To have a successful real estate investing business, seasoned investors, mentors and coaches, even most well-known real estate gurus, will all advise you to surround yourself with a complimentary team of professionals, leveraging their time, labor, expertise, strengths, knowledge and skill set, as well as contacts, so you may maximize yours, for the collective benefit of all. One member of your team, in fact, you may decide to have several depending upon your chosen niche and targeted markets, are investor friendly realtors.
I intentionally emphasize realtors for your team, not just real estate agents. You want to have on your team a professionally certified real estate agent, one with the requisite “street cred”, one who is duly licensed and “shingled” with an established licensed broker, one recognized by the NAR, the National Association of Realtors, one locally board savvy, and one bound by their strict ethical code of conduct. Having that designation is part of what you seek to find as you qualify any prospective realtor for your team. Not having that designation may indicate a lack of confidence and competence on their part as you investigate further.
Best way to find such a realtor is by referral. Ask the people you know and network, market savvy boots on the ground from REIA contacts, fellow investors, property managers, mortgage brokers, insurance agents, bankers, other realtors even, to name several. Ask all your sources, as many as possible. Several names may be referred your way or just one referred over and again from multiple sources. Such a referral would make an ideal target for you to pursue.
Having an investor friendly realtor on your team is powerful. That realtor can pack a real punch and provide you quite the edge. Be among your team’s most integral of pieces. That realtor will likely be adept at utilizing the most current technology and tricks of their trade, for themselves, and for you and your team. They offer so much more than merely partnering with you on property searches or showing your property. They will know the market well and understand the effect of the market on investing options. Investor friendly realtors offer you another set of eyes, a uniquely positioned laser focus, and that may be huge. They may access pocket listings an investor cannot otherwise have access to, allowing the investor to get a jump on his or her competition. Without that realtor access, there is no path for you and that access allows you to flourish together, another example of the sum being greater than the individual parts. This realtor will understand the perspective of the investor. They know lots of offers are to be made, many low ball offers that will more often than not be rejected not selected, that time is of the essence and the investor must act quickly before the competition does. Every real estate agent may know about buying and selling homes. Not every realtor understands real estate investing. You must associate with the right and competent realtor.
Do they have personal investing experience? A track record of investing would surely be invaluable. They need to be comfortable with investor generated offers, numerous and low balled, lots of rejection to be sure, never getting frustrated or emotional with the rejection, having the stomach to know a strike price and the investor’s maximum allowable offer, again weathering lots of rejection in the process. What is their experience with other investors? How many times have they been referred your way from multiple sources? Do they have a confirmed reputation for honesty and integrity? Do they have a reputation for being investor friendly “boots on the ground”?
Competence is crucial. So is a quick response time. Ask and confirm the hard questions.to make sure the fit is right. Those questions will include their track record, their professional resume, their experience working the investor’s niche, their commission structure, what they can offer the investor, what they may expect in return, and can they provide referrals?
That realtor can even be relatively new and inexperienced if ambitious enough and can appreciate and then implement all that would be required for that complimentary fit. That realtor would have to know the basics and the language of the investor. In football parlance, the realtor would be the running back carrying the “rock” in the offer process. What he or she may be giving up in traditional commissions on the front end, may well be dwarfed by what they get on the back end and in the breadth of deals presented.
Just as working with investors can be a great decision for a realtor, the same is true in having a realtor as an integral team member for the investing business moving forward. Together, if the fit is right, the investor and the investor friendly realtor can accomplish amazing results.