Real estate agent in Magdeburg: How to find the best agent

Especially in popular cities like Magdeburg, it makes sense to rely on the expertise and years of experience of a real estate agent. Whether renting, buying or living – a real estate agent supports you in your search and helps you find your dream property. He accompanies you from the first viewing to the handing over of the keys. If, contrary to expectations, you are not satisfied with the performance of your real estate agent, the Real Estate Agent and Property Developer Ordinance protects you in this case.

Broker recommendations in Magdeburg – our recommendations

These are our real estate agent recommendations for Magdeburg. Good luck with your real estate search!

Carefree Broker Ltd.

Recommendation for Sorglosmakler GmbH on Google: 231 reviews

5.0 / 5.0 stars

More information, contact persons and directions:

• Carefreebroker.com
• Phone: +49 391 63604571

Remax Real Estate Magdeburg

Recommendation for Remax Immobilien Magdeburg on Google: 165 reviews

5.0 / 5.0 stars

More information, contact persons and directions:

• Remaxmagdeburg.com
• Phone: +49 391 8190420

The property

Recommendation for The Property on Google: 138 reviews

5.0 / 5.0 stars

More information, contact persons and directions:

• Theproperty-magdeburg.com
• Phone: +49 391 5342513

Interinvest Real Estate

Recommendation for Interinvest Immobilien on Google: 20 reviews

5.0 / 5.0 stars

More information, contact persons and directions:

• Interinvest.real estate
• Phone: +49 391 58234410

Engel & Völkers Magdeburg

Recommendation for Engel & Völkers Magdeburg on Google: 74 reviews

4.9 / 5.0 stars

More information, contact persons and directions:

• Engelvoelkers.com/en/magdeburg
• Phone: +49 391 24358160

Immovario by Marcel Möhring

Recommendation for Immovario by Marcel Möhring on Google: 58 reviews

4.9 / 5.0 stars

More information, contact persons and directions:

• Immovario.com
• Phone: +49 391 58469690

Immodrom GmbH

Recommendation for Immodrom GmbH on Google: 50 reviews

4.9 / 5.0 stars

More information, contact persons and directions:

• Immodrom.com
• Phone: +49 391 6239003

Gerd Tangermann Real Estate

Recommendation for Gerd Tangermann Immobilien on Google: 31 reviews

4.9 / 5.0 stars

More information, contact persons and directions:

• Immo-tangermann.com
• Phone: +49 391 6229382

Elb Estate

Recommendation for Elb Estate on Google: 67 reviews

4.8 / 5.0 stars

More information, contact persons and directions:

• Elb-estate.com
• Phone: +49 391 99091101

Jmb Real Estate Ltd.

Recommendation for Jmb Immobilien GmbH on Google: 22 reviews

4.8 / 5.0 stars

More information, contact persons and directions:

• Jmb-real-estate.com
• Phone: +49 391 24295174

The next step: buying your own apartment

Your real estate agent has found your dream apartment for you? Perfect, but as soon as you move into your first own apartment, for most people it’s rent, rent, rent. Every month you go to work for many hours to spend most of it on the next rent due at the beginning of the month. It’s no wonder that many young people are considering buying a condominium as soon as possible.

• Buy your own apartment

Rent, buy, live in Wuppertal

Our interview partner specializes in the brokerage, sale and rental of real estate in Wuppertal. In an interview talked about attractive districts, financing options and the current real estate market. Here you can learn everything about the first apartment purchase, different types of houses and types of apartments.

Wuppertal at a glance:

Wuppertal from close up:

Rentals: Service charges

You have decided to rent or even rent a house or apartment? Then you should definitely know more about bedroom furnishing and exclusive terrace design.

Purchase: New construction to old building

Find your new home in attractive neighborhoods of Wuppertal and avoid serious mistakes in your purchase! What you should know before your purchase you will learn in this article! Are you also interested in other cities? We have selected other interesting cities for you, such as Düsseldorf, Aachen and Duisburg.

Interview about Wuppertal real estate

Are you looking for a suitable property in Wuppertal? But are you wondering which are the most popular districts to live in, whether it is better to rent or buy now, or how high the ancillary costs and taxes are in Wuppertal? Then you have come to the right place. Because we have talked to a real estate agent who will answer all your questions about real estate in the region.

Oertel real estate team about the real estate market

FIV: Before we talk about Wuppertal and its real estate market and your recommendations for tenants and buyers, we would like to know a little more about your agency Oertel Immobilien. Could you briefly summarize for our readers what your agency does and what you specialize in?

Oertel Immobilien: We are primarily specialized in investment properties such as multi-family houses as well as commercial properties. However, we started our brokerage activities with condominiums and one/two-family houses. We now have a separate department for this and it receives equal attention from us. From time to time we get inquiries from owners whether we can use our marketing strategy also for renting – of course we help with such a request.

Our marketing strategy is modern and process-oriented. We value fairness with sellers and buyers and our cleverly devised processes mean that there is no room for dubious brokerage. At the end of the day, we live primarily from referrals and are delighted when buyers and sellers alike are happy to sign the contract.

Bathroom in a Wuppertal apartment:

Mediation from land to houses

FIV: As an agent in Wuppertal, which properties do you personally prefer to broker?

Oertel Immobilien: Buyers of commercial and investment properties are experienced in buying real estate and know exactly what is needed for their own decision and for the financing bank. In this respect, buyers demand a very good service and we naturally meet this requirement. It is fun to see convinced customers. It is even better when this leads to new contacts in one’s own network. However, we can by no means limit ourselves, as every property has its own charm. We build up high sympathy with every property.

Neighborhoods in Wuppertal with opportunities for the future

FIV: Neighborhoods for Singles, Families & Co. – For those who do not yet live in Wuppertal and want to move to Wuppertal, which neighborhoods have a future? Where should you move to in Wuppertal if you want to live nicely?

Oertel Immobilien: One of my employees moved to Wuppertal from Düsseldorf with his partner, and since then he has never wanted to return to Düsseldorf. He feels diversity and cohesion in Wuppertal. He is convinced by the architecture of the buildings as well as by the natural leisure facilities. All districts have their own charm. In the Briller Viertel or on the Cronenberg one lives exclusively, in Barmen the rents are relatively inexpensive, in the Nordstadt it is particularly communal, in the Südstadt one is quickly at the university and in Beyenburg one lives in the country. As you can see, there is something for everyone.

Neighborhoods with charm:

• Brill quarter
• Cronenberg
• North City
• South City
• Beyenburg

Briller Viertel at a glance:

Rental price development in recent years to date

FIV: Rents are a big topic, all over Germany. How has the real estate market and rental prices in Wuppertal developed in recent years and how will they develop in the future?

Oertel Immobilien: Wuppertal has been developing at breakneck speed for a decade and, due to its good transport links, is also becoming increasingly interesting for people from surrounding cities such as Cologne, Düsseldorf or Dortmund. Compared to the aforementioned cities, the rent here continues to be lower, which is why people decide to move to Wuppertal. However, the demand for real estate offers is also very high here and the rents have not been as cheap for a long time as you might remember from the past.

It is likely that rents will continue to rise. The old properties are gradually being renovated, turning them into very nice old buildings with high ceilings and large windows, which is why the price per square meter is also rising. New construction projects are also not being finished fast enough so that the demand could be satisfied.

