The Realtor/Investor TeamBy JD Esajian on August 30, 2013
Finding the right realtor for your business is one of the most important steps you can take as an investor. There are plenty of good, productive realtors in any given area, but that alone does not mean they are the best fit for you. You need a realtor that knows what a good investment property is and where to find them. Your local broker may do great work with listings, but if they don’t know what an ROI is or have no access to REO listings, you need to find someone that does.
A successful partnership between the two starts with an understanding of each other. As an investor, you need to tell your realtor exactly what you are looking for in terms of price range, location, style and condition. You will have to do some legwork on any properties your realtor provides before they show you the property. You will burn through realtors if you ask to see every new property they give you and know nothing about it beforehand. If you can work together as a team, you will close more deals.
Realtors want to work with people that they know can close deals and are willing to put in time. They only get paid when a deal closes, but that does not mean that their time is not worth money. You can’t expect them to pull comps on every property you see or drive to show you every new house on the market. You should be able to find much of the information about the property online before you ask to see it. If you do this with properties you have an interest in, it is human nature that your realtor will put you on the top of their list moving forward.
Don’t expect your realtor to drop everything every time you call or email. You should work as a team and you should pull your weight. If you find a realtor that will work with you and knows what you really want, your investing business will thrive.