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Expert advice from a top Santa Monica real estate agent.

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Just about everything you need to know about finding and working with the best Santa Monica realtor out there

According to information released by the local real estate industry in Santa Monica, the average median sale price for a single family home in the region is just over $1.25 million. Single-family homes are usually priced at about $958 a square foot, with rental properties going for just about city $300 a month. To say that the Santa Monica real estate market is doing very well compared to the national average would be a significant understatement.

On top of that, the Santa Monica real estate market is only trending upwards with prices increasing 19% over the last three years – giving homeowners and investors a tremendous return on their investment. Rental incomes have only dropped about 3% over the past 10 years, fighting off the national average that is more than three times as high.

Now is definitely a good time to take advantage of everything that Santa Monica real estate has to offer, which is why you’re going to want to be sure that you are always working with the best Santa Monica realtor and real estate professional you can find.

Unfortunately, this process is nowhere near as simple or as straightforward as a lot of people make it out to be. In fact, the entire process can be a bit of a nightmare if you aren’t sure of exactly what you need to be doing, what you need to be looking for, and which red flags you have to be aware of.

In order to help you better connect with the top real estate professionals in the local area, we’ve put together this quick guide. You’ll find answers to many of the most common actions included in the information provided below, and you’ll also be able to utilize the Santa Monica real estate tips and tricks provided to maximize your time, your effort, and your investment without any extra risk whatsoever.

Let’s dig right in!

Tips for getting started with the real estate buying process

As we mentioned above, the Santa Monica real estate market today is absolutely booming and now is your opportunity to cash in before prices get too skyhigh in the investment potential really starts to disappear or dissipate.

There is going to be a major influx of outside investment pouring into the Santa Monica region in the next five years, and you need to be 100% sure that you are poised and positioned to capitalize on opportunities as they present themselves before outside investors snap up the best deals and limit your financial opportunities for the potential to purchase your dream home.

At the same time, you have to be aware of and very wary of the potential of a bidding war exploding. A lot of first-time homebuyers and first-time real estate investors that don’t choose to work with the very best Santa Monica realtor around end up allowing their emotions to dictate their financial decisions.

Talk about a nightmare scenario.

In some circumstances you are certainly going to want to pay a premium price for a home that you are really, really interested in or a commercial space that offers you a unique opportunity to build your financial future – most of the time you’re going to want to avoid getting sucked into emotional bidding wars for a property that may not be everything that it appears to be on the surface.

Walk into every real estate bidding position with a concrete “investment cap” that you are comfortable working with, a number that you are going to refuse to go above regardless of the situation.

This will give you a live extra confidence in some Santa Monica real estate situations that may not be shaping up quite as you expected them to – and it’s also the kind of advice that you will get from a world class and professional Santa Monica realtor.

You’ll also want to remain as flexible and as adaptable as possible when it comes time to purchase the real estate you are interested in.

As touched on earlier, Santa Monica real estate values are increasing exponentially, which is indicative of a very red hot buyers’ market. This means that you might not have as much time to do your research and due diligence when you’re looking to purchase a new home or commercial property – and that can cause quite a bit of headache and hassle if you aren’t flexible or prepared.

This is where one of the very best Santa Monica realtors and their experience, knowledge, and expertise comes into play. They’ll be able to tell you exactly what you need to do to move forward and secure the kinds of properties you are most interested in, but they’ll also be able to provide you with historical data about property values in the area, comparable homes or buildings, and a whole host of other details and pieces of inside information that can expedite the research and due diligence process dramatically.

You need to take advantage of absolutely everything that these professionals have to offer for you are really limiting your options. That kind of limitation just won’t fly in the Santa Monica real estate environment, that’s for sure!

Breaking down the value of finding the best Santa Monica realtor

There are a tremendous amount of reasons to work only with the very best Santa Monica realtor of available, including (but certainly not limited to):

• These professionals are going to have their finger on the pulse of the market in a way that those outside the industry never could hope to

• These professionals are going to have networking connections that get you in on the ground floor with new properties before they hit the general market

• These professionals are going to be able to work with you step-by-step to make sure that you’re always getting the best possible property at the best possible price

… And that only begins to scratch the surface of the benefits you’ll enjoy by working with the best Santa Monica real estate expert around.

