Investing In Real-Estate

You have probably heard it before; investing in real-estate is among the best investments you could make. Usually, the value of real estate properties increases. It may sound easy, but beginners would usually find out that it is not that easy. It would require knowledge which could be achieved through research, planning and hard work. There are common mistakes in real-estate investing which could lead to serious pitfalls.
 
Before you proceed in investing your hard-earned money in real-estate, you would have to consider several things first. For example, you would have to identify what kind of money you want to earn, it could be lump sum where you could have to venture into wholesaling and flipping. Flipping means you would have to buy properties and hold them until you could sell the properties for profits.




Before you buy any kind of investment, you would have to be familiar with the laws covering the property. Different states would usually have different laws covering property acquisition. There are legal procedures that you would have to undergo or complete to fully claim your right to the property.
 
Your investment could also provide passive income which would require you to look into houses or properties that could house a number of families. These houses could be rented out. However, this kind of investment may have drawbacks since the property may end up with bad tenant or without any tenant at all. If directly managing the homes or rental units is not your cup of tea, then you could try getting a real estate investment group. They would be building or managing the property for you in exchange of a percentage of tenants’ monthly payments.
 
If it is your first time to venture in real-estate investing, then you would have to be aware of common beginner’s mistakes. One common mistake is speculation. Beginners would usually follow the media, buy a property and wait for its value to increase. This could be risky. As mentioned earlier, real-estate investing requires research. Aside from that, you would also have to be prepared for the worst. If nobody buys the property, then you would have to think of other methods on how you could generate income from it. You could lease it, rent it and think about other exit strategies.




Another common mistake is getting emotions involved in their first investment. Emotions may cause problems when making business decisions like prospect buyers being cut-off even though they are offering the best deal. Before you start looking for properties, make sure that the real estate team is ready.
 
Most people think that they could start investing on their own, big mistake. A good real-estate team and mentor would surely help you move quickly towards your goal. Who do you need in your team? You would need a real-estate agent, loan officer, tax adviser, and even a lawyer.
 
When property hunting, keep two things in mind: location and value. There are newly-developing places where real estate investing could provide you with greater financial returns in the future. Usually, you would find a great property in a great location, it may need some fixes but it could be addressed inexpensively. You may also want to think twice about buying a good property or residential house when it is located in areas with high foreclosures rates. Also, think about buying a property close to your home. This way you could focus and check on the property without being hassled of travelling for hours.
 
Real estate investing would not make you a rich man overnight. It would require you hard work and good marketing strategies. You would have to be mentally, emotionally and psychologically prepared for it. But when strummed in the right strings, it could definitely provide you financial stability.
 
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Beware: Real-Estate Online Scams

Real-estate is among the industries who are stepping up with their online marketing. According to the National Association of Realtors about 84% of home buyers and sellers maximize the internet as a marketing strategy. Those who are relying on realty magazines, books and television for selling and hunting homes are decreasing in numbers. Given with this kind of information, realtors cannot disregard the fact that online marketing has become a major force in the industry.
 
Along with understanding the benefits of marketing online, we should also take a look at the risks posed by online scams and fraudulent activities. According to studies, about N200 billion are lost by Nigerian organizations every year because of online scams and fraud. Home buyers and even home sellers are not exempted from these fraudulent activities.
 
An example of such is when home buyers would see prospect homes listed in both web-classified ads and official real-estate agency websites. The prices have huge discrepancy and those listed in web-classified ads tend to cost less. Attracting more clients, home buyers would later find out that it is not an official sell at all. They lose money and at the same time, possible property acquisition.



How to Avoid or Identify Scams

 

 
How do we avoid or identify such scams? Usually, those who are claiming to be the owners of a property up for sale or rent would say that they are out of the country. If you are renting a home, they would ask for an advanced payment which could be deposited or sent through check. Never pay or provide money for any property that you have not yet seen. Some real-estate scammers would be able to show you a property, however, remain cautious and do some research first on the property before proceeding with any kind of payment. Usually, a search on Google using the phone number will lead you to suspicious information.
 
A seller could also experience fraud. An interested “buyer” would send an email and ask about the seller’s property. They would usually ask details about the home. As a seller, you should check other web-classified ads. It is not unusual for seller to find their own property listed there by another person.
 
