As a real estate agent in Southwest Florida, I’m often asked what separates a great real estate deal from a not so good one. Of Course, it’s not surprising that this question comes up fairly frequently, as I also have many years of investing experience as well. And the truth is that I love to provide strategic advice to people so that they can attain their vision.
Still, at the same time, spotting a good real estate opportunity isn’t always as easy as it looks. If just anyone could do it, wouldn’t everyone be doing it? In fact, there are a few tips and tricks that I’ve learned over decades of buying and selling properties. And today, I’m sharing these insights with you, so you can take advantage of an amazing deal, whether you’re an investor, real estate agent, or buying your dream home!
Recognizing the fallacies
When it comes to recognizing a good real estate opportunity, there are more than a few misconceptions that people often have. From Zillow estimates to snatching up FSBOs, the range of fallacies also covers many different areas of real estate. My biggest advice is to test and consider your assumptions when it comes to real estate, but also to question the advice that others give you who may not have solid credentials in real estate. The fact of the matter is that almost everyone has an opinion on investing, but you need workable strategies and facts, not just opinions.
Pinpointing your goals
How do your long-term goals match up with your short-term goals? Have you written out your numbers and compared them? Experience in real estate has taught me that good deals don’t typically happen by accident. Strategic planning and goal identification are the bedrock of finding good deals. After all, if you don’t know what your goals with a property are, how will you know what the payoff is?
Drill into your market
We also saw recently how knowing your market can make a huge difference in real estate. You probably can imagine that the real estate market in San Francisco contrasts greatly to the one in Southwest Florida. Whether we’re talking about average sale prices or the specific market cycle for an area, you have to be steeped in your marketplace to recognize good deals. This also means previewing as many properties as possible to get a sense of what may currently work for your specific goals.
But this is only a small taste of what it takes to recognize a great real estate opportunity. Because I give regular seminars on the topic, I’m always happy to provide advice. So, please feel free to email me!
Terry Records
Broker/Owner
Records Results Real Estate
Residential Sales and Property Management Service