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Did you know that over 6 million homes were sold in the United States over the last year?
With Americans moving all around the country, the property market has never been more active. However, property prices have steadily been on the rise as well. This offers the perfect opportunity for wholesale in real estate.
Wholesale real estate investments are incredibly beneficial for both the seller and property investor. For sellers, it’s a quick way to sell your home. For investors, it’s a brilliant way to flip a home for a profit.
Interested in learning more about real estate wholesaling? You’re in the right place. Here’s everything you need to know about wholesale real estate.
In a traditional home sale, a seller will put their home on the market and wait for an offer to come in. This can take a long time depending on the property market at the time. Even though modern platforms now exist to help you sell your home, the entire process can take months and end up costing you money.
Selling your home can end up costing you money as you would have to complete cosmetic repairs before listing the property online. In addition to this, you may want to pay for professional real estate photography. This can further increase the total cost of selling your home.
Real estate wholesaling takes a completely different approach. Wholesaling in real estate is a specific business venture in which you sign a contract with a trusted wholesaler to sell your home on your behalf. This contract basically allows the external company to advertise and sell your home for you.
Part of this contract will be the agreed-upon amount that you want to get for your home. While the wholesaler does not buy the home for you or pay you that sum upfront, when the sale does go through, you are entitled to the contractual amount.
If the wholesaler manages to do some repairs, increase the property’s value, and sell the home for more than the contractual price, they get to keep the profit. This incentivizes the company to sell the property for as much as possible, maximizing their profit in the process.
Wholesaling is a very simple process. A wholesaler enters a contract with the seller of a property to gain permission to sell the home for them. This is similar to the relationship a real estate agent has with homeowners.
While real estate agents will charge a percentage of the sales price, wholesalers will pay you the full amount as stipulated in the initial contract. This means that there are no hidden fees or scaled incentives. The wholesaler knows that the extra margin that they manage to sell the home for is their profit. This transparency is important as it strengthens the partnership between the wholesaler and the seller of the home.
Wholesalers are experienced real estate companies that know the property market like the back of their hands. This enables them to access a larger network of prospective buyers for your home. This means that they are the ones in the best position to sell your home fast.
At the end of the day, you know what price you want for your home. By agreeing on this price with a wholesaler, you’re just taking stress and pressure off your shoulders. This effectively hands over responsibility for the home’s sale to an industry professional.
Unlike other services that require you to pay out of pocket for assistance, wholesalers will tell you that they are taking the profits. This means once the home is sold, you’ll be happy with the sales price, and they will be happy with the profit margin they were able to pull off.
The first thing that wholesalers do is find a property that they think is undervalued. Once they find a property like this, they will independently evaluate the home and list all the necessary repairs that need to be done.
They will then take these repairs into account and calculate a more accurate valuation for the home. This price is important as they will then come to an agreement with the seller of the home based on this price. The agreement will give permission to the wholesaler to sell the home while also stipulating the price the seller wants to receive once the home is sold.
Wholesale real estate companies will try to get this price as low as possible so that they can extend their own personal profit margins. This is because the agreement will state anything received above the asking price listed is deemed a profit. This profit is not split or shared in any way but is held completely by the wholesaler.
Real estate wholesalers will do everything they can to boost the sales price of your home. This includes doing essential repairs on the property itself. In most cases, they will do a pre-listing inspection on the property. This inspection highlights all the issues in the home and ranks them in order of impertinence.
Real estate wholesalers are real estate professionals that understand how these little things can affect the final sales price of the home. To help boost the property value, they may opt to make these improvements themselves.
Once these repairs are done, they will go all out to find a buyer for your home. This includes paying for professional real estate photography for your home. This will then be used to publish marketing materials about your home.
After a buyer is located, they will negotiate with them to get the best possible sales price for the home. This process may take longer if you were doing it individually but is much quicker with professionals that have experience in negotiation.
Negotiations can vary from property to property but are generally quite quick. At the end of this process, a final sales price is confirmed for the property. This will enable the sale to go through at the negotiated price.
Real estate wholesalers make their money by trying to get the final sales price higher than the contracted amount that they agree on with the client. The difference is their profit margin, so they are incentivized to sell the home for the highest possible price.
