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Room Reinvention and Real Estate Value

9 Oct

Room Reinvention and Real Estate Value

The real estate market is wide, versatile and filled with profitable opportunities for business professionals across the nation. There are specific techniques and processes which one must become intimately familiar with to achieve an optimal return on their investments. Increasing the real estate value of a home you’re about to sell is one of the most effective ways to attract potential buyers and sell your home faster!

Room reinventing is one of the most effective home improvement projects, and studies show that it may increase the value of a home by 50% to 83%. It is expected that home reinventions are costly, since they are regarded as extensive and invasive makeovers. Even so, the money invested in remodeling a room may exponentially increase the monetary value of your home. Home reinvention comes in many forms, such as basement finishing or converting the attic into a bedroom.

Before going into a project guns blazing and hammers swinging, consider the most innovative and cost effective approaches. The following home reinvention ideas will help you do just that:

  1. Flexible rooms actually add more appeal to house and increasing potential buyers.
  2. Basements can work well as second living rooms or they can even be reinvented into recreational rooms. They can also be turned into small living apartments. A wet bar can also be a great addition to a basement.
  3. The attic can be reinvented into game or craft rooms. The advantage of the attic is its high ceiling which can be utilized to increase the room’s functionality and aesthetic value.

Jennifer Fields
Oklahoma City & Edmond Real Estate Agent
405.330.0031

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Upgrading Your Home Before Selling It

29 Sep

Upgrading Your Home Before Selling It

The real estate business is exciting and challenging, and people who work within the industry thrive on the fast-paced nature of it. There are endless possibilities and business opportunities when it comes to real, but in order to capitalize on them, you must learn how to do things the right way.

If you decide to sell your house, it is important to understand certain things about how the buying and selling process works, so you can maximize your profit. Upgrading your home will increase its market value, as well as the likelihood that you will sell it quicker. First, you must cover the basics by researching home renovations to figure out with ones bring the greatest return on investment.  There are certain areas in your home that add more value to it than others, so focus your attention there first.

The kitchen is considered one of the most important areas of the house that potential buyers check first because it is the most used room in the house. You can start the upgrading process by repairing any fixtures and appliances, so they work properly and efficiently.  Examine drainage, plumbing, and electrical systems that are essential to everyday kitchen activities.

Also consider aesthetics, such as the walls, flooring, faucets, fixtures, and appliances. Functionality is only part of the equation when it comes to kitchens. Buyers are also looking for something that not only is updated, but also feels updated when you’re in the room. Upgrading flooring by removing linoleum and upgrading countertops by adding granite or other higher-quality materials are two things that people commonly look for.

Jennifer Fields
Oklahoma City & Edmond Real Estate Agent
405.330.0031

Real Estate Investing Tips for Beginners

18 Sep

Real Estate Investing Tips for Beginners

There are many ways to make a profit in the real estate industry. However, having the right amount of capital is an instrumental part of real estate investing. You will have to use all of your unique talent and skills to prosper in this competitive industry. Here are some of the real estate basics you will need to know to get on top:

  1. Selling real estate properties:A career in real estate can be incredibly rewarding if you utilize your skills effectively. Selling property is one of the primary skills that makes real estate professionals most successful. Agents are paid on a commission basis, and it doesn’t take many sales to create a solid income base. For new agents, have confidence in your abilities and approach every situation with a positive outlook.
  2. Property investments: Investments make up a formidable part of the real estate industry. Good investments create a passive income that is stable and reliable. This can create another revenue stream, allowing you to focus additional income towards more investment opportunities.
  3. Flipping houses: This is another excellent opportunity to earn income in the real estate industry. Flipping houses is the process of buying an old and distressed house and renovating it to increase its value, thus allowing you to sell it at a higher rate.
  4. Occupants in common. This is one of the simplest ways to earn income in the real estate industry. This business is conducted by bringing together a large group of friends and family members to buy a piece of property. This is considered to be the best way to save money and to reduce financial fees.

Jennifer Fields
Oklahoma City & Edmond Real Estate Agent
405.330.0031

The Difference Between a Realtor and a Broker

15 Sep

The Difference Between a Realtor and a Broker

The real estate business can be both challenging and exciting. There are lots of things to learn when entering the industry, and it is important to understand the nuances of different terminology. For example, do you know the difference between a real estate agent, a Realtor, and a broker?

A real estate agent is someone who sells real estate, but who has not achieved certain basic industry certifications. They must join a real estate brokerage under the  supervision of a broker in order to transact business with clients.

The Realtor designation is something that is achieved by choice, but is not technically a requirement. Real estate agents and Realtors perform the same transactions, but don’t let this confuse you because there are huge differences between the two. For you to become a Realtor, you must pass certain licensing requirements and join the National Association of Realtors (NAR). The association holds a high standard of practice, especially as it pertains to continuing education and ethics, so you automatically know that Realtors have a certain level of qualifications. NAR members adhere to a 17-point code, and a benefit of working with a Realtor versus just a real estate agent is that, if a client encounters an ethics issue with a Realtor, they can file a complaint with NAR. If they deal with just a real estate agent, there is no standard process they can utilize.

Brokers can be any of the following: a Realtor, a property agent who is a Realtor, and an estate broker who is also a Realtor. Confusing right? The main qualification is that a broker’s license exam must be passed in order to officially become a broker. There are also additional educational requirements, which makes it a lengthier process than just obtaining a basic Realtor’s license. Educational and legal requirements differ in each state, as do the minimum work experience requirements as a Realtor, which are usually 1-2 years. A broker works independently and owns their own brokerage, or they can co-broker with another licensed broker. They hire Realtors to become a part of their brokerage and oversee all transactions and property-related business that occur within their company.