Here you can see a wardrobe in a granny apartment:

Broker assessment: rent or buy

FIV: In Germany, more people rent than buy. What would you recommend to a young couple or even a single person, renting or buying in Wuppertal?

Oertel Immobilien: That’s a very individual question that everyone has to answer for themselves.

If someone has the opportunity to purchase a property, he should do so.

Real estate prices will not fall so easily and with the favorable loans currently, it has not been so appealing to become the owner of a property for a long time. If single people or young couples at some point the property becomes too small, they have made an investment for the future at a young age and benefit from it when you want to buy a larger property.

Home and condominium: buy or rent

FIV: Anyone who rents in Wuppertal is relatively flexible and can move if necessary. Anyone who buys a property, whether a home or a condominium, is at least tied to the property for the long term by the loan or financing. What are typical first-time buyer mistakes from your experience as a real estate agent and how can you avoid them?

Oertel Immobilien: First-time buyers like to make the mistake of not getting enough advice, but at the same time, a property is usually sold quickly, so you don’t have the opportunity to think long and hard about a purchase offer. The lack of knowledge makes it so difficult, which is why it is advisable to observe the market beforehand. Only when you feel confident and you know exactly what kind of real estate you want to buy, you should take the first steps to buy real estate.

It makes sense if the financing is already clarified with the bank in advance. In case of questions, an open and honest communication with the real estate agent is helpful, because this avoids doubts and wrong decisions.

Living and dining room area in family house:

Service charges and taxes in NRW

FIV: The purchase price of a property is one thing, but what ancillary costs and taxes must buyers in Wuppertal expect?

Oertel Immobilien: A real estate buyer is usually aware to include the brokerage fee and incidental purchase costs. Depending on the broker, the commission can range from 0 to 10%. The land transfer tax for Wuppertal is 6.5% and the notary takes about 2% for the notarization.

• Broker commission: 0 – 10%
• Real estate transfer tax: 6.5%
• Notary: 2%

Often the cost of renovation and relocation is underestimated and not factored in.

Investment: Wuppertal districts with a future

FIV: Wuppertal neighborhoods for real estate investment – Let’s move on to real estate as an investment in Wuppertal, for those who want to buy and rent. If our*r reader*in for the purchase, with subsequent letting, decides: Which 2 districts or satellites around Wuppertal would you recommend to a buyer for their capital investment in Wuppertal? In your opinion as an expert, where do the most future opportunities lie?

Oertel Immobilien: That varies from project to project. If you want to take a certain risk and invest in an inexpensive property, which may increase in value in a few years, you are probably served with the district Oberbarmen & Heckinghausen. If you want security, you buy an expensive investment property in Elberfeld-, in Barmen or in Vohwinkel-Zentrum.

Districts that increase the value of the property:

• Oberbarmen
• Heckinghausen
• Elberfeld
• Vohwinkel

Heckinghausen at a glance:

For those who bring time and do not necessarily pay attention to securities and quick profit, are probably better served with Oberbarmen and surroundings. But beware, it is up to the property whether it is worth the investment or not. It is important to have a close look at the property and to know the history behind the house. Thus one avoids bad investments in allegedly promising locations. If one is not careful, one buys too expensive a building plot with a demolition object.

Real estate types with future opportunities

FIV: In your opinion, what type of real estate has a future in Wuppertal, what should one invest in? Small, large, existing, new construction?

Oertel Immobilien: Wuppertal stands out with its old building charm and lovers of such properties appreciate this. Due to the fact that there are still enough old buildings and hardly any space for new construction, people are forced to invest in existing properties. Some of these are in need of renovation or are already up to date and ready for the first move. Both with the one and with the other one stands on good ground.

Suspension railroad: landmark of Wuppertal

The suspension railroad in Wuppertal is the city’s trademark. It runs a 13-kilometer route and stops at a total of 16 stations. With 80,000 users per day, it is an everyday means of transport for the city’s residents, but is also a popular attraction for tourists.

Typical myths in the sale of real estate

FIV: Lastly, one more question – you had mentioned the typical mistakes when buying a property. Many buy, but some also want to sell. As an experienced broker in Wuppertal, what tips can you give to those who are selling a property for the first time? What are the first steps and how do you successfuly sell a property in Wuppertal?

Oertel Immobilien: Three fatal myths exist among many sellers.

Typical myths:

1. Myth: “I set the price higher and I can always go down”.
2. Myth: “I have time and do not have to sell directly”.
3. Myth: “I’ll try it myself first. I can always call in a broker”.

With each seller, we address these myths during a consultation and help avoid the worst mistakes. Apart from that, self-sellers can pick up a free guide from us, in which we explain in seven steps how to sell at the best price. But to be honest, very few people manage to do that. The very fact that the owner usually has a full-time job and can’t answer the high number of inquiries fast enough, he loses serious prospective buyers.

We are specialized in this. It is our job to sell the property successfuly. We do this every day and know what buyers want, what measures are necessary and what must be paid special attention to when selling.

Thanks to Oertel Immobilien for the interview!

Rent, buy, live in Wuppertal

The real estate market in Wuppertal is large and for this reason it is important to find the best real estate agent for you. In our overview you will find the best real estate agents from Wuppertal, who can make your dream of your property possible.

• Real estate agent Wuppertal

First apartment? Step by step to capital investment

Buy your own apartment – As soon as you move into your first own apartment, for most people it’s rent, rent, rent. Every month you go to work many hours, to spend the largest part ultimately for the next rent due at the beginning of the month. It’s no wonder that many young people are considering buying a condominium as soon as possible.

• Buy first apartment

Rent, buy, live in Kassel

Our interview partner, for the topic of real estate has specialized in the mediation, selling and renting of real estate in Kassel. FIV Magazine has talked to the real estate agent team in an interview about attractive districts, financing options and the real estate market in Kassel. Here you can learn everything about buying your first home, different types of houses and apartments.

Overview of Kassel and surrounding cities:

Kassel from the microlocation:

Rent: Service charges

You have decided to rent or even rent a house or apartment? Then you should definitely know more about bedroom furnishing and exclusive terrace design.

Buy: Investment

Find your new home in attractive neighborhoods of Kassel and avoid serious mistakes in your purchase! Find out what you should know before you buy in this article! Are you also interested in other cities? We have selected other interesting cities for you, such as Düsseldorf, Aachen and Duisburg.

Interview about the current real estate market in Kassel

Are you looking for a suitable property in Kassel? But are you wondering which are the most popular districts to live in, whether it is better to rent or to buy, or how high the ancillary costs and taxes are in Kassel? Then you have come to the right place. Because we have talked to a real estate agent from the region, who will answer all your questions about real estate in Nuremberg.

Immoperlen: Broker team in the area Hessen

FIV: Before we go into Kassel and its real estate market and your recommendations for tenants and buyers, we would like to know a little more about your agency Immoperlen. Could you briefly summarize for our readers what your agency does and what you specialize in?

Immoperlen: We specialize in the sale of single-family houses, apartment houses and apartments. Rentals of houses and apartments, accompaniment of new construction and valuations of real estate.

Team photo Immoperlen:

FIV: As a real estate agent in Kassel, which properties do you personally prefer to broker?

