Create a powerful partnership with your real estate agent
Throw out the books, tapes, and methods we mentioned when buying investment property a year ago. Everything has changed. Real estate investors are reinventing themselves and adjusting to the current market. Working with a real estate agent is an important piece of the puzzle in creating a profitable deal. Here are some suggestions to consider when creating a powerful partnership with your real estate agent that will set you on the path to success.
- Investor background. Most real estate agents are trained to be salespeople. They are great for listing properties and also for showing properties to potential buyers. The difference comes into play when you’re actively looking for investment-grade real estate. Real estate agents who have experience buying, rehabbing, selling, and even leasing investment properties will understand your buying criteria, exit strategies, and also any creative financing you may need to implement. Always ask about the real estate agent’s background when working with someone new. Your real estate agent will constantly search for the best investment properties for you and can often alert you to new listings that may fit your criteria.
- Provide vital information. Your real estate agent will help you provide the vital information you need to do your due diligence and make a decision about buying a property. Real estate agents can provide compensation for properties sold in the last six months, the number of homes currently on the market in a similar price range, current listing values, and their professional opinion of what the property will price for. conservatively once it has been remodeled. . This information will be enough to determine if the numbers work. However, the opinion of a real estate agent will never replace a certified appraisal.
- Finance knowledge. Financing investment properties in today’s market can be very challenging. Your real estate agent should be knowledgeable about the various government, conventional, and owner financing options available to buyers. They should also be aware of the various financing methods that investors can use to build a deal, whether you are buying an investment property from an owner, a property from a bank, or a short sale.
- Marketing skills. Marketing property in today’s real estate climate needs to be fresh and new in its approach. Marketing begins with the renovation of the property and continues with the placement of the property on the market for sale. The realtor who is your listing agent should be an active partner in your marketing approach and incorporate your plan into the listing information. Photos and descriptions should create an environment that invites the buyer to see himself and his family living in the home before even calling to schedule a showing. Your real estate agent should do everything possible to market your property in a way that sets it apart from other similar properties on the market.
Successful real estate investing always works best when you have great relationships with other professionals who help you acquire the best property available at the best purchase price…and also in marketing your home to sell it as quickly as possible for the best price. selling.
Create a powerful partnership with a real estate agent and work together to succeed in today’s real estate market.
By Cherrathee Hager