Did You Know?
The village of La Grange (/l? 'gre?nd?/ l? GRAYNJ; often spelled LaGrange), a suburb of Chicago, is a village in Cook County, in the U.S. state of Illinois. The population was 15,550 at the 2010 census.
The area around La Grange was first settled in the 1830s, when Chicago residents moved out to the west due to the rapid population increase in the city in the decade since its incorporation. The first settler, Robert Leitch, came to the area in 1830, seven years before the City of Chicago was incorporated. La Grange's location, at approximately 13 miles (21 km) from the Chicago Loop, is not considered far from the city by today's standards, but in that time the residents enjoyed the peace of rural life without much communication with urban residents.
Why Should You Choose IBA for Your Real Estate Education?
Get licensed however you learn best. If you enjoy learning at home, and are based in La Grange, we have a format that suits you best. With a completely online option, you can complete your courses in the shortest possible time. Even though our classes are all online, we also offer a webinar method so you get the best of both options: Flexibility.
You may be asking yourself these questions as you search for your education: How much are real estate classes in La Grange? How long does it take to become a real estate agent in La Grange in Illinois? How do I get my Real Estate License Online in La Grange? Can I take all my real estate classes online? We have the answers to all your questions as you explore our site
IBA provides Real Estate Courses in La Grange and in the other suburbs of Chicago. We have been in business for 20+ years, with our head office in Roselle, IL. Steps to Becoming a Real Estate Agent in La Grange
1. Successfully complete an approved 75 clock hour Pre-Licensing course with 60 hours of Pre-Licensing education and 15 mandatory interactive hours.
2. After you complete all the course materials, meet the minimum time requirement, and pass the practice exam, you must pass a course final exam.
3. You will have 3.5 hours to take this 140-question test comprised of two portions, covering both state and national requirements.
What Types of Seller or Buyer Queries Do La Grange Licensed Brokers and Realtors Handle?
How do you ask for a lower price?
Make it clear that you are willing to walk away if they are not willing to add something complementary to the deal. Here is the key to how to negotiate the nibble. Agree on the purchase of the main item. Agree on the price and terms.
The other person thinks they have sold the item, even a house, a car, or a boat, at a price that they are happy to receive. Then you add on additional requests.
Use these negotiation techniques to secure the best prices for yourself in business sales and in life. Never be afraid to ask for a better price, remember that prices are an arbitrary number for the most a salesperson thinks you're willing to pay. You can almost always get a better price. These techniques also work in long-term business arrangements, where you will be working with the same party again, year after year.
These are 5 negotiation skills that you should be prepared to use in any selling situation.
1) How To Negotiate Price Using "The Flinch"
No matter what price the other person offers, flinch as if you just heard something very disappointing. Put a sad look on your face. Roll your eyes upward and back as though you were experiencing great pain.
Say something like, "Wow! That's an awful lot of money!"
Surprisingly, sometimes just flinching will cause the other person to drop or increase the price immediately. And if the first flinch gets you a lower price when you are buying, or a higher offer if you are selling, be prepared to use the flinch again and again throughout the negotiation.
2) Asking Questions As A Negotiation Skill
Ask, 'œIs that the best you can do? Can't you do any better than that?"
When you ask the price and the person tells you the price, you pause, look surprised, or even shocked, and say, 'œIs that the best you can do?"
And then remain perfectly silent. If there is any flexibility in the price, very often, the other person will drop the price immediately, or raise their offer immediately.
If they lower their price in response to, "Is that the best you can do," you then say, "Is that the very best you can do?"
Ask, "Couldn't you do any better than that?"
You can also ask, "What is the best you can do if I make a decision today?"
This adds an element of urgency and triggers the fear of losing the sale in the mind of the vendor.
3) How To Negotiate Price Using Assertion
Whatever price they give you for a particular item, you immediately reply, "I can get this cheaper somewhere else."
Whenever you tell a person that you can get that item cheaper somewhere else, from one of their competitors, they immediately soften and begin to backpedal on the price. When you use this negotiation tactic to tell people you can get it cheaper somewhere else, they lose their confidence and become much more open to negotiating with you on a better price, rather than lose the sale altogether.
The assertion, "I can get this cheaper elsewhere," often demolishes price resistance because they think that you will go somewhere else.
Remember to make it easy for a person to give you concessions. Donâ't be adversarial or confrontational. Be a nice person. When you ask in a pleasant way, it's much easier for the person to concede to you than if you are serious or aggressive.
4) Lowballing In Negotiations
When they ask you for $100, you lowball your answer and say, "I'll give you $50 cash right now."
