Realtors specializing in investment properties are not hard to find. However, the experienced investment agents who are truly knowledgeable regarding the world of investment properties adhere to certain criteria and a special set of skills. While most agents focus on buying and selling clients, searching for investment properties and negotiating business contracts are different ball games altogether and most realtors who specialize in investment properties have participated in a little investing of their own.
The Aitken Home Team suggests 5 criteria your investment realtor should meet in order to partner with you in your investment business:
Experienced Negotiator
A strong investment portfolio exists because of the ability to make strong, effective negotiations. A good investment realtor will be skilled at handling multiple offers within a single business day. Such an agent will also be prepared to handle repeated rejection and negativity from colleagues and sellers as their standard of professionalism will not falter in the event that others become heated or unreasonable in the process. The realtor who can keep his or her cool in any situation and still maintain relationships in the process is the one you want! Don’t settle. Research!
Knowledgeable Re: Fellow Investors
An experienced professional is an investor’s strongest asset. Look for someone who has a history of successful investment deals and maintains strong relationships with other investors. Wise agents will work to do mutually beneficial deals and maintain a good report with all clientele, past and present. Be cautious in your search as hiring a newbie can be costly and lengthy. While there is nothing wrong with this approach, be prepared for mistakes as a new agent will be learning the ropes, possibly at your expense, likely resulting in an inexpedient transaction process. In addition, a newer agent has not had the opportunity to network with colleagues and other investors in order to establish a strong portfolio of prime investment properties from which to choose. You are looking at a lengthy process in going this route.
Related: “House-Hacking: 5 Reasons It’s Tricky”
Above Reproach
References are always a key factor in searching for an experienced investment realtor. Be prepared to spend time contacting references in order to verify the professional’s past successes and knowledge of the market in which you will be investing. Credible referrals will be based on the agent’s skill set rather than market quirks which are beyond the control of any realtor.
Straight Shooter
As a physician informs a patient, a good investment realtor will shoot straight with their clients. They will be honest about their skills, experiences, what they believe they can do for you as well as what they feel they cannot accomplish. This agent will not be fearful of potential negative reactions from clients and colleagues and will willingly lay all cards on the table in order for clients to learn upfront exactly with whom they are working. Strong investment realtors do not advise beyond their capabilities and are willing to involve more experienced professionals in order to ensure the success of each client.
Knows the Market
Perhaps you are hoping to invest in an unfamiliar market, outside of your known territory or you are simply looking for a knowledgeable investment agent who can give you the low down and point you in the right direction. Search for an agent who knows the market has an available list of prime investment properties at the ready and one who understands the overall feel of the particular zip code in which you hope to invest.
Related: “How Predictable is the Market?”
There are many cities across the nation which are considered “primed for investment”, however, the market is constantly changing and a consistent pattern simply does not exist. A good investment agent will be knowledgeable regarding areas that are expanding outward, gradually inflating property prices, seeking growing economies, and developing new businesses, They will wisely advise investors in knowing when to sell, how long to hold onto a property, and when to buy again.
Success is never a guarantee, however, chances are best increased by starting off on the right foot with the right agent in the right market.