Real estate agents’ sales instinct and knowledge of the local market gives them a competitive edge when it comes to buying their own homes and an eye for resale opportunity, The Wall Street Journal reports.
Agents buying their own homes rarely strike a bad deal: They are first to spot desirable properties, often before they are listed. They know local inventory and historic price swings. And they have a working knowledge of construction, plus connections to the best architects, builders and designers in town. Above all, real-estate agents know what looks good to other buyers and often benefit when it comes time to sell.
Billy Rose, founder and president of Beverly Hills, Calif. real-estate brokerage The Agency, bought his 4,200-square-foot home for $1.2 million in 2003. While listing the Westwood Hills home for sale, prospective buyers pushed the sales price to over $4 million, WSJ reports.Read More