Immoperlen: single-family houses, apartment houses, apartments

Live beautifuly in the Kassel area

FIV: Neighborhoods for Singles, Families & Co. – For those who don’t live in Kassel yet and want to move to Kassel, which neighborhoods have a future? Where should you move to in Kassel if you want to live nicely?

Immoperlen: For young people, the Vordere Westen is very popular, due to its beautiful infrastructure. For families it is nice to live in Kirchditmold, Harleshausen, Wilhelmshöhe, Niederzwehren and also the district of Kassel.

Kirchditmold district

Rent development & recommendations

FIV: Rents are a big topic, all over Germany. How has the real estate market and rents in Kassel developed in recent years and how will they develop in the future?

Immoperlen: Rents have already risen, and will certainly continue to do so. The favorable rents get one unfortunately only in the situations which are not very popular. Even when selling a property if it is in a good location and also maintained, the sales price is higher than a few years ago. We think that will continue to exist so.

FIV: In Germany, more people rent than buy. What would you recommend to a young couple or even a single person, renting or buying in Kassel?

Immoperlen: If one looks at the long-term and the stability quite clearly we recommend a purchase of a real estate. It is also a good capital investment.

Single family house in Kassel:

Long-term commitment through financing and loans

FIV: Anyone who rents in Kassel is relatively flexible and can move if necessary. Anyone who buys a property, whether a home or a condominium, is at least tied to the property for the long term by the loan or financing. What are typical first-time buyer mistakes from your experience as a real estate agent and how can you avoid them?

Immoperlen: Too little equity, repayment rate not chosen correctly. No inventory by expert or appraiser.

Taxes and incidental expenses incurred

FIV: The purchase price of a property is one thing, but what ancillary costs and taxes must buyers in Kassel expect?

Immoperlen: 6% land transfer tax, 2% notary fees, for single-family houses and condominiums 2.975% brokerage incl. VAT. From two-family houses the usual local brokerage fee of 5.95% incl. VAT on the sales price.

Incidental expenses:

• 6% land transfer tax
• 2% Notary fees
• 2.975% for single family houses
• 5.95% for two-family houses

Living and dining room area:

FIV: Kassel neighborhoods for real estate investment – Let’s move on to real estate as an investment in Kassel, for those who want to buy and rent. If our*r Leser*in decides for the purchase, with following letting: Which 2 districts or even satellites around Kassel, would you recommend to a buyer for their capital investment in Kassel? In your opinion as an expert, where do the most future opportunities lie?

Immoperlen: Clearly the Vordere Westen, Harleshausen, Kirchditmold, Wilhelmshöhe and Niederzwehren.

Sought-after district Harleshausen:

Real estate with a future

FIV: In your opinion, what type of real estate has a future in Kassel, what should one invest in? Small, large, existing, new construction?

Immoperlen: Existing properties such as apartment buildings and apartments up to 80m².

Avoid typical mistakes – instructions

FIV: Finally, one more question: You had mentioned the typical mistakes buying a property. Many buy, but some also want to sell. As an experienced broker in Kassel, what tips can you give to those who are selling a property for the first time? What are the first steps and how do you successfuly sell a property in Kassel?

Immoperlen: The first step is to determine the value of the property. Many sellers have a completely wrong view of what their property is worth on the real estate market. Some sellers are quite surprised that you can achieve a higher sales price, and some have ideas that are not feasible. A property in Kassel should be sold within 3 months, this is feasible if you do every step right. Our goal is to accompany sellers and buyers well on your way, because real estate is our passion, and the satisfaction of our customers has top priority.

3-step guide:

1. Valuation of the property
2. Within 3 months should be conveyed
3. Get experts on your side

Rent, buy, live in Kassel

The real estate market in Kassel is large and for this reason it is important to find the best real estate agent for you. In our overview you will find the best real estate agents from Kassel, who can make your dream of your property possible.

• Real estate agent Kassel

First apartment? Step by step to capital investment

Buy your own apartment – As soon as you move into your first own apartment, for most people it’s rent, rent, rent. Every month you go to work many hours, to spend the largest part ultimately for the next rent due at the beginning of the month. It’s no wonder that many young people are considering buying a condominium as soon as possible.

• Buy first apartment

Commercial audit: criteria of a property

Before buying a property should be checked in any case. The commercial examination is based on the data with which one can compare real estates, like the rent yield and the purchase price factor, own use or capital investment or in which situation one should buy. For the examination one should absolutely make a checklist with all negative points, in order to be able to sort out better.

Audit for capital investors

The commercial audit is particularly concerned with the existing rental agreements if you buy an apartment unrented or rented. This point is particularly interesting for capital investors, because if you are buying for your own use, then you should rather invest in an unrented property.

The test in steps:

1. Lease contracts check
2. Rent arrears and rent increase
3. Non-allocable costs
4. Reserves and arrears

Step 1: Checking leases

Operating costs can be passed on to the tenant, which you should definitely check in an existing lease.

• Is it possible to pass on all current operating costs to the tenant?
• Is there a deposit?
• Are there any special features in the lease agreement?

Step 2: Rent arrears or rent increase

These peculiarities occur when it was agreed that tenants must return the apartment renovated when moving out.

• Are there any outstanding rent arrears?
• Are there active rent reductions?
• When was the last rent increase?

Step 3: Non-allocable costs

Here one should carry out a quick market analysis for comparative rents. If the building in which you invest in an apartment has an elevator, you should be careful. An elevator must be repaired or maintained every few years. These high costs usually have to be borne by the tenant and cannot be passed on to the tenant.

• Are non-apportionable costs expected?

Step 4: Reserves and arrears

For this purpose, it is essential to check the maintenance reserve of the condominium association on the basis of the last statement of condominium fees, as well as the amount of the total amount of condominium fee arrears. If there are individual condominium owners who have been in arrears for more than four months, then the probability of a default is high. Accordingly, special assessments may be the consequence.

• How much is the maintenance reserve of the homeowners’ association (WEG)?
• Are there any house money arrears of the WEG?
• Has the collection of resolutions been reviewed?

The next step: operating costs in the house

You want to buy an apartment, but the operating costs are too high for you? There is a solution! The operating costs of a property, such as a condominium, can be apportioned to the tenant. But which of these operating costs can be apportioned and what do you have to pay yourself as a landlord? Read all about the operating costs of your next property here!

Leasehold: What is it actually?

Leasehold, also called hereditary building right, means that the right of ownership and the right of use are permanently separated. When you build on a leasehold land, you do not buy the land, you lease it from the owner for a certain, contractually agreed time. Thus, there are two parties, the ground lease grantor (1st person) and the ground lease taker (2nd person).

The grantor of the ground lease grants the holder of the ground lease a plot of land for development. The former receives a ground rent in return.

Here is the ground lease summarized in brief:

• Ownership and usage rights permanently separated
• 2 parties: ground lease giver and ground lease taker
• Leasehold lender cedes a plot of land for development
• Leasehold owner receives ground rent for it

Advantages and disadvantages of ground lease: costs and purchase price

Here we have listed all the advantages and disadvantages of leasehold.

Advantages of ground lease

A leaseholder only builds or buys the property on the leasehold land. This lowers the purchase price, because you don’t have to pay anything for the land.

