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REAL ESTATE MISTAKES

THE BOOK TO READ BEFORE YOU BUY OR SELL YOUR HOME

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book_7Real Estate Mistakes If you genuinely cannot afford to purchase this book now, we will mail it to you and you can pay for it after you have bought or sold a home, whenever that may be. We believe most consumers are honest and we are happy to take your word for it. It’s called trust.

Table of Contents
Acknowledgments
xv
xvii

PART ONE: 
BUYING A HOME
Chapter One   
3
YOUR MONEY
• The Danger of Debt.
5
– The First Family Aim.
5
– Buying Money.
5
– The Worst That Can Happen.
6
• Your Highest Buying Price.
7
– What You Want or What You Need.
7
• Four Hidden Costs.
8
• Your Financial Future.
10
Chapter Two   
13
YOUR PURCHASE
• Your First Visit to the Area.
15
• The Best Agents.
16
– Finding the Best Agent.
16
– Meeting the Agent and Seeing some Homes.
16
– Finding the Best Home.
17
• Typical Agents.
18
– Inspecting a Home.
18
• Pitfalls and Helpful Hints.
19
– The First Day Purchase.
19
– The Instinct Rule.
19
– The Fed-Up Purchase.
20
– The ‘Right’ Time to Buy.
20
– Overcautious.
20
– Procrastination.
21
– The “Rogue” Home.
22
– Friendly Advice.
22
– Professional Advice.
22
-Remorse.
24
• Eight Reasons to Buy a Home.
25

 

Chapter Three   
29
HOW BUYERS SAVE THOUSANDS WITH TYPICAL
AGENTS
• The Best Deal for the Buyers.
31
• The Betrayal of Sellers.
32
• Questions Which Reduce the Price.
32
• The Blame.
36
• How to Buy at Auction.
37
• Seven Rules for Buying at Auction.
38
– Dummy Bidding.
41
– The Reserve Price.
42
– The Fish Market Examples.
43
– The Internet Auctions.
43
– The Drama.
45
• Buyers’ Agent.
45
• Buyer Savings.
46
• Making an Offer to Buy
48
– Are You Serious?
48
– Show Your Money.
48
– Write it Down.
49
– Terms.
49
– The Amount of Your Offer.
49
– Two Reasons to Make an Offer.
50
– Gazumping: The Emotional Stab-in-the-Back.
51
– No Offer May be the Best Offer.
52
• Investing in Real Estate.
53
– Myths of Real Estate Investing.
53
– Negative Gearing.
54
– Real Estate Marketers.
55
– Protect Yourself.
56
– Real Estate Agents.
56
– Investment Questions for Agents.
57
– Good Real Estate Investments.
58

 

PART TWO:
SELLING YOUR HOME

 

Chapter Four   
63
HOW TO CHOOSE AN AGENT
• Three Reasons Mistakes Happen.
65
• The Most Wanted Person.
66
– The Quote Trap.
66
– The Price Issue.
67
• How to Know the True Value of Your Home.
68
• How to Interview Agents.
69

 

Chapter Five
73
A SKILLED NEGOTIATOR
•Getting It.
75
• Skill.
75
• High or Highest?
76
• The Fourth Price.
77
• Auction Prices.
78
– The Case of Dean.
78
– Control.
78

 

Chapter Six
81
PAYING AN AGENT
• Commission.
83
• Skill, Skill, Skill.
84
– Profits of Agents.
84
• Golden Rule.
85
– Discounts.
86
– The Ethics of Discounting.
86
• Net Price.
87

 

Chapter Seven
89
THE METHOD OF SALE
METHOD 1. AUCTION
91
• Shark Bait.
91
– The Obvious Victims.
91
– The Hidden Victims.
92
– Your Number One Aim.
92
– The Undersell Example.
92
– Start High.
93
• Appearance and Reality.
94
– Publicity.
94
– Investigating Auctions.
94
– Real Estate Courses.
95
– Auction Advertising.
96
– Anger.
97
– Homesellers Tricked into Auction Advertising.
97
– Conditioning.
98
– The Two Auction Traps.
99
• Temptations.
100
– The ‘Crunch’.
100
– The ‘Stimulate’ trick.
101
– Two Reserves.
101

Deceptions.
102
– The Quoting ‘Hooks’.
102
– Textbook Example.
102
– How Buyers Lose Too.
103
– Research.
104
– ‘Dummy’ Bids.
104
– No Bidders.
105
– The ‘Date’.
105
– When Auctions ‘Fail’.
106
– The Clearance ‘Rate’.
107
– Buyers do not Like Auctions.
107
– Auction ‘Areas’.
108
– Selling Before Auction.
108
• Protecting Yourself.
109
– John & Betty, A Typical Case.
109
– The Real Estate Institute “Guarantee”.
111

