Property Search Mistakes: Rookie Errors and How to Avoid Them
A good property search is key to a successful real estate transaction. To ensure the smoothest process possible, you need to know details about the property, everything from existing liens to costly potential repairs. You need to have access to mapping and research tools to better know the property and surrounding area. You need demographics, legal descriptions and more.
If you take the time and effort needed to do a thorough property search, you can’t help but succeed.
Knowing some of the rookie mistakes that real estate sales professionals make in researching potential properties will help you avoid them.
Here are four common mistakes new real estate professionals make that could stand between you and a successful real estate career:
- Not checking homeowner data against the engagement.
- Not checking registered mortgages to ensure that there is enough equity to cover commissions.
- Not knowing enough about a particular area and thus having to go away and do extra research.
- Not having an efficient mobile office to be able to do as much as possible on the go.
It is helpful to have a checklist of information that you can verify on each and every deal. Begin with your preliminary searches that you perform on each deal, and where something seems off – dig deeper. For example, if you run a preliminary property report that shows three mortgages on title, you may want to go that extra step to check for liens. Make sure that you are well equipped when attending open houses with your clients, or when meeting with them to discuss property value.
This is where the tools you use are critical. For example, you can perform a preliminary search in GeoWarehouse and, if needed, order a secondary search in the store with a Parcel Register*. A Parcel Register* provides deeper insights into registrations on a property including exposing liens. Other tools, such as neighbourhood demographics, give you valuable insight and allow you to answer some of the pressing questions clients may have about a particular area of interest. Being able to accomplish as much of this as possible while at a meeting also helps to present you in a professional light.
Avoid rookie research mistakes with GeoWarehouse. Not a customer yet, or just want to find out more about the many reports available? Visit www.geowarehouse.ca today!
* An official product of the Ontario government pursuant to provincial land registration statutes.