Jennifer Fields
Oklahoma City & Edmond Real Estate Agent
405.330.0031

Comparing Foreclosure and Short sale

11 Sep

Comparing Foreclosure and Short sale

Have you fallen behind on your mortgage? There are two major options to be taken in the event of delinquent mortgage payments. These options are foreclosures and mortgages.

Foreclosure happens when your mortgage loan is at default and the bank reclaims possession of your home. The advantage that foreclosure brings is that you can walk away from your home, which may be advantageous if your recent mortgage is higher that the home value. However, the disadvantage of foreclosure is that it takes a heavy toll on your credit score that will stay on your credit report record for up to 7 years. Your score can be negatively effected within a range of 100 to 150 points after a foreclosure. The worst part about foreclosure is that it will render your search for a new home difficult. After foreclosure, you may no longer be eligible to purchase another home for two to five years or depending on the legislation in your state.

A short sale, on the other hand, is a type of a bank agreement which provides that your home will be sold for less than what you have invested in the event that you are no longer able to make a payment.

Positively, a short sale gives you control, not the bank. This is referred to as a more responsible form of walking away from your home, but still retaining the chance to buy another home as soon as possible in certain conditions. If you have fallen behind on the payments, it will take at least three years before qualifying on FHA loan. Also, your credit score will take a negative dive ranging from 50 to 130 points. Even though credit bureaus never show “short sale” statuses on a report, you are still identified as either paid in full for less or settled for less, which will damage loan opportunities in the future.

Both foreclosure and short sales are bad records or warning signs on your credit report for several years, thus generating less opportunities for loans or good interest rates.

Jennifer Fields
Oklahoma City & Edmond Real Estate Agent
405.330.0031

Figuring Out the Needs of Your Real Estate Clients

8 Sep

Figuring Out the Needs of Your Real Estate Clients

Knowing how to get inside the mind of your client is one of the most beneficial techniques in the business world. You don’t have to work magic to make this happen, however.  Ask them directly about key questions, such as what is causing them to move, what they want in a house, and how they prioritize their wants and needs as it pertains to the home buying process.

Because of today’s accessibility to information via the internet, people tend to assume they can find the ideal home just by looking at two or three houses. This is why it is important for you to ask your clients questions, so you both can get to the core of what they really want, so they do not have to settle with what they have only found through a basic cursory property search.

There are lots of clients who need guidance, especially if they are buying their first home. Use a bit of imagination and empathy by putting yourself in your client’s shoes. Figure out the questions that would be most relevant to you if you were them. Start by asking them what their timeline is for buying a new home. Some people have very strict deadlines as to when they must leave their current residence and find a new one, while others are more relaxed and willing to take the process as slowly as necessary in order to find exactly what they are looking for. This is a very important detail to clarify, so always ask this, so you can be sure you deliver what they need when they need it.

Clarify why the client is buying a house and what their budget is. Are they looking for a starter home, a forever home, an investment property that they want to renovate and flip or rent to other people? This is another very important question, as it will immediately narrow down the properties that you will show them. Also find out if they are intent on being in certain school districts or if there are specific areas that interest them in order to be closer to their office.

Remember to always remain positive and helpful, even when you are dealing with the most difficult or disorganized customers. You must gain their trust, so they feel more comfortable in the process because that alone will help to make the process a little easier. Be genuine, so they know you care. And, constantly ask questions as needed, so they feel like you have their best interests at heart and that you are truly interested in finding them the best property for their needs.

Jennifer Fields
Oklahoma City & Edmond Real Estate Agent
405.330.0031

Rezoning Real Estate

4 Sep

Rezoning Real Estate

Transforming any property, especially a residential one is not a simple process as there are many legalities involved. It is important to closely consider these legalities because it will save you from a lot of trouble and may also give you many advantages.

The earning potential in real estate investing has given it much popularity. However, as previously mentioned, converting a property into real estate is a complicated process.  This includes not only cost such as water, taxes, electricity taxes and property taxes, but also gaining consent from various authorities.

First and foremost, find out what the zoning laws are in your area and if cooperative housing  allows the conversion of a property, specifically a residential property into a commercial one. This generally depends on the location and if their law allows the utilization of 20% residential property for business or commercial purposes. Pay close attention to the district’s rules and requirements so there will be no cause for disturbance to the neighbors, such as extremely loud noises or accidents.

Inquire about local council plans for the area as a whole before making purchasing decision. These inquiries will give you direct information concerning the regions that are allowed for residential or commercial purposes. Most will require you to gain written consent from the proper authorities.

It would also be wise to gain consent for any changes that will be made, both external and internal. This process is highly similar to the process involved in the opening up of offices for chartered accountants, dentists, and lawyers.

Conversion will also require structural modifications. This needs consideration for any objections that the people around the area may raise. If you’re considering on setting up shop in the area, know that this may attract a fair amount of traffic. Research the demographic of clients that your commercial zone will be attracted to and fit your real estate decision appropriately.

Check if there are restrictions involving licensing restrictions. Consider the working hours of the business and the nature of that business. Once the needed permits are acquired, ensure that the planned structural changes are in accordance with the law.

Jennifer Fields
Oklahoma City & Edmond Real Estate Agent
405.330.0031