Problems and Solutions to Common Issues in Real Estate

If you want a job in an industry where everyday is different and no two transaction are ever the same, you into real estate.  A boring day just doesn’t happen when you are working daily with a wide variety of people and personalities.  As much fun as it is to work with several different types of people on a regular basis, there are some challenges that can arise when working to find a buyer their dream home or a seller who is selling more than just a home, but an abundance of memories as well.

Common Real Estate Problems and Solutions

1. Market Conditions That Are Not Ideal

Realtors do not have control over local real estate markets.  It is inevitable that local real estate markets will have ups and downs that need to be dealt with.  The longer you are in real estate the more you will see the market conditions fluctuate. The market conditions will play a huge role in if a home sells or not and if it sells at, below, or above the average market value. Realtors must understand and recognize if they are currently dealing with a sellers or buyers’ market.  The advice that you offer to your clients will make a huge difference in their perception and the outcome of the transaction.

2. Emotional Sellers

Many times, the sale of a home can be quite emotional.  Real estate agents will get the full brunt of the emotion’s sellers are feeling during this process.  A wide range of emotion is felt from sadness, stress, excitement, uncertainty, and nervousness.  Selling a home is a time of mixed emotions for homeowners and you as their agent will need to help them overcome the feelings that they are having to get to the point of sale.  It will be important to remind the sellers of their initial motivation to sell, the benefits that come from the sale of a home, and how these play into their situation.  It is important not to become invested emotionally yourself in the sale of any home so that you can remain impartial throughout the process.

3. Listing Price

There are many sellers and buyers out there that will take your recommendation when it comes to putting an offer in on a home or listing their home for sale.  However, there are times when people will feel like their home is worth more than it is or that a lower offer is better for later negotiations.  Price points are the biggest challenge most realtors will face with their clients. It is important that you as the realtor educate your clients with concrete evidence and current stats to validate your reasoning.   Point out how long comparable houses have stayed on the market and the difference in pricing points.

Most of the time real estate professionals can work out issues with their clients by listening to them and providing concrete information to reassure them.  Proper wording and empathy can often overcome any challenge that arises to help facilitate a compromise.
C21 Lady of the Lakes is a full-service realtor serving Livingston County and the surrounding areas with all their real estate needs.  More information can be found at http://www.ladyofthelakes.com/.

The Most Important Repairs to Make Before Selling Your Home

Maintenance, maintenance, maintenance… I can’t stress the importance that keeping up with your home’s maintenance, repairs, and overall general well being can make when it comes time to sell.
For many buyers it is important to get into a home without having to do a ton of repairs to make it inhabitable.  It is also not on many buyers’ agendas to make an offer on a home only to determine upon inspection that there are issues that they just don’t want to deal with.  With a little bit of preparation before you place your home for sale, along with regular maintenance and consistent updates while you are actively living in the space your home should be buyer ready when you decide it is time to sell.
Listed below are just a few of the areas to pay special attention to as they are high on the list of priorities that buyers are looking at when buying a new home.

Kitchen & Bath Renovations and Updates:

• These two spaces have the potential to make or break the sale of a house.  They also employ the most technical mechanics of the house from appliances, to plumbing and electricity, there is a lot that can go wrong.  If not kept up on kitchen and bathroom spaces can easily fall into despair. 
  • Kitchen Appliances: Although it can be beneficial to have updated, energy efficient appliances when selling your home, the most important aspect is that they are all in solid working condition.  Maintenance is key in keeping appliances running properly.
  • Cabinets: Cabinets are an essential visual and functional element in both the bathroom and kitchen.  Not only should cabinets be free of damage and in good working order, new hardware never hurts to modernize a slightly older space.
  • Faucets, Sinks, Showers & Tubs: Not only are aesthetics important so is the functionality of drains and faucets. The drains within sinks, showers, and tubs should all drain properly, free and clear of any problems.  Overflow drains should also be in proper working order.  The hot and cold faucets should be properly installed.  (Believe it or not many homes I have remodeled have the hot and cold feature set up backwards) Exhaust vents should be working and clear of debris. Check all surfaces for cracks, chips, and peeling.  Homes that undergo routine maintenance should have addressed all of the above issues as problems arose. 

Walls & Ceilings:

• • As part of regular maintenance homeowners should take care to repair nail holes, dings, and dents that occur. If discoloration is seen on the ceiling this will instantly turn off a buyer.  Damage from water should be repaired and brought back up to par aesthetically before placing a home for sale.  All water damage and repairs should be properly documented to give future homeowners a record if asked upon inspection how the problem was solved.

Flooring:

• Flooring does not need to be replace before selling a home. What is important however is that it is clean and in good condition.  Chips and cracked tiles have been replaced, carpet has been cleaned, and hardwood refinished if scratches and dents are an issue.

HVAC:

• The heating and cooling systems in the home should be in working order with updated filtration installed. Thermostats should work properly or be replaced.  Hiring an HVAC tech to complete a tune up can be a bonus to ensure everything is in proper order and can be used to market your home. 

Electrical Panels and Circuit Breakers:

• Take time to have the electrical panels in your home meet current codes. This is a perfect time to have the electrical in your home inspected by a professional.  This documentation can be given to your realtor to use as added bonuses that prove maintenance on a home has been done.  This looks really good in the eyes of a buyer even if there is a hiccup somewhere else in the home.

C21 Lady of the Lakes is a full-service realtor serving Livingston County and the surrounding areas with all their real estate needs.  More information can be found at http://www.ladyofthelakes.com/.