Asking price can be a game changer in real estate

When sellers list their homes on the market for sale, they usually have financial goals in mind. For instance, a particular seller might need to make a certain amount of profit on a home sale in order to afford the new home that he or she is buying. As a listing agent, your primary goal is to protect your client's interests. A top priority toward this goal is to get offers from prospective buyers. Determining an asking price that's a good fit for a specific home will put your clients a step ahead.

When a house sits on the market and no offers are coming in or showings are being scheduled, one of the first issues to consider is whether the list price is too high. It's better if you can work with your clients at the start and help them determine the right asking price.

Discuss location in relation to a list price

If your client's home for sale is in a prime location, the list price would logically be higher than someone trying to sell a home in a neighborhood with a high crime rate, for instance. To help your client choose an asking price that's a good fit, discuss regional amenities, such as whether there is quick access to public transportation or top-rated schools in the area.

Other location issues that can have an impact on competitive pricing include how much traffic is in the immediate vicinity as well as what the comparable sales of other homes in the area have been within a half mile to a mile radius.

Is the house in good condition?

As a listing agent, you might be asked to sell a house that has a leaky roof or outdated flooring and cabinetry. Maybe there are cracks in the driveway or walkways, or windows that do not have good seals. If your client wants to ask for a certain price for his or her home, that price must reflect the condition of the home.

If a home is in pristine condition, your clients might be able to up their asking price by $10,000 or more. A house that is in disrepair or is outdated might sell faster with a lower list price.

Why you should try to avoid lowering a listed price

Many sellers make the mistake of listing the initial asking price too high then advertising a drop in price when there are no offers or showings coming in. This can backfire big time. Rather than looking at a lowered price as one might look at a sale in a department store, buyers are likely to see the price drop and wonder what is wrong with the house that caused it not to sell for the initially listed price.

As you gain experience as a listing agent in the South Carolina real estate industry, you'll learn what works and what doesn't regarding asking prices. If you make some mistakes along the way, take note of them. They are learning opportunities. Learning how to set the right price when a house goes on the market is a key to becoming a profitable sales agent.

3 ways real estate agents can share holiday greetings

Whether to extend festive greetings of the season with co-workers or clients is a subject of debate in many industries. However, many business owners and professionals understand that engaging with clientele or a target audience on social media is a means of building a strong brand and increasing leads and website traffic. Sharing holiday greetings is an easy way to do this.

Of course, it is helpful to remember that your real estate clients come from a variety of backgrounds, and, therefore, may celebrate holidays in different ways. When incorporating seasonal greetings into your daily business practices, it's best to use general phrases and styles that share joy and friendliness with everyone, as opposed to focusing on one particular group. With a little thought and planning, you can create a festive atmosphere in your real estate business throughout the holiday season.

Create a special holiday greeting signature for your emails

A simple way to add a bit of holiday flare to your daily business dealings in real estate is to create a special signature or heading to add to your email correspondence. You might choose generic phrases, such as ''With joy and best wishes of the season,'' as a closing before your signature.

If you send out a company newsletter to subscribers, you can also create a holiday banner as letterhead for any publications you send out during a special season.

Offer holiday treats at the office

When clients visit your real estate office, it's nice to extend holiday greetings by having a station set up where they can pour themselves a cup of cider or hot cocoa and grab a cookie or other festive treat from a platter on display. There are many ways to customize a treat station and plenty of holidays throughout the year to keep it festive and fun.

Business cards especially for the holidays

As a South Carolina real estate agent, you no doubt have lots of business cards on hand to offer people you are meeting for the first time or who have asked you about your business. To share holiday greetings and joy with prospective clients, you can create special business cards designed in keeping with the season.

Return greetings as they are offered

As you meet with clients, tour homes and go to closings during the holidays, people are bound to offer you holiday greetings of some sort. It is always polite to accept such greetings joyfully and to offer a festive comment in return. If you know that a particular client celebrates a specific holiday, you may extend greetings of the same, even if you come from a different background.

Holidays are a fun part of life and can be a special feature of your real estate business as well!

3 things South Carolina sellers must disclose

When you obtain your real estate license in South Carolina, there are certain responsibilities and potential liabilities attached when listing houses on the market for sale. For instance, you must be fully aware of and adhere to all state laws regarding disclosures. Your clients who are selling homes must also understand these laws, especially if they hope to avoid liability lawsuits from injured buyers.

