pricing home

5 Tips for Pricing your home to SELL

 

Here are five pricing strategies for sellers:

 

1.  Appeal to the herd mentality

Given the high stakes of real estate, a buyer doesn’t want to be the only one interested in a house. By pricing your property on the lower end of the value range, you could stimulate interest among more than one buyer and create a herd mentality. Also, if you’re under the gun to sell quickly, this would be a good option.

 

2. Price it to be found in real estate searchers

Most buyers tell their agent they want a three-bedroom home in a certain neighborhood under $500K (or some other dollar amount). Their real estate agent may then set up an automated buyer search in their local database for properties under $500K. But if a home is listed at $510K, that buyer will miss it. So, if your list price is higher out of the gates, you may miss a segment of buyers.

While this scenario happens frequently, many savvy agents will set up search parameters for their buyers to include properties listed a little bit more above their price ceiling. Knowing how flexible home prices can be, buyers should be made aware of properties that could be a good match for them, even if those homes are above — but within reasonable range of — what they want to pay. Often times the buyer can offer under the list price, or the property will get reduced.

 

3. Don’t get creative with your asking price.

Sometimes, sellers want to get creative with their asking price. I had a seller whose home was valued between $750K and $800K, and they wanted to ask $787,777. Say what?

Such an oddly specific figure calls attention to itself for no good reason, like a house painted purple. Buyers will often wonder why the seller chose that figure. From there, they get curious about who the seller is, and so on.

In my experience, it’s best to keep the seller far in the background, if not entirely invisible. That’s why we have sellers remove all their personal stuff (such as photos, diplomas, and such) from their homes and decorate in neutral colors.

The goal is to showcase the property, not the seller, and to appeal to as wide an audience as possible. Getting quirky with your asking price counteracts this tried-and-true strategy.

 

4. Work out a pricing contingency plan before you put your home on the market

Sometimes, sellers have high expectations about their property’s appeal and they want to ask top dollar for it, even if their agent doesn’t believe they’ll get it. Or perhaps another agent they talked to planted a high price tag in their mind.

Whatever the reason, as a listing agent, I’ll agree to try and sell the home at the higher price. But before the “For Sale” sign goes up, I always try to work out a contingency plan with the seller, in case the property doesn’t go for the desired price. By having everything on the table from the get-go, we’ll have a plan B should the first plan fail. This saves time and helps set the appropriate expectations in the seller’s mind, so there are no unpleasant surprises down the road.

 

5. Pricing is an ongoing discussion

Ultimately, listen carefully to your agent’s pricing strategy. It’s their job to know what works and doesn’t. And as with any strategy, be prepared to have an ongoing discussion about pricing with your real estate agent.

Pricing a home isn’t a “set-and-forget” procedure. A lot of factors can come into play when selling or buying a home, and not all of them can be anticipated. If you can be flexible and react quickly to changing market conditions or new information, you’re more likely to get the best price with the least aggravation.

 

 

Sources: Reader’s Digest

greater fll

Matrix Training

Throughout the years, the Multiple Listing Service (MLS) has been changing platforms from time to time. The MLS is funded by licensed realtors in order to have a common place where they can assist their clients buy or sell property.

Using the MLS system is a great way to maximize exposure and get the best opportunities for a fast and easy purchase or sell. It is considered the most efficient way to market your property according to Real Estate agents and that is why most of them are associated with the MLS that is available in their area.

Up until now, most agents have been using Fusion platform to log into the MLS system. This platform will soon be eliminated and a new one, Matrix will be taking place.

It was our pleasure to have Kamera McGriff, an MLS specialist from the Greater Association of Realtors come to give us a full training on the new platform. All of us create habits that are sometimes hard to fix.

Kamera’s presentation made it easier to understand the new system and the feedback that was received from the realtors was that it may even be more user friendly than Fusion. It is important to note that all of these agents were dreading the transfer since they were already comfortable with the Fusion MLS, this was very nice to hear.

The agents now feel confident with the new system iFusion, which will make it a breeze to give our customers the best service they deserve. At Novus our main focus is always the customer. Each transaction is unique and the knowledge of the systems makes us aware of all the procedures and steps that must be taken with each transaction.

Thank you to all the agents that strive to provide the best service to their clients and Kamera from the Greater Association of Fort Lauderdale for the great training.

real estate investment

The 7 Tips Entrepreneurs Need to Know Before Investing in Real Estate

Why should entrepreneurs invest in the first place? The answer is: to have enough money to live on when we no longer can or wish to work. To put that money aside, however, we have to accumulate enough to offset inflation and the taxes that erode our savings. And for that purpose, real estate is an excellent solution.