As mentioned above, real estate agents offer a similar service but differ in a few crucial ways. Real estate agents and real estate wholesalers both help you sell your home. However, they operate in very different ways.
Real estate agents help you sell your home rather than sell it for you. This means that they will help find buyers and even showcase your home for you. While this is a major help, wholesalers do much more for sellers. Wholesalers do repairs, stage homes, host an open house, and even market your home for you.
Wholesalers are far more invested in your home’s sales price as their entire profit margin relies on them selling your home for the highest possible price. Real estate agents are generally paid according to a fixed percentage of the sales price.
While many may think this is fair, it also means that they are not incentivized to get you the price you want for your home. Regardless of what price your home sells for, they get their fixed percentage. This is why wholesalers may be a better option for you.
At the beginning of the process, wholesalers come to an agreed-upon price for your home. They are then incentivized to sell your home for more than what you want so that they can benefit from receiving a profit. If they can’t sell your home for more than the price you want for it, they won’t make any money from the sale. Either way, you’re more likely to get the money you want for your home from a wholesaler.
Wholesale real estate is perfect for people who want to sell their homes but don’t have the time to do it themselves. Since wholesalers do most of the heavy lifting for you, it’s a much simpler option for individuals or families that don’t have time to spend on finding a buyer.
This is also perfect for individuals that want to sell their home as is. If there are things in your home that you know you have to fix before selling, handing the sale over to a wholesaler may be the best option. This is because the wholesaler will take everything into account and still try to get your target price for you.
As mentioned throughout this article, there are tons of benefits to partnering with a real estate wholesaler. These benefits apply to both homeowners wanting to sell and property investors that wish to flip homes for a profit. Here’s a quick guide to the benefits of wholesale in real estate.
Homeowners can benefit from partnering with a property wholesaler. Here are a few of the most noteworthy benefits.Have Professionals Value Your Home
Valuating your home can be a stressful and expensive process. By working with a real estate wholesaler, the entire process is much more streamlined. They will value your home for you and factor in the repairs that need to be done as well. This gives you an accurate view of what your property is worth.Get Professional Marketing
Property wholesalers often come with the tools they need to sell your home fast. This includes professional photography to help market your home all over the internet. These companies flex their network to help sell your home in a fraction of the time.
If you’re looking to flip homes, consider becoming a real estate wholesaler. This is a low-risk way to flip homes for a profit. Here are a few benefits of entering the real estate industry.Simple To Learn
While you may think wholesaling real estate is difficult to learn, it’s actually very simple. The entire business model is simple, allowing you to master it in no time. This makes it the perfect way to enter the real estate industry as a beginner.No Credit Required
If you wanted to flip a property traditionally, you would have to buy it first. This often requires you to have access to credit facilities. By signing a wholesale agreement, you can repair the home and sell it without having to purchase it. This also helps reduce the risk of the overall investment as you’re just selling the home on behalf of the owner.
Thinking of entering the wholesale real estate market? Here’s a quick guide on how the entire process works.
Step 1: Find a Property with a Motivated Seller
Step 2: Determine the Value of the Property
Step 3: Sign a Contract with the Seller
Step 4: Locate an Interested Buyer
Step 5: Negotiate for the Best Rate
If you’re thinking of selling your home, there are benefits to signing a contract with a wholesaler. While it may not be very common, wholesale in real estate is a win-win situation for everyone involved. As a seller, you’ll have experienced real estate professionals handling your home’s sale for you. This can save you time and money, keeping you focused on your move.
At iBuyer, we have years of experience in the property market. This enables us to buy and sell homes in the blink of an eye. Want to learn more? Submit your address and create an account to get multiple cash offers on your home.
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Colombia’s Caribbean coast is buzzing, with new hotels, new visitors and a wave of new investment.
And while much of that activity has been centered in Cartagena and the offshore island of San Andres, another destination has been heating up: Barranquilla.
And that now includes Marriott, which just opened its newest Caribbean hotel in the city of Barranquilla.
