A Buyer is someone who purchases a real estate property. Real estate properties are different from other products. In real estate a buyer may not be new to the product. They may have leased it previously or presently. The Buyer can be an individual, a couple, a partnership, or company. Not all prospective buyers are qualified. It’s important to have an informed and qualified Buyer. 

A motivated Buyer are those who need to purchase a property and may not mind paying a little more for the property. They sometimes know what they already want and have timelines to make their purchase.

Unmotivated Buyers could be an unqualified buyer or a bargain hunter. They are mostly speculators or investors who don’t need to buy unless the price drops or some other economic indicators show they will make additional profit or gain.

A Seller is someone who owns the real estate and willing to put it on the market for sale. The seller or sellers must own the property or have the legal permission to sell the residential or commercial property. A seller may also be selling a business that may not include ownership of the property. The property may be leased and such will be reflected int he price.

Motivated Sellers are those who are ready to sell their property at market price or a little below market price. They are actively seeking a buyer. They may also need to move from the property for other reasons which they don’t have to disclose. 

Unmotivated Sellers are those who are not sure if they should sell or not. They may just be testing the market or considering it’s better to sell in the future.  They may have lost their jobs, or behind on mortgage payments, going through a divorce, expecting a baby, recently adopted, or the property was just inherited. The seller may also be a landlord that’s not happy with their property or the stress from tenants.

Opportunist Sellers are those who put their property on the market for sale but it’s overpriced with the hope of making a huge profit. They may do this often or leave it on the market for a while.

A contract in real estate is not 100% the same as an agreement, even though they have a lot of similarities. In general, a contract is legally enforceable and does not have to be written, but in real estate, it has to be in writing to be enforceable. Contracts respects and protects the rights and duties of all parties to the contract. These often involve the exchange of products, services, money, and other forms of promises. A real estate contract can be between a buyer and seller, or a tenant and landlord. All parties must sign the agreement documents. 

A contract is when an entity offers something to another and the offer is accepted. An agreement is any understanding or arrangement reached between two or more parties. A contract is a specific type of agreement that, by its terms and elements, is legally binding and enforceable in a court of law.

The 7 essential elements of a contract are the offer, acceptance, meeting of the minds, consideration, capacity, legality, and sometimes it has to be a written document and not just verbal.

There are several monetary factors and requirements in real estate. Some of the financial commitments include loans, down-payment, deposit, realty fees, inspection fees, disbursement, legal fees, agents commission, property tax, land transfer tax, and much more. Also there are different mortgage and financing types and approval may depend on several factors.

HERE ARE SOME FINANCING OPTIONS:
1. Bank mortgage and finance.
2. High Ratio Financing (CMHC). 
3. Home Equity-Based Loan.
4. RRSP or Private Mortgage.
5. Joint Venture Deals.
6. Line of credit.
7. Vendor Financing.
8. Commercial mortgage.

There are no perfect answers to how showings should be managed. The important thing is to have a good communication flow with your agent. The agent/realtor is very knowledgeable on safe and appropriate ways to schedule showings. The client needs to formulate or agree to an acceptable plan based on the advice of their real estate professional. A safe lock-box system must be properly communicated to all authorized parties. The sellers must be comfortable with the lock-box security and safety arrangements. Most buyers will like to view twice before making up their minds. Some can be unreasonable and mismanage time until the desired property is sold. There should always be a balance to how best to manage viewings and the security challenges if not properly handled. 

HERE ARE SOME VALID QUESTIONS TO CONSIDER:
– How to schedule viewings? (a.k.a: showings)
– Should the Buyer view the property alone?
– Is it safe to go into a vacant home or land?
– What’s the best time to go to view properties?
– How many times should the Buyer view a house before buying it?

An open house is an opportunity to allow access to the public or a particular group to view or inspect a property. It’s a session to provide more transparency and presentation. This is a scheduled period in which a property or piece of land is publicized to potential buyers to come and view. It’s an invitation to visit the property for a presentation or viewing. Sometimes a sale can be initiated during an open house. Buyers do not need a real estate agent to attend an open house, but they should have a realtor if they choose to purchase the property. The seller’s realtor will be hosting the open house. Such a realtor is called the listing agent, and they are loyal to the seller. 

HERE ARE SOME VALID QUESTIONS TO CONSIDER:
– Do open houses actually help sell homes?
– Are open houses worthwhile?
– What should be expected during open houses?
– What time is best to attend an open house?
– How many open houses should be visited?
– Do I need an appointment to attend an open house?

Marketing is a form of communication to a target audience. In this case, the communication is about properties for sale. The realtor can create a unique property page, observe the competition, highlight peculiar qualities about the property, and the availability of the Realtor who is the official sales representative online and offline is also very crucial.

Return on investments (ROI)

Safety for the buyer, seller, tenant, and landlord is as important as the safety of the agent and other professionals involved in the transaction. Safety measures during open houses are not the same as safety measures when meeting prospects for the first time. We should be mindful that all parties are like strangers at the early stages. This is an unknown that should not be taken for granted because both the professionals and their clients can be exposed to potential harm.

For example during open houses, the agent may want to walk behind visitors, ask attendees to sign in with their photo identification card, have an escape route, have the battery of your phone charged, and have a partner or buddy. When meeting with clients for the 1st time, the professional may confirm their identity from their photo identification card or a business card. Maybe meet with them in a public place, try to have vehicle security precautions, and much more. These protocols should not replace formal security features like video cameras, car cameras, security apps, and much more.