The great thing about real estate is that even in a bad economy, it will usually fare better than stocks. Land, after all, is a finite resource. People need a place to live, work, shop and play — so real estate is really just a matter of supply and demand.

What’s more, real estate will continue to appreciate despite occasional slow-downs in the economy. In fact, it’s proven to be the best way to create wealth, and an investor need not be a genius or a millionaire to succeed. Here are some tips, then, for entrepreneurs on getting started and succeeding in real estate investing:

1. Do — plan your financial goals.
Before you buy that first property, or do your first analysis, determine what you expect from your investments. What are your financial goals? We often discuss the “time vs. money” concept: The more you have of one, the less you need of the other to reach your financial goals. This means that you shouldn’t shy away from taking the time to understand your goals and make sure each investment is a step toward achieving them. If you are unsure exactly how to create financial goals, meeting with a financial advisor is an excellent first step.

2. Don’t — spend a fortune on books, tapes and seminars, then just put all that information on a shelf.
You absolutely do need to learn some basics before venturing into investing. So, be sure to do some studying, but don’t let “buying and collecting” information become your endgame. Again, having goals in mind will make the process much more straightforward. It’s easy to get so tied up in the “research” phase that you never actually take action. Instead, write down specific questions you want answered or goals you want to meet before delving into the latest book/seminar/etc.

3. Do — look at plenty of properties.
Don’t just grab the first property you look at. Too many investors buy properties because they “look nice,” or the investors don’t want to put the work in to look at what’s really out there. Remember, you won’t be living there, so don’t make your investment decision based on your personal preferences. While you shouldn’t fall into the trap of analysis paralysis, make sure you are thorough in looking through properties. Give yourself a wide range of options, then narrow them down based on the criteria (goals) you have set for yourself.

4. Don’t — postpone starting your investment program because you’re waiting for that perfect “unicorn” deal.
That’s the flip side to number 3, of course. Plenty of beginning investors suffer from “a-better-deal-may-be-just-around-the-corner” syndrome. This can backfire in a big way, and you could potentially let a great deal slip just because you’re holding out for something better. Your task may feel difficult if this is your first property, but you must realize that the “perfect deal” rarely (if ever) exists. Better to execute on a deal that meets most of your criteria than wait for another that may never come.

5. Do — a thorough financial analysis.
Be realistic. Look at different alternatives to determine which makes the most financial sense. And never buy property at a higher price or on less attractive terms than your analysis says made sense. Be wary of sellers that try to over-estimate the value of the property through pro-forma (estimated) data. While you can certainly use a pro-forma to start the conversation, make sure you know the real numbers before closing. Look at previous years’ tax returns, property-tax bills, maintenance records, etc. to get a good idea of the real income and expenses.

The most important figures you should know are:

Net income (income/expenses)
Cash flow (net income/debt financing payments)
Return on investment (cash flow/investment)
Cap rate (net income/property price)
Cash-on-cash return (cash flow/investment)
Total ROI (total return/investment)
In each case, “investment” refers to how much you invest in the property. “Debt financing” refers to any loans you may have to take out to buy the property. And “total return” refers to cash flow, equity accrual (i.e., equity gained from your tenants paying their rents), appreciation and taxes.

Once you have understood these figures, you should have enough information to determine whether or not acquiring the property fits with your financial goals.

6. Don’t — try to buy property that the seller is not motivated to sell.
If the seller is motivated to sell, you’re not likely to get the price best aligned with your financial goals. So, how do you know if a seller is motivated? Look at the asking price. For example, If the property has been on the market for a year for, say, $200,000, with little-to-no price reduction, the seller is clearly not very motivated to move the property. However, if that same property has been on the market for a year and has had its price moved down considerably, the seller most likely wants to do whatever it takes to get the property off his or her hands. Of course, this raises the question of how to find motivated sellers. There are many approaches, and not all of these will work for you, depending on what property you want. But a few trusted methods include:

Attending open houses
Looking for vacant/unattractive properties that are for sale
Spreading the word about yourself and what properties you are looking for — truly
Going the old-fashioned route and looking in the classifieds of your local paper
These are just a few ways to find sellers, but there are potentially dozens of other methods, depending on what type of property you’re looking for.

7. Do — know the difference between real estate investing and the business of real estate.
As an entrepreneur, you already have a business, and real estate investing is best used to support that business, not replace it — unless that’s your intention. In other words, don’t get so caught up in executing transactions that your core business falters. If that happens, you’ll be facing a bumpy road to get back to stability. Unless your business is itself real estate, or you’re looking to get into the business full-time, always remember that pursuing these deals is a means to an end, not an end unto itself.

