Introduction to Real Estate:
A real estate property is a land with a constructed building on it. This sector in our country has seen huge improvements over the last 10-12 years. The main factor behind its growth is increasing per capita income and more and more urbanization. It is the fastest growth a market has witnessed in the world. According to the available data, 434 million people live in urban, which is expected to become 600 million by 2031. You can also take help from any expert like Larry Weltman. For over a decade Larry Weltman Toronto has advised the real estate industry on various fronts where he has expertise and where agents have needs.
Types of Real Estate:
There are commonly 4 types of real estate. Discussed briefly below:
- Residential: It consists of newly constructed, resale, single-family, duplex, or multistory homes.
- Commercial: Shopping center, malls, medical institutions, hotels, and offices.
- Industrial: Research buildings, production houses, and warehouses.
- Land: Any vacant land, ranches, etc.
You can consider hiring a real estate agent to get the property you exactly need.
Problems in Real Estate:
There are many problems in the real estate sector, seen in the past few years:
- The projects are delayed by a lot of time. Developers tend to invest that project’s funds to their other business/es in hope of quick profit, which results in the delay of the said project.
- Land availability is also becoming a problem as seen in the recent past. The chief factor behind it is the construction of new metro rails gradually expanding in all cities.
- Property prices are touching sky limits.
- Witnessing all these problems, investors are hesitating to fund in this sector.
5 things to ask a Real Estate Agent before hiring:
Here are some points you should ask/inquire about before hiring a real estate agent:
- How long has the person been in this business? The more experienced, the more beneficial. It is because of the real estate is a very practical learning business.
- Is that person a member of MLS? MLS is multiple listing service, which gives access to the properties listed by all the agencies.
- Does that person know your locality thoroughly? Your agent should know all the specifics about your locality.
- How many deals have that person finalized? It’s a good way to compare the candidates and make the process easy for you to hire.
- What’s his business module? Ask the person how he/she will keep you posted and informed about all your needs and preferences.
Now when we are here already, let’s discuss why you need a real estate agent in this internet era where every information is available online:
- You get live price guidance, which you can’t get online
- You are informed about the actual/real market condition. On the internet, no one talks about the actual condition
- The negotiation skills in which an agent can deal, you can never do on your own. Either you are selling or buying the property.
- You also develop a bond working with the real estate agent you just hired, which will also come in handy in future deals.