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Investing Out of State? How to Find a Rock Star Real Estate Agent

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Many investors are focusing on buying real estate other than traditional retail channels. In many cases, this is a successful and necessary tool for veteran investors who are experts in the market of choice, but what if the investor decides to expand into a new market?

Choosing a new market takes a lot of time and research. And, after all, much research and analysis cannot replace great local knowledge. Investor real estate agent..

Local agents are a great resource and have insights to help investors identify areas of the town that have the best locations and get the best rents. They will also know about future developments that will allow investors to enter great areas before they become investment hotspots.

Why you need a rock star

What if you don’t know if an investor will be in the next market? What if they need to explore some to narrow it down? Is it best to work with multiple agents in each market, or is it just one?

When entering a new market, investors need a rock star agent to learn the market. In addition, only one Rockstar Agent is required.

When it comes to the best performing agents, they know the other best performing agents. These relationships are the only and most powerful tool for investors when it comes to finding big deals.

Rockstar agents will close many investor transactions and build good relationships with all other agents, wholesalers and developers in the area. These relationships give agents access to most properties and best deals before they are published.

Related: A surefire way to find the best realtor in 3 easy steps

Acquiring talent

So, as an investor, how do you identify new market rock star agents and build partnerships to leverage their connections to build a successful portfolio?

Ask the right questions

First, you need to make sure you’ve found a rock star. How do you identify these top performers? Of course, by asking! Here are some good ones:

  1. “How many transactions have you made in the last year?” The more transactions an agent has closed, the more relationships the agent has and the more value it brings to the table.
  2. “How many of those deals were investment clients?” If they sold 27 major homes and two investments, they are probably not the right agents.
  3. “Do you own investment property yourself?” If Rockstar has a lot of experience as an investor client, you don’t need to own investment property, but it certainly makes a difference. Investors understand what other investors are looking for, what they think, and what makes sense in real estate. They are in your position as buyers and cannot teach that experience.

Related: How to Find an Investor Friendly Real Estate Agent

Honestly

Second, you need to be 100% honest and transparent to your agent. Let them know that this is still not entirely clear for you, and give you their honest view of the market as a whole, the best areas, profits, and where they think the market is heading. Ask them to give.

Try to clearly depict where you are in the decision-making process. Also, let them know that you won’t talk to them unless you’re serious about narrowing down to one market and starting to build a portfolio there. ..

When an investor says, “I’m looking for the best deal in 27 markets across the country,” it tells agents that investors aren’t serious, unfocused, and probably a waste of their time. increase.

But the investor said, “I did a lot of research and narrowed it down to three markets. I have this list of questions about you. Clarify some things for me. Can you please? “It tells the agent that you have spent a lot of time investigating and narrowing down. It shows a much more serious level and rock stars are more likely to take you as a client.


Agent Marketplace 2

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.

  1. Choose your market
  2. Share investment standards
  3. Matching with real estate agents

Be humble

Finally, be humble. You may be a big fish in Little Rock, Arkansas, but a beginner in Greenville, South Carolina. that’s OK. Each market is different, and good agents can explain what works and what doesn’t in the market. Kicking the door, proclaiming that you are using 15 agents, and anyone who brings the best deal will be your choice. This is a great way to be ignored by everyone except novice agents who have no experience or involvement.

Working with many agents is actually counterproductive to investors, as most transactions are done with the top one or two agents. The top one or two agents have a list of clients to call before calling a client that is known to be working with 10 agents.

Another good way to be ignored is to ask the agent for some of the commission just outside the gate. There are times and places for commission discounts, but not the first transaction. If you haven’t built a relationship and have already told them that you don’t value their services, why do they bring you a good deal?

Good deals go to good clients. Don’t let your ego ruin your shot with a good deal and cause you the possibility of missing a boat in a great market.

Locking out

In a nutshell, the best way to start a portfolio in a new market is to narrow your search to two or three markets, find the best performing rockstar agents in each market, and be honest about your research and intent. It’s about keeping transparency. , And be humble. All new markets are learning experiences and potential ways to build significant wealth.

Become a sponge and learn everything you can from a local expert. The more you absorb, the more you become an expert and ready to repeat the system and scaling.

How did you succeed with your agents in the new market?

Share your tips in the comments below.

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