In South Carolina, state real estate laws require a person who is selling a residential dwelling to disclose certain defects, damages or other issues relevant to the property. Issues that a seller must disclose are those that the average buyer would not be able to discover through a typical investigation or inspection of the home. If the seller is unaware of a particular issue, then he or she is not expected to disclose it.

Omissions that result in damages create seller liability in some cases

If a seller who is required to provide a completed disclosure form neglects to do so or refuses to do so, then he or she may be liable for any damages a buyer suffers due to the omission. There are exceptions, such as a lender who is selling a property acquired through foreclosure. In such a case, the lender is not responsible for disclosures.

As a listing agent, you will want to make sure that your clients have fully adhered to all disclosure laws; otherwise, you may wind up being named along with the seller in a buyer's legal claim. It is understandable that you want to have an amicable working relationship with your clients. However, if you have reason to believe that a seller is being dishonest or has not filled out a disclosure form accurately, it is always best to discuss the issue rather than encounter legal problems later on.

Disclosure forms must include this information

If your client is filling out a disclosure the form, he or she must make the buyer aware of major defects or hazardous conditions in the home. The following list includes three primary issues that sellers must disclose in South Carolina:

  • The presence of asbestos, lead paint, radon gas and other hazardous material
  • Structural defects or damages in roof, floors, basement, chimneys or foundations
  • Existing infestation of wood-boring insects or existing damages from past infestations.

There are numerous other defects and conditions that your clients must disclose when selling a home in South Carolina. As a listing agent, you will want to remain updated on such laws and proactive in making sure that your clients are in full compliance.

Are one of these real estate niches right for you?

Once you have your license in hand to begin selling homes in South Carolina, you might feel excited, nervous and a bit overwhelmed. Most likely for a long time, you have dreamed of launching a new career and have studied and work hard to get to where you are right now.

Whether you decide to focus your work primarily as a listing agent or work with buyers, you might also want to refine your daily duties to hone in on a particular niche. This enables you to streamline your marketing as you establish your brand and get the word out in your community that you are looking for new clients. There are numerous niches to choose from. The trick is to find the one that best fits your sales personality.

Do you enjoy working with senior citizens?

Working with seniors and retirees is a niche that might be a good fit for you, especially if you have always enjoyed spending time with people from older generations. A lot of the folks in this niche are looking to downsize as they enter their golden years in life. They might have health concerns that can create unique needs, such as wanting to transition from a multiple level home to a ranch style with only one floor.

When you choose senior citizens as your preferred real estate niche, whether helping elders sell their homes or buy one where they are likely to spend the rest of their lives, job satisfaction may come right along with the smiles you get when you help seniors accomplish their goals.

Working with military veterans is a way to show gratitude for their service

Throughout South Carolina, there are hundreds—if not thousands—of military veterans who are in the market or who will soon be in the market to purchase a new home. For many, it might be the first home purchase transaction that they have ever navigated. Perhaps you have always wanted to find a way to thank veterans for their service.

Focusing your real estate career on this niche is one way to do that. Many veterans want to buy a home with little to no money down, which they may be able to do by securing a VA loan. If you want to focus on helping vets with their home purchase needs, you'll want to learn as much as you can about the VA loan program and other financial issues that often come into play when an active military service member or veteran buys a house.

Farms and commercial properties

Another niche that might be attractive to you is one that exists outside of residential properties or single-family homes. If you love being out in the country or dealing with business owners, you might want to centralize your real estate business on farms and commercial properties.

The special features that these types of buyers are looking for are going to be quite different than those you might encounter with the average single-family home buyer. For one thing, buyers who are interested in purchasing a farm may have specific requests regarding land size. Those searching for a commercial property might need a building or structure that accommodates a certain type of business.

Developing a niche in real estate helps you stand out from other agents

You likely understood when you enrolled in real estate school that this industry is highly competitive. Agents are always looking for ways to stand out from their competitors. Establishing yourself as a go-to agent for a specific niche is a great idea if you want to be unique and build a memorable brand.

Use a home's smart value as a selling point

What is your home's IQ? Decades ago, this question would make no sense. Today, there is such a thing as a smart home. This term refers to automation or domotics, which is essentially advanced technology or robotics used in a domestic environment. If you are a real estate agent, you can use a home's smart value as a selling strongpoint.

