Real Estate Counseling, still necessary? Yes, today more than ever!
Many people think that they should only call a real estate agent when they are ready for action, to sell or buy ... including a lot of agents. In reality, good real estate practitioners will avail themselves to you for personal real estate counseling, especially in today's market. If you have a relationship with a real estate agent then you should be comfortable meeting with your agent to brainstorm your options to hold, sell, buy, divide, etc. A meeting can be a phone call, lunch, or face to face at the office.
Experienced real estate professionals understand that their services are ongoing and not only for people ready to buy or sell that day. Real estate investment benefits manifest themselves over the course of time and it takes long term planning to have a successful real estate portfolio. It is important that your agent understand your investment preferences, i.e.- cash flow, risk level, appreciation rates, maintenance matters, ownership hassle factor, etc. Don't wait until you are ready for action, get an update on your portfolio, the market, what has happened and what might happen in your neighborhood. It is important to study, analyze and plan. You should have confidence that your discussions are confidential and focused on you.
Some ideas to discuss with your agent: a. Refinance to pull equity and reinvest ... or not. b. Split your property now ... or wait. c. Put your assets into a trust .. or not. d. Should you buy real estate with your extra $30,000, $80,000, or $200,000? e. Is it best for you to speculate on land, residential, multi-family, commercial/industrial? f. Should you make capital improvements to your real estate - to enjoy, profit from ... or both? g. Should you invest your retirement accounts in real estate? h. Should you leverage your properties ... or reduce debt? Your agent can also assist you in such matters as how to structure your will/trust so your post-demise desires are best carried out. This should be done in concert with your legal and accounting professionals.
Agents counsel now more than ever with so many property owners facing the question of whether to do a Short Sale, Loan Modification, Deed In Lieu, or letting their home go to Foreclosure. It takes considerable time to gather information, evaluate circumstances, options and consequences. A wrong course of action can lead, for some people, to loss of employment, judgments, and more. There is usually a clear best choice when the situation and status is fully realized and assessed. It takes time and effort, real personal counseling, to get to that point to make the decision with confidence.
Our Advice: Use your real estate professional, with your tax and legal advisors, to objectively and subjectively analyze your real estate interests - both presently owned and your ambitions. Share your emotions, dreams, goals with your agent and have a free exchange of ideas. Through such candid exchange your agent can help you arrange your real estate now ... and into the future. Discussions should include economic trends - local, state, region, and national. What is anticipated in 1 year, 5 years, 20 years? Consider your family members and the effects on them. No one has the proverbial crystal ball, but with enough discussion, study and analysis you can be better prepared for changes that can have an effect on your real estate and you.
Get the BIG picture. Keep informed. Keep thinking. Keep analyzing. Real estate creates wealth when managed properly. Work closely with your agent to keep it working properly for you.
When it comes to choosing professionals to assist you with your real estate needs... Experience is Priceless! Lisa Wetzel & Jim Valentine, CDPE, SFR, RE/MAX Realty Affiliates, 775-781-5472. firstname.lastname@example.org, www.carsonvalleyland.com
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Lisa Wetzel and Jim Valentine are the authors of this blog. Lisa, Jim and Jessie are experts in Carson Valley , Carson City and the tri-county area of Douglas County , Carson City and Lyon County. Call our team anytime at 775-781-5472 or 775-781-3704. To Search for Homes go to: Carson Valley Listing Book or visit our website at www.CarsonValleyLand.net or www.CarsonValleyLand.com