A real estate agent who has sold over 10,000 homes has revealed the tips every potential buyer should know and what they should look out for – including fresh paint marks and the wood.
Lorraine Jordan, 52, is an expert in buying and selling property, having spent 34 years carefully looking at homes and advising clients on how to get the most for their buck.
And now, the self-made millionaire has detailed how new homeowners can avoid falling into traps by knowing these five things.
The mom-of-four built her own multi-million dollar real estate empire and has seen her fair share of red flags. From not paying close enough attention to letting your emotions get in the way, Lorraine detailed the key things to know before you buy your dream home.
The devil is in the details! Don’t forget to take a close look at specific areas of the home – and watch out for fresh paint marks
Lorraine bought her first property at just 18 years old after having worked in real estate for just six weeks.
Since then she has sold thousands of homes.
‘Last year, I went and bought 56 investment properties with some partners. Most estate agents sell four homes a year. That’s the industry average. I have personally sold 100 properties a year for decades,’ she explained.
Lorraine Jordan, 52, is a real estate agent who has sold over 10,000 homes has revealed the tips every potential buyer should know and what they should look out for
She explained that people should never forget to look at the details of a home, adding that fresh paint marks are a bad sign (stock image)
Because of her killer skills in real estate, she has seen how small details can be overlooked in a second.
‘It’s the little missing things that you need to worry about,’ the real estate agent, who has over 24,000 Instagram followers said.
She explained that small details often give away the fact that people have tried to cover up larger problems.
Lorraine said: ‘People will often skip things like a backsplash or tiling near the cooker in the kitchen.
‘If that’s not there and they put in a brand new kitchen, I’m going to look a little closer to see what else they have missed out.
‘Look at the woodworking: if you’ve cut corners on that, what did you do behind the wall where I can’t see?’
She noted that you should always check the carpet, roof, windows, and more.
She explained that small details like wood issues often give away the fact that people have tried to cover up larger problems (stock image)
‘If there is carpet, look for water signs. Check the roof, check the windows, check how old the boiler is,’ she explained.
She explained that another warning sign is fresh paint, especially in the basement.
Lorraine said: ‘If I see that, I’m going to look for water signs.
‘I’m going to take a flashlight and get down on my stomach under the staircase and see if there’s a water stain line underneath the back of the stairs.’
The mom-of-four noted that the seemingly small problem often points to a sign of a disaster.
Lorraine revealed that people often forget to take a closer look at small areas of the home and end up paying thousands for repairs.
She said: ‘Those are the real pitfalls. Those are the areas where if it’s wrong you will end up paying thousands, but people end up getting caught up in what color the walls are.
‘That’s the cheapest thing to change.’
Leave your emotions at the door! Think of a home as a practical investment instead of imaging your perfect, story-book like home
Lorraine has shown plenty of people their dream home, and she knows that often times, those looking to buy a home will become too caught up in their emotions (stock image)
Lorraine has shown plenty of people their dream home, and she knows that often times, those looking to buy a home will become too caught up in their emotions.
So, she explained you have to tread lightly.
‘You have to pay attention to people’s emotions to be successful in real estate.
‘People have an emotional connection to their homes. If you were there for 10 years, and you’ve had children’s birthday parties and your children’s heights are marked on the walls, there’s emotion involved there.
‘They are homes, not just houses. Even if someone’s excited about upgrading, there’s still an emotion of letting go of the other one. It’s about respecting that, treading lightly and putting people first,’ she explained.
Because she always puts her clients first, Lorraine has even made some special exceptions.
She revealed: ‘With one couple, I got them their house for 10 per cent less. I told the seller that they could be flexible on the moving date and leave stuff behind, and that the buyer didn’t have any other money. ‘
She advises potential buyers to remember that a home is an investment so you need to be logical about your decision (a home Lorraine has sold is pictured)
‘I took a pool table as part of my commission to make the deal come together.
‘Those people are still in the house like 22 years later and happy as can be.’
And while she knows it’s important to be considerate of emotions, she also noted that if you are looking to buy a home, you need to let some of the emotions go.