An automation system in a home often controls things like lighting, climate, home security or appliances. If your client has a smart house, he or she might be able to turn on the lights, the heat, the alarm system and much more through a voice command from a remote location. Home buyers nowadays are often attracted to homes that are semi or fully automated.

A smart home can start dinner or a fire in the fireplace for your clients

You might be listing a house on the market or conducting a tour for prospective buyers. It pays to mention features that add convenience to a busy lifestyle. For instance, you might want to let your client know that he or she can get dinner started without having to be there in person to do it. It might also be possible to light a fire in the fireplace so that there is a cozy and welcoming ambience when your client brings guests home for supper.

Updating a home to make it smart can cost tens of thousands of dollars

Your clients will be happy to learn that a house they are interested in is already equipped with automation. Many people pay as much as $15,000 or more to add domotics to a home. Buying one that is already automated can be a big money-saver in the long run.

Buyers of all ages are attracted to smart homes

A home that is fully automated is a selling point for clients of all ages. Millennials love anything that is technologically advanced or trending. Elderly clients, especially those with arthritis or mobility issues, will love being able turn on appliances, lights and other home features through voice commands.

A smart home can help buyers conserve energy and save money, which is also a feature that is attractive to all ages. Make sure you give a home automation system the spotlight on a special features sheet, in online advertising and while you are telling your clients about a house for sale. It's not uncommon for buyers to be interested in several homes at once. By using a home's smart value as a selling point, you might be able to gain favor toward one house over another.

 

How to know if it's time to quit your job

It's not uncommon, in any line of work, for there to be good days and bad days throughout a career. For instance, if you're a clerk at a grocery store, you might have a day where every other customer seems to be in a really cranky mood. If you work for a big corporation, you might have trouble with a particular project or proposal.

How can you determine, however, whether you are just having a string of bad days or whether it might be time to move on and find a new career? It can be challenging to make this type of discernment. One thing is sure. If you have determined that you want to quit your current job, it is helpful to have a plan in mind for what you will do next—for instance, enrolling in real estate school to obtain a license to sell homes in South Carolina.

5 signs that quitting your job might be the best choice at this point

This blog is not intended to give personal advice but merely to share data that many people have determined to be helpful when trying to discern whether to leave a job. The following list includes several red flag issues that might mean it is time to move on and start a new career:

  • Your constant bad mood at work is spilling over into your private life.
  • You no longer feel motivated to be productive or succeed at work.
  • There's a situation that has caused you to suffer a moral quandary.
  • You spend a lot of time at work wishing that you had another job.
  • A particular career keeps coming to mind when you think of where you might go if you quit your job.

Sometimes, feeling fed up at work is an incentive to pursue a dream you've always had. Other times, lack of desire or stress in the workplace might be the nudge you need to hand in your notice and make plans for a new career.

Finding a career that's a good fit for you

It might just make matters worse if you were to quit your job and then enter another career that turns out not to be good fit for you. It is often helpful to compile a list of common attributes of successful people in a particular industry to determine if you might want to give it a try. For instance, the following list shows characteristics that profitable real estate agents often have in common:

  • They enjoy meeting new people.
  • They work well independently or as part of a team.
  • Real estate agents often thrive when rising to a challenge.
  • They like to help others achieve their goals.
  • Many agents say they entered the industry to gain more control over their schedules and to have unlimited potential income.

You can create a similar list for almost any type of career. Consider your own personality, work ethic and goals in life in comparison to your list. After this, you can better decide which career might be the most viable option. Quitting a job can be scary. However, if you think and plan ahead, you can lay the groundwork for a smooth transition.

How to avoid failing the real estate exam

When you set a goal for yourself to earn a license to sell homes in South Carolina, you no doubt understood that there will be a process involved and that it will require time and effort to succeed. It's not uncommon to encounter setbacks or challenges along the way. However, the last thing you want is to put all the work in to complete the required hours of class time but then fail the real estate exam.

There are several reasons why students might fail the state exam on a first attempt. Listing these reasons in this blog post will hopefully raise your awareness and help you avoid making the same mistakes.

Avoid the big P like the plague

One of the biggest mistakes students often make is to think they have plenty of time to study for their state exam. Your primary goal should not only be to remember the information you have learned but to truly master the concepts so that you are able to put them into practice in a real-life situation.

