Witham is a town located in the county of Essex and in the country of England. Its early history can be traced to roman times with a considerable temple structure; its roman importance was assured due to its preferential position along the Colchester London road. This position remains today and Witham is still as popular with commuters now as it was two thousand years ago, naturally this means that property in the town is highly desirable; subsequently estate agent numbers in the area are also high.
As a homeowner, and seller however it can be difficult to understand exactly what responsibilities your estate agent should be fulfilling? Hopefully the following article will give sellers the key information that will allow the assessment of different estate agent services.
The first and major concern is the hours in which the agent will operate. Some agencies will still shut at around five in the afternoon although increasingly they are staying open longer in order to supply services out of regular office hours. This is why it is essential to find an agency that will stay open well into the evening, for most people, viewing houses during the day is simply not an option. Another time that the agent should be operating is over the weekends, Saturdays are naturally a prerequisite but it is also preferable to have an agency that is willing to open on Sundays. For the more conscientious it is advisable to ask which staff members work over the weekends, preferably full time workers are the best option.
Understandably as a seller it is important to look at how the agency pricing system is calculated. The best outcome is an agent who operates on a no sale, no fee basis. This simply means that if the agent fails to sell the property they do not receive a penny. Obviously this is preferable to paying for services even if they are not successful.
One of the key responsibilities of any estate agent is to advertise and market a property effectively. This should be the one of the seller's major concerns as it represents how the property is viewed by potential buyers. Most agencies will utilise the normal channels; mediums such as the shops window and local newspapers are still extremely useful for the regional audience. More widely however modern mediums such as the internet and more specifically property portals are a successful way to advertise a property on a national and even an international basis. Before the property is marketed however the agent must take photographs of the house or flat that show it in a good light as well as writing effective literature to entice buyers.
Agents will normally give an indication of the most realistic asking price although this choice is still ultimately the seller's. At this stage the agent should be using their knowledge of the local property market; in this case Witham, to assess the property and compare it to similar properties in the local area. This is an essential part of the process as making the price too high can put buyers off while pricing too low can lose the seller thousands in the eventual sale.
It is hoped that this article has given homeowners a decent idea of the responsibilities that must be performed by an estate agent whilst also explaining the property selling process. This information is not just purely focussed upon the Witham area but instead should be used more widely, in a general manner.
When you learn how to use all of your Property Manager's skills and talents you will see that they are so much more than a Manager of your Property. They are the main "Heavy Lifter" on your Investing Team.
We have always recommended that you do not manage your own Commercial Properties.
For three reasons...
1) You can afford to outsource to a real Pro.
One of the major benefits of Commercial Real Estate is that Cash Flow is generous enough to support Professional Property Management.
While you may have to manage your own rental properties if they are single-family residential ... Apartment Complexes, Retail, Office and Industrial Properties produce enough Cash Flow to be Professionally Managed. What a relief !
2) You are an Investor not a Property Manager.
Being a Commercial Real Estate Investor and being a Property Manager are actually two completely different jobs, two different knowledge bases, two different skill sets, and two completely different sets of day-to-day activities.
This is a simple question of Focus.
You cannot be at your best as a Commercial Property Investor if you are distracted by the day-to-day activities of Property Management.
3) Your Property Manager is WAY more than just a Manager of your Property.
In many cases, Property Managers are completely underutilized. What most Investors don't understand is all the different ways your Property Manager can help your business.
- They are the expert in Your property niche, in Your market
- They can tell you histories about specific properties
- They can give you estimates of operating expenses you can reasonably expect as an owner
- And they can perform a huge number of tasks that will improve your decision-making at all stages of the investing cycle.
So step number one in building your Commercial Investing Team...
Is to find a quality Property Manager you can trust
BEFORE you begin looking at Properties.
Here are a few examples of how you can bring their expertise at every step in the Investing Cycle.
Lead Evaluation:
Show your Property Manager any promising deals before you even put in an LOI.
- They may have actually managed this property before
- They may understand the property's reputation and what has caused previous investors to fail here.
- They will understand operating expenses you can expect, because they already operate similar properties in the same market. This information will help you build an accurate Investor's Proforma immediately
- They'll have an understanding of previous sales of similar properties and give you an idea on whether the pricing is right
In Due Diligence:
Ask your Property Manager to perform a site walk-through
- An Inspection
- A Lease Audit
- And interview the current management team and a sample of the tenants
The reports they generate with these activities can make or break your Due Diligence performance.
They will even be able to produce a Budget Forecast to make your Investor's Proforma as accurate as humanly possible prior to actually taking over ownership.
And a quality property manager will provide these services to you at no charge during Due Diligence for a very good reason... it helps them understand the property from the bottom up, before they are asked to take over management activities. The relationship they build with you in Due Diligence ensures a successful long term working relationship as your Property Manager.
While You're an Owner:
Your Property Manager creates the "Sense of Community" that maximizes your profit in this investment.
They provide both
- The financial reporting to you,
- And the systems and people skills at the Property
That will keep your property's performance in line with - or even above - market averages.
At the Sale:
The quality of your Property Manager's records allow you to document your Asking Price unequivocally.
As you can see, your Property Manager does so much more than just Manage your Property. We believe they are the Number One and strongest member of your Commercial Property Investing Team.
Get your Property Manager on board early and use them wisely at Every Stage of the Investing Cycle.
Both Thomas Pretty & Monte Lee-wen are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Thomas Pretty has sinced written about articles on various topics from Formula One, Debts Loans and Interior Design. Property expert Thomas Pretty looks at how consumers can get the most from services in terms of prices an. Thomas Pretty's top article generates over 1500000 views. to your Favourites.
Monte Lee-wen has sinced written about articles on various topics from Finances, Real Estate and Foreclosure Help. Learn the Insider Secrets of Commercial Property Investment from Monte Lee-Wen who has personally purchased over $150M in Commercial Real Estate. CLICK THIS LINK NOW to start your. Monte Lee-wen's top article generates over 49500 views. to your Favourites.