Everything You Need to Know About Buying Property in Florida
Real estate investments are one of the oldest and most trusted methods for building wealth in America, and for some they offer a steady stream of income for long-term financial security. Whether you’ve successfully purchased and sold property in Florida or this is your first venture into buying real estate in Florida, it pays to have a real estate marketing plan to help you reach your goals.
Florida investment properties are at an all time high and Florida is presently a seller’s market, so when you find the right property for the right price, you can feel confident about yielding a very decent profit. But before you buy make a purchase, familiarize yourself with our essential tips for creating a real estate investment plan and buying property in Florida.
Crucial to any successful investment property venture is making smart, calculated decisions – measuring risk against reward and not depending on luck. One risk to be avoided at all costs is buying a property with substantial structural problems or functional deficiencies. The home inspection cost is money well spent that can save you from making a financially lethal decision.
Essentials of a Real Estate Marketing Plan
Buying and selling property has many tentacles that must all be accounted for and managed in a timely fashion. Since Florida is already one of the best places for investing in real estate, you will find a large network of realty-related service providers, ready to help you through each step. But having a personal plan is essential, and depending on the complexity of the property and transactions, your marketing plan can be as simple as a detailed list of tasks to achieve and financial obligations to be met. Realtor Magazine suggests using these steps to create a personal real estate marketing plan:
1. Set clear objectives and goals
This can include how many listings you plan to pursue or achieving recognition in your local Florida market. Objectives and goals are starting points, so don’t be afraid to update these as you surpass them.
2. Target your potential buyers
Instead of relying on mass advertising of your property, focus on the characteristics of your prospective buyers, such as age, gender, and income.
3. List ways you will differentiate yourself from the competition
To set yourself apart from the many others selling property in Florida, consider listing competitive prices, helping people from a certain community, or targeting certain educational or professional demographics, such as teachers or lawyers.
4. Refine your sales approach
Whether it’s an emotional appeal to the buyer or the buyer’s need for financial security, learn the factors that drive your buyers and perfect an approach to convert potential buyers into homeowners.
5. Consider which media works best for you
With social media, website advertising, print advertising, and in-person marketing, you have many options for building a familiar and trusting brand.
6. Stick to an action plan
Every day, week, and month there should be tasks performed that you can cross off your to-do list. This is a great way to stay motivated and on top of schedules and deadlines.
7. Work from a budget
It doesn’t help to sell property in Florida if you lose a lot of the profit to frivolous spending. You can easily save money on office supplies, transportation, and by finding a good contractor with fair pricing.
8. Keep track of your results
Keep an experiential journal of what strategies worked and what things to avoid. This first-hand knowledge about buying or selling real estate in Florida is better than any book you can buy.
Buying Property in Florida
If you are looking to buy and sell property in Florida, the two best tips that cannot be stressed enough are:
1. Find and work with a reputable realtor or land broker.
If you’d rather not deal with the paperwork involved with closing a property sale, then a broker or realtor can be an asset.
2. Locate and partner with an excellent home inspection service provider.
If you want to make sure the home you’re buying will bring a good return on your investment, then a thorough examination of the home’s mechanical functioning and structural integrity is essential.
Set Aside the Funds for a Home Inspection
Hidden problems like faulty plumbing or a leaking roof will take away from the sale of the property and in some cases you may find yourself losing money to fix problems that you cannot recoup in the sale price. Examine this list of potential problems that are often found during a home inspection:
- Mold and mildew
- Damage to foundation
- Pest infestation
- Failing roof
- Old electrical wiring
- Outdated or leaking plumbing
This is a short list of the problems you can avoid and the money you can save when compared to the home inspection cost. Since home inspections are not government regulated, don’t opt for the cheapest service provider. Instead, partner with one home inspection team to work with you on all the real estate projects you take on. Also, consider that the inspection report can also be used as a bartering tool to negotiate a better price. When you know exactly what’s hidden in the investment property, you can make more sound decisions to proceed or pass.