Top Realtors share their best advice - whether you’re buying or selling, it’s good to have a plan

 

HONOLULU ADVERTISER , May 14 2006

BY LISA SCONTRAS

Custom Publishing Group

 

You can feng shui your house, pay off your credit cards and increase your retirement savings for do-it-yourself financial fitness, but for good, sound real estate success strategies, it pays to go straight to the professionals.  When 10 of the top agents at Prudential Locations LLC were asked to share a golden nugget of advice, they came up with this list.  Some will sound familiar but are definitely worth repeating, while others reflect specifically current market conditions.

 

Michael Koyama

 

Build a team of good advisors

 

“It’s not only what you know it’s who you know,” says Michael Koyama.  Your Realtor, he says, can help you assemble you team, which will likely include some of the following professionals: loan officer, escrow officer, home inspector, 1031 exchange specialist, financial advisor, plumber, electrician, painter, handyman, property manager, home cleaner, moving expert.  When the agent already has an established relationships with these resources, it gives the client a comfort level and generally makes for a smoother transaction.

 

Patti Takayama

 

Find out how much the seller paid

 

This question can, in some instances, help the buyer negotiate a better deal – maybe even get the seller to carry part of the loan.  Patti Takayama reminds buyers, however, that the price paid by the seller may have nothing to do with the current value of the home.

 

Michael Healey

 

You have to get into the game to play

 

Michael Healy recommends reading “The Automatic Millionaire Homeowner” by David Bach who explains why homeowners get rich and renters stay poor.

 

“I have been giving clients his book for sound advise in buying real estate, says Healey. “With inventory up by double in most segments, it’s a great time to buy.  Interest rates are bound to go up, so why wait.”

 

Sean Yano

 

There is never a bad time to buy

 

“If you look at the statistics, and hang on to real estate long enough, you’ll always make money or have a great investment,” says Sean Yano. “So as long as it fits into your plans and goals, there is never a bad time to buy real estate.”

 

Bonnie Coen

 

Bubble proof your real estate plan

Bonnie Coen also highly recommends Bach’s book, which dedicates an entire chapter to proofing/surviving a downturn in the market, as well as offers tips on how to flip without flopping.

 

“It’s a ‘must read’ for all those thinking about buying or who already own real estate,” says Coen. “This book provides a commonsense approach to building wealth through homeownership, as well as tips and tools for every real estate market condition.”

 

John Hayama

 

Don’t place too much emphasis on price

 

“Many people focus only on the price,” says John Hayama, “It’s an important element, but two others are of equal weight; interest rate and choice of property.”

 

Hayama points out that you only deal with price twice—when you buy the property and when you sell it.  But you deal with the interest rate every month when you pay your mortgage, and deal with the property choice every day living in your home.

 

Corinda Wong

 

Stage the home to allow the buyer to picture themselves living in the space

 

“I think it takes an understand of what buyers are looking for in a home.” says Cordina Wong, who recommends sellers remove all clutter and personal items form the home before they begin showing it.  “Buying is very emotional, so it is important to create the right emotion for the home.  And you can do a lot the work yourself.”

 

Marshall Mower

 

Buyers, get prequalified

 

It’s often said but buyers so often get caught up in shopping, they forget to make the appointment with their loan officer first.

 

“The most important and first step in the homebuying process is to get pre-approved for a mortgage,” says Marshall Mower. “Knowing what you are capable of buying prior to looking at properties will save a lot of time and frustration.”

 

Dolores Bedinones

 

Don’t buy the most expensive house in the neighborhood

 

A wiser investment strategy is to buy the least expensive house in the most expensive neighborhood.  That way the higher property values of the surrounding homes will help to bring yours up.

 

“I always try to show properties that are on the lower range of the neighborhood,” says Dolores Bedinoes.

 

Tom Mukai

 

Hire a Realtor who is an effective communicator

 

Finding an interested buyer is only the first step toward a successful sale.  The typical home sale today involves more than 20 steps after the initial listing contract is signed, including negotiating with buyers and making the appropriate disclosures.

 

“Communication skills are very important when buying or selling property,” says Tom Mukai.

 

Karen Robertshaw

 

Condos are a good starter investment

 

“When I started in real estate in 1975, a basic 2-bedroom, fee simple condo in Makiki could be purchased for about $50000,” recalls Karen Robertsahw. “Today, most 2- bedroom, fee simple condos in Makiki are in the $500,000 range.  If you hang on to real estate long enough, you’ll always make money.”

 

Robertshaw adds, even at today’s prices, entry-level condos are still price lower than entry level single family homes, they require a lower down payment and they are easier to maintain.

 

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