On this episode of Ask The Experts, Alka talks about the differences between real estate agents and investors because it’s very important. A lot of people are misled by real estate agents, including Alka herself and she shares her own horror story.

KEY TAKEAWAYS

• During the last transaction I did with my real estate agent I found out she was doing everything under the table. I bought a property with her that cost $2.45 million, which was over my budget. I put down the down-payment, but I couldn’t afford the property which left me in a sticky situation. My agent didn’t bother to follow up with me or acknowledge or help me. I was then stuck in a situation where I had to find private lenders to loan me money.
• The agent was not honest with me about the commissions, real estate agents earn big commissions. She earned 6% and was the buyers agent and the sellers agent. When I did the background check on her as to how much she sold the property to me for and how much the commission was, there was no other agent listed.
• Investors streamline the entire process by eliminating the middlemen (the agents) by purchasing and going directly to the buyers. They may also go knocking on doors or will look for distressed properties to renovate to increase the price of that property and flip. Agents use a slower process, investors are known for providing fast offers.
• As a buyer, you have every right to ask questions and don’t feel pressured.

BEST MOMENTS‘Real estate agents are required to have a licence and practice under the guidelines, moral code and ethics of that licence and be honest.’
‘Lenders get very upset and angry if you don’t close on time because they are taking out a risk to loan you their money.’
‘As a buyer, it’s your due diligence to do the research on your end about the property and the agent to make sure the agent is trustworthy and will do everything by the book.’
‘Investors earn no commission however they benefit from the purchase price and sale price of the property. They make money from selling, flipping or renting to tenants.’

ABOUT THE GUEST

ABOUT THE HOSTAlka Sharma is a Real Estate Investor. She has a zest for life, helping her clients gain knowledge and insights into property investing. Alka takes her time to make sure her client’s needs are met.
Alka is an accomplished, professional ballroom dancer having competed both nationally & internationally.
Alka is grateful for all her experiences that have shaped her today as a successful Entrepreneur, Real Estate investor.
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