There is no such thing as studying for your state exam too soon. In fact, it's best to be studying throughout your classroom hours as well. Waiting until your final exam is days or hours away could be setting yourself up for failure. Instead, create an organized study plan and stick to it.

Not having quality study materials

You might be tempted to study on a whim or use only the notes you have taken in class to prepare for your state exam. This style of studying might backfire. It is another common mistake students who fail the state test on their first attempt often make.

You can increase your chances of scoring the required 70% or above if you use quality study guide materials to prepare for your final exam. It is also a good idea to get your hands on a few practice tests in order to see what types of questions and categories might be included in the final exam. Do not short yourself on quality when it comes to study materials.

Not being well-rested, hydrated or fed

You are not likely going to score well on your real estate exam if you have not been getting adequate sleep prior to taking the test. Also, dehydration causes cognitive impairment, including mental confusion, lack of ability to focus and headaches. It is imperative to stay hydrated when you are trying to achieve an academic goal.

Finally, if you load up on study snacks full of processed sugars, it may boost your energy for a short period of time. However, it will probably be followed by a tremendous crash a few hours later, where you feel sluggish and unable to concentrate. Do a bit of research to learn which snacks boost brain health and energy levels and make sure you are eating those things before you take your state exam.

3 benefits that your broker-in-charge adds to your career

Becoming a licensed real estate agent in South Carolina carries with it a great sense of independence and freedom. No more boss looking over your shoulder at a nine-to-five desk job. The ability to have more control over your own schedule might be one of the benefits that attracted you to the real estate industry. Being a licensed real estate agent, however, doesn't mean you are working alone.

In fact, to obtain your license to sell homes, you will need to have the sponsorship of a brokerage. If you choose a brokerage wisely, the broker-in-charge and team can provide several benefits to your real estate career. While not every brokerage offers these perks, many do, which not only adds convenience to your work day, it acts as an incentive to do a great job, as well.

Multiple Listing Services (MLS) access and board fees

Working under a quality brokerage often means that the broker is covering your local board fees and providing free access to you for the MLS system online. The MLS is one of the most valuable tools that you have at your disposal as a real estate agent. In fact, this access is one reason why it is better for clients to entrust the sale of their home to an agent rather than try to conduct a FSBO—For Sale By Owner.

Working with a brokerage that covers MLS expenses for you is a great perk because it's one less cost you have to factor into your budget.

Someone to coordinate your transactions for you

A lot of people don't realize how many individual tasks go into a single home sale. When someone thinks about what a real estate agent does, they usually imagine someone showing clients a home, then facilitating some paperwork, handing over keys, shaking hands and moving on to the next deal.

There are many more details and behind-the-scenes duties being carried out with every real estate transaction. A great benefit of working under a quality brokerage is having a transaction coordinator on hand to help your daily operations run smoothly. This person coordinates your showings, home inspections, appraisals, client correspondence and more.

A brokerage sponsor provides materials to advertise and market your business

Establishing your brand and advertising your real estate business is something all new agents must do if they hope to generate leads and make themselves known in their community. Everything from business cards, flyers, brochures and more, creates an expense. And, if you are like most agents just starting out, your budget might be a bit tight.

A brokerage often provides advertising materials to its agents. This perk alone can save you a lot of money in your first year.

Choose a brokerage carefully

To become a profitable and successful real estate agent, you'll want to make sure that you sign on with a brokerage that's a good fit for you. This includes having a broker-in-charge and fellow agents who have similar work ethics and goals, and who are willing to provide encouragement and support.

There's no need to sign on with the first brokerage that is willing to sponsor you. Instead, shop around and visit several brokerages in your area. Talk to the broker-in-charge at each place, as well as multiple team members, until you find a brokerage that feels right.

Be ready for your real estate exam

After completing the 90 hours of pre-licensing education that South Carolina law requires for those who wish to obtain a license to sell real estate, you will then get ready for the next milestone step, which is to sit for the state exam. In addition to this being an exciting time, you might also feel a bit nervous or anxious about taking the test. After all, you must pass the test before you can begin your real estate career.

There are several things to keep in mind as you prepare for your state exam. The good news is that even if you do not pass the first time around, you can take the test again. However, knowing this should not make you nonchalant about your studies for your first attempt. It is always best to score as high as possible the first time, so you can move forward toward your goal by submitting an application for your license, rather than having to take the test again.

