Realtors walk by, talk one-stop shops for great advice on how to buy a home. Yet, amidst the myriad of questions you may be asking yourself to complete your transaction, you may have missed the most interesting question of all: how do real estate agents buy their property? own houses?
In the same way that a fashion designer’s closet is particularly trendy or a sommelier’s wine cellar harbors a hidden gem of a Chianti few have tasted, real estate agents have their own tricks for closing a deal. real estate. Guess what? Most are perfectly happy to share for anyone who asks!
Check out these five stories to learn how they marked their own homes for a whole new insider perspective.
1. “I was on the front line”
When Brendan O’Donnell with Center Coast Realty in Chicago seeing a nice list of condos popping up on the multiple listings service, he knew it wasn’t going to last, based on how quickly similar properties were selling.
“I was the first buyer to see the condo, just hours after it was listed,” he says. “I didn’t offer the full asking price, but because I presented a solid offer so quickly, the sellers felt confident to accept it.”
Lesson learned: When your agent calls to tell you there’s a new ad, drop everything and go check it out.
2. “I took my time”
But not all agents are rushing to new listings. Some, like Christina Souretis with Engel and Völkers in Pembroke, MA, expect them to be a little stale.
“Putting an offer on a perfectly updated home is never going to win you over,” says Souretis, adding that his favorite trick is to focus his buyers on homes that have been on the market for more than 21 days.
That’s how she ended up buying a property that languished on the market, for $120,000 less than the asking price.
3. “I’m looking for a house in fall and winter”
The houses are more beautiful in the summer, thanks to the sunlight and the fresh flowers on the porch. But like Mary Bromberga Corcoran agent in Brooklyn, NY, knows this all too well: “That means sellers are likely to collect top dollar.”
His solution? “I wait until the summer frenzy is over, when homes have less traffic and dwindling appeal,” she says. “That’s how I was able to get a good deal on my own house. I made an offer over Thanksgiving weekend, when the open house was deserted.
4. “I delivered my offer in person”
When Michael Hausam, an agent for Shore Capital’s Hausam Group in Irvine, Calif., found a home he liked, decided to meet the seller personally – before they even started talking numbers – and explained why. the house was ideal for his growing family. While many buyers may include a personalized “love letter” with their offer, Hausam believes in-person delivery was key.
“If it had just been emailed, the listing agent would have immediately scrolled down to look at the bid price and ignored everything else,” he says. He now uses this technique with all of his clients and suggests others try it.
“The personal connection makes it easier and smoother to set up a transaction,” he says. “When I was there negotiating, my request for a better deal was much harder to refuse.”
5. “I followed a stubborn salesman until he gave in”
Buying a home is a numbers game, says Lucas Machado, a realtor and president of House Heroes in Sunny Isles Beach, FL. He made a deal on a property by spreading his net wide. Basically, “I’ve made offers below list price on many homes that I’ve found suitable, knowing that having lots of irons in the fire is the only way to play to win,” Machado explains.
While most home sellers weren’t interested in playing ball with this bargain hunter, Machado stayed in touch with one seller, knowing his refusal might fade over time.
“I followed up once a month to reiterate my interest,” he says. “I found the seller to be much more reasonable when the house was still on the market after a long wait, and I was about the only potential buyer still paying attention.”