So, if you’re interested in staying ahead of taxes and inflation while building security for the future, real estate investing may be for you. What are you waiting for?

Source: Entrepreneur.com

maintenance company

Ultra Fixed LLC

Our broker Victor Taurizano, is always looking for ways that allow him to better serve our client base and the community. That is why he decided to branch out and create a new company designed to assist in all maintenance requests called Ultra Fixed LLC. The sole purpose of this company is to focus on any maintenance issue that may arise at a particular property.

Having a company available only for maintenance requests gives confidence to our absentee property owners that a designated person is in charge of the whole process when something comes up in their property. All steps are measured beginning with the phone call, obtaining a qualified contractor, quoting the right price and making sure the job is done in a timely and efficient manner.

In addition, the company provides 24/7 access to all tenants by placing immediate work orders online or through our hotline. This allows for us to have constant communication with the tenants and better response time for maintenance issues. Also, by having a quick response to maintenance issues it results in better prediction of future repairs and cuts the chances of other things being damaged as a result of a prior issue.

Last but not least, Ultra Fixed LLC is able to provide services to anyone who owns a house, townhouse or apartment. Ultra Fixed is currently serving the areas of Miami, Doral, Miramar, Weston, Pembroke Pines and Davie. Make sure you contact us for a quote, the maintenance manager is Renata Campos and she is available Monday through Friday during office hours at (954) 871-2515 and anytime by email at rcampos@ultrafixed.com or via web at www.ultrafixed.com

refinance mortgage

When Should I Refinance My Mortgage?

Refinancing your mortgage could save you a considerable amount of money, shorten the time until your loan is paid off, or increase your cash flow. This is especially true if you bought your home during a time when rates were exceptionally high or have an adjustable rate mortgage (ARM). However, timing is important when you’re asking yourself, “Should I refinance my mortgage?” Refinancing comes with a new set of closing costs, and sometimes the prudent thing is to continue paying on your existing loan. Other times, you might need cash for a major purchase, and accessing your home equity can make good financial sense.
In the end, you need to determine what your goal is before deciding on a solution. Learn more about finding the best time to refinance your home.

Refinancing to Lower Your Payment

For many homeowners, the primary motivation is to lower their monthly payments. This can be accomplished by refinancing if the rate is significantly lower or if a term restructure is practical. The question is, how do you know if you should refinance? You can expect closing costs for a loan size of $200,000 to be about $2,400 not including title insurance, taxes and other prepaid items. What’s more, these are the fees for someone with excellent credit; lower credit scores could mean higher upfront costs. When considering a refinancing, it’s essential to learn about current refinance rates, loan terms, and closing costs. How many months will it take you to break even, considering your upfront fees? Are you planning to stay in your home long enough to recoup your investment? These are important considerations – knowing as much as you can about the market helps you make the right decision.

Refinancing to Consolidate Debt

If you have debts with high interest rates, it can be practical to refinance and withdraw some equity from your home to pay them off. Likewise, if you have a home equity loan in addition to your first mortgage, refinancing to combine them into one fixed-rate mortgage loan could make sense.

Refinancing to Make a Major Purchase

Another instance when you might consider a refinance is when you need a large sum of money. A cash-out refinance can give you access to cash at closing to finance a major purchase or expenditure. For example, your daughter is getting married or going off to Yale after high school. Now that the kids are out of the house, you may even want to add a huge party room to your house to celebrate your empty nest.
Regardless of the reason, refinancing for these types of events can provide a relatively inexpensive way to borrow. Consider all of the variables before deciding whether to refinance your mortgage. To help make the decision easier, use our refinance calculator to estimate your payments with a mortgage refinance. Simply input the costs and terms, and you can see at a glance if now is the right time to refinance.

Sources: US Bank

2017

New year, new meetings, new projects

As we welcome 2017 into our lives, it is a perfect time to set up all the new goals and activities that we will follow through in the following months. Great things are coming in 2017 and we are more than ready for them and much more!

This new year is full of new project presentations that we will share with you along the way. More monthly meetings with our agents for everyone to keep up to date with the latest trends. In addition, we have several expos and career fairs that we will be attending in 2017.

One of the new best things, has been the migration of the MLS (Multiple Listing Service) into our website. This tool is a great addition for our clients to be able to look at REAL TIME market listings right from our website! No more wasting time on real estate websites that are filled with old, inactive listings that make you waste your valuable time.

