Find a real estate agent Investor friendly people are not as easy as finding an agent to buy or sell the average home.
Real estate investment works under a different set of criteria than buying and selling a primary home and requires specific knowledge and skills that not all realtors have.
If you are considering a real estate investment, you need to find the right agent and the right area to start an investment search.
Looking for a real estate agent?check out Bigger Pockets Agent Match!!
Five qualities of an investor-friendly real estate agent
Ideally, every realtor needs to know about buying and selling a home. However, most agents focus on working with people who want to buy real estate, either for living or for other purposes such as business housing. In contrast, not many agents are familiar with the process of using real estate as an investment option. You want your purchase to ultimately benefit you — something that only certain agents can help.
Therefore, you need to find an agent who understands real estate investment. Look for these qualities with the following agents:
1. Have experience in private investment.
Ideally, you need an agent that you did yourself Real Estate Investment.. Their experience does not necessarily have to be substantial, but it is useful if they experience the process themselves. This allows you to become familiar with investing at the individual level, not just as an agent. Such agents will understand your motives and will generally be easier to handle.
2. They can comfortably make (many) offers.
Real estate investments often require multiple offers on the same day. You are trying to get the seller to bite the lowest possible offer you can manage, and this sometimes requires you to throw away the numbers one after another until something sticks. Not all agents can do this. This is because they need the ability to get angry with numerous denials and survive the negative feedback from sellers and their agents.
Related: 3 Tips for Finding a Real Estate Agent (For Investors!)
3. They are familiar with numbers.
Investor-friendly agents know a) what a cap rate is and b) how to calculate a cap rate. If you don’t personally use cap rates for residential real estate, that’s fine, but investment-savvy agents should be familiar with the term and its basic mechanics. More specifically, agents need to understand how to calculate returns. If agents can’t talk about the profits of a particular property fairly quickly and intelligently, they may not be very investor friendly.
4. They have experience working with investors.
Speaking of investor friendly, there is no substitute for an experienced agent when buying real estate and trying to make money. We need an agent who has worked with other investors, preferably at least 3 people. It’s not that you can’t hire an avid newcomer, but if you’re going this route, you’ll need to be prepared to learn the process together. If you are looking for the fastest way to success, experience is usually the way to go.
Find a local agent now
The Bigger Pockets Agent Finder You can easily connect with realtors who know the local market and can evaluate real estate from the investor’s point of view. The mechanism is as follows.
- Choose your market
- Share investment standards
- Matching with real estate agents
5. Highly rated by other investors.
If the agent has some experience, he or she should also have some references. Call each reference to discuss your personal experience with the agent. Not all real estate investments are successful, and people who lose money may say negative, even if the agent is not responsible for the loss. However, most investors have enough knowledge to criticize the actual work of the agent, not the quirks of the market.
6. They are honest.
Look for an agent to give you that straight. This means they tell you if he or she isn’t good at throwing ridiculous lowball offers to sellers. Honest agents are not willing to explain to you in advance what they are and help you in the investment process. Some are willing to help turn the house over, while others prefer a more stable purchase and retention route.
The agent that works best for you is the one that puts everything in the table in advance so that you can decide if it’s appropriate. Honesty can be of great help to your business and must be a priority when choosing a realtor to invest in.
7. They are local to the market you want to invest in.
If you are like many investors, you are looking for the best market to buy cheap and eventually sell high. These areas may not be in or near your hometown. That means you need someone with his or her finger to beat the market you are considering.
Good local agents can also help avoid area scams that try to exploit unsuspecting outsiders.
It may take some time, search, and interviews to find an investor-friendly agent in your desired town or city, but it is possible. Don’t make the mistake of choosing an agent who doesn’t know the local market. Even if he or she is perfect.
Where are the investor-friendly agents?
So how do you find the ideal agent? The easiest way is probably by referral.
This is incredibly easy, thanks to sites like Bigger Pockets.However Scan the agent directory Also Post to the forumLooking for an investor-friendly agent in a particular location. Whether you find an agent through a referral or search the internet to call a random prospect, you should always ask about your experience working with investors early in the conversation.
What kind of investors do they mainly work with? What are they looking for on behalf of investors in terms of potential asset quality?
Here we need to mention the location and number. If not, be sure to ask a question.
Need to work with an agent who already knows these things? Absolutely not. You welcome training agents on what you are looking for, but why not work with someone who already knows what they are talking about?
In some markets this can be more difficult. This is especially true if it is not a common investment area. In that case, you may be forced to train someone, but that’s okay. Anyway, just like finding other team members, ask for referrals and interview different people.
Find the right agent for your real estate investment goal
There is no surefire way to succeed in real estate investment. However, choosing the right market and the right agents for that market can increase your chances of making a profit. Use this information as a guide and do your best to find the right agent for you. Remember: Never hurry when it comes to real estate investment.
Do your homework until you are reasonably satisfied when it comes to making the profits you expect to achieve!
What was your experience when trying to find an investor-friendly agent? Are there any other qualities to add to the list above?
Leave a comment — we want to hear from you!