April 3, 2020
Some may ask, why is Tim Cox getting back into real estate? There are many significant reasons and many of them are not very sexy but I will try to explain.
Many years ago I began my career fresh out of college working in real estate. I liked it and and believed in it. There is something about owning and improving a property that is exciting to me. I left full time real estate and as many of you know I worked in healthcare for many years.You may not know that I still had my finger on the pulse of real estate, investing and buying properties in Bismarck, Arizona and Utah. Frankly I learned a lot about being a buyer, a seller and an owner during those years. I made some mistakes but it was good to make improvements and in the end sell most at a good profit. (I will save these learnings for another blog in the future) During these times I had the chance to remodel several homes from a “fixer upper gutting state” to just updating some homes to make them more inviting. In addition, one of my life bucket items was the building my own home from the ground up and got I to do it twice.I learned about my own talents and the talents of others especially plumbers and sheetrock finishers. Some items those items are best left to the professionals.
Why Use a Realtor?
Many times I have reflected on the work of the real estate agent. Is the fee worth it? Do agents really make a difference. I could certainly sell properties without an agent and yet I have found that there are several significant benefits from using agents. First, is the marketing power that comes from being able to list a property on a multiple listing service and have hundreds of other agents having access to the critical data and having access to many buyers. I found that when I tried to sell a property on my own, that I could do the paperwork, but I could not round up buyers. I found that when you have many real estate agents working with many buyers they will find a buyer that will be perfect for your home. One individual and family cannot do that effectively. Second, it is nice to have an intermediary, someone in the middle to promote, show and negotiate a sell and promote the property to others. I had a very specialized commercial property in North Dakota that was both commercial and residential. My sphere of influence and even my ability to market this property on my own was futile. I needed the assistance of other Realtors working with a broad array of contacts to finally find the buyer for the property.
Think about this. When you move to another town, do you start by trying to find a home for sale by an owner. And if you do this, why do you do this? Sometimes it may be to get a lower price, but usually "for sale by owners" do not have access to current data on the value of homes in the market at any given time. So they guess at what the price should be. It may even be higher than the market. Most people use a real estate agent because the agents have access to multiple homes and you can see a wide selection of homes. Also it is hard to see inside many homes because most of them are listed by a real estate company.
In addition to accessing many homes I have found that agents can help provide answers to location, schools, the community and pricing. They do provide significant value and can help solve many problems.