While it’s possible to run your real estate investing business without having a solid partnership with a real estate agent, we really believe that every investor should get a good realtor on their team. First, we’ll explain why, then we’ll talk about what makes a great investor-realtor partnership.
Why Investors Need Realtors
As an investor, you have plenty of other aspects of the business to deal with. Perhaps you aren’t an expert in listing, marketing, making offers, or negotiating—but realtors are. They can help you with those aspects of the buying and selling while you focus on other important tasks.
And if you’re already great at all those things (maybe you’re a licensed agent yourself), a realtor can still help you! Since they have different connections and specific market knowledge, they have chances to find out about properties the moment they become available. If they have a good relationship with you, they will be happy to pass on that information. A good agent is essentially an extra set of eyes and ears for you!
To recap, a solid partnership with a real estate agent can help you:
- Save time on a multitude of tasks.
- Get quality, professional assistance throughout your buying and selling processes.
- Find out about deals early on, allowing you to get an offer in early and increase your chances of getting the property.
- Gain insider knowledge of your local market.
- Improve your bottom line through all of the above!
How to Know When You’ve Found the Right Real Estate Agent
If they understand investors (or are willing to learn and understand your needs)—Most real estate agents are used to working with homebuyers and sellers, not investors. Investors have a different purpose, and therefore require a different set of services. Your agent must be familiar with your purposes as an investor, or at least be willing to learn your needs, goals, strategies, and portfolio so they can help you better in the future.
If they communicate and collaborate well with you— Communication and collaboration is the backbone of your relationship with this person. You need to offer mutual benefits to each other. You need to be able to communicate openly and effectively. Not everyone will be a good “match” with you, so find someone who you can actually speak with openly.
If you can see yourself working with them for the long haul— When looking for the right real estate agent, keep in mind that you want to build a long-term relationship with this person. Do you like them enough that you can see yourself working with them for years to come? If so, they can become a valuable long-term addition to your “inner circle” of real estate professionals.
If you meet an agent who meets the above criteria, spend some time and effort building a solid partnership with them! Do you have a great real estate agent who has helped you in your journey? Let us know!