Landlords Anonymous

The Importance of finding the Right Real Estate Agent

If and when you decide that you are ready to jump into the Rental Property business you will need HELP! And lots of it! You must find a good loan officer, attorney, tax accountant (optional), property manager (also optional) and real estate agent. This post will discuss the importance of the Real Estate Agent and exactly what qualities you want to look for in finding a proper real estate agent that looks after YOUR best interest and not the seller’s.

So you’ve been doing the online shopping thing and cruising through the many local real estate agency websites scouring through tons of different properties  and you’ve found a few gems that you are definitely interested in taking a closer look at eh? Well unfortunately we can’t just approach the seller at the home and ask to take a tour of his property or break into that lonesome vacant property that looks like such a steal on the market right now. In order to gain access to these properties you will need to find a real estate agent that will show you around (and preferably has a lot of patience.) However, there are a lot of good as well as bad agents out there and choosing the right one to represent you is not as easy as you might think. Choosing the best real estate agent for you should not be taken lightly.

It’s time to start interviewing! Have you ever interviewed someone for a job before? Well if not then guess what! You’re about to get a quick glimpse of what it’s like to be the boss. You need to come up with a list of qualifications, skills and traits that you are looking for in a real estate agent. Some freebies you might want to consider are: Is the agent a full time realtor? Is the agent popular in the community? Has he/she won any realtor of the year awards (basically are they battle proven)? How many current listings does the realtor have on the market already? What are the typical closing times on the Realtors properties?

You need to call up several Realtors and let them know you are interested in becoming a local Landlord/Land-owner and you would like to set up an appointment to speak with them to see if they could help you find the right properties to purchase. Most Realtors will go Coo Coo for Cocoa-Puffs at this point (they don’t really get these kind of calls too often!) and will chomp at the bits to see you right away unless for some reason they don’t take you seriously (their loss). The realtor will be thinking to him/herself that they could score a lifetime client by really WOWing you at the interview so don’t be surprised if they are overly eager to please you. Try to look past the charm and flattery of the real estate agent (they are trained to be that way) and focus on your list of criteria you are seeking in a great real estate agent. Interview many of them until you’ve found the right one.

Remember you want an agent that will work for you! Not the seller! You’re going to be the one making lots of offers for different pieces of real estate and it’s all about what YOU want. The agent is there for you as a key to get inside of the houses you want to see you will need a real bulldog in your corner