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What should be contained in a Real Estate investment package?

 

What should be contained in a Real Estate investment package

Your task as a real estate agent or salesperson is to make the process of property buying and selling simple and quick for your clients. To be successful in this dynamic industry, in Ontario, you need to keep your information systems updated, your listing information accurate and closing transactions on track.



Below are some of the important things that you should consider as required in a real estate contact and project management integration.

  • Keep a track of your contacts and prospective property buyers/sellers with their contact information
  • Once you have the contacts in your database, market your services via regular mail, email and telephone calls.
  • Once a listing prospect (property listed for sale) becomes an active listing, start managing the listing and look for possible buyers. You may have to invest in marketing and advertising to invite buyers.
  • To keep your clients (owners/sellers of property) updated, communicate with them regularly and inform them as to what you are doing to sell the property.
  • Once you put a listing under a contract or write contract for a buyer, you need to manage the closing transaction requirements and progress. This may include a large number of deadlines and tasks and these need to be taken care of in a timely and accurate manner.
  • You need to inform your clients about the progress of the transaction including the related inspections and appraisals.
  • After successfully closing a sale, do keep in touch with your clients for future referrals.



When you meet with your buyer you would take property listings with you.  A property listing presented to a prospective buyer should contain accurate information for the location of the property, the asking price (price expected by the seller), the size of property and details about the building in case of a constructed property.

In case there is a building, the year in which it was constructed should also be mentioned. If a property is to be given on lease, a copy of lease agreement and it terms must be a part of real estate package.

As a real estate agent or salesperson in Ontario, you have to put in a lot of effort to prepare valuable real estate investment packages for your clients.

To prepare good quality listings, you would:

  • Talk to property owners when you make an appointment and find out the reasons that prompted them to sell the property. It may not be wrong to even ask them as to what they want to realize monetarily from the sale.
  • Get the tax records for the property
  • Check if the property was sold in the past and how many owners did it have
  • Ask for picture of property – these should be a part of your real estate package when you present the listings to prospective buyers
  • Also check with the sellers if they have also contacted other real estate agents to facilitate the sale and assure them of best results through your assistance

Your Real estate investment package must also have a comparative market analysis.  A comparative market analysis (known as CMA) is a property analysis that you as a real estate agent will use to help sellers and buyers determine the market value of real estate.  You will have to prepare a real estate CMA by comparing the property that you wish to set the price, called the subject property, with three or four similar properties that were sold in the recent past in areas near the subject property.

It is important to use the actual sale price of sold properties when doing a CMA.  This is the data that an appraiser will also use when a potential buyer is looking for a loan.  However, property does not sell as per the prices of sold properties alone - supply and demand is also a crucial factor.  In a rising real estate market, the supply and demand factors will make listing prices more important.

 Your CMA should be presented ahead of time but should be shown to clients only when you have developed a rapport with them.  Showing it to a property seller before they are acquainted with you as a real estate agent can be an immediate turnoff.  What's more, if you prepared CMA with sketchy knowledge of the property, the pricing might have to be adjusted.  The information required to compile an accurate CMA for clients is a skill that you will develop over time.

When sellers and buyers approach you to help with their property deals, they expect you to have an excellent knowledge of the market and the skill to get the deal closed in least amount of time – this becomes largely possible when you have an effective real estate package containing ‘essential to know’ and ‘good to know’ information for your clients.

For further discussion on real estate investment package, visit:

What should be contained in a Real Estate investment package

 

The main educator in Ontario and the governing body that certifies you to become a Real Estate Agent in Ontario has a website, OREA, which offers information and courses about How to get started in Real Estate in Ontario!  You may read more about how to become a real estate agent

 

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This page has dealt with How to get started in Real Estate in Ontario, I hope you have found it useful.

 

 

 

 

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