Fredrik Eklund’s Top Real Estate Tips
If you are looking for someone to look up to in the real estate investment world, then the name Fredrik Eklund should be at the top of your list. Here are some of his top tips.
Real estate is a difficult field to get into, and it is even harder to be successful. So it makes sense to get all the help you can. There are a number of mentors out there who are willing to help those just getting started in real estate. Frederik Eklund has shared his top tips to help anyone in the real estate field who is willing to learn. So, who is Fredrik Eklund and what are his top real estate tips?
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Who is Fredrik Eklund and what is he known for?
You may have guessed by his name that Frederik Eklund is Swedish, although he is currently based in New York City. Frederik has lived and worked in many corners of the globe, and eventually ended up in New York City which alighted his love of real estate brokerage. He has found huge success since moving to the USA in his late 20s, and according to Elliman, Fredrik Eklund and his business partner have secured over $10 billion in closed residential sales over the years.
Fredrik Eklund and his partner John Gomes founded the EKLUNDGOMES team which is considered to be Manhattan’s brokerage to the stars. Fredrik has some high-profile clients and has appeared on many real estate TV shows including Million Dollar Listing New York. He is still based in New York and is said to be worth an estimated $30 million. If you want to know more about how he has helped create his success in selling real estate, then here are his top real estate tips.
Tip 1. Lighting is everything
Fredrik Eklund has sold enough homes in his time to know what does and what does not work. And he appreciates the difference that good lighting can make to a home. This is relevant whether you are buying or selling. If you are purchasing a potential investment property, his advice is to evaluate the home during the day and the night. According to Cheat Sheet, there is only so much that renovations can do for a house if the lighting is bad. Adding windows is always an option, but if the sun simply does not reach the property, then there is nothing that can help. Dark is never in fashion, and if you are wanting your property to rise in value, then you will want a home that has a lot of light.
Fredrik’s advice states that you should check the windows at all times of the day to see what happens to the light. Sometimes a property in the day looks vastly different than at night. So you will want to experience both before you commit to a property and find an unwelcome surprise. If the lighting is particularly good, you might be able to use this to add value later down the line when you resell. Or to raise the rental value if that is the path you choose to take.
Tip 2. Know your limit and learn to walk away
Fredrik Eklund himself is a master negotiator and he knows the tricks that agents will use to make a sale. Therefore, it is imperative that before you start the process of purchasing (or selling a property) you know your limits and be prepared to walk away. On Business Insider, Fredrik states that your limit is the absolute worst deal you would be willing to make. If you are not completely clear on what your worst deal is, then there is the potential that you will be swayed into making it. Agents will use many little tricks in order to make an unfavorable property seem amazing. After all, that is their job. Be confident in recognizing when you need to walk away and most importantly – commit to it.
If you only wanted a three-bedroom apartment because you know that this will bring you better rental income, then do not let an agent talk you into a one-bedroom. Sure, the kitchen may be perfect, but if the number of bedrooms is your deal breaker then you need to stick with it. Otherwise, you will have invested in a property that you can no longer work with and does not meet your investment needs. Write down what you are looking for, and most importantly what you are not looking for. And no not let yourself be talked around something that would normally be a deal breaker.
Tip 3. Hire a good broker
When interviewed by Forbes, Fredrik offered a simple piece of advice for investing in large cities like New York – to hire a good broker. Too many people feel that they cannot justify the cost of a good broker and think that they can do it alone. But unless you have the knowledge and insider secrets as most brokers do, then you will be setting yourself up for trouble., After all, there is more to investments than just simply looking at the purchase price. A broker could offer insights that you may not even have considered. Brokers that specialize in a particular area of investment type are the best. What you spend in brokerage fees could very much be saved if it prevents you from making a bad investment choice.
If real estate investing were simple, then everyone would be successful. However, with a little bit of help and advice, there is no reason why you cannot be a success, as long as you are willing to put in the work. Fredrik Eklund knows what it takes to make it big in real estate, and he has the know-how to help others too. If you are wanting even a fraction of his success, then pay attention to these tips that he offers, especially if you are just starting out in the real estate game.
Charles is the founder of infoSpike.com. He enjoys real estate investing, marketing, and personal finance. Read more about Charles here.