Stealing a person’s identity is another major online problem. If you are registered in a firm, there is a possibility that other people/lenders would be able to pull up your information. There are also some “agencies and firms” that would solicit membership. Before joining, verify if the firm or agency is legitimate. They may only be using your personal information for their own transactions.




To protect yourself against real-estate scams, never provide any kind of personal and financial information to individuals or organizations that would send you emails asking for it. Verify the information provided by the person you are dealing with. Scammers would usually send checks to give an impression that they are indeed making payments. You could ask the bank and have the check verified.
 
But the best thing that could help you avoid such problems is by getting a real-estate agent or a mentor to help you out. Mistakes in real-estate happen because beginners or even those who are already in the business for a while would forget to talk to others and ask for advice.
 
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Questions You Must Ask Before You Buy a Home

Buying a home is scary. If you get it wrong, there is no “let’s-return-it-for-a-refund” policy available. You don’t have 30 days to “think about it” and see if it works for your family. IF ONLY!!
So I wanted to write a follow-up with even more questions you must ask before you buy a home!
1.  IS THERE ELECTRICITY IN THE NEIGHBORHOOD?
The last thing you want is to buy a house where there is a total blackout. Electricity is a basic amenity and though it still is not a stable source in the country, you should at least have access to what is currently obtained. You should check on the neighborhood at different intervals to know the true state of the electricity condition and not rely on the word of the owner of the house or agents.
2.  WHAT’S THE SLOPE AND LENGTH OF THE DRIVEWAY?
What about the slope of the driveway? If you have young kids, will they roll right into the street, or will their toys roll down the driveway into the street? While my kid love riding her scooters down the driveway and she (now) know not to go into the street, I’ve chased many of balls into the street. I’m always afraid of that slope, though.
3.  HOW DO THE SCHOOLS RANK NEARBY?
Even if you don’t have small kids, how the schools rank means a lot. Because eventually you’ll sell your house, and the next buyers may have kids. If the schools suck, run. The quality of schools affects home’s value. When we were looking for our home, I made sure to check school rankings on online and that I was buying in a good neighbourhood based on elementary schools. My child was starting Kindergarten soon. But even with no kids, you should buy in as good of a school district as possible.




4.  ARE THE GUTTERS IN GOOD CONDITION?
Don’t just fantasize about pretty lawns and patios. Check out the gutters! Gutters are expensive home repairs! If it’s raining, is water pouring over the gutters (which could mean too much water next to the foundation, which could mean water in the basement)? Are there gutter guards in place? Do they work well? Easily backed up gutters means water poring over the gutters–again, too much water next to the foundation. Are the downspouts in good condition? Where do the downspouts empty out the water? Is the water emptying next to the house or away from the house?
5.  WHO IS DOING YOUR HOME INSPECTION?
To avoid any conflict of interest, I think that buyers should shop around for their own home inspector. Most agents will recommend a list of inspectors. That’s fine. But make sure you select your own. You want someone who will be completely impartial when doing the home inspection.
6.  HOW MUCH NOISE IS IN THE NEIGHBORHOOD?
The noise you hear during the day when people are at work may be different from the noise at night. Be sure to ride by the house during the day and night so you’ll know.  Same for weekdays and weekends. Is there a hospital nearby? Will ambulance drive by at 2 a.m., blaring their sirens? Is there an airport nearby and loud jets will be landing at 10 p.m., right when you’ve settled into bed? What about trains nearby? Do they blow their horns? Is there a guy that lives next door and runs his power tools at all times of the day and night? You need to know this.
7.  HAVE THERE BEEN ANY NEW RENOVATIONS LATELY?
One reader said it best: no one renovates their house to sell unless they’re trying to hide something. Well, not every renovation has to be so sneaky, but you never know. Is there fresh paint in the basement, covering up water stains? Is there anything else that they’ve replaced just to sell? What’s the real story behind their renovations? Don’t just “ooh” and “ahh” over the new whatever. Ask about the renovation and why they decided to renovate now.