New and exciting things are up on our website with the MLS or Multiple Listing Service. This offers our customers the most efficient tool that realtors have under their sleeve to see REAL TIME market changes and updates to all listings that are being sold and or rented. Studies show that most of us start our search for properties on the internet. Most of these websites available are not updated on a regular basis and can end up in a waste of time for agents and customers since most of the properties have already been rented or sold. We encourage you to check it out and give us any feedback or opinions.

 

2017, NOVUS REALTY IS READY FOR YOU !!!

cooperator expo

The Cooperator Expo – South Florida

The Cooperator Expo of South Florida is described as “A must attend for all board members, property managers, condo & HOA decision makers and apartment building owners.”

This years convention was held December 6th and Novus Realty said present at their booth this year along with over 300 exhibitors. The Expo gave us the opportunity to discuss new solutions with current decision makers and how to better their services in Property Management and Community Association Management.

At Novus, it is our belief that face to face interaction is a must for successful business relationships. When dealing with HOA’s and condos, it is really important to have open conversation and immediate response to our client’s needs. The expo gives us the opportunity to keep in touch with them and help future clients resolve or better any current issues or complaints.

Another great opportunity from the expo iis to meet with possible new vendors that offer great services for our current managed properties. Innovative technologies are on the rise. It our priority to keep in touch with the latest technologies and most efficient procedures to have at our clients fingertips when the need arises to fix anything on their current properties.

NAR convention

NAR (National Association of Realtors) Convention

The NAR convention is held every year in November, it is considered the largest Real Estate Trade Expo. This year’s convention consisted of 425 exhibitors and took place in Orlando, Florida. It is incredible to see how every year the convention gets bigger and new things are developing in our Real Estate market.

Most of our brokers got together to assist the convention and were very impressed on the new tools and software that are available in order to make their job easier and more efficient.

In our broker’s perspective, the most impressive aspect of the convention was to see the advancements in technology. It is surreal to see how so much can change from year to year. One of the coming software, it is called Matterport. Matterport offers full 3D pictures or videos of a home which offers prospect clients the chance to have a full walk through of the property without ever leaving the comfort of their own home.

These types of softwares are really making a difference in the way we have always done Real Estate. For clients, it gives them the opportunity to look around and be more certain of the properties they are interested in seeing before making an appointment. For agents, it saves them time and the possibility of having a client that already knows exactly what they want. It seems like a win-win for both!

Our team is really looking forward for what is in stock for next years convention.

rentals team

Rental Procedures

At Novus Realty, we start every month strong with a meeting on different topics that are relevant to our current work load. For October, Emiliano Reynoso lead the meeting and the topic selected was Rental Procedures. It is very important for all agents and lessees to be aware of the procedures when they are interested in renting a property. It was great to see some of our agents get together to share different experiences that can help each other avoid future delays when renting a property.

As a lessee, some of the key points to keep in mind is that a lessor is looking for a solid, reliable tenant. This means they will check your credit in order to make sure you do not have prior evictions or things of that nature. Proof of employment is also vital when submitting an application.

For the most part, it has become a rule of thumb to ask for First month, Last month and Security Deposit. Timing can be tricky since you don’t want to start looking too early or too late, but it is always a good idea to start searching for your new home about 6 weeks prior to your estimated moving day since some locations have a Homeowner’s Association or HOA approval process.

For HOA approval, you can expect to send proof of employment , letter of recommendations and a background check. This is usually a standard process to confirm the character of the person applying to reside within their community.

Other key things to keep in mind is to ask about pet policies if it applies to you, assigned parking, guest parking, and commercial vehicles if it applies to you. It is of utmost important to always keep an open communication with you Agent so that they can better help you find the most suitable home for you and your family.

Novus Realty has a great team of over 50 qualified agents that can assist you every step of the way until you find the perfect home you are looking for call us today!

tamarac career fair

Career Fair Gold Coast Schools (Tamarac)

Last week we had the pleasure of being part of the Gold Coast Career Fair at their Tamarac location. It was great to see all the new and existing agents come forward to meet our team and the great things we have to offer. People from other professions also assisted the fair such as mortgage loan originators, insurance licensees, CAM licensees, appraisers and many others who are expanding their horizons into different fields of the Real Estate Market.

The outlook of the Real Estate careers are very promising as new people are moving into the state every single day, new constructions are on the rise and the demand keeps growing at a steady pace. Our team is always looking to grow and we hope to have many of the attendees become part of this wonderful team.

Presently, Novus Realty LLC is a one stop shop type of company that offers multiple services such as listing, renting, purchasing, investment solutions, market analysis, maintenance, CAM (community association management), and property management. Helping others is always at the top of every step that we take. We take pride on offering the best service to our clients and a respectful family-friendly environment for our employees.

“Alone we can do so little; Together we can do so much” – Hellen Keller