• Leasehold reduces purchase price

Disadvantage of ground lease

As a leaseholder, you always have to pay a ground rent, which results in additional costs. In addition, the mortgage lending value of the property at the bank decreases, because due to the fehelenden land value and the ground rent, the hereditary building lease has a negative effect on the determination of the mortgage lending value.

• Permanent payment of the ground rent
• Mortgage lending value of the property decreases at the bank

Tips for capital investors: Tax deductions

As an investor, you cannot pass on the ground rent to the tenant, which increases the monthly charges. On the other hand, the costs are tax-deductible. Since the financing of ground leases is complex, we have briefly summarized here what you should pay attention to when buying:

• Residual term at least 30 years
• Purchase price plus imaginary land share min. 30% cheaper than in the market

The next step: social binding and post-binding

Before looking for your first condominium, you should know everything about social commitment in housing. Here you will learn all the pros and cons and what you need to know about everything from low-interest loans by public authorities for social housing, to obligations, to the post-commitment period.

Rental yield & purchase price factor: calculations

A property can be evaluated in terms of its profitability by two factors – the rental yield and the purchase price factor. The rental yield indicates the amount of costs generated by the rental income. The purchase price factor indicates how many years one would have to pay off the property to be purchased. These two values can be used to decide which real estate offer to accept.

Here you can learn more about the calculation of rental yield and purchase price factor/ Immobilien-Erfahrung.de

Rental yield: Does the rental income cover my costs?

The rental yield is an amount generated by the rental income of your property. This must always be checked before buying a yield property. 2 factors tell whether a property covers the monthly costs through rental income. If this is above 6%, the monthly costs are covered at current interest rates. Anything above that means additional capital accumulation for you.

A good rental yield:

From 5% upwards at current interest rates

A simple formula can be used to calculate the gross rental yield:

Annual yield (rent) / investment x 100 = rental yield

Purchase price factor: How long do I have to pay off?

The purchase price factor puts the purchase price in relation to the annual rental income. The result indicates in how many years the purchased property will be paid off. In this way, you can make a comparison between offered properties, which shows you the most profitable property.

The formula for calculating the purchase price factor is as follows:

Investment / annual net income = purchase price factor

The next step: minimum rental yield

How high must the rental yield be at least so that I can let my tenant pay off the purchased property without worrying about having to pay interest and repay the principal? This is a question that capital investors in particular ask themselves when they want to invest in an income property and thus achieve efficient asset accumulation. Here you will learn everything about the minimum amount of the gross rental yield.

Mistake 1 – The location is decisive

A property in a poor location without high demand quickly becomes a problem. Therefore, one should always buy in an attractive location.

Property in a bad location:

• Low demand
• Renting becomes difficult
• Consequence: Vacancy

Therefore our tip: Pay attention to A- B- and C- layers!

Real estate in good location:

• Buying in large cities (not metropolises in top A locations), example Bonn or Leipzig
• Conurbations, the famous Speckgürtel, with good B-location like everything around Munich, Darmstadt near Frankfurt
• B-location cities in demand, such as Kassel, Braunschweig or Heidelberg

Mistake 2 – A property that is too specific

Special real estate requires a special group of buyers – and this group is not easy to find. That’s why you should always go for real estate whose utility and use covers the needs of the broad masses. In our article on real estate types you can learn everything about apartment, house and co. So what are you looking for on the real estate market?

So what’s there to keep your hands off of?

• Loft/ Villa/ Apartment, everything that exceeds the normal consumer
• This type of property must be in a top A location in order to sell/rent it.

Our tip: 1-2 room apartment

In all locations, be it A, B, or even C, 1-2 room apartments can be found and the demand is constantly increasing. Since more and more people live alone, a look at the single apartments is always worthwhile.

An example of a special property in C- location: hard to sell.

Mistake 3 – Self-interest instead of investment

You can read a lot about owner-occupation in our article on the subject. Here you will learn again in a nutshell why it is not advisable to use your first property for personal use. Therefore, our tip: Do not buy an owner-occupied property without capital investment, because you are responsible for 100% of the operating costs, neither tenants nor the tax office comes to your financial aid.

Reasons against self-interest

• Self-interest is the most expensive way to live
• One will never be completely rent free due to ongoing costs
• You pay off the property yourself
• Self-interest reduces credit rating
• Property is not suitable for old age later

Mistake 4 – A house as a first property

If you choose a house as your first property, you must also be aware that this means that you will have to bear 100% of the costs. Therefore our tip: Buy a condominium as your first property.

Condominium: Cost allocation made easy

As soon as you acquire an apartment in a multi-party building as your property, you become part of a community of owners. Thus, all running costs incurred for repair, maintenance and modernization are divided among all parties of the house.

Here is a small example:

• Homeowner (100%): 12,000 euros
• 4-party house (25%): 3,000 euros (-9,000 euros)
• 8-apartment house (12.5%): 1,500 euros (-10,500 euros)

Mistake 5 – Let the emotions flow in

Real estate should always be viewed rationally instead of emotionally. Therefore, our tip: Never buy a property out of emotion. Even if you find the property at first sight insanely beautiful, think again well about it. Often such buildings are due to the year of construction and the condition dilapidated or in need of modernization, whereby for you in the end much more costs than actually jump out.

So what should you do?

• Avoid impulse buying!
• Testing at commercial and technical level
• Examination of yield, purchase and resale value

A typical property that is bought out of emotion: A lot of charm, little profit.

Mistake 6 – No attention to resale value

A really great purchase price! – And now? How much do you get out of it in the end? Many people don’t pay attention to the resale price when buying a property, but you definitely should!

The decisive factors for the resale value are:

• Property type
• Location of the property (see return or investment)

Comparison: location and increase in value

Let’s compare the 3 types of location and the increase in value:

• A- location: value increase at 4-6% per year
• B- location: value increase at 1-2% per year
• C- location: no increase in value

As a beginner, they opt for a condominium in a good C- location or B- location.

Mistake 7 – Top equipment- bad property

Great kitchen, great furniture, you bought the property only because of its great equipment? That’s bad for you, because you’ll make less profit. What you are looking for are properties in need of renovation, because this way you can renovate them yourself and then sell them, making a profit.

Mistake 8 – Paying in huge installments

You want to pay off your loan as quickly as possible and think large sums will help you? Unfortunately, this is wrong. Here’s our tip: It’s better to agree on small repayment installments with the bank.

• The tenant pays off the property, all surpluses are direct asset accumulation
• Inflation reduces the loan for a long time
• The higher you set the repayment, the less is left at the end of the month
• The faster a property brings cash flow, the higher the surplus

Next step: criteria to the condominium

The property for first-time buyers. Want to buy a condo as your first property, but don’t know where to start? Here we’ve created a checklist of 11 items for you to determine the basics and criteria of your real estate search. Whether determining the maximum purchase price, the question of owner-occupancy or capital investment, yield or investment property as well as existing or new construction – here you will get all the answers to your questions.

Owner-occupation vs. real estate as an investment: advantages and disadvantages of owning a home

The dream of owning a home is a goal that many people have in mind. But does it make sense to choose a house for personal use as the first type of property? Or is it not perhaps more sensible to use the first property as an investment? Living rent-free in old age will never quite come true, even with a home of your own, because you are always 100% responsible for all running costs. Therefore, in this article you will find a comparison between owner-occupancy and a property as an investment, which should help you make the decision to use your first property.

• Personal use vs. real estate as an investment

Real estate agent T. Andrich about Hamburg real estate market

Thorben Andrich is the founder and managing director of Redhome Immobilien GmbH and, as a young and modern real estate company, has made it his mission with his team to score points with expertise and communication at eye level. They are not only experienced in the Hamburg real estate market, but in the entire region around Schleswig-Holstein, Hamburg and northern Lower Saxony. The expert talked to us about his most exciting projects, costs, financing options, investments and popular districts in Hamburg.

Which properties do you particularly like to broker as an estate agent?

FIV: Before we go into the many details of the city: as a real estate agent in Hamburg, what type of house/apartment do you most like to broker? Are there any favourites, for example the normal 3-room apartment, the loft or rather the luxury property on the outskirts?

Andrich: I think that every agent likes to sell luxury properties, it’s different prices and often highly interesting personalities that you get to meet, and you always have to adapt to new people. With our in-house photographer, we have the opportunity to work very flexibly and present the property accordingly. Especially with luxury properties this is very important.

But also the classic 3-room apartment is presented by us accordingly, we make no distinctions. We are very self-critical and even a “small deal” includes good photos and a great exposé. Our goal is to pick up the customers with the exposé and even if we do not come into business, perhaps to be recommended.

• Website: Redhome Immobilien GmbH
• Instagram: redhome.realestate

FIV: What was the most exciting or beautiful property you remember from your years as a real estate agent?

There have been many great deals, but I always like to tell the story about one deal. It was an apartment building where I had been in regular contact with the owner for over 2 years. He was unable to get the price he wanted to put himself on the market for over two years. We kept talking very nicely and I often offered to take care of it for him. He would often call and ask all sorts of things and I would always help him along, even though I knew that if he sold the property himself, I would come up empty. At one point he called me and offered to let us show his house to our network clients.

After the exchange of documents and the photo session, we have created an exposé and offered the property to the appropriate customer from the network. The following weekend we visited the property and the following Friday we went to the notary. The seller received his desired sales price and the buyer was very happy to pay us the brokerage fee, because he knows that we always call him again for suitable properties. The buyer has since become a very good friend who has bought another investment property from us. The seller also came back to our office after 6 months and asked us for help regarding a planned new building. This example shows quite well how we work and what is important to us. We are happy to go the extra mile and convince with our service and expertise. Brokers who only want to make a quick buck will not be successful in the long run.

We see ourselves as a classic service provider and view every transaction and every contact in the context of a long-term cooperation. Especially with investment properties, this idea pays off time and again.

“If you’re a broker who just wants to make a quick buck, you’re not going to succeed in the long run.” – T. Andrich

Where should you move to in Hamburg? Districts for Singles, Families & Co.

FIV: The majority of our readers are buying a property for the first time. So that our readers have a direct insight: If someone newly moves to Hamburg and asks you as an expert in Hamburg the question “where should one move to?”, which districts would you recommend?

Andrich: This is not an easy question to answer, because there are certainly different approaches and ideas. If I may take myself as an example.

• Single / career-oriented? : Sternschanze, St. Pauli, Winterhude, Uhlenhorst, St. Georg, Eppendorf

Networking is the name of the game and extremely important, especially in this day and age. With social media (Instagram, Facebook, Xing, LinkedIn, etc.) there are endless possibilities to go to networking events and exchange ideas. Probably the most popular districts that offer a mix of networking, scene and fun are (Just to name a few): Sternschanze, St. Pauli, Winterhude, Uhlenhorst, St. Georg and Eppendorf. Here you meet the young entrepreneur as well as old hands and in general you have a very special mix. Each district has its own charm. Due to the central location, you can reach every district very quickly. I have lived here and have met many great people.

• Families with child(ren)? Lokstedt, Schnelsen, Eidelstedt, Poppenbüttel, Groß Borstel, Alsterdorf, Langenhorn and many others.

The central locations in Hamburg also offer great opportunities for families with children. Nevertheless, young families tend to move to the outskirts of Hamburg. Here you get a little more m² of living space for your money and that makes quite a difference. Popular districts are for example: Lokstedt, Schnelsen, Eidelstedt, Poppenbüttel, Groß Borstel, Alsterdorf, Langenhorn and many others. It simply depends on what people can afford and want.

• Wealthy people (property prices over 1 million)? : Rissen, Blankenese, Ottensen, Wellingsbüttel, Duvenstedt, Klein Flottbek

The 1 million euro mark is quickly cracked in Hamburg. Around the Alster it goes particularly fast, but also the city districts that are far away from the Alster are partly very expensive, or have become expensive. Examples: Rissen, Blankenese, Ottensen, Wellingsbüttel, Duvenstedt, Klein Flottbek.

Costs, rents & prices in Hamburg: Estimation from a professional

FIV: What costs should one expect in Hamburg when renting, and more importantly when buying an apartment or house? How would you compare Hamburg with other cities, and which districts are currently particularly attractive?

Andrich:

• Rent: The average rent in Hamburg is currently around 14,-/m².
• Apartment purchase: The average purchase price for condominiums is currently around 4,500/m².
• House purchase: The average purchase price for houses is currently around 4,200/m².

The prices vary extremely depending on location, size and equipment. Hamburg has a very good infrastructure, endless recreational opportunities. With the Alster and the many parks, this city also has very good recreational areas and is very popular with tourists. Hamburg is large, but still manageable and each location offers different aspects and has its own charm.

The most popular districts are: all districts around the Alster, such as Rotherbaum, Harvestehude, Uhlenhorst, Winterhude, Eppendorf, St. Georg, but also Ottensen, Sternschanze, St. Pauli, Altona, Eimsbüttel and Barmbek-Süd. I could certainly list more, but that would go beyond the scope now.

Hamburg districts for real estate investment? Tips from the investor expert

FIV: Another look at those who want to invest and rent out. As a real Hamburg insider, which district(s) are currently experiencing an upswing and are particularly interesting for capital investors / investors? Which districts are exciting for landlords and investors here?

Andrich: The outskirts of Hamburg currently still offer good investment opportunities. However, a large proportion of investors have already moved to Hamburg’s suburbs. This has also led to strong price increases here. As a rule, an investor still wants to exploit potential and achieve returns. A classic investor wants to “park” his money in a property, is perhaps still counting on appreciation and is interested in top locations.

Investors are therefore more interested in urban districts such as: Barmbek, Schnelsen, Stellingen, Hamm, Eilbek or Wandsbek. Larger investors and capital investors tend to focus on, for example: Winterhude, Eppendorf, Uhlenhorst, Neustadt and St. Georg. Each district also has good and bad locations.

“Every neighborhood has good locations and bad locations.” – T. Andrich

Real estate purchase & sale with broker or private search: advantages and disadvantages

FIV: According to statistics, well over 50% of all properties in Hamburg are bought / sold with an estate agent. From your point of view: when should one search privately and when should one hire a professional real estate agent for the search? Where are the advantages and disadvantages?

Andrich: If you are a private individual looking for a property in a specific district, you should introduce yourself as a customer to the local estate agents and have a corresponding search profile created. Many offers no longer go online and are offered internally in the customer files. As a private person who is looking for a property, one usually gets nothing of this. In addition, one should place “search agents” with the usual portals in order to be informed about new objects. Filled out customer profiles, with all information, help brokers to decide for customers. In addition, the financing should already be clarified in the rough, in order to be able to act quickly.

• Advantages of searching with a real estate agent: You get offered more properties, you may receive exclusive offers and you experience a different appreciation.
• Disadvantages of searching with a broker: Usually higher additional costs, the broker also works for other interested parties.

Typical first-time buyer mistakes, and how to avoid them

FIV: As I said before, the majority of our readers are first-time buyers. What are the mistakes that first-time buyers typically make? Conversely, as an expert, what advice would you give to someone buying his or her first property?

Andrich: It is extremely important to be quick, especially with good offers. If you know what you want and are looking for, you can go through a financing with a sample offer. You get so a good feeling up to which volume you can look, and in the case of the cases you can then strike quickly and give the broker a purchase commitment in the inspection, perhaps with a financing confirmation. Also, know how to read different documents. It’s best to enquire about different properties and “practice”.

Real estate financing: Annuity loans & Co. – options and tips

FIV: What financing options for a property would you most likely recommend in Hamburg – or in general – and what options do first-time buyers have?

Andrich: In most cases, buyers pay at least the ancillary costs themselves. Sometimes it makes sense to include the brokerage costs in the purchase price to make the financing more comfortable. I would generally recommend, for owner-occupied properties, to repay a little more than 2% and to secure the favourable interest rates with a longer fixed interest rate. The classic annuity loan is often used as the financing model. In some cases, it can also make sense to completely finance the ancillary costs – in addition, you should include necessary renovations in the calculation. Financing is a very complex topic and you should look into the possibilities in advance.

FIV: How much equity should you have and what other factors influence financing / creditworthiness? What tips can you give as an expert from your experience?

Andrich: The banks usually want at least the incidental costs to be paid from equity. The interest rates will be better if additionally a part of the purchase price is paid from equity. Whether and how far it makes sense, depends on the buyer and also the property. Here there is no right or wrong.

Service charges & taxes in Hamburg: These are the costs you have to reckon with

FIV: In addition to the purchase price, there are of course also additional costs. A big factor for buyers in Hamburg are taxes. What taxes do buyers in Hamburg have to reckon with when they buy a house on the outskirts of the city or a condominium in Hamburg Mitte/ Hafen-City?

Andrich: When buying a property, a different land transfer tax is incurred depending on the federal state. In Hamburg, for example, it is 4.5% of the purchase price and in Schleswig-Holstein 6.5%. If ancillary costs, such as the brokerage costs, are transferred to the purchase price, the purchase price increases and the land transfer tax also applies to these costs. Further taxes are only incurred in the event of a sale – depending on the constellation and the period of use. (speculation tax)

High prices Hamburg, when is an investment in real estate property worthwhile?

FIV: Rents and purchase prices in Hamburg have risen sharply in recent years. What is the decisive factor driving this development most strongly in the Hamburg property market? Would you currently recommend investing in property or wait?

Andrich: The achievable income in Hamburg is significantly higher than in rural regions such as Dithmarschen, for example. Young people in particular move to Hamburg to study and pursue a career.

On the one hand, it is the growth from the other regions that is causing prices to rise, and on the other hand, the favourable interest rates have made it possible for people with not so high incomes to purchase property in Hamburg. Hamburg is one of the most popular cities in Germany. In principle, I would always advise to own property, but only with the right income. The relationship to the value of the property and the income must fit and should be sustainable.

Tip: Luxury condominiums in HafenCity Hamburg – The Crown

Pure luxury: this is what the new residential tower “The Crown” in Hamburg’s HafenCity promises. Anyone who likes luxury real estate is definitely at the right address with this property. Imagine standing on your balcony, some 50 metres above the Elbe, looking down on the wave-shaped building of the Elbphilharmonie and enjoying the sun reflected in the Elbe, making the water glisten. Doesn’t that sound dreamlike? No wonder, then, that almost all of the residential units in the project have already been sold.

• Hafen City luxury condo: The Crown Hamburg

Renting out real estate: From investment to financial freedom

Before we get to the book recommendations for real estate rentals, here are 3 tips on the topic: Learn for free on Lukinski, we have video tips on Youtube and for those who want to become real estate investors, another look at the topic of taxes, because the more money you make by renting out houses and condos, the more taxes you pay. The more knowledge you build up about renting and taxes, the more equity you have for future investments as a landlord and real estate investor.

Tip! Overview Real Estate XXL

The world of real estate is complex and multifaceted. If you want to keep an overview and avoid making mistakes, you should prepare well and clarify as many open questions as possible in good time. No matter whether you want to build, buy and rent out a property or live in it yourself, or even use a property as an investment to generate passive income: The preparation is the A&O. Here you will find articles, as well as book and video tips with successful and helpful books and videos on the subject of real estate – including tips and tricks from professionals and experts.

• Book & Video Tips Overview: Real Estate

Buy and rent (external & free of charge)

Learn from the experts. You can find many, many more guide articles for free at Lukinski. Here you can learn everything you need to know about buying real estate for free. Start in general with buying real estate, go over your specific type of real estate, from apartment, to house, apartment building to buying land. In addition importantly, everything around sales contract (who pays the costs?), purchase additional expenses and taxes save with real estates. by legal forms such as a real estate GmbH or family donation. You lack the equity capital? Here you can find a comparison of real estate financing. Finally, it’s all about buying and renting as well as letting.

Tax Coaching for Landlords / Investors: Field Report

If you write about real estate, you have to educate yourself. More concretely, when it is no longer just about personal use, but also about renting. Because, the biggest item on the expense side is taxes. The more you earn, the more taxes you have to pay – the problem is clearly defined, what to do? Learn from experience, from those who have made it. Many say that the Next Level Tax Coaching is the best in Germany. Reason enough to take part yourself. You want to become a real estate investor yourself?

Read more about tax coaching here:

• Real estate: Save taxes

Do-it-yourself pension: passive income from real estate for retirement provision

Rating: 4.4 / 5.0 (274 ratings)

We all need passive income at some point in our lives – at the latest when we can no longer or no longer want to work. This book is a step-by-step guide to buying and renting a small apartment.

• We’ll show you how buying a small apartment changed our lives.
• We teach you all the basics about how an apartment works as an investment: What advantages this form of investment offers and what is true about the typical concerns about rental nomads, expenses and financing risks.
• We describe a search profile and search procedure to find worthwhile and future-proof apartments.
• We’ll show you how to put homes through their paces, evaluate and price them.
• We will help you to convince the bank of your plans.
• We prepare you for the notary appointment and the transfer of ownership.
• At Buy on Amazon

Buy real estate, rent it out and earn money

Rating; 4.5 / 5.0 (147 ratings)

Investments in real estate are not subject to fluctuations in the stock market or inflation. You can start wonderfully due to the low interest rates now!

• How to choose and value real estate correctly. Learn how to choose a city and neighborhood and how to analyze the micro, macro and meso situation correctly.
• Prepare yourself optimally for viewings with this book. With the right knowledge of floor plan, energy-saving class, defect assessment and building age class, you will be able to acquire a high-yield property.
• How to minimize your risk and use the book to arrive at a financial plan that has no loopholes.
• Administration and insurance – you need to master these basics for your success!
• With this concept you will find the perfect tenants – proven many times over!
• Is there a way to increase your rental income? Profit from the tips of a full professional!
• At Buy on Amazon

Earn money with residential real estate

Rating: 4.7 / 5.0 (914 ratings)

The bestselling author Goldwein became a self-made millionaire within a few years with investments in residential real estate. You too can be successful: with investments in residential real estate!

• Strategies for safe & profitable investment in residential real estate
• Tracking down lucrative income properties even in tight markets
• Basics of real estate valuation and purchase price determination
• Checklists for professional examination & negotiation strategies for the purchase
• Strategies for optimal financing and leverage of return on equity
• Calculation of cash flow & return with the Excel calculation tool available as a bonus
• Tax-optimised management & realisation of capital gains
• Practice-relevant basics of real estate law (including the particularities of rented condominiums)
• Practical basics of tenancy law (including regulations on rent increases)
• At Buy on Amazon

Renting & Rent increase

Rating: 4.5 / 5.0 (71 ratings)

This guidebook provides comprehensive information and practical tips to help you tackle letting professionally. It provides an understandable introduction to the practical basics of tenancy law and derives strategic recommendations from it.

• Lawyer-approved sample rental agreement and numerous sample texts for practical implementation
• Strategies for the right tenant selection
• Sample for professional service charge settlement
• Enforce rent increases & defend against rent reductions
• Defusing sources of conflict with tenants
• At Buy on Amazon

SuccessRich with real estate investments

Ratings: 4.4 / 5.0 (98 ratings)

Especially in times of low interest rates, real estate promises a rewarding return if you know the risks. Real estate expert Jörg R. Winterlich shows you the points to watch out for in your investment.

• How to find the right property: location analysis, property and document review
• The different options for optimal financing
• How to calculate correctly: overall calculation, optimisation, opportunities and risks
• Efficient management, profitable letting: Tenant and property management
• Exit strategies: planning the resale in a targeted manner
• At Buy on Amazon

Manage and rent out property

Rating: 4.0 from 5.0 (8 ratings)

You’re the proud owner of residential property… now what? When it comes to renting, managing and investing in property, private homeowners are not professionals. Are you either? No problem! With this guidebook, you’ll master your new everyday living life with absolute confidence. Learn everything about your rights and obligations as a new member of the owners’ association, about modernisation, running costs and the annual statement. How do I find the right tenant? How do I reliably check creditworthiness? What do I have to consider when signing a tenancy agreement? What exactly is the smoke detector obligation? And could I simply rent out my apartment via Airbnb? These and many other current topics are presented here in an understandable way and adapted to the current legal situation.

• Buy at Amazon

The Landlord’s Handbook of Practice

Rating: 4.5 from 5.0 (8 ratings)

Legislators and court rulings are placing ever-increasing demands on landlords. Even small formal errors have legal consequences and can cost you dearly. This up-to-date reference book informs you about the legal situation and helps you in every phase of the tenancy to exploit the permissible leeway. To this end, you will find numerousThis book contains numerous instructions and sample contracts. Up-to-date: all changes due to the Tenancy Law Adjustment Act and the new Basic Data Protection Regulation!

• Contracts for residential space, commercial space and garages
• Sample letters for rent increases, warnings and notices of termination
• Forms for operating cost and security deposit statements
• Announcement of maintenance and modernisation measures
• Tighter rent brake and reduction of the modernisation levy: What landlords must now consider
• Buy at Amazon

Related links around the topic Real Estate

If you would like to know more about the topic of real estate, then take a look at our other articles on the topic of real estate. We have compiled book tips for you on all relevant topics, from real estate financing to real estate as an investment to renting out an apartment or finding an agent. Become a real estate professional with us!

Buy and rent property

Buying and renting real estate: For newcomers to the real estate industry, it’s still a world where you can’t see the forest for the trees. We want to make this entry into the industry easier for you with the best recommendations and tips from the pros. Our book tips walk you through the entire world of real estate and leave no topic out. We focus on home buying, renting properties and all legal and contractual issues. Sorted by most and best reviews, we put here for you a list of the best guides on real estate.

• Video Tips: Buy & Rent Property
• Book Recommendations: Buy & Rent Real Estate

Real estate financing

Real estate financing – You want to buy a property, but do not know how you can finance your dream? Terms like loan, interest, credit, repayment or building society contract only raise more questions for you? Here you will find all the important information on the subject of real estate financing: from financing with equity to financing without equity to applying for a loan, we cover all the important topics!

• Video Tips: Real estate financing
• Book recommendations: Real Estate Finance

Overview real estate XXL: Investment, broker, renting & Co.

Here you get back to the overview of book and video recommendations on the subject of real estate in Germany. Investment cases, capital investment, passive income, house or apartment buy and rent and much more is explained to you here by experts and understandable. In this XXL guide you will find information and articles on the most diverse questions on the subject of real estate.

• Back to Book & Video Tips Overview: Real Estate

Interview with real estate expert Jan Rickel from IHV – Die Immobilien Makler.

Condominium apartment as investment

FIV: You have been a successful real estate agent in the Rhine-Main region and beyond for more than 15 years. What are the five most important qualities that you think a real estate agent should have when it comes to selling a property?

Basically the same applies here as for the real estate agent who is to become active with the purchase of a real estate. I’ll start by saying it in a few words:

1. A good broker has proven experience.
2. A good real estate agent knows the local real estate market.
3. Good knowledge in the building industry distinguishes the good broker.
4. he has provided all relevant documents without being asked or has compiled them correctly.
5. A good broker accompanies the sales process at least until the conclusion of the notarial contract and accompanies the contract date.

FIV: But how can anyone who sells an apartment or a house for the first time know that?

You may find it a little strange, but here too – as in life in general – the first impression is very important. Nobody lets themselves be blinded anymore by big cars, suits and ties. A good real estate agent first takes a close look at the property and talks to the seller about his wishes and goals. Listen and watch: this is the start of a successful business relationship with the broker.

Rating for real estate portals

FIV: What do you think of the ratings on the various Internet portals?

This is really a very good first opportunity to find out about the quality of a broker. However, one should not only superficially rely on the rating stars, but also read the individual reviews. At least the more up-to-date ones, because they give you a good overview of the broker’s work quality and his effect on the customer. The number of evaluations received also plays an important role. Here the motto “a lot helps a lot” applies, in order to get a really representative impression of the quality of the broker.

Whether the real estate agent knows the real estate market in which the property is to be sold is also easily verifiable. He should know which prices are currently paid for houses of different quality levels; he should be able to assign the so-called “microlocations” by means of quarter or street names – preferably even without being asked.

I also recommend that the seller, before choosing a real estate agent, asks around in the city or region what the reputation of the real estate agency is. Especially if you are working with a broker for the first time, you will get a lot of useful first information and impressions.

FIV: What should I look out for in an initial consultation in order to distinguish serious brokers from dubious ones? Are there three concrete tips that you should take into account during the conversation or even during the first conversation on the phone?

During the first telephone call, there is usually nothing more happening than exchanging information on the modalities of cooperation and then, if necessary, arranging a viewing appointment on site.
During the first consultation it is important that the real estate agent explains to you what information he needs about your property and how he is going to market it. Also the selling price is discussed in the first appointment. Conversely, the seller should name his own wishes and goals in the sales process.

Otherwise, let the real estate agent look into every corner at his first viewing appointment! When he visits the traditional “weak points” of real estate on his own initiative, you know: the man is from the (construction) trade. Because even if you as a seller want to hide or conceal possible problem areas of the property: the experienced buyer will discover them and, in the worst case, refrain from the purchase.

The good broker looks into the cellar, under the roof, evaluates the condition of masonry, windows, heating, etc. and gives you recommendations as to whether and to what extent damage must be repaired before the sale. This is often a tricky subject. Very few sellers are interested in investing in the property to be sold. However, we recommend that you at least invest in basic maintenance in order to prevent possible damage to the property. So the roof should be really tight so that no serious moisture damage occurs.

The planning of a broker

FIV: Is there something like a checklist that I can expect from real estate agents?

No, we don’t work with a list to check off. An experienced real estate agent knows from his professional qualifications what is necessary and important for the successful sale of real estate. He will ask the salesperson about the basis of the sale in a consultation. These include floor plans, details of living space, year of construction, dates of renovation work and much more.

Finally, a good real estate agent will show you all the steps that are necessary and important from the valuation to the coordination and execution of viewing appointments to the notary appointment. He will also show you which services he provides as part of this process.

FIV: That is already a considerable effort up to here. Does the seller have to pay for this advice? What exactly does the real estate agent have to do afterwards and how much time does it take until the sale is completed?

In fact, the real estate agent is not paid until the property is sold. He shall offer all services rendered up to this point in time as advance performance. We’ll see how much work is done later.
At this point, let me say something about the keyword “sole mandate”. If you want to sell your property successfuly in the foreseeable future, you should give the estate agent this exclusive contract, ideally for a period of half a year. This “exclusiveness” is important if only because the broker also sets about the sales process with the necessary intensity. When I know that many “cooks” stir in the proverbial porridge, then much less commitment of the individual becomes necessary and possible. The commissioning of several brokers is also problematic in other areas. Several brokers often lead to different selling prices. If they all appear on the market at the same time, this throws a dubious light on the seller and his property.

However, the sales process is certainly not accelerated by hiring several brokers. The sale of a house often takes up to half a year or longer. Very rarely it takes only a few weeks.

And that doesn’t always have anything to do with the quality of the property! Just the preparation of the exposé by the real estate agent, the placement of the property with the appropriate customer group, in the corresponding portals takes some time. Above all, however, the broker’s mediation work comes into play here. His job is to mediate between seller and buyer. For example, with regard to the sales price, the planned handover date, etc.

On the part of the seller, the period depends, for example, on whether all important documents are already available or have to be obtained first. The location of the house is also very important. In sought-after residential areas it is often much quicker to sell a house. Even if it’s not in the best condition.

Development of selling prices

FIV: A few words at the selling price. Do brokers screw up selling prices artificially along with sellers? The broker for the commission, the seller for the proceeds?

I don’t think so. In addition to the general market situation of supply and demand, the price of a property is primarily determined by tangible factors. This includes the location, the state of construction, the age of the house and, in individual cases, the circumstances of the seller, i.e. whether he may have to sell the house out of a predicament.

Otherwise, it is a sign of a quality broker that he is not simply earning the highest price and entering the market. There are indeed brokers who try to secure the sole contract for the property with high entry prices. According to the motto: go down with the price I can still later. The selling price as a tactical tool of the broker… That’s clearly to the seller’s disadvantage! We, on the other hand, determine an optimal price for your property that takes the above-mentioned aspects into account. By the way, this also creates trust on the buyer’s side! Most buyers are well informed about the property prices and expose the tactical high price offers.

FIV: What influence does the issue of “financing the purchase of real estate” have on the duration of the sales process?

That puts us back on the buyer’s side. In fact, the financing of the purchase price on the part of the interested party is often a brake on the sales process. There are always buyers who do not enter the bank discussion until they have visited the property. In the worst case, they then realize very late that their own financial leeway is not sufficient to acquire the offered property. From the salesperson’s point of view it is therefore important to work with several interested parties. Attracting these interested parties and inspiring them at the viewing appointment is then also one of the important and labour-intensive further tasks of the broker.

Tasks of a broker

FIV: This is a good introduction to the next question: What do you do besides receiving interested parties at the viewing appointment?

An estate agent does not only receive the prospective customers at the inspection date simply! Even the appointment arrangements cost – as already mentioned – a lot of time… A viewing appointment is a difficult matter. This isn’t just a house tour! It’s about feeling what the prospective buyers are like. What do they value about the house? Where might it be necessary to mediate between seller and buyer? What do the interested parties say to me between the lines regarding their needs in living and living? We also try to determine whether the buyer’s financial strength is sufficient for the project at the inspection date. After all, we are the seller’s representative first and foremost and want to protect him from unpleasant surprises. Nothing is worse than when the sale bursts shortly before the agreed notary’s appointment, because there is no money at the buyer’s…

We have already mentioned the creation of a meaningful exposé above. Usually we do not only make appealing texts, but also the photos for the exposé. This also takes time and requires a lot of experience. The exposé is usually also the basis for financing the buyer. Therefore, it should be as meaningful as possible.

The sales process does not end until all sides are happy. Until then, as brokers we also accompany the preparation of the purchase contracts, the notary appointments and contact buyers and sellers. Depending on the size of the property, personalities of sellers and buyers, or even detailed questions regarding the purchase price payment, the moving out date, etc., this is a tedious and lengthy brokerage work of the broker. And he doesn’t get paid until the sales contract is signed. A lot of upfront work, then.

Costs around real estate

FIV: What kind of property do you spend the most time on when it comes to mediation?

If all requirements are met, it does not matter whether I sell a single-family house or an apartment building. However, multi-family houses do not always tend to sell rapidly. But that is not because such objects are not in demand. On the contrary: the apartment building is usually a capital investment project for the buyer. This is why the buyer puts his investment through its paces, and vice versa, the broker should have all the necessary information ready.
In the case of a single-family house, too high a price expectation on the part of the seller is often the hurdle to rapid sales success. Here a broker must proceed very cautiously in order to create a realistic view of the seller.

FIV: If I want to buy a property, be it a condominium, a single-family house or an apartment building, what do I have to do or what can I do to have an advantage over other interested parties? So how can we score with the owner or broker?

Quite simple: Be honest to yourself and to the seller or his representative the broker! Don’t fool around with false truths about your financial possibilities. Because that happens more often than you think. Many buyers believe that they only have to put on enough weight in terms of their financial means to win. However, the experienced broker knows how to uncover this mask with specific questions.

As a potential buyer, find out what your bank will give you before the viewing date. If you then enter into a conversation with a concrete and current financing commitment from a bank, this underlines both your serious intention and your seriousness.

Finally, it is also very important to clearly express one’s own wishes and dislikes with regard to the property. This helps both sides to save time and ensures tailor-made offers from the broker.

Thank you very much for the interview!

Interview with real estate expert Jan Rickel from IHV – Die Immobilien Makler.