8.  WHAT WOULD YOUR COMMUTE TO WORK BE LIKE?
Imagine finding the perfect house and telling yourself, “Well, it’s only 20 miles from work!!” But little did you know that 20 miles takes 1.5 hours on a good day? Is that acceptable for you? If you’ve found a house you really like, wake up extra early and see if you can run that morning commute around the same time you would be if you were to buy the house. What about the evening commute? Instead of going home, drive to your “new” prospective house. If you can’t stomach the commute, it’s not the house for you, no matter how “perfect” it seems.
9.  HOW OLD ARE THE APPLIANCES?
This is something that a home inspector will tell you during an inspection, but here’s my advice: look for this info while you’re at the open house! Think of it this way: if you know that you’re going to have to sink over N300, 000 in new appliances or repairs, you may be able to adjust your offer price accordingly, or decide not to even put an offer on a house. Don’t wait until you’ve gotten so far into the process only to find out at the home inspection, “Oh. Yeah. Your appliances are old as crap and will need to be replaced as soon as you move in.” Know this info up front so that you can either walk away or be able to use that info to come up with a reasonable offer.
 
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The Importance of Search

Mr Lekan had always wanted to invest in property. After living in a rented apartment for 15 years, he knew it was time for him to move on. To this effect, he went online, looked up some properties and finally found an agent to talk to.
 
A week later, he visited the site and loved it. It would be where he would finally build the home of his dreams. What he did not know was that the land was under the Lagos State Government housing scheme, a property which was under a government restricted area.




Mr Lekan never realized this; he was quick to trust “an agent” so fast. The agent had showed him documents regarding to the said property; he was satisfied with the status and he was to make payment few days after when he gets his monthly salary.
 
Just on Monday, I visited a former colleague of mine and while we were discussing what I do, Mr Lekan over heard us talking and he jumped in on the discussion. It was in our talk that he disclosed he was about making payment for a property. I asked him if he had verified the status of the property at the Lagos State Land Bureau, Alausa and he said he didn’t feel it was important since the property had “genuine” titles.
 
Immediately, I phoned my contact, a surveyor at the office of the surveyor general in Alausa and we went to the said property to get the coordinates and taking it for search.
 
Yesterday, the results got to us and behold the revelation that the said property was in a government restricted zone.




Mr Lekan felt to disappointed haven been lied to in the face by the said agent that the property was free from every form of encumbrances.
 
Immediately, he has contracted the job to us at Jimmick Real Estate Limited to find him a property and he has fixed a date for inspection.
 
At Jimmick Real Estate Limited, one of our core values is empathy. We put ourselves in the shoes of our clients and finding out what their goals are and making them our goals.
 
Let a trusted hand handle your investment project. Talk to a staff at Jimmick Real Estate Limited today.
Contact us on +2349096263676 or +2348054727883 or email us, info@localhost



How I Saved My Friend

Recently I had a chat with a very close friend of mine who has been lamenting on selling his car even haven acquired the recent one with a commercial bank loan.
 
Two years ago, this my friend took a commercial bank loan to buy a car worth N1.5m in 2016 not for business/investment purpose but for his personal needs just to blend with the society.




Fast forward to 2018, he got so tired of the car that he is ready to take up another loan to acquire another one still for his personal needs and he has approached me to assist him.
 
As a professional financial and estate expert, I think its not a new idea to get a loan and also, its your money and you can do as you please with it however, don’t you think investing that money in a trade that converts and generates more money should be a topmost priority?
 
Instead of buying a car which would depreciate and which you would eventually lose interest in, in the next year or two, why not take that loan to finance an investment in land that would produce more ROI in a short time?




This is a big secret in wealth generation that only your real friends will tell you.
 
Now my friend owns a 600sqm land in Hopewell Estate, Ibeju Lekki and he has been thanking me for showing him the light.
 
What are your priorities? Do you desire a trusted way to generate wealth with little or no efforts? Then land banking is the way to go.
 
Talk to me today to get started, 09096263676 or 08054727883, email, tayo@localhost.




Be like my friend, be smart.

3 Good Reason To Invest in Real Estate

Financial Security:

Your financial security depends on how much you invest and how efficiently you do so. Investments can help you build a corpus so that you can generate a large cash reserve.



For Emergencies:

Investing helps you create a financial cushion for your family. Ideally you should have investments to the extent of at least six months’ income at all times.For instance, do you have the means to provide for your family if you were hit by unforeseen circumstances?
 

Wealth Creation:

In order to create wealth you need investment options that add an element of growth to your money. The potential to help you build your wealth kitty over an investment horizon of 7-10 years and beyond.
 
