House flipping or flipping of a property is a task that needs lots of skills. From certain personal basic skills like being calm and composed and yet having lots of patience with some skills that you need to employ in the maintenance of the building.
You’ve probably gotten yourself into a little renovation work previously, and you must’ve the idea about the skilled contractors who can carry out such work and about the prices that they are going to charge, right? If there are just minor renovations are needed to be carried out on the property, you can always take some time and save some money and do it by yourself.
There are several DIY renovation projects that are available on YouTube; you can take assistance from them by learning. Secondly, you can set up a budget and hire some people for on a contractual basis and let them do their jobs in fixing up everything.
You need a carpenter, plumber and electrician and even a draftsman (if you feel the necessity) make sure to work around your budget first before hiring anybody. Similarly, the maintenance work can also proceed. One more thing to keep in mind is that the renovation may require less building material but the proper maintenance requires more money and resources.
When dealing with a real estate agent, people always have this question in their mind, ‘How much money am I supposed to give my agent?’ ‘How much I should pay?’ Well, such confusion is obvious seeing the number of fake real estate agents in the markets nowadays. Anyways, that is not our concern. We are more focussed about knowing the exact commission and fees that are legitimate to pay to your real estate agent before you finalise a deal.
As per the data and statistics say, Australian highest commission rates are in Tasmania which is over 3.00%. The lowest commission is marked in South of Australia which is 2.00%. So, technically the commission can be anywhere between 2.00 to 3.00 percent can be considered as the amount that a real estate agent may ask from you. Keep in mind that this percentage is calculated on the total amount of which the property is being sold or bought.
For some, this percentage may seem a little bit out of their budgets whereas other might just think that this much amount is played to be paid. Is there any chance where you can negotiate on the matter of commission and fees? Fortunately, yes! You can. There are no fixed rates for the fees of a real estate agents in Australia. And therefore this offers a chance to both the seller and buyer to negotiate on the total amount they are needed to pay to the real estate agent.
Well, the title of the article might be confusing to some but when talking about the real estate business, these are some of the services that you as businesspeople can offer to your customers before they make the deal. Sure, such steps are considered less secure, and there are chances where you need to take care about some of the things such as money and the paperwork to prevent any legal cases. But trust me, it is all worth the effort.
It is just like some electronic device you bought or a car you want to buy; you can have a ‘pre-run’ or a ‘test-run’ before you invest in the thing that you want to buy. Similarly, before someone spending a lot of money, we are talking about thousands and millions here, you can give them the chance to try the place before they buys your property. Now some people might just think about, ‘What good this is going to do about the sale of my property?’
Why would this be effective?
This type of offer and offering such an opportunity will market itself, as there are a very few people who are doing it. And with ‘a few’ we mean, less than 0.1%. So, yes it not only shows the customers that they’ve hired an agent with cutting edge mind-set but also this will help them better to choose before they invest.
There are a tonne of options available now because of the technology. People have been seen leaving the traditional ways to deal with the real estate business and instead of going with the internet. There are several things that you can do to incorporate the internet and technology and make your real estate sell better. In simpler words, you can use the internet to make the ‘bait’ look more pleasant. Here is how you can do that.
The first and foremost thing that you need to do is create a listing of your real estate or property that you are going to sell. A creative advert will not only attract someone who is in a hurry to buy the property for their living or business purposes, but it’ll also attract those who are looking to buy the property and then hiring tenants. This way you are using a double-edged sword, and that makes sense.
Now, I’m going to talk about something that is very rare. You can make them ‘try’ the property before they ‘buy’. For this, you need to be assured about the security and just to make sure of that, you can either charge some amount along with doing some paper work. This security amount that is paid can later be adjusted in the final amount if the buyers want to buy. This is an innovative idea, it’ll not only make the customers be assured of the quality, and they can know better about the surroundings also.
While entering the real estate business, each and everybody has their doubts about, how the things are going to be and how you are going to make sure that what you are doing is right? There are several options to go through at. First, you can read books; you can even ask some of your colleagues or even find someone who’ve been in this business for a long time for guidance and help.
Remember, education plays a major key in the property business. There are people who’ve been earning a lot in the business today, and you can join them to learn. As far as the next step goes, there are several other things to follow, such as cash limitations, cash inflow and outflow control, managing clients and even dealing with your cases.
There are cases where some real estate agents might contact you to work in collaboration. But it is your choice to go on that road or not. If you are planning to go ahead alone, make sure to be aware of the competition that you’ll be facing shortly. And similarly, plan out your goals and targets. Make sure not to overload yourselves and keep a calm and steady pace at what you are doing.
Another major thing is the presentation, the property that you are going to sell need to look presentable. Make sure to adjust your expenses such that you can do some minimal works to make it look better than it look. And cleanliness is a must!
Gone are the days when people need to fill applications just to make the authorities notice about some of the property related issues and then the time taken for the settlement was also daunting. We always thought of an alternate way for reporting and getting a response from organisations, here is the day when such an amazing way is being invented and is working flawlessly. Yes, there is an app for solving such issues.
FIXIT is an app that lets you submit your problems and issues to the organisations so that they can take care of the issues for you in a very less span of time. Through this globally available app, people can report about their problem; they can also add a description. There is also a facility of adding the location via Google Maps. Once the report is submitted, it is then sent to the concerned authorities via the FIXIT team. They also notify whether or not your problem is resolved.
The start-up company is targeting the property management field, the founders of this company are Matthew Waugh and Sebastian Jacobs. They are taking points from small mistakes and short comings that were there in the real estate mistake and then took a decision to make this app.
This free application empowers the tenants to report issues to the property managers, they said. Waugh also followed through his personal experience where his family owned property in Coogee, and the property manager wasn’t even to solve basic stuff like getting the windows fixed.
This app will, in turn, will give both the property managers and tenants power to communicate their issues with each other seamlessly.
The renovation is a process by which you employ some cosmetic treatment to your house without being indulging into the tedious job of demolition and reconstruction after that. Every year across Australia people find themselves in a situation where they aren’t sure, whether they should go for a renovation or not?
The topic of renovation is debatable because of people’s mindset. Some say, renovation isn’t a necessary task, but if we listen to the others who’ve earned thousands of dollars more after renovating their houses when they sold it, this all makes sense. Here are certain tips that will help you in planning a renovation for your old house.
1. The cost of renovation mustn’t be overlooked and underestimate
Though it may sound like just a makeup work or a touch-up or even a cosmetic work but yes the materials required for renovation aren’t that cheap, and it depends on what all materials you are going for.
2. Is the renovation necessary?
Make sure to ask yourself several times, whether this renovation is that much essential at this point? Because spending money unnecessarily will never make you happy in the long run.
3. Make sure to set up your budget and know your limits and potential of spending.
- Do the leg work and get as many quotations as possible from the market and do a comparative study and then hire somebody.
5. Have patience!
Renovation and its whole concept might sound very much easy but it is not it takes a hell lot of time to get completed with because even the smallest details needs attention.