The new Barranquilla Marriott Hotel, set in the “Golden Gate of Colombia,” has a 191 rooms and nearly 20,000 square feet of meeting space.
“Colombia is a destination known for its lively and rich culture with Barranquilla being a bustling seaport and the capital of Cumbia music. We are excited to expand the company’s presence in the country with the opening of Barranquilla Marriott Hotel,” said Brian King, President, Caribbean and Latin America at Marriott International. “Marriott Hotels has always been a place where guests can seamlessly blend work and relaxation, and Barranquilla, with its vibrant business community, charming heritage, and ever changing food scene, all perfectly located on the banks of the Magdalena River, is the ideal home to this new state-of-the art hotel.”
The new hotel has several dining concepts, an outdoor pool, a fitness center and special accommodations for pets.
That includes two eateries: Amira, serving “elevated local cuisine,” and Meira Cafe, which showcases a coffee ritual and an assortment of local breads and pastries.
And then there’s the Rum Room, a rum-used bar that showcases both Colombian and regional rum selections, with regular tastings and pairings, a nod to Colombia’s growing rum industry.
That’s along with M Club, a Marriott brand signature that “exclusive space to rest, recharge, and refocus, every day at any time. A range of complimentary food and beverage options featuring hot breakfast, evening drinks and hors d’oeuvres, and premium beverages are offered throughout the day.”
“We are thrilled to bring Marriott Hotels to Barranquilla and continue expanding our global footprint in enriching destinations,” said Jason Nuell, Senior Vice President, Premium Brands, Marriott International. “The Marriott Hotels name is synonymous with hospitality, earning the trust of travelers around the globe, and Barranquilla Marriott Hotel is poised to continue the brand’s living legacy with its sophisticated spaces, exceptional service, and elevated experiences.”
“We are pleased to welcome global travelers and locals alike to our new hotel with an enriching experience inspired by the local and cheerful culture of the city of Barranquilla,” said Marcela Steffens, General Manager, Barranquilla Marriott Hotel. “Offering a prime location whether traveling for business or leisure or a blend of the two, we look forward to delivering excellence at every turn with heartfelt service.”
While Cartagena is Colombia’s best-known Caribbean destination, Barranquilla has quietly seen more and more new hotel development, along with new flights from carriers like Spirit Airlines..
For more, visit Marriott Barranquilla.
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After the last few years of rampant house sales, the American real estate market is cooling to the extent that 25% of home sellers cut their asking prices this year.
That makes things a little more difficult for keen sellers who want a fast sale but also need to profit from the deal. Now, pricing your home right is more important than ever.
Selling a home is an emotional decision, and it’s easy to allow sentiment to cloud your objectivity when pricing your home.
House comps can help you get the balance right. Keep reading to discover more about this pricing factor and how to find ”comps for my house.”
House comps, also known as ‘closed comparable sales’, refer to completed home sales for homes with similar characteristics.
Real estate agents, appraisers, attorneys, lenders, and estate planners all use home comps to determine home values.
Home values are primarily affected by individual market conditions, and these prices can vary widely depending on demand in the area around the location of the home.
Active sales aren’t a good reflection of current market values, as owners can list their houses for any price they like, but they won’t necessarily achieve a sale any time soon.
Likewise, reviewing historic home sales isn’t much use in a rapidly fluctuating market. So, it’s best to restrict your search to the last three months.
Although this method isn’t foolproof, due to the number of variables that can impact home sales, it’s a good starting point for pricing your house or setting up a budget for buying your next home.
In this way, home comps help you get a fair price, whether you’re buying or selling.
Unlike most things today, you can’t find a quick online solution when looking for “comps in my area.” Working with house comparables takes a lot of research.
Here’s where to start your investigations:
Real estate listing websites like Zillow, Trulia, and Redfin, take information from the MLS to assist home buyers in their search. They also have data regarding past home sales.
The best websites let you filter this information to match your home closely. Use the following steps to find houses that compare to yours:
Most of these top websites will have very similar search functionality. Plus, if you know of a home like yours that’s sold recently, you can type in the address to discover its sale price.
You can also search for more homes nearby to compare prices.