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Why Use Jimmick Limited for Facilities Management

Jimmick Limited has a team of experienced facility managers who can help make sure your property facilities are well maintained and managed to ensure you receive a reliable income stream, excellent capital growth and the best returns possible – as well as a guarantee of exceptional customer service.
 
Whether you are overseas or based in Nigeria, you’ll want to ensure your property facilities are well managed. Jimmick Limited facility Managers can help you maximize your returns – offering a mix of investment and facility management expertise to address every possible circumstance on your behalf.



  1. Experience on your side – our experienced facility managers understand the real estate market and are experienced at screening properties, reference checking and reviewing property history to ensure your investment facilities are well managed.

 

  1. Avoid unpleasant confrontations – We are a buffer between you and the tenants – our facility managers will help deal with problems and other facility challenges whatsoever involved.

 

  1. Tenants have someone to talk to right away – if an issue happens with the property facility; our facility managers are more accessible to address problems at all hours of the day. Our negotiating power with tradespeople ensures you get the best price on all purchase.

 

  1. Decrease investors turn over – We know how to keep landlords happy and happy landlords are more likely to want to stay and refer more landlords.

 

  1. On time purchase – Our facility managers will work to ensure payment are broken down and made as flexible as possible to suit landlord’s convinience.




  1. Less stress – someone else is managing your property facilities and so you don’t have to worry as they will do most of the work for you.

 

  1. Reduce your Risk – By engaging a Jimmick Limited facility manager, you reduce the chance of having a bad property therefore lowering your risk of lost income.





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Costs of Selling Real Estate

When looking to sell your property make sure you are aware of the costs associated with the sale.  Here is a summary of the key costs you need to be aware of.  Talk to a Jimmick Limited agent if you need clarity around these costs.

Legal / Conveyancing

In most states you are not able to sell your property unless you have a contract of sale prepared.  Engaging a lawyer or conveyancer to ensure your real estate contract is drawn up with accuracy is an important first step and in some states an essential item before you are able to even list your property for sale.
Legal and conveyancing costs vary depending on the complexity for your property.

Professional photography of your property

Great marketing is all about using maximum exposure to capture people’s attention and interest in a property.  In most cases the first thing a buyer will see is an image of the listing, therefore the best way to grab someone’s attention is to use a professional photographer who is focused on capturing the best features of a property.  With 70% of buyers likely to see your property online, making sure you have high quality, accurate images of the property will help your property stand out from the crowd.
Another way to make your property stand out is to also produce property videos which are great for sharing on social media
Photography – this can vary dramatically depending on your requirements, whether you want a twilight photo, drone photo or have other requirements.  It is best to talk to your agent about costs involved here.




Video’s start at approx.: N30,000 and goes up to N100,000 depending on what you are looking for.

Marketing your property

Marketing is a separate cost paid for by the seller on top of the commission that the agent receives when the property sells.
These funds are kept in a trust account and used to pay for marketing material such as signage, newspaper advertising, internet advertising, brochure printing and auction marketing.  A typical marketing budget is approximately 1% of the asking price. For example, on a N6,000,000 property you should expect to spend N70,000 on marketing.  This could be paid upfront or out of the settlement monies depending on the agreement made with the vendor.




Marketing is normally payable even if the agent does not successfully sell the property.
Budget for 1% of your asking price

Agent Commission

Agent commission is a percentage that is calculated on the sale price and is paid to the agent at time of settlement.  You don’t need to factor this expense in up front as the agents commission is only paid if your property sells.

Property styling

Styling your home to sell is an important element to a successful sale according to 98% of Jimmick Limited agents.  Home styling can be decluttering, cleaning and de-personalize the home, rearranging the existing furnishings and accessories through to employing a professional home stylist who will remove the majority of the existing belongings and refurnish / decorate the space with hired items.
Property styling your home will boost final sales price from 7.5% to 12.5% according to a survey of the top agents in Jimmick Limited.  With 87% surveyed agents believing you will earn a higher price by property styling.




