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MASTER THE FUNDAMENTALS OF REAL ESTATE
Sam Liebman is the founder and CEO of WealthWay Equity Group, a privately held real estate investment company focused on creating and managing real estate partnerships, and author of The Wall Street Journal best selling book Harvard Can’t Teach What You Learn From the Streets.
STREET TIP #1
Broker or No Broker?
An owner would be foolish not to use a real estate broker to sell their property. A key to obtaining the highest price is to market the property to as many prospective purchasers as possible, even if a broker fee must be paid. On the other hand, when purchasing a property, the ideal situation is to purchase the property “off-market” and without a broker involved because it provides you with the opportunity to avoid direct competition and a possible bidding war.
STREET TIP #2
Vacant Units Don’t Make You any Money
Keep in mind that you can’t collect any revenue from vacant units. Always strive for high occupancy even if it means lowering the rent and giving concessions and monthly specials, etc. You should always be cognizant of the market rent and occupancy percentage in the immediate area.
STREET TIP #3
Know When You’re Last on a List
It’s important to know when you’re last on a list. Every broker has a list of their most important clients. If a good deal comes in, they send it to a limited number of their best clients first. If the clients pass, it will then go on the market. Sometimes I receive OMs from brokers who I have no relationship with. This doesn’t mean it’s a bad deal; it just means that I didn’t get a first look at the opportunity. A big advantage was lost.
- Sam Liebman
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