Difference between a Real Estate Agent and a Real Estate Broker

October 26, 2013  //  Posted by: cooldude  //  Category: Real Estate Rumblings

Real Estate AgentExploring the complex world of real estate is an overwhelming task. It requires knowledge and experience. There are many steps involved in the process of buying and selling a house which can be quite complicated for a novice. This process not only involves huge investment of time and money but also emotional investment. Luckily there are professionals who can carry out this laborious task and take the burden off your shoulders. When choosing a real estate professional, it is very important to understand the difference between a Real Estate Agent and a Real Estate Broker.

A real estate broker acts as a connection between sellers and buyers of real estate. Brokers stick to higher standards and must take more rigorous training and education. In many states, it is mandatory to have a license in order to be a real estate broker. In few states, attorneys are permitted to carry out real property sales for compensation in the absence of a license as a broker. He takes up all legal responsibility for real estate transactions done by him or any agent who works under him. Brokers can open up a brokerage under the law and employ other real estate agents. Brokers are more powerful to resolve any conflicts.

In simple words a real estate agent works directly for brokers or practically under his supervision. Many states refer to agents as salespersons. Agents perform duties such as taking the buyers to show saleable homes, offer advice, locate the right type of home for the buyer, filling out forms that show that the house has been purchased legally. Agents cannot work independently or open a real estate brokerage. They only have small legal responsibilities. The agents are paid a fee to work under a broker. Agents also give a portion of each sales commission to that brokerage.

Understanding their role is very important that will help ensure that the process is much easier and smooth.

Property management rules to follow

October 18, 2013  //  Posted by: cooldude  //  Category: Property Investments

Property managementThere are certain rules that you should follow if you are planning to keep tenants and enjoy a profitable land lording experience—

The first rule that you should follow is to choose the correct tenant. It is not an easy job always as because the right tenant will be the one who will love your property. Now the question arises that how would you understand whether the person liked your property or not. The answer should be ‘your sixth sense’. If the person after inspecting your house asks you what is the total procedure to stay in this house, then you should be able to understand that the person loved your house. On the other hand if the same person after looking through all the rooms of your property says that he can only decide after looking at 2 other places, then it will be clear to you that he is not quite interested. Thus in this way you should take enough time and choose the correct tenant for you.

After the tenant is chosen, the next rule should be obtaining the correct amount of deposit that you require. This deposit amount should be paid in cash or money order or cashier cheque if the movement is a fast one. Cheque payments should be re-checked and preferably should not be allowed because it can be returned even after 10days as a bad cheque issue or due to stop payment.

Making an agreement between the land lord and the tenant is the third rule that is a must before allowing the tenants to stay in your property. Legal papers can never be made by you; an attorney is required to do so. You should visit the court to make the agreement where rental duration, rent payments, what can happen if the tenant doesn’t comply, the penalties that will be charged if payments are made late etc should be mentioned. If these basic tips are followed, you can make your land lording more enjoyable as well as profitable.

Buying Or Renting An Apartment: Which Option Is Better?

October 08, 2013  //  Posted by: cooldude  //  Category: Homes & Properties

Renting An ApartmentFood, clothing and shelter are the three main necessities in every person’s life. People work very hard to fulfill these essential requirements. But since the economy is suffering continuously from so many challenges it has become almost impossible to meet all these basic requirements satisfactorily. Shelter is extremely important in today’s world. When it comes to the question of finding a place to live in people are faced with a dilemma. This dilemma is whether to rent an apartment or buy a new house. However, majority of the people think that renting a house is a better option due to the fluctuating economic conditions and the many advantages it has to offer.

When you will purchase a house, you will have to arrange for the down payment which is generally very costly. Then you might even have to acquire a mortgage loan to buy the house. But if you just rent an apartment then you just have to pay cheap rents every month to the property owner without worrying about expensive down payments and EMIs.

Another merit of renting a property is that you do not have to take care of the property because it is the responsibility of the owner or the property manager to maintain the property and look after it appropriately.

Once you buy a house, you will not have the freedom to move to another place for work related purposes. On the other hand if the apartment is rented, you can shift from it in case the rent increases or you have to look for a house near your workplace.
However one advantage of buying a house is that it can turn out to be useful to you in the future during a financial emergency.
Hope this article can guide you in deciding what is better – Buying or renting an apartment.

Property Manager: How To Find An Efficient One?

October 01, 2013  //  Posted by: cooldude  //  Category: Homes & Properties

Property ManagerOnce you invest in a property and get hold of the legal documents, your work does not end there. It is your duty to ensure that the property is maintained and taken care of appropriately. Without proper care and maintenance, the property you bought will be of no value to you in the future. You might be so busy with your life and work that you do not get time to maintain your property. Thus it is advised that you hire a property manager who will take care of the property on behalf of you. Here are certain tips that will help you find an efficient property manager.

First of all, it is extremely important that you gather the referrals from relatives, friends, business associates or neighbors. These people might have worked with some of the reliable property managers earlier and witnessed the working of these managers on a first-hand basis. Thus they can be good sources of property managers. The real state realtors or agents can also refer some credible property managers to you.

After you get a list of property managers from the different sources mentioned above, you have to carry out your own personal research. Try to arrange a meeting with the managers you would like to work with. During the interviews see how they behave and interact with you. Search for online reviews on property managers you think are efficient. Read customer testimonials on the website that belongs to the manager in whom you are interested.

Ensure that the property manager you select has years of experience in the field of real estate and property management. The property manager should be qualified and should have the necessary license and certification that is required to prove that he/she is a legalized property manager.

Hope these tips can guide you in selecting the best manager for your property.