Free online valuation tools use information gathered by experienced real estate agents to compile valuation reports for homes anywhere in the country.
They’re easy to use and will provide you with a good starting point for determining fair market value. Many of these tools use data from the MLS to calculate valuations.
Some of the best websites for online valuation tools include:
While they’re no substitute for a professional appraisal, they’ll give you a good idea of what you can expect to get for your home.
Local real estate agents are your first port of call for expert property advice in your area. They can provide boundless advice on how to best price your property, compile a cost comparison report for you, or refer you to a reputable, licensed appraiser.
Only licensed real estate agents have unfettered access to the MLS, where they can find up-to-the-minute information on homes for sale in your neighborhood. In this way, they can tell you at the outset whether your expected price is realistic or not.
A good realtor is aware of which neighborhoods are gaining popularity. They can also advise you on whether to sell now or hold out for the rush.
Your county’s public property records are accessible to everyone, and you might find much useful information contained in these documents.
These records only display the last recorded sales price, which can sometimes date back too far for your needs, especially if you live in an area with sparse real estate transactions.
You can search these records online for free in most states and only pay if you require printed copies.
It’s easy to find them by visiting your city or county website and searching for property records. You can also visit your county deeds office to search through the archives.
These websites commonly have information about individual properties’ taxes and the last price they sold for.
A real estate agent may provide a free comparative market analysis to help you navigate the home comps process. They do these reports in the hopes of attracting more sellers.
These reports usually include a comparison between three to five properties in your area and may list:
Although a CMA isn’t comparable to a professional home valuation, it provides a reasonably accurate reflection of your home’s current value. It has several important uses, depending on your circumstances.
Home buyers can use a CMA to submit a more competitive offer on a sought-after property. It’s also a useful tool for setting up a home-buying budget according to their wish lists.
Most homebuyers compare prices as a matter of course while shopping for a home, so it’s worth making the extra effort involved in comparing the finer details. This prevents buyers from looking at homes worth more than they can afford, or from over-paying for a property.
With house-flipping profits at their lowest ebb in a decade, a CMA is invaluable for fix-and-flippers juggling the costs involved in buying and refurbishing a home vs. the expected sale price.
CMAs help homeowners calculate if they have the required 25% equity to refinance their homes.
Real estate agents look at specific aspects when they compile a comparative market analysis. You can use the same real estate comparables to craft a DIY CMA for your home using a reliable real estate website:Location
Real estate value can vary widely in different locations, so start looking for houses sold within a mile from your home. If you don’t have any success, you can expand your search to a maximum five-mile radius.Neighborhood
Neighborhood features and amenities have a significant impact on home prices. Conveniences like schools, stores, public transportation, and hospitals drive prices up, along with variables like proximity to lakes, rivers, oceans, and parks.
A study by the University of Florida indicates buyers will pay as much as 46.2% more for waterfront properties.
Comparing a home with others in the same neighborhood helps you identify unique selling points that can add to its value.The Age of the Home
Buyers assume that older homes will need more work. That means a more recently built home will always have a higher price initially.
Homes in disrepair are cheaper, as the buyer must spend money on improvements before they can move in. Likewise, homes with an awkward layout and small rooms will fetch lower prices.
Age aside, a well-maintained older home stands its ground among more recently built properties. If you’ve inherited a home, and have little knowledge about its maintenance history, a house comp can help you value it more accurately.
Keep these things in mind when comparing prices in your area. Look deeper into homes with unusually low prices to see if they share similarities with your house. Square Footage
The size of a home plays a major role in its market value. It only makes sense to pay more for a larger home.
Always compare homes with square footage that nearly matches that of your home. You can calculate the price per square foot by dividing the sale price by square footage.
This figure helps you determine an approximate value for your home when comparing it to larger or smaller properties. Bedrooms and Bathrooms
Usually, the more bedrooms and bathrooms the house has, the higher the price. Remember, a home with small square footage and more rooms isn’t an attractive option and should have a lower value. Upgrades and Improvements
Upgrading a kitchen or bathroom usually increases the value of a home. If your home has outdated bathrooms or an ugly kitchen, it will affect its value negatively.