Be consistent in your study habits

Is it possible to wait until a night or two before your state exam, crash study, then pass the test? Yes, it is possible, but that doesn't mean it's a good idea. Chances are, you will achieve a much better score on your real estate test if you make time for consistent study habits during the weeks leading up to your exam.

Studies suggest it is better to study for 20 to 30 minutes per day than to wait until the last day or two to try to cover as much information as possible. When you start selling homes, developing good organizational skills and preparation habits will be keys to your success, so you might as well start ahead of time by having good study habits before you take the state license exam.

Learn as much as you can about the test ahead of time

Try to find out how many questions are on the state test as well as what topics you can expect to encounter. It is also helpful to know how long you have to take the test and how long you have, on average, to spend on each question. This information can help you design a study format that is similar to the actual test, including taking practice tests, either online or ones that you ask a friend or classmate to create for you.

Book a motel room if you have to travel far to take the test

So many issues can arise during travel that cause you to be late for your state real estate exam. This is especially true if you will be traveling a great distance to the testing site. Consider staying overnight somewhere nearby to give yourself plenty of time to arrive early the day of the test.

The less travel stress you have, the calmer you will feel. The calmer you are, the easier it will be to focus on each test question and give it your all, without being distracted by stressful thoughts about traffic or parking or other travel issues.

Keep your eyes on the prize

There is no sense investing in real estate classes and setting goals for a new career if you are not going to study well for your state exam. The real estate industry is highly competitive, and you will always have to find ways to stand out from your competitors as you market your business and try to generate leads.

Aim for success by studying well and being as prepared as possible when the time comes to sit for your state real estate exam. The sooner you pass the test, the sooner you can start selling homes!

5 ways real estate agents should prepare for a showing

Once you complete your 90 hours of pre-license education at a quality real estate school, you will be ready to sit for your state exam. After passing the test, you'll apply for your real estate license. After obtaining the license, you'll be eager to start showing homes. Real estate agents should always be well-prepared for a showing.

There are several tips to keep in mind that can help you create a pleasurable home-tour experience for your clients. Agents who are organized, confident and efficient are more likely going to get closings and referrals than those who are haphazard about their job. Consistently following the ideas included in this post will keep you on top of your game when you start showing houses.

Always know where the lock box is located

You might assume that every lock box will be installed on a front door of a home that is for sale. In reality, lock boxes are sometimes on a back door or basement door or other area of a home. The last thing you want to have happen when meeting buyers at a home for a showing is to appear awkward as you wander around a property, searching for a lock box.

Always check the location of a lock box ahead of time. You also might want to arrive a few minutes early in case you have trouble opening a lock box, especially if it is the kind that uses a combination lock.

Have a clipboard and pen ready for each client

Whether you're showing one house or several, you will always want to print out an MLS sheet for each house, giving a copy to each client and keeping one for yourself. If you provide a pen and clipboard to your clients, they can make notes on their sheets as they walk through a home or write down questions that they want to ask you later.

Do your homework on every house and neighborhood before a showing

If your clients ask how many square feet are in a home or when a house was built, you won't be able to answer them if you haven't done adequate research ahead of the showing. To be a profitable real estate agent, you want to establish yourself as a go-to for information on your South Carolina sales region as well.

The more you know about local history, amenities the area has to offer, local schools, taxes, health care, public transportation or any other topic relevant to your buyers, the more street credibility you will gain. Clients will tell others about your business when they walk away satisfied with your service.

Get a list of must-haves from your clients ahead of time

You are wasting valuable time if you show houses to clients without first gaining a clear understanding of their needs and preferences. For instance, why bother showing a house with one bedroom to clients who need at least three bedrooms to accommodate their family?

Consider printing out a questionnaire and asking clients to fill it out before you start touring homes together. Ask questions, such as what special features they most desire in a home or whether on-street parking would be a problem for them. The more you learn ahead of time, the better you will be able to streamline the home search.

Recommend that your clients get pre-approved for a mortgage loan

This helps you prepare for showings because not having pre-approval can delay the closing process if your clients want to make an offer on one of the homes you show them. Having pre-approval also comes in handy if your clients wind up bidding against other buyers for the same house.

Earning your real estate license is merely the first step of your career. Being well-prepared for showings can give you an edge against your competitors and help you build a successful business.