Every real estate transaction requires a substantial investment of time, planning, and composure to get through the process unscathed. To aim your next property sale or purchase for success, here are 7 tips for buying and selling real estate in Miami straight from the pros.
Find Your Agent
It’s highly likely that anyone getting involved in the buying and selling of property – whether for a single, personal transaction or many transactions as an investor – could see big returns by employing a qualified and experienced real estate professional.
Their local market knowledge helps determine realistic pricing and trendy features that either helps you out in your day-to-day life or creates a spectacular opportunity when the property goes back on the market for resale.
The key is to find the right agent for you when buying or selling real estate in Miami by shopping around and meeting with multiple agents before deciding who to hire. Get to know how they operate, their style of communication, their comfortability with your circumstances, and discover if they are willing to negotiate on their commission. Here’s a pro tip: Ask each agent what sets them apart from all other agents and what value they bring to the table. The right agent will stand out and your decision will be secure.
Manage Your Finances
As an individual buyer, seller, or long-term investor, you’re going to need to keep an eye on your financial situation in order to make the most of any property transactions.
Getting a free annual credit report from the major credit rating agencies allows you to have a good idea of where you stand when it comes to dealing with mortgage lenders. Your credit report also provides you an opportunity to discover any outstanding debts that can be paid and clear up any possible discrepancies in the report itself.
The final piece of this puzzle is to create a realistic budget that allows you to effectively save as much as you can while paying down bills or debts in order to make that all-important down payment.
Once you have found a property that meets your needs and feels right, you’ll want to start taking notes during showings. Your agent will also be taking notes, so it is important to go over these notes together to find your next “home.” 😊
It can be very easy to start forgetting the meaningful details of individual properties once you’re going to your fourth, fifth, or sixth showing. The last thing you need is to create chaos and confusion for yourself by misremembering things that could sway you toward or away from a certain property.
As you advance into inspections, be present for all inspections and take notes during those as well. You’ll want to refer to these notes throughout negotiations.
Bonus: At Ashley Garritson, REALTOR®, we always provide a free Buildfax report from Atlantic Building Inspections. This report provides the complete history of any and all building permits on any home in Miami-Dade and Broward counties.
Tour the Neighborhood
Besides getting to know the house itself, it’s a great idea to try to get to know the neighborhood in which it resides.
A perfect way to do this is to take a walk through the area and take in the sights and sounds. This will generally give you a reasonable concept of what to expect on a day-to-day basis.
Bonus: At Ashley Garritson, REALTOR®, we provide a free Neighborhood report to our buyers. This report provides housing stats, economic stats, demographics, and neighborhood info on any neighborhood in Miami-Dade and Broward counties.
Soak up Information
With any home that catches your eye, take some time to research the neighborhood and the final sale price of similar homes in the area.
Other prominent features that could be located near the home include shopping, entertainment venues, schools, and major commuting routes. All of these seemingly minor conveniences being close by could make a big difference for you or your future buyers.
Provide Flexibility in Negotiations
After negotiations have commenced, you want to keep a level head and understand that it’s unlikely you’re coming out of things getting everything you want.
Predicting that negotiations will conclude with both parties giving a bit and taking a bit puts you in a better mental space to press for what you want while having a plan to oil the gears, so to speak.
This could mean adjusting contingencies, offering to pay closing costs, or even shifting the date of closing to accommodate the other party.
Have a Backup Plan
Last, but certainly not least, always try to have a Plan B.
There’s nothing stating that because an offer was accepted everything must get to closing. If your buyer or seller is demanding they dictate all conditions, and unwilling to budge on any points, that could be a red flag to walk away.
It can be heartbreaking having to start over completely, but there’s a good chance a different buyer or seller could be the factor that makes the difference.
Professional Guidance Buying and Selling Real Estate in Miami
If you’re looking to begin buying or selling real estate in Miami and want a trusted partner in the process, contact us today at 305.771.1710!