Unless you’ve put in years of work in the field of real estate, the business is difficult to understand. Unfortunately, beginners are often dissuaded from entering the world of real estate due to several misconceptions.
Nick Vertucci is an expert real estate agent and investor that is best known for NV Real Estate Academy, a crash course on everything related to real estate that’s held all across the United States on multiple weekends throughout each year. Vertucci has roughly 20 years’ worth of experience in real estate, and loves sharing all that he knows about the field with real estate hopefuls of all experience levels.
Here are a few surprises that sellers and buyers of realty often run into. Vertucci is all too familiar with the tendency of these so-called “facts” – more like myths – of the industry, and believes that part of his duty to people around the world interested in real estate is to clear up the truth behind these commonly-held misconceptions.
Vertucci is here to cover these misconceptions for you – let’s get started.
Open house turnouts don’t always reflect market interest
Prospective home sellers host open houses to generate interest in the sale of their homes. Although it might seem logical to assume that open house turnouts are directly related to how well a home might fare on the open market, it’s not fact.
While good open house turnouts are always favorable, Nick Vertucci stresses to home sellers that the most likely buyers are those that visit your home outside of open house hours, on their own, or with their agents. Neighbors and couples without anything better to do often attend open houses to network with others, or simply get out of their homes.
Still, people interested in buying homes will certainly visit open houses. What Nick Vertucci is suggesting is that most serious buyers will come outside the limits of open house hours, so always be willing to meet with people outside of open houses, and don’t give up if your open house showing was a flop.
Have homes inspected as soon as possible
Most people aren’t professional home inspectors, well-tenured home remodelers, or otherwise experienced with the infrastructure, hardware, and “bones” of homes. As such, it’s important for potential home buyers and sellers to commission professional home inspectors to take a look at houses prior to even considering going through with sales and purchases of pieces of realty.
There’s arguably nothing worse than making a purchase and then – only after purchasing the home – realizing there are one or more serious, major deficiencies that could cost thousands, if not tens of thousands – or hundreds of thousands – of dollars to repair.
Nick Vertucci even shares that it’s often worthwhile to commission the inspection of a home while the other party – either the buyer or seller, whichever is the opposite of what role you’re taking on – is present. If you let the home inspector be chosen by the other party, and are sure that the professional will act as a professional and not be biased towards either side, it’s more likely that both sides will be happy with their actions, resulting in a better experience for everyone involved.
Never start preparing too late in the year for sale
Most homes are sold – by auction, private party sale, or agent-aided sale – in the summer, a fact of realty that holds true all around the world. Warmer weather gets people out of their homes, and more likely to make decisions related to home buys and sales.
As such, you should be prepared to sell your home as soon as spring months start rolling around. There’s arguably nothing worse than missing out on buyer interest due to you failing to prepare for the sale of your home in time.
The three most important things every prospective home seller should do are as follows, according to Nick Vertucci himself:
- Figure out an appropriate range of list prices for the home that you’re considering selling.
- Are there any improvements you should make prior to entering your home onto the market for sale? If so, make them as soon as possible. Work with both home inspectors and real estate agents to figure out how such changes will affect the list price.
- Although you won’t make as much money selling through an agent, contact all agents in your area. See who you plan on working with as soon as possible to take care of any concerns they may have.
Staging is highly valuable
The human mind works in mysterious ways. One way to have a positive impact on how much interest is generated in the house you’re trying to sell is by staging it.
What is home staging?
Home stagers are trained to arrange furniture, paintings, mirrors, lights, and other home furnishings in a way that attracts the eye. Even though such furnishings rarely come included in the sale of a home, proper home staging can go a long way, both in terms of how quickly a home moves on the market and how much it sells for.
Vertucci urges home sellers to understand that even though a furnished home still holds the same square footage, plot of land, and neighborhood as its unfurnished counterpart, they simply sell better on the market.
Appearance is often more important than substance in life, which certainly holds true in real estate. Failing to have your home professionally staged prior to selling it often leads to regret later.
Because there’s no way to simulate a home sale to see if home staging would actually work well or not, and by what margin, Nick says to accept the importance of home staging as a fact of life – well, a fact of real estate.
Condominiums often come attached with financing issues
Condos are, essentially, apartments. However, the key difference between condos and apartments is that you own the apartment when you buy a condo. But you are also frequently beholden to homeowners associations, or HOAs, and stringent guidelines that follow.