Moving costs
Depending on how much you have to move you may decide to organize the move yourself, hire a van and get a few friends to help you – this is the cheapest option.
If you decided to use the services of a professional moving company it is recommended you get a quote from 2-3 different providers for the services you’re seeking.  You’ll also need to decide which type of service you want. This might be a full pack, removal and unpack at your new home, or removal only. Most removalists offer insurance on top of their services, and this can be a useful tool to protect your contents from accidental loss or damage.
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Different Ways to Sell Your Property

Three main ways to sell a property

 
There are a number of sales methods you can choose from when selling your home.  It is important you talk to a Jimmick limited Real Estate agent as to which method they believe is right for you and your property in order for you to achieve the highest sales price.  Certain areas and certain properties within an area will achieve better results when sold via private treaty vs auction and vice versa.  So make sure you do your research and talk to your agent about the best method of sale for your property.




Here is a guide to understanding the different ways you can sell a property.  To find out more detail about these methods and the relevant rules and regulations in your individual state and territory read our specific state information articles.
 

Sale by Expressions of Interest (EOI)

 
Sale by Expressions of Interest (EOI) is when you invite buyers to submit an offer to purchase your property by a specified time and date. Each potential purchaser puts forward their best and final offer (in writing).




Generally your property will be on the market for 4-6 weeks to enable you to promote your property effectively and to ensure ample time is given for buyers to look through the home, finalize their finance and determine the price they are willing to pay.
 
When submitting an expression of interest, you need to include the price you are willing to pay, conditions of sale, such as settlement dates, finance conditions and inclusion and exclusions of the sale.
 
At the end of the sale period the vendor will review submissions and choose the expression of interest that interests them the most.
 
If an acceptable offer is not found by the vendor, the property may be placed on the market as a private treaty sale or EOI’s may be called again.*
 
Make sure – if you are putting in an offer, remember that you may only have one chance to secure the property, so put your best offer forward to ensure you’re not disappointed later on.*
 
Expressions of Interest provide you with the benefits of a private treaty sale but with the urgency of an auction without the potential stress.



Some of the benefits of selling your property by Expressions of Interest or Tender include:

 
This method of sale shows you are confident about your property and a successful sale.
Tenders offer the intensity of an auction but without the potential stress of an auction day.
Tender enables you to keep the price you may accept for your property discreet and lets the market dictate the price buyers are prepared to pay.
A tender has a closing date to create a sense of urgency in the buying process.
This method of sale generates competition for your property.
 

Selling by Private Treaty

 
This is when you, the home owner, set the price tag you want to put on the property for sale. A Jimmick limited Real Estate agent will then negotiate with each and every interested party, trying to find a willing buyer who will meet your nominated price or as close to it as possible.
 
It is important to ask a Jimmick limited agent for guidance with regards to establishing your asking price.  They are experts in the area, they understand demographics, market trends, pricing value and importantly comparable sales in your area.  By having a clear understanding of your property’s value will ensure you set a realistic price.
 
In general, sale by private treaty gives the seller greater control over the sale, more time to consider offers by potential purchasers and the ability to extend the time the property is listed on the market (although this often leads to potential purchasers wondering why the property is not selling). Plus potential purchasers must make offers on your property ‘blind’, this means without knowing what other buyers are willing to pay.
 

Some of the benefits of selling your property by private treaty include:

 
A fixed price makes it easy for buyers – they don’t need to ‘guess’ your desired sale price.
The price can be adjusted throughout the marketing stage, based on qualified buyer feedback and local market conditions.
This method of sale is a tried and tested style of marketing.
It assists buyers to formulate offers that address your desired selling price, which leads to a faster negotiation process.
 

Selling by Auction (Not common in Nigeria)

 
An auction is a private sale held at a specific place, time and date following a marketing campaign over several weeks.  A licensed real estate agent will conduct the auction which is governed by strict rules and regulations.  These differ in each state and territory so to find out what they are for your area.
 
An auction by nature creates urgency as there is a definitive time in which the buyer must act or they risk losing their opportunity to buy the property. Setting an auction date groups all interested buyers together at the one time, creating a competitive environment and the greatest chance to achieve the highest possible price. The theory of an auction is that your home will sell at true market value at that particular time.
 
Unless the property is passed in and consequently becomes listed ‘for sale’, the seller knows exactly when a sale and settlement will occur. The benefit of this is being able to plan ahead with your next move.
 
During the marketing campaign, buyers are usually given a price guide which can vary throughout the campaign depending on the amount of interest in your property and feedback received from buyers. The great thing about auctioning your home is that there is no price limit only a minimum amount that you decide you are prepared to sell for, which is called the reserve price.
 