Whenever you offer cash immediately, the price resistance of the other party diminishes dramatically. There are reasons why offering an all-cash deal causes people to be more open to doing business with you. The three most obvious ones are reduced inventory costs, no credit card merchant fees, and the feeling of "instant gratification."
Sometimes, you will offer them $50 for a $100 item, and they will come back with an offer of $60. Very often you will find that even if you lowball at a price that seems ridiculous, they will sell it to you for far less than you ever thought you were ever going to have to pay.
5) Using "The Nibble" Negotiation Tactic
A nibble is an add-on.
You say something like, "Okay, I'll agree to this price if you will throw in free delivery."
If they hesitate about adding something else into the deal.
You can say in a pleasant way, "If you won't include free delivery, then I don't want the deal at all."
Are online real estate courses legitimate?
Are online real estate courses legitimate?
Online real estate schools that meet the credentials of pre-licensing are those that have gone through an accreditation process (your state should have a list of schools that are approved). Keep in mind that online schools are accredited, but not all will work in your state.
That means you'll need to do some research by browsing through the website to see what's available in your state and familiarize yourself with any requirements you need to meet before enrolling. It's also probably a good idea to check your state's licensing requirements before signing up.
What are the cons of estate investment ?
Like any investment, there are pros and cons to investing in real estate, in addition to the potential for significant profits. As a result, due diligence is very important, whether you do everything yourself or use industry experts to help.
Here are some of the advantages and disadvantages of real estate investments, which the best investors use to their advantage to increase profits.
1.Real Estate Has Higher Transaction Costs
When purchasing shares of a stock, the transaction cost for the trade is very low, often just a few dollars. But when purchasing real estate, the transaction costs are considerably higher.
Unlike other types of investments, real estate transaction costs can significantly affect the value of the investment and make it more difficult to turn a profit.
2.Real Estate Has Low Liquidity
Many investments are highly liquid and can be bought and sold for a profit in a fraction of a second, as with high-frequency stock trading. But real estate investments are comparably illiquid because properties can't be quickly and easily sold without a substantial loss in value.
Real estate investors must be prepared to own a property for months and years, especially if it will be leased out.
3.Real Estate Requires Management and Maintenance
Once an investor purchases a property, it must be rehabbed, maintained, and managed. Financing payments, real estate taxes, insurance, management fees, and maintenance costs can add up quickly, especially if the property sits empty for extended periods of time.
4.Real Estate Markets Have Significant Inefficiencies
As we've already discussed above, the market's inefficiencies can be advantageous to investors. But here we want to also mention the disadvantages, which can be illustrated by investors purchasing properties sight unseen at auction.
The most aggressive investors purchase real estate based on minimal information and don't know whether they've made a good deal until paying for the property and then inspecting the property. Likewise, investors with rental property deal with fluctuating demographics and volatile economies, which can either add or take away from their bottom-line profits.
Real estate investing involves dealing with market inefficiencies, which can be mishandled to result in financial ruin.
5. Real Estate Creates Liabilities
Real estate investing involves taking on a great deal of financial and legal liability.
All the disadvantages mentioned above add to the liability a real estate investor takes on when purchasing, financing, rehabbing, leasing, managing, and maintaining a property. Even though investment properties may be in a corporation, there are often personal guarantees associated with the business and the risk of losing the income and profits generated by the company.
Like all investments, real estate has advantages and disadvantages.
The best real estate investors leverage both the advantages and disadvantages to increasing profits.
If you would like to see how we use the advantages and disadvantages associated with real estate to produce cash flow and profits, you can get started by filling out an Investor Profile or contact us direct.
How to access property value?
Property taxes are calculated by taking the mill levy and multiplying it by the assessed value of the owner's property. The assessed value estimates the reasonable market value for your home. It is based upon prevailing local real estate market conditions.
The assessor will review all relevant information surrounding your property to estimate its overall value. To give you the most accurate assessment, the assessor must look at what comparable properties are selling for under the current market conditions, how much the replacement costs for the property would be, the maintenance costs for the property owner, any improvements that were completed, any income you are making from the property, and how much interest would be charged to purchase or construct a property comparable to yours.
The assessor can estimate the market value of the property by using three different methods, and they have the option of choosing a single one or any combination of the three.
1.Performing a Sales Evaluation
The assessor values the property using comparable sales in the area. Criteria include location, the state of the property, any improvements, and the overall market conditions. The assessor then makes adjustments in the figures to show specific changes to the property, such as new additions and renovations.