Look closely at the photos of your selected properties. Do they feature high-interior finishes or superior appliances?
These aspects can add to the home’s value. Unless you’ve furnished and equipped your home in a similar or better style, the other one is worth slightly more.Timeframe
Pay attention to homes sold within the last six months or less. Last year, houses sold at all-time-high prices, representing unrealistic market values.
While there’s no denying that house comps offer many benefits for pricing your home, you should guard against information you receive online.
Some of the things that can go wrong on this platform include:
Real estate agents use ‘for sale’ listings as marketing tools to attract buyers and sellers. So, they’re very dedicated to uploading prices, targeting their listings, and updating the prices.
Once a home sells, they’re not as quick to make the relevant changes to the selling price. It’s easier to update the home’s status to ‘sold’ than adjust the price manually.
Sold prices don’t usually take seller concessions into account either, so they aren’t an accurate reflection of how much the seller received for their home.
The data represented online comes from the MLS. While the MLS always has the most up-to-date information on available properties, real estate websites only update this information occasionally.
Depending on the website, this may occur weekly, daily, or hourly.
Some listings, known as pocket listings, aren’t featured on the MLS. These are private sales that agents sell to a private network of buyers.
Although you won’t find prices for these homes published anywhere, they can affect your home’s current market value.
It’s common practice for sellers to complete remodeling projects or upgrades to attract more interest from buyers. They don’t often update these details on their original listing.
That means you might end up comparing your home with one that now has additional features not mentioned in the original listing.
The above factors don’t mean you should avoid using online sites for house comps. Here are a few things you can take note of to help ensure you’re comparing apples to apples:
Asking a local real estate agent for help when comparing prices can keep you on the right track when working with real estate comps.
House comps are an excellent tool for determining home values, but the right price is no guarantee of a fast sale. You also can’t account for the inevitable haggling that occurs once you attract interest from a buyer.
iBuyer.com connects you with qualified, serious cash investors and helps you avoid the drawn-out negotiating process. With us, you’ll save on most of the costs associated with conventional home sales.
Enter your home address on our website to receive a reasonable, firm cash offer and enjoy a fast, hassle-free home sale.
The post Comps For My House: How To Find Comparables appeared first on iBuyer Blog.
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Wyndham Hotels and Resorts is opening a new all-inclusive resort in the Mexican Caribbean, Caribbean Journal has learned.
The company’s newest all-inclusive resort is the Wyndham Grand Cancun All-Inclusive Resort and Villas, which is slated to open its doors on Nov. 1, 2022.
The resort is the product of a franchising agreement with Mexico-based Grupo Cancun.
The 364-room property, set in the heart of Cancun’s famous Hotel Zone, has seven eateries, along with five bars, four pools, a spa, a beach club, tennis courts, a kids club and retail shops, among other amenities.
It’s part of a growing collection of new Cancun all-inclusive resorts, both in the Hotel Zone and in newer areas like Puerto Cancun.
“Wyndham Grand resorts offer everyday travelers experiences in some of the world’s most sought-after destinations, which now includes Cancun,” said Scott LePage, President, Americas at Wyndham Hotels & Resorts. “Travelers can expect an upscale experience in the heart of the destination and immerse themselves in the Mexican culture through the resort’s wide range of dining experiences and activities.”
Wyndham has been steadily growing its all-inclusive footprint after debuting a pair of all-inclusives on the Caribbean coast of Mexico last year under the Alltra brand.
The company says its research shows that 75 percent of travelers believe staying in all-inclusive is the best way to travel right now.
“With more than three decades of experience, we see that we are in an increasingly globalized world and recognized an opportunity to strengthen our international position through working with Wyndham Hotels and Resorts,” said Abelardo Vara, President of Grupo Cancún. “As the world’s largest hotel franchising company, Wyndham has a strong sales and reservation system, which helps guide guests who are dreaming of their next destination to visit. As the resort converts to Wyndham Grand Cancun All-Inclusive Resort & Villas, we look forward to partnering with their highly professional team.”
The Wyndham Grand Cancun will be part of the Wyndham Rewards loyalty program, the company said.
For more, visit Wyndham.
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