Setting the reserve should be an analytical decision based on buyer feedback obtained by your agent during the campaign as well as comparable sales in your area. By now you should have a good idea as to how many buyers are genuinely interested and how they feel about your home in relation to the price that has been quoted to them.
 
The marketing undertaken for an auction property needs to be more focused and can often cost you more. A date is set and you need to create strong buyer interest in a short amount time. A Jimmick agent will recommend using a multi-faceted approach, whereby you advertise across a number of different mediums each week until auction day.
 
Once the hammer falls, the property is sold and there is generally no cooling off period for the buyer or the seller. Buyers need to conduct building inspections and ensure their finance is approved prior to bidding at the auction. If the property fails to sell at auction, you can continue marketing the property with an asking price. It is likely that one of the buyers, often the highest bidder will come forward and negotiate a sale with the agent on your behalf.
 
There is another auction term you may also hear – Private auction.  These are held behind closed doors and only accessible to registered bidders not the general public. This is often favoured by vendors with very expensive properties who value privacy.
 

Some of the benefits of selling your property by auction include:

 
Auctions attract more buyers to your property because prospective buyers aren’t put off by an asking price.
The auction date creates a sense of urgency that prevents buyers delaying their decision and lets them know you are serious about selling.
You are protected by a reserve price. This means your property won’t sell unless bidding reaches a pre-agreed level.
There is no ceiling price so you have the opportunity to achieve a price above your expectations.
Auctions produce an unconditional contract for sale with a set settlement date.
 
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Understanding Agents Commission

Why is Commission Paid?

Commission is the agent’s reward for a successful result, no sale for you means no commission paid to the agent. The agent’s risk when taking on your property is investing a large amount of their time and effort with no compensation if a sale isn’t achieved. It is the downside to being a real estate agent and an even greater incentive to work hard to make a sale.
 
For this reason, experienced agents will seldom take on a property that isn’t saleable because of unrealistic price expectations. It could mean two months of hard work when it was clear from the beginning that achieving such a price was highly unlikely.
 

Negotiating Commission?

Commission rates can vary from state-to-state and agent-to-agent. Some agents are willing to negotiate their commission in order to win your business. While this may appear to be a good thing, sellers should be wary. The best agent is rarely the one with the lowest commission rate.
 
An experienced agent who has a good track record is unlikely to reduce their fees so do not be deterred. An agent offering the lowest commission may end up costing you more come sale day. With less in their pocket, you need to ask yourself if they will go the extra mile when it comes to negotiating on your behalf.




Test an agent’s negotiation skills, it will give you a good indication of how they will discuss pricing with buyers. Are they willing to stand firm or are they quick to undersell?
 
A fair way to negotiate commission is to offer the agent an incentivized scale. This means the more your house sells for the more the agent is paid.
 

What Should an Agent’s Commission Buy You?

An agent should help you to present your property in the best possible way. Be sure to ask whether they think something needs updating, repairing or removing. If any work is required, your agent may be able to recommend the appropriate trades people at a competitive price.
 
The agent will help you to decide on the best possible marketing campaign for your property, this should be a tried and tested approach that they know will attract the greatest amount of buyer interest.




The agent is responsible for booking the advertising space, arranging professional photography and copywriting, designing ads for you to proof and submitting them to the paper or uploading them online. Ask your agent to take you through a detailed marketing campaign and budget plus in the event of an early sale, ask at what stage can ads be pulled and your money refunded?
 
The agent should be present at open houses and private buyer appointments. They, or their team, should follow up with all buyers after every open house and promptly relay this feedback to the seller, in case a change of tactic is required. Ask about the timing and format for providing that feedback.
 
The agent is responsible for sending out contracts to interested buyers, liaising with solicitors, banks, surveyors and building inspectors on your behalf.
 
They must be prepared to negotiate price with buyers and work an auction room to achieve the highest possible price for you at sale time. Ask them how they plan to run the auction or the tactics they use when negotiating price with buyers, and discuss with them the range of their negotiation authority.
 
Once a sale is achieved, the agent needs to distribute contracts to solicitors, bank the deposit money, conduct a pre-settlement inspection with the buyer and finally, hand over the keys to the new owner.




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