2.The Cost Method
This is when the assessor determines your property value based on how much it would cost to replace it. If the property is older, assessors determine the amount of depreciation that has taken place and how much the property would be worth if it were empty. For newer properties, the assessor deducts any realistic depreciation and looks at the costs of building materials and labor, including these figures in the final value of the property.
3.The Income Method
This method is based on how much income you could make from the property if it were rented. Using the income method approach, the assessor considers the costs of maintaining the property, managing the property, insurance, and taxes, as well as the return you could reasonably anticipate from the property. After determining the market value of the property, the assessed value will be arrived at by taking its actual value and multiplying it by an assessment rate. That rate is a uniform percentage, varies by tax jurisdiction, and could be any percentage below 100%. After getting the assessed value, it is multiplied by the mill levy to determine your property taxes due.
For example, suppose the assessor determines that your property value is $500,000 and the assessment rate is 8%. The assessed value would be $40,000. Taking the mill levy of 4.5% we calculated previously, the tax due would be $1,800 ($40,000 x 4.5%).
Once the assessor has the value, they work in two stages: First, they send the assessed value of the property to the owner; then, they follow it up with a tax bill.
What does it take to get rich in real estate?
There are four primary "wealth generators" at play when you invest in real estate, depending on the strategy you get into:
1.Cash Flow. This is the extra income you'll get to keep each month (or year) that you own the property. Cash flow can be deceptive because it fluctuates when certain repairs are higher or lower in different months, so it's important to factor in non-monthly costs like vacancy (the amount of time the property sits vacant), repairs, capital expenditures (expensive projects that need to be replaced on a home every so often, like appliances, roofs, windows, plumbing, etc.), along with the regular expenses (utilities, management, etc.).
2.Appreciation. When the value of a property increases, it's called "appreciation." While appreciation is not always guaranteed, real estate has always increased historically in America over the long run, averaging 3% per year over the past century. Another type of appreciation that can come into play is known as "forced appreciation," the concept of increasing the value by physically improving the property.
3.Loan Pay-down. When you buy a property with a mortgage, each month your loan balance decreases. This means, over time, your tenant is essentially paying the loan down for you, helping you build wealth automatically. To make this concept clearer, pretend for a moment you owned a property that you bought for $1,000,000 with a mortgage for $800,000, and it made $0 in cash flow (it 'ï¿½broke even") and never climbed in value. However, after that thirty-year mortgage is paid off, you'll now have a property worth $1,000,000 that you didn't actually save for. Your tenant paid it off due to the "loan pay-down."
4.Tax Benefits. The final wealth generator from real estate is the tax benefits associated with owning property in the United States. The U.S. government likes real estate investors and uses the tax system to encourage our purchase and leasing of properties. From extra tax write-offs to the lack of "self-employment tax" to the 1031-exchange and more, real estate investors can pay significantly less tax than other business owners, using the extra cash to buy more properties or pay off the loan faster ï¿½'ï¿½ helping to build greater wealth.
The road might be foggy ï¿½'ï¿½ but if you just keep moving forward, more of the road ahead will be revealed.
How restrictive covenants are used?
Restrictive Covenants might be used in circumstances such as:-
a.Not allowing a house to be used for business purposes.
b.Not allowing nondomestic animals to be kept on the property e.g.Chickens, pigs, etc.
c.Not allowing building on land without the consent of the party who has the benefit of the covenant.
It is important to note that a covenant can be expressed in positive terms when it is in fact restrictive, and vice versa. If you are considering how a covenant could affect your property or a property you intend to purchase you should consult a property lawyer who can advise you.
What can I do about a Restrictive Covenant?
There are a number of ways to remove the burden imposed on a property through a restrictive covenant.
One option is to seek a release from the party who has the benefit of the restrictive covenant. The party with the benefit may be unwilling to release the covenant and compensation may be required.
Alternatively, The Lands Chamber of the Upper Tribunal (previously the Lands Tribunal) has jurisdiction to discharge or to modify a restrictive (but not a positive) covenant where the applicant can show that one of the grounds set out in Law of Property Act 1925, s 84 applies. The most commonly used grounds are that the covenant has become obsolete or where it impedes reasonable use or development. Any application provides the opportunity for objections to be raised to the application and if disputed, the matter can take a substantial amount of time to be resolved and the process can be quite lengthy.
If an application faces an objection but is successful, the applicant will not be able to recover legal costs from any of the individuals who objected. If the application fails, the successful objector will usually get an award of costs meaning the applicant may have to pay a contribution to the objector's legal fees.
There are specific requirements for a restrictive covenant to bind subsequent owners of a property and the law surrounding this area is complex and subject to a number of legal tests.