Tips for navigating real estate, whether buying or selling

Thinking of buying or selling a personal or business property? Here are some things to keep in mind.

Question: What is the standard commission for real estate agents in Mississippi?

Answer: There is no standard fee. All real estate brokerage fees are negotiable.

Q: Our small company is considering moving to a larger location in a nearby shopping center. The real estate agent said we could choose triple net rent and get a lower monthly rent. What is a triple net lease?

A: Commercial leases are often referred to as net, double net and triple net. Generally, such leases are of the type where you, the tenant, are expected to pay some or all of the expenses. A net lease is one where the tenant pays a base rate, plus utilities and cleaning expenses. A net lease refers to the type of lease where the tenant pays a base rate, plus utilities, cleaning and the tenant's share of property insurance. A three-way lease (also known as NNN) is one where the tenant pays a base rate and all property expenses, including real estate taxes, insurance and maintenance. These conditions are not necessarily uniform throughout the country. The lease itself must be examined to determine who pays what. The advantages of a triple net lease for the owner is that it relieves him of the worry of expenses; The advantage for the renter is that the base rate is lower and he has more control over expenses.

Q: I'm considering selling my home myself and want to make sure my ad gets attention. I know I should put a "for sale" sign in the front yard, but any other marketing advice would help.

A: Don't sell the property - sell the benefits. A benefit is an advantage; It's something useful. One way to sell the benefits is to use wording in your advertisement that encourages the buyer to imagine themselves already owning and occupying the property. Here is an example of an ad: "For sale, 3 bedroom, 2 bathroom house near an elementary school." Now try this for example: "Through the kitchen window, you can see the children walking home from school." Also, think about your home's biggest asset. Is this the cozy fireplace? The patio where you can smell burgers cooking on the grill? Finally, have a videographer make a professional video and put it on YouTube and on the website you provide showcasing the property.

Q: Which month is the best to sell a house?

A: The most recent statistics from the National Association of Realtors reveal that more existing home sales occurred in July, followed by June and May. Note that these numbers represent closed transactions. That means spring is probably the best time to list a home for sale. What was the worst month for sales? It was January. It probably has to do with the weather, post-Christmas expenses and kids still in school. By the way, according to NAR, in July 2023 the average sales price of existing single-family homes sold was 412,300, an increase of 1.6% from the previous year. The number of national sales in July was 3,650,000, a decrease of 16.3 percent from last year.

Q: What is the biggest mistake a home seller can make?

A: In my opinion, the biggest mistake a home seller can make is trying to sell the property themselves without having the knowledge and skill to do so. Many homeowners seem to believe that all they have to do is put up a "for sale" sign in the yard and buy a copy of the real estate contract at an office supply store. They don't know how to research property values ​​or how to negotiate. They do not understand responsibility for property problems, etc. They also lack objectivity. It's difficult to negotiate the sale of your home when there are so many personal memories that go along with it.

Q: What is the difference between a facility and personal property?

A: A fixture is an item that was once personal property that was attached to a building or land to become real property. If it's a facility, it belongs to the buyer because the buyer bought the real estate. Personal property, on the other hand, is a movable item and is not attached. A trade facility is equipment on or attached to land used in trade or business. Commercial accessories differ from other facilities in that they can be removed from the real estate (making it personal property even if attached) at the end of the business lease period, while normal accessories attached to the real estate become part of the real estate.

The above should not be considered legal advice. Consult a lawyer before entering into any real estate contract.