedings. Using public records together with appraisal values can help give an accurate picture of the true value of the property.
Trading a Property
Once you have a property and you know how much it is worth, the only thing left is to trade it. Whether you are buying, selling, renting, or leasing, there are a variety of tools that can make your life easier.
The first great tool I want to talk about here are forms. Any real estate deal will come down to a contract. The success of your trade often depends on identifying the key terms of the agreement and then putting it into a contract. Rather than re-inventing the wheel, there are dozens of published forms that can help you get started. One great source for forms in Brooklyn is the New York City Bar. You can find other forms by searching online or checking with the Brooklyn Real Estate Institute.
It goes without saying that no trade can go through without a lender. While it might seem obvious, a smart real estate professional will begin qualifying their client from the beginning in order to avoid problems when closing a deal. Getting a lender on board early on is an essential tool for any real estate trade.
Hopefully some of these tools give you ideas on how to improve your real estate career. Good luck until next time!
Brooklyn NY Real Estate 