Financing agreements linked to condos must meet the rules of both lending financial institutions and homeowners’ associations. Owners of condos that fail to meet such conforming loan checklists can find themselves without financing. They can then be forced to pay for them themselves, or seek loans with less-favorable terms from other lenders.
When this happens, Vertucci warns, the chance of profiting from the sale or renting of condos is all but eliminated. As such, thoroughly consider whether you can meet the terms of conforming loan checklists well in advance of purchasing. This part of financing condos is essential to success in real estate.
The cutest baby phenomenon
Let’s assume that you’re at work, school, church, or some other gathering. Someone that you know shows you a picture of their own or somebody else’s baby.
What terms do you associate with people showing you their babies? Probably things like “isn’t [insert baby’s name here] the cutest,” right?
The same sentimental value is often tied by sellers of homes. Even real estate agents who are fully aware of this cognitive bias on homes they’ve entered into the market. Rather than paying more for a property than you should, simply check out other homes for sale.
You should always be as kind and respectful as possible when turning down offers for homes. Though you should never find yourself falling into the fallacy of thinking a home is worth more. Regardless of sentimental value.
Research goes a long way
Square footage is the per-unit basis by which the price of a home is calculated, more or less; in any instance, square footage of a home, property, or building is of more importance than most other metrics.
Buyers don’t often criticize the square footage of homes they’re looking at buying. But it’s so important. Also it’s simple. This can be calculated by conducting measurements of a home with nothing more than a measuring tape and a brain. Way better than trusting sellers to be honest.
Square feet might be relatively easy to calculate, but it can be time consuming to calculate. Instead of wasting time, reach out to a local or regional government agency. Those in charge of keeping such information on file will take care of things for you.
But Nick isn’t stopping there. He wants to help people understand real estate in a way that no other expert really has before.
The end of April 2018 signaled the launch of a new book written by Nick Vertucci entitled ‘Seven Figure Decisions: Having the Balls to Succeed.’ This book is for anyone who has ever been afraid of failure. Within these pages, he explains the processes and risks he took to reinvent himself after suffering traumatic failure in business. His story is a true inspiration, one of rags to riches, riches to rags, and back to riches again. If anyone understands the ups and downs of success and failure, it’s Nick.
In ‘Seven Figure Decisions: Having the Balls to Succeed,’ Nick provides insights on the building blocks, business practices, and fundamental mindsets that he has relied on to not only carry him towards millionaire success twice, but also to drag himself out of a deep depression that he suffered as a result of his own failure.
Among readers, Nick’s book has already resonated with outstanding applaud, and is intended for Vertucci’s typical audience, real estate investment students. However, anyone looking to achieve a high level of success, including experienced real estate investors, can benefit from the insights Nick covers in this book.
The Vertucci Mindset
The mindset Nick preaches in his book are much like those that he preaches to his students across the nation at his many live real estate investment seminars. This mindset revolves around four outstanding stages of idea development:
- See it: See the goal you want to achieve; see the place you want to be; see your intended results.
- Believe it: Believe that you can achieve the goals you have set within your sights; believe this no matter what anyone else does or says to try to bring you down.
- Map it: Develop a plan of action that outlines how you will be able to achieve your goal.
- Execute it: Carry out your plan, and don’t quit until you reach your desired results.
These steps seem simple on the surface, but beneath them is the deep drive and passion that Vertucci brings to his teachings. He developed these lessons after a string of failures, depression, and mistakes, all of which led him down a path of self-discovery and required him to dig deep within himself to find the strength to carry on.
It’s this mindset that eventually changed his life and placed him back on the path towards success. His book ‘Seven Figure Decisions: Having the Balls to Succeed’ dives deep into this success-driven mindset in a way that anyone can apply it to their unique business or career model.
Ultimate Keys for Success
The ultimate key to success, according to the man himself, is having the mental strength to persevere through hardship and struggle, to overcome one’s own lack of confidence, and to move forward in a way that is passionate. Self-belief needs to become an unbreakable habit, according to Vertucci.
He encourages others to continually push towards success, despite the negativity that surrounds them. He also preaches the ideologies of embracing change and fostering a path of self-growth, while being mentally prepared for the various challenges that arise on the journey towards success.
