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What Do Wealthy Home Buyers Want From Their Real Estate Agent?

Wealthy home buyers who buy multi-million dollar homes are typically self-made millionaires with new money, according to a recent online survey of 683 Coldwell Banker Previews International property specialists. The study revealed the top professions of these affluent customers. According to the respondents, 88 % of their customers are business or corporate executives, 37 % are physicians, 31 % are lawyers, 30 % are financial professional and 14 % are entertainers, entertainment executives or professional athletes.

Wealthy home buyers require their real estate agents to be equipped with special skills, according to the Coldwell Banker’s survey. Given the magnitude of the financial transactions involved in luxury home purchases, 78 % of sales associates said that the top most need their clients require from their real estate agents is privacy and confidentiality. The luxury customers also want their real estate agents to exercise discretion while dealing with their multi-million dollar transactions. Almost 70 % of respondents polled that their wealthy clients want their real estate professionals to offer customized services while 44 % said that the luxury home buyers want their agents to have good network and work relationship with executive assistants, CPAs and attorneys.

Wealthy home buyers also want their agents to know the inside scoop on the real estate market, according to 36 % of the respondents in the Coldwell Banker’s survey. Seventeen percent of the sales associates surveyed indicated that one of the necessary skills for real estate professionals working with affluent customers was the ability to provide emotional support to their clients. And according to 11 % of respondents, luxury customers want their real estate agents to establish personal rapport with their clients.

The study also included queries on the “must have” amenities that the affluent clientele want in their luxury homes. Wealthy home buyers want media rooms in their homes, according to 60 % of respondents and another 60 % polled that their affluent customers want “wired” homes. However, there are a few home design elements that are out among luxury home buyers. Gourmet kitchens, granite countertops and wet bars are no longer counted as luxuries by wealthy home buyers, according to the survey respondents.

The survey also found that the multi-million dollar home buyer pays a typical down payment of 20 % to 30 %, while a quarter of clients put down 30 % to 50 % of the sale price.

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Searching for a Home Property

Prior to the actual real estate investment, an investor must conduct a property search. Home investing is not an overnight task. It is a serious investment that requires an ample planning time. Property search is a part of it. It is something that the investor has to put his time and effort on to succeed with the investment.

The real estate industry continues to grow by the day. The success of the real estate economy has provided investors a wide selection of properties. With plenty of good choices, selecting one is indeed a daunting task.

One way of narrowing down the search is by knowing the kind of real estate property the investor is willing to purchase. Is it for individual use or for family use? How large is the family? Is a suburban property more preferable? Does the location need to be near the business hub? By answering those questions, the investor will determine where to search.

Knowing the budget is a must. Basically, the budget guides the investor in the whole property search. For example, if the buyer is not willing to spend much for the down payment, then he must find an area where there are low payment rates. If he is willing to spend much for a stylish home, he might as well purchase one of the indianapolis homes for sale late models.

Public records and online listings are also good sources of property records. Public records are usually available in city halls, county courthouses, and county departments. One good thing about searching in public records is that there are personnel who will guide an investor through. Online searching can save a lot of time in searching for a indiana real estate property. In just a few clicks, one can see a lot of property listings on the Web.

 

Seeking advice from a professional is helpful, too. Investor advisers are there to provide long listings of indiana real estate properties that will suit the buyer’s preferences. Being knowledgeable about property investing, professional advisers can provide ingenious investment methods that will help the client save money. With an expensive commodity like a real estate property, one should find ways to at least ease the burden of costly impositions.

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Home Property Auction

Prospective buyers can examine auction items before hand which can help sellers to set a minimum price below which they will not sell the property. Nowadays auction is taking place for artwork, antiques, secondhand goods, and farm houses, buildings repossessed by banks or government, and stock and commodity exchanges. There are different types of auction for each category. Jewellery auction are divided into three like 1920 jewellery auction, diamond auction and classic auction. In art there may be modern art auction, renaissance auction and alternative art auction. Likewise even house property auction are divided into commercial auctions, disused home auctions, repossessions, luxury homes auction. The oldest auction was for a bride known as Herodotus, existed in 500 B.C.,
were once in a year females of marriageable age were sold to the highest bidder. But times have changed; auction takes place through e-commerce or internet, which enables individuals to interact directly with each other electronically. Globalization and market growth is likely to further enhance this prominence in the twenty-first century.

Home auction is gaining popularity. Most real estate auction houses operate in the following way. Auction houses make a list of the upcoming live auction on their website. Prospective buyers register online to participate in the auction. Prospective buyers can have a look at the house for inspection on a particular day prior to live auction. Prospective buyers can make an offer on any home prior to the auction date. If the seller accepts, the home is excluded from the live auction. To participate in live auction, prospective buyers must bring earnest money, often a certified check that ranges from ,000 to 00. It is advised that buyers take a home loan upto the maximum amount they wish to bid. Buyers who fail to pay the money will lose their earnest money.

Commercial auctions
Certain developers specialize in buying commercial buildings such as pubs and shops. Commercial auctions help developers to attend only those auctions in which they are interested in.

Disused home auctions
Certain prospective buyers like to buy those type of properties which are in great need of repair. Buyers who are thinking of building a dream house may buy an old, disused home of great size in a good area for a very cheap price.

Repossessions
As mortgager is not able to pay mortgage amount due to rise in interest rates over the last couple of years homeowners are struggling to pay their mortgage amount because of which they lose their home. These properties are sold at rock bottom prices at property auctions so that potential buyers could get themselves a real bargain.

Luxury homes auction
Not only repossessed or disused properties are sold at auction. There are prospective buyers who wish to buy house at auction that are very costly. These properties go for an awful lot of money.

According to an association, gross annual revenue from home auction grew nearly 47 percent from 2003 to 2007. Home auctions, are usually web based and live bidding, which takes place when the sellers were not able to find a buyer the traditional way.

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