Knowledge and Advice.
112

Let the Agent Take the Risk.
112
METHOD 2. OPEN LISTING
115
• Low Sale.
115
– Buyers Shop Around.
116
• No Sale.
116
• Guarantee.
117
METHOD 3. MULTI-LIST
119
• Best Buyers With the Worst Agent.
119
• The Demise of Multi-List.
120
• Multi-List Areas.
121
• Conjunctions.
121
METHOD 4. PRICE RANGES
123
• Two Big Reasons to Reject ‘Bait’ Prices.
124
• Activity Traps.
124
• No Price.
125
• Time and Patience.
125
METHOD 5. SELLING PRIVATELY
128
• Simple.
128
• Three Choices.
129
• Private Sale Companies.
130
METHOD 6. THE SMART SALE
132
• Attitude and Skill.
133
• Risk and Trust.
134
• Price Dangers and Truths.
135
– Asking Price and Selling Price.
135
– The Price Mountain.
136
• Price Levels.
138
• For Buy Price.
139
• Finding the Highest Buyer.
140
– Several Asking Prices.
140
• The Three Outcomes.
141
• Unique and Special Homes.
142
– The Hedges Avenue Example.
142

 

Chapter Eight
147
PRESENTATION
• Falling in Love.
149
• First Impressions.
149
• The Outside Appearance.
150
• The Inside Atmosphere.
152
– Natural.
152
– Minor Repairs.
153
– During the Inspection.
154
• The Value of Major Improvements.
155
• Exclude ALL Inclusions!
156
• Focus on Features.
157
• Your Competition in the ‘Market’.
158
• Finding Positives.
158
– An Up-Market Agent.
159
– Contact.
159
– Your Reason.
159
Chapter Nine
161
OPEN INSPECTIONS
• Dangerous.
163
– Cover-Ups.
164
– After the Inspection.
165
– Qualifying.
166
• Restrictive, Inconvenient, Impersonal, Frustrating.
167
– Make it Easy to Buy.
167
– Lower Prices.
168
Chapter Ten
171
ADVERTISING & MARKETING
• The Truth.
173
– Promote Agents.
174
– Impress Each Other.
174
– Attract buyers?
175
– Let Agents Pay.
175
– Impress Homesellers.
175
• Behind the Scenes.
176
– The Multi Million Dollar Spend.
176
– A World of Ego-Mania.
176
– Protecting Yourself from Advertising Rip-Offs.
177
• Kickbacks.
178
• Smart Marketing.
179
– Identify the Customers.
179
– Wasting Millions to Reach Millions.
179
– Incompetence or Dishonesty.
180
– The Real Cost of Advertising.
180
– Cost Versus Return.
181
– Teaching Agents.
182
• Solutions.
183
– The ‘Open’ Agent is the Best Agent.
183
– Courtesy.
183
– Buyer Records.
184
– Local Buyers.
184
• Visible Activity.
185
• Attracting the Right Buyers.
186
– Sorting Buyers.
186
– The Buyers’ Road.
186
– Information.
187
– Too Much Information.
187
– Talking Signs and Windows.
188
– Simplicity.
188
Chapter Eleven 
191
TROUBLE-SHOOTING. WHAT TO DO…
• If You Have Chosen Auction.
193
• If You Have Paid Money in Advance.
194
• If You Signed a Harsh Agreement.
195
• If You Have Allowed Open Inspections.
195
• If You Are Being Threatened.
196
• If You Have Chosen Open or Multi-List.
196
• If You Are Being Ignored.
197
• If You Receive an Offer.
198
– If You Trust the Agent.
198
– The Quick Sale.
199
– If Your Agent Lacks Skill.
199
– Paid Money?
200
– Inclusions.
200
– A Little Bit More.
201
• If Your Home is Not Selling.
201
– The Agency.
202
– You are not Lowering the Selling Price.
202
– Time and Price must match.
203
– Beware of The Lemon Tag.
203
– Another Agent?
203
– Three Choices.
204
• If You Decide Not to Sell.
204
– The Nasty Agent.
204
• If Strangers Come ‘Knocking’.
205
– Cutting Out the Agent.
205
• If You Want to Complain.
206
• TEN VITAL POINTS for Selling Your Home.
207
PART THREE:
WINNING IN REAL ESTATE
Chapter Twelve  
211
ETHICS IN REAL ESTATE
• Agent Benefit Systems V Client Benefit Systems.
214
• When You are a Seller and a Buyer.
215
– Do You Sell First or Buy First?
215
– Confidence.
216
– A Summary of Selling and Buying Together.
217
• Inside Real Estate (briefly).
218
– Repeating the Errors.
218
– Dishonesty or Incompetence.
218
– Ego and Advertising.
220
– Staff Recruitment and Treatment.
221
– Education and Training.
223
– Ethics Education.
224
– Silencing its Critics.
225
• How Everyone can Win in Real Estate.
226
– Ethics.
227
– Knowledge.
228
Appendices
229
Further Reading
235
Notes & Reference Sources
237