Choosing the Right Real Estate Investment Agent
A Real Estate Investment Agent can be a valuable partner as a property management investor. With commercial and residential properties proving over time to be a proper choice in diversifying your portfolio of investments, it is incredibly important your choice of a real estate agent can either make or break your success.
A successful agent will have their “finger on the pulse” of what deals are either up-and-coming or deals to stay away from. With their contacts to a handful of listing services, and countless other sales tools at their disposal, they can often spot the right investment well before it hits the market.
Real Estate Agents will have a keen sense of what positives and negatives comes with each deal.
How much work is needed to the property
Is the property vacant
Is the property in the right sub-market.
Agents will be expert negotiators and researchers of property as well as knowledgeable in all transactions of the sale (submitting offers/contracts/etc.) to keep the deal going forward!
But it is important to note, not all agents are the same. Like doctors, it is important, to get good referrals, do a personal ride-a-long with an agent, go for a “test drive” before jumping into a partnership.
How do I choose the right real estate investment agent?
An investment real estate agent is a licensed real estate pro who specializes in helping investors find properties. They don’t need any specialized certification or training, but they should know their way around investment financing and be familiar with different types of investments.
Here are 5 characteristics of what to look for in your search:
1. Knowledgeable of the local market
A successful investment real estate agent is an absolute expert of the market they support. They know the inside and out of all neighborhoods and upcoming market developments. From:
2. Efficient and Clear Communicator
With your time being valuable, a Real Estate Investment Agent who can communicate clearly and effectively is important. From providing guidance, giving instructions, sharing information on properties that are going fast, it is important to have an open line of communication to have a strategic and powerful team. In the world of property management and real estate, you have to move fast and efficiently.
3. A well-connected network
How well does your agent know of upcoming properties going to market? Do they “play well in the sandbox” with other agents? The larger their network, the more options you will have to choose from and the more information you will be open to receiving. Is your agent on a real estate board or other property management organizations? You want an agent who is “in the know” or around the hub of activity in the market you are targeting.
4. Outstanding negotiation skills
The success or failure of your investment can hinge on your agents skills with the hopeful outcome of purchasing a property under market value. You are well within your right to ask an agent for a record of their last handful of sales and compare it to local competitors in the market your targeting.
Some questions to consider when choosing a Real Estate Investment Agent should include:
Can your agent get the right deal across the finish line?
Will they leave you enough money to increase your profit margin on a property?
How aggressive should they go in to an offer?
5. Superior investment skills
Not every agent will be skilled in all areas, you may find certain agents with a niche in the right area you need. Some questions you may want to consider are:
Does your agent know how to navigate through the world of investing?
Have they had mentors who have trained them in investments?
Do they have a successful track record?
Have they handled inspections of properties, quick flips or know how to deal with a wide variety of property needs?
At the end of the day, choose carefully. Not all investment deals go smooth, but an agent can make or break the success of the process. You want a partner you can trust and is well worth the money you are paying.
Please do not hesitate to contact us today and learn more about how our top-rated services can assist you.