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1. Comparing the physical aspects of a property in one neighborhood to a physically similar property in their own neighborhood.

It’s a bad idea to feel you know what a property is worth by comparing it to something in your own neighborhood. Whether you’re the buyer or seller you run the risk of losing money and / or valuable time. If you’re selling a home for under its value, you’ll know when. People will be rushing to get an offer accepted. The last thing they want you to do is talk to another buyer. If they can get you to accept an offer before your first open house, they know they’ve won. You might be clueless because homes of that size in your neighborhood are selling for 350,000$. You thought to yourself, it has the same number of rooms, similar lot size and similar condition. Let’s hurry up and put this on the market. However, your buyers who are very familiar with the area see properties in the neighborhood selling for 450,000$. Unlike your neighborhood, this one is just outside the city and experiencing growth.Over pricing property simple waste a lot of time. When no one shows up to your open house and offers don’t go through, the message should be clear. While some properties, just need a little more time to find the right buyer, others are simple overvalued. External factors need to be taken into account.

2. Giving the city or town stigma too much weight.

“It’s a bad Neighborhood.” At least, that’s what you heard. In addition, you saw a few stories on the 10 o’clock news. However, the truth is every city or town has separate communities. While some of these communities or events might give a city a bad stigma, don’t over estimate them. People who have actually driven through and seen the individual communities know they’re not all the same. In addition there are those who haven’t even heard of the city or town who are completed unaffected by the stigma.

Point being there’s not a single factor that determines the homes value. Be sure to hire a realtor that’s familiar with the area or one that’s willing to do a lot of research.

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During these last two weeks I think we found a great contractor to help us with a growing property management business. The first two visits to the property I was there to see him fix a water stained ceiling. He was also hired to repair and paint the hallway. For this we left him the key. When we returned to check on his progress we were amazed. The walls, which were marked, stained, and rough now looked clean, smooth and really good from ceiling down 3 flights of stairs. There was no sign of the old stairwell. We also had the opportunity to watch him prep the front porches for staining and waterproofing. By the time he was done power washing and spraying, the wood looked fresh and full of color as if it had just been place there. I will be stopping by the property today to check on his progress. I’m expecting great things. Very happy because like with everything involved in running a business, it’s hard to find people that you trust. So far this professional relationship building experience has been positive.

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Saturday, September 14, 2013 11:00 AM   Hampton Inn 319 Speen St, Natick, MA

Interested in building a portfolio of rental property investments? If so, you don’t want to miss this event!  A large part of building a successful real estate portfolio is building a professional real estate team around you.

This tradeshow will bring together more than 200 local real estate investors and investment experts and is an excellent opportunity for you to meet local vendors & business professionals. It will also be a wonderful opportunity for investor networking and business development. If you’re serious about real estate investing you won’t want to miss this!

It’s free to register for this event. Just go to http://www.BostonWealthBuilders.com

Come speak directly to industry professional like never before! This event will be great for the novice to advanced real estate investors. Whether you’re just getting started with investing or looking to develop new strategies and income sources, we’ll have something for everyone. RSVP Now! http://www.BostonWealthBuilders.com

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http://www.MandrellCo.com/Management   617-297-8641

Are you buying or selling a multifamily or investment property in Massachusetts?  Need help filling an empty unit or interested in property management services?  The Mandrell Company specializes in multifamily & investment property sales, rentals and management!

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