Sure, there are a considerable amount of tools and online solutions available out there for everyday folks to take advantage of unique real estate opportunities in the Santa Monica (and all over the rest of the country, for that matter). And yes, you may be tempted to save a little bit of money by choosing to go it alone.

But you have to understand the downside in the drawback to making that kind of decision.

Your Santa Monica realtor is going to be on the lookout for properties that fit your specific criteria when you can’t be shopping the market, your Santa Monica realtor is going to be able to give you extra insight about these properties as you walk through them to determine which are the best options available and which ones should be avoided, and your Santa Monica realtor is going to be able to expedite the process of purchasing great properties more than anyone else would be able to do all on their own.

Make the right decision, pull the trigger, and work with these experts when you get the chance to do so.

A couple of questions you need to ask before working with a Santa Monica real estate agent

Of course you’ll only be able to enjoy all of the significant benefits that a top-tier Santa Monica realtor offers if you are working with a top-tier real estate professional to begin with.

To make sure that you’re always working with the right expert, make sure that you ask the five questions below:

  • How long have you been working with the Santa Monica real estate community and where does your expertise lie?
  • What kinds of deals do you most commonly put together and how do you spend the bulk of your time researching new properties?
  • What kind of communication system are we going to take advantage of and how regularly are you going to be in contact?
  • Do you have any references or client case studies that I’ll be able to follow up on independently?
  • What kind of fee schedule are we looking at?

When you begin to really understand the ins and outs of all these answers you’ll have a much better appreciation for the caliber of Santa Monica real estate expert you’re working with.

Based off of the information you’re able to glean from the answers to these questions you’ll know that these professionals can help you make your real estate dreams a reality or that you need to avoid these “experts” and look for someone that may be better suited to your specific situation.

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Major red flags to be on the lookout for before you sign up with a Santa Monica RE Agent

As with any other service professional you want to be on the lookout for any potential red flags that should be avoided at all costs when you are choosing a new realtor to work with in Santa Monica

Unfortunately, because we do not have to work with realtors in Santa Monica anywhere near as often as we have to work with other service professionals – contractors, accountants, dentists, medical professionals, etc. – we aren’t all that familiar with the most common red flags that we should be on the lookout for.

To better help you avoid a potentially disastrous situation we’ve put together this quick list of common red flags you have to be aware of before you even think about moving forward with your new realtor.

  • Beware of a realtor that suggests the highest possible price when looking to buy OR sell property in the area
  • Beware of a realtor that is not a full-time legitimate realtor, but instead a “weekend warrior” or part-time employee
  • Beware of a realtor that doesn’t seem to fully understand, appreciate, or have enough research on the local area and comparables to the property you are most interested in
  • Beware of a realtor that does the overwhelming majority of their business on the Internet rather than with their “boots on the ground”
  • Beware of a realtor that does not traditionally deal with the kinds of real estate purchases or sales that you are looking to move forward with
  • Beware of a realtor that has anything less than a sterling silver reputation in the community as well as the Santa Monica real estate industry

Here’s how to really streamline the real estate purchasing process in Santa Monica

At the end of the day, there are a bunch of different things you will be able to do all on your own to make sure that you’re always moving forward with the best professional for your specific situation.

The first step is outlining your expectations, clearly describing to yourself – and later your Santa Monica realtor – exactly what you’re looking for in a piece of property, and cementing some kind of budget in place so that you don’t have to deal with the headache and hassle of price creep that is so common these days.

Once you’ve established all of that information for yourself the you’ll want to begin putting together information regarding your finances so that you can expedite the financing process if you are going to go in that direction.

If you come across a red-hot property in the real estate world of Santa Monica you want to be able to move quickly on it, and that means having your money in order, your financing ready to go, and lenders prepared to cut you a check so that you can secure that property ASAP.

The next stage in the process is digging up as much information about a Santa Monica realtor as possible. Google is going to be your best friend, but you aren’t just going to want to look for the names of local operations. Instead will also want to look for details pertaining to their track record, their overall ratings and any reviews online, and any other bits and pieces of inside information you are able to get your hands on.

Schedule interview with at least three different real estate representatives and realtors in the area, meet with them face-to-face, show them that you are prepared and expect the same thing of them, and then make your determination as to who you want to be partnered up with moving forward.

It may seem like quite a bit of work on the surface, but all of that work and all of that effort is going to prove to be immensely valuable when you are searching for great deals on Santa Monica real estate with the help of your Santa Monica realtor.