Okay, you’ve read the manual, reviewed the basics of the sales pitch with your manager, been knocking on a few doors, and now you’re running a property walk on a daily basis. As a pager, she is going out and trying to contact the owner. While on the property, she is assessing the exterior conditions and the neighborhood. This is his research stop. She takes pictures of the exterior of the house, some shots of the neighborhood, and is trying to determine if the property is worth the time and effort to track down the house. This first visit, whether or not you have contact, is investigative in nature.

What are honest eyes and how do you develop them in this business? In order for a locator to earn a commission, we must use each visit as a way to show the final buyer (our managers) what the property and area is like. During your property visits, you may remove some of the properties due to the neighborhood and physical condition of the property. By removing properties, you will allow the locator to spend time on properties that will actually make you money. Remember, we have a tight timeline for a home purchase and if the locators don’t describe enough about the neighborhood and condition of the property, the price offered to the owner will not be the best price and we may not. have the opportunity to purchase the property.

It is absolutely in the best interest and pocket of the locator to take detailed notes of the area and the condition of the property during each visit. In our experience, the first visit to the property can clarify the following facts:

1) Evaluate the neighborhood.

Remember that people buy not only the house but also the neighborhood. If the neighborhood is run down, it won’t be a purchase. If the house is physically distressed, then you are wasting your time going to visit it again. These are matters that you and your manager can decide after the first time you visit the property. Over time, you will become quite familiar with the area you are working in and learn the details of each street. This will allow you to be more efficient. Here are some localizer notes on neighborhoods.

“Not my home…a busy street…located near Route 28.”

“Busy and noisy section of the blvd.”

It tells us that it may be a difficult resale, so we will have to price accordingly.

“Nice area though (Juniper and South Street).”
“Almost on the corner of 18th and fitzwater -“

This note is from a pager who is quite familiar with his area and now knows the streets. This also means that the manager knows this area well.

“close to a ballpark (good location).”

Services that people can enjoy. Ballparks, parks, end of shopping street, beach, pond, boat ramp, highway, etc. all help us decide the value of neighborhoods.

“Nice quiet side street. Adjacent to wet ground. Good neighborhood. House in good shape. Hard to find. Old Skating Rink Rd ends in wet ground. Extension continues past wet ground.”

Wetlands might cause a more expensive septic system, but they can also create more value. Quiet side street is an excellent resale point.

“Upscale neighborhood. Great home, great neighborhood, contemporary style, new pool and hot tub in back, all fenced in, chalkboard in foyer, hardwood floors.”

This tells us that we are dealing with a step house or a high-end house. It requires very precise marketing knowledge. Harder to resell. It needs to have more publicity.

“The yard is well kept even though the lawn was overgrown. The pool is not open even though it was full of water. The neighborhood is well kept. The house is on a dead end street.”

This is a typical suburban house that we want to return to many times.

“Neglected property. Lots of “stuff” in back yard and on side of house. No curtains. Dog in house. Daughter was nice. Neighborhood is nice. Quiet and houses in immediate area are well kept. Light .”

Good grade describes a great neighborhood to invest in.

“Neighbor is in good shape. Various properties for sale. This property has a large yard in the rear. It is not well maintained. It appears to be a farmhouse that was converted into a full time residence. Most likely, have septic problems. High water table. View of the lake is clear.”

Again a lot of information in this note. We know there will be a septic problem with a high water table. The house with a view of the water always adds value. The farmhouse conversion means that any rehab has to be a light build. The framing of the cabins in this area was not reliable. Several properties for sale tell us that we have to be cheap to sell before the others if we buy the property.

“The area is more or less… Across from the city loop at Bustleton and cottman.”

Here we know that resale will be more difficult in a commercial area or adjacent to a commercial area will make the house less desirable. It must have a price according to the purchase and sale.

“The neighborhood is a great area of ​​Brockton and houses in that area have sold in the mid-$400s recently”

Absolutely a luxury neighborhood for the city of Brockton. Personally, I’d stay away from the top end of a blue collar district unless it’s a robbery.

2. Evaluate the exterior of the house

Here your goal is to educate your manager on the condition of the house from the outside. This will allow you to start putting together a realistic rehab budget. The quicker the rehab quote is drawn up, the quicker you can submit an offer. More offers equals more offers.

As a locator, you try to describe what you see by taking pictures and helping the manager find the shape of the house before you buy the property. Remember that we are carrying out a process that usually involves home inspections, mortgage contingencies, bank financing, etc. and trying to make the decision in a few days after contact with the owner. You help with that process by gathering the intelligence needed to make an offer and signing the deal. Here are some recent notes from some of the localizers and amn’s analysis of the note.

“The exterior of the house is well maintained. The interior was empty and almost in move-in condition. However, we sat in the kitchen and nothing short of a complete overhaul is required in my view.”

From the notes it seems like a slight fix that will allow us to buy at the right price. New kitchens are easy to install and add value dollar for dollar.

“The exterior of the property is in good condition. It is very well designed. The main access is not from Wellington Place; it is from Curve Street. The photo is of the front of the house facing Wellington Place.”

Excellent note it seems that this property would be a good purchase.

“Storm windows, no landscaping. Brick bottom/half tile top 1/2 gray and black shutters. Storm windows.”

Storm windows = probably single-pane old windows that possibly require all new windows. More information about the house is needed to decide if it is worth monitoring.

“Farmhouse, two-car garage, turquoise awnings over the windows, average house, average neighborhood, corner lot.”

Isn’t there enough description about the property to decide what to do with it? Good color description, but what about the shape of the roof, windows, etc.?

“Low average shape condo units tried unsuccessfully to speak Portuguese next to Country Garden.”

Reading this note, I hope that the place for resale will be sold at a discount due to its shape. You may have considered yourself physically distressed if we had more information.

“Little skiff in yard. Small ranch with attached garage and walkway. Place is a real mess. Needs roof, trim needs paint, no landscaping, trash in back. Power out 6/6/ 06”.

This note makes it clear that this house will not be a purchase unless it is a robbery. This is a contractor rehab, not a financially troubled home. I would probably file

“This is the best home on the street. Falmouth Street appears to be zoned residential and commercial. Other properties on the street appear to be investor-owned multi-family homes and some single-family homes similar to the property in question.”

Of note we are in a neighborhood of transition. You need more description of the shape of the house to decide if this is one to keep on track.

“Empty house. Roof near EOL, Cement work OK, Siding OK, Interior view OK through window.
The house is in good shape, has old aspest siding and has been painted.”

Here we know enough that we will have to quote the roof, the cement work, etc. Good note to review.

“6/9 Boarded up house, irregular shape outside.”

Most likely you are filing this one. Planked and rough generally means a contractor rehab.

“Good property needs driveway and garage door. Has for sale by owner sign.”

A good note helps with the rehab budget, but a quick rundown of the other sections of the house could do with it.

Conclusion: the locator is the search engine for sales and facts of the property. Each time the locator approaches the property, it will learn more about the neighborhood and the property in question. The more information the administration has, the easier it will be to pull the trigger and buy a property. Remember that the homeowner wants to wait until the last minute to sell. It is difficult for management to invest thousands of dollars without the correct information. Let’s try to make the purchase easier by refining the notes to a point where the property is ready for purchase. This will give the locator more offers and money.
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