25 Nov 3 Fatal Real Estate Mistakes to Avoid
1. Hiring the Wrong Agent
Lack of Knowledge / Experience
The VAST MAJORITY of licensed agents lack any real experience buying and selling properties. It is ironic that such an important decision with so many financial ramifications can be left to chance, but it is. Hiring a professional is absolutely IMPERATIVE.
Lack of Partnership and Goal Discussion
An agent should be able to go back to any of his past clients and be able to comfortably discuss how their investments are going. If goals were never discussed, and the market isn’t performing, there is a disconnect and the owner is back to square one in finding a quality resource who can keep an eye out for them and their investments.
2. Not Having a Strong Plan
The Future is Now
The biggest mistakes are made when the plan relies on something happening in the future to make the investment work. A solid plan will allow for modest growth and cash flow with a minimal amount of risk in the long run.
Failure to Act with Urgency
Because most people do not have a plan, they continue to wait and wait and wait for that perfect property. They wait so long they often miss out on all of the deals and have to settle. They may spend more money and miss out on income or appreciation that is happening at that point.
3. Being Uninformed
Everyone has questions, yet very few pursue the answers. Because we have come so far with technology nearly everything we need to know is quickly accessible. At a time when so much is available, many still make the mistake of being uninformed. Information gives you options, and options give you power to make the best decisions.
Much like a medical Dr., most households need a Real Estate Resource. Without this, small changes both good and bad in the Real Estate world go unnoticed. A good relationship between owner and agent will grow through the years and allow the owner to continually evaluate whether his plan is working or if it needs adjustment.