By Leon d’Ancona
If you subscribe to the idea that a real estate professional does more than just list and sell a home, then this article is for you. I’d like to show you a facet of what you can do for your clients that very few real estate agents have even considered.
Take the assumption that most people do some renovating prior to moving into their newly purchased home. If you add to that the fact that bridge financing is easily available, then what I’m about to show you starts making excellent sense.
If the average price of a two-bedroom is $374,255 while a three-bedroom is $460,774, the difference is $86,519 (keep that figure in mind). For now, we will pick a three bedroom home (Chart 1).
Now have a look at the difference between two bathrooms and three bathrooms (Chart 2). Grab your calculator and note that the difference between the two is $61,743.
Now ask yourself: is it a given that the three-bedroom house is actually bigger, better and contains more square feet than the two-bedroom?
Chart 3 indicates that the measure of square footage does not necessarily reflect price. With this in mind, it is possible for you to say the following:
“My dear Mrs. Homebuyer, why don’t we go for three bedrooms, with two washrooms, with a fairly large square footage in the area that you are looking for, and I’m sure you will be able to build a washroom and perhaps even an extra bedroom for less than $61,000.”
Because no one is living in the house, you can organize the construction to be quick, efficient and the bridge financing with today’s rates adds very little to the cost.
Very few real estate agents go the extra mile and actually have information like these charts to show to their clients. By providing data like this, they can earn their reputation as being not only real estate agents but good advisors as well. It is this kind of information offered to clients that will definitely enhance your stature as a real estate professional.
To all my faithful readers, Happy New Year.
Posted: 2010-01-04 07:31:22
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