‘I have shown people homes that have new windows and a new boiler, but they’re put off because it looks dated. People buy on emotion most of the time,’ she explained.
She noted that because they want it to be perfect, they will expect it to look like a home out of a storybook.
She advises potential buyers to remember that a home is an investment so you need to be logical about your decision.
‘They’re looking for that dream home, instead of looking at it like a practical investment.
‘People end up paying more money because it’s storybook-looking – rather than looking at all the practical stuff,’ the real estate mogul explained.
Don’t let the glitz and glam distract you! Stay on the look-out for problems even if the house seems perfect
Even in homes that have been done up to a high standard, Lorraine recommends to stay on the look-out for problems (stock image)
Even in homes that have been done up to a high standard, Lorraine recommends to stay on the look out for problems.
She explained that she knows how easy it is to get distracted by the glamour of a home that you forget to search for any problems.
Lorraine said: ‘I was in one recently that was all done up.
‘It had a fantastic-looking deck but there was no permit for the decking. It probably cost $15,000 – but as soon as I looked underneath I knew they didn’t get a permit because it didn’t match the building code.’
She added that although a house may look well-renovated and is in a wealthy area, that doesn’t mean there aren’t issues.
Lorraine revealed that another warning sign that sellers may be trying to fool you with glitz and glamor is woodworking that isn’t up to scratch.
She said that if she sees that, she then keeps an eye out for other issues ‘to see if they cut corners’.
Know when to buy, sell and view a home! Buy or sell a home in the autumn or winter because there is less competition
Lorraine noted that selling and buying in the autumn or winter are great times because there is less competition, so you can get more bang for your buck (pictured: a home she has sold)
Lorraine said that some of the common pearls of wisdom that people believe in about selling houses – such as that you should never sell in the autumn or winter months – are simply wrong.
She said: ‘There’s less competition if you sell at other times of year.’
Lorraine noted that selling and buying in the autumn or winter are actually great times because there is less competition, so you can get more bang for your buck.
The real estate agent added that having viewings at 8 pm can be a fast track to closing a deal.
She revealed that although the house may look nicer in daytime viewings, serious buyers are more likely to view the home in the evening.
Furniture or no furniture? Avoid purchasing a home without staging furniture
Lastly, the real estate mogul revealed that buying a home that doesn’t have any staging furniture is a bad idea because it makes the home look smaller (stock image)
Lorraine said: ‘Staging a property so that people get a “warm, homely feeling” is extremely important, including details such as cleaning the windows’ (pictured: a home she has sold)
She explained that furniture helps you both ‘spatial visualizations’ and aesthetics (pictured: a home Lorraine has sold)
Lastly, the real estate mogul revealed that buying a home that doesn’t have any staging furniture is a bad idea.
She said: ‘A bedroom or living room actually looks smaller without furniture in it.
‘Furniture helps you with spatial visualization, not just aesthetics.
‘Staging a property so that people get a “warm, homely feeling” is extremely important, including details such as cleaning the windows.’
For anyone keen to get into the property business themselves, Lorraine offers some additional advice.
Lorraine has written two books – ‘Truly Winning in Real Estate’, packed with tips from her three decades of experience in buying and selling homes, and ‘Freedom to Live’.
But Lorraine said that if you want to make money in property, you should move around.
For anyone keen to get into the property business themselves, Lorraine offers some additional advice (pictured: a home Lorraine has sold)
Lorraine has written two books – ‘Truly Winning in Real Estate’, packed with tips from her three decades of experience in buying and selling homes, and ‘Freedom to Live’
She said: ‘I always say, a year for each apartment to fix it up and move around a bit.’
She said by focusing on ‘climbing the ladder’ with real estate and rental properties, you can reach a point where it replaces your daily income.
The self-made millionaire revealed: ‘It’s nice to have a shiny red sports car in the driveway, it’s lovely to have a boat. But in the end, you know, that can be a trap. Anything with a key costs money. You need to focus on your financial plan.’
‘That’s the point of real estate investing. The goal is to get to a point where it replaces daily income.
‘You now have choices: you can choose to keep working if you love what you do – but man, it’s a lot easier to love what you do when you don’t feel you have to do anything.’