These are the lessons that Vertucci’s life taught to him, and the lessons he applied to his own situation in order to reach success. Vertucci says that most people fail to succeed due to their patterns of negative thoughts. The way to overcome these patterns is by transforming them into a pattern of positive thoughts instead. This method preaches a mindset that enables this transformation.
Who is Nick Vertucci?
There is a lot of business hype and guru knowledge circulating around right now. However, the true leaders tend to set themselves apart from the rest of the pack, because at the end of the day, the proof is in the pudding.
With so many gurus on the scene, it’s easy to lump them all in the same basket and wonder ‘Who is this guy, and why should we listen to him?’ Nick Vertucci is one of the leading real estate experts in the United States, and one of the most sought after motivational speakers on the investment scene. However, this wasn’t always the case.
Vertucci was raised by a single mother, after his father passed away when Vertucci was just 10-years-old. In the years that followed his father’s passing, he saw his mother struggle financially while holding down multiple jobs. At age 18, Nick found himself living out of his car, and knew he needed to do something drastic to secure his own financial future.
Several years later, Nick’s future seemed assured after he launched his own computer accessories company and rose to multi-millionaire status. The dream wasn’t meant to last, however, as Nick’s business went under around the time of the 2001 dot com bubble burst. Suddenly, he found himself in millions of dollars worth of debt and he lost nearly everything he had invested himself in.
At this time, he joined the police force, where he remained for the next 18 years. During this phase of his life, he began to refocus himself on attaining financial freedom. It was this desire that brought him to real estate investing. He enrolled himself in a real estate investment training program, and spent 10 years studying everything he could about the real estate investment process.
Under the guidance of mentors and business partners, Vertucci was able to find success as a seminar educator working for this same real estate investment training program. By this time, Nick had developed his mindset formula, which he used alongside the cash flow system he developed, and were utilizing these processes in tandem to spread his knowledge and business process to his students, helping them to achieve millionaire success alongside his own.
Failure was about to find Vertucci for a second time, however, which occurred after his business partners decided to drop him from their team unexpectedly, believing that what he was bringing to the table was indispensable. Again, Nick found himself embarrassed and depressed, overwhelmed by failure and the taunting the was receiving from his former colleagues.
Eventually, Nick decided that he was going to take his knowledge and his passion for teaching and strike out on his own–he developed his very own real estate investment training academy called the Nick Vertucci Real Estate Academy, which has since become incredibly well-known and highly regarded within the real estate industry.
What is the Nick Vertucci Real Estate Academy?
The real estate academy provides all of the tools and information necessary for an individual to become a successful real estate investor, even if they are entering the market at the ground level. This training program presents students with the solutions to the most common and difficult problems that real estate investors face.
While Vertucci and other established real estate investors often had to learn from their mistakes, the academy attempts to guide students down a proper, outline path, which circumvents the otherwise inevitable pitfalls of the real estate investment process. Today, Vertucci’s academy has proven itself successful, as it has helped millions of students find success within this industry.
Nick provides a snippet of his comprehensive training program via live seminars, which expose students to the basics of real estate investing. In doing so, Vertucci’s seminars feature a panel of real estate industry experts, and shows students about to initiate a real estate transaction, and carry it through the flipping process all the way through to selling the property.
This academy also helps students locate private investors via networking and a built-in funding matching program. The full program provides students with a depth of insight around the topics of contract flipping, property repair, rentals, commercial investments, and protecting assets. This program has received rave reviews from former students, who mostly herald him as an inspirational source of knowledge.
However, Vertucci is keen to point out that this program is not designed to produce results overnight. Unless a student is dedicated and consistent with the process and their own learning journey, they will not be able to achieve maximum success. Despite this, Vertucci is adamant on providing seminar attendees with value. Although portions of his training program are only available to those who pay, Nick says he doesn’t believe in high-pressure sales gimmicks. Instead, he lets the information sell itself.
Beyond the free live seminars, the training program also incorporates a hands-on training experience via a bus tour program. Nick’s bus tour gives students the in-depth information and expertise insight that provides them with the highest value. Nick’s team of trainers are industry professionals who have amassed years of experience and leveraged their knowledge to achieve millionaire status.
Most importantly, Vertucci’s training program connects students to a network of more than 4,000 investors and private lenders, all of whom are eager to provide the financial backing students need to reach their real estate goals. Students of this academy have said that the education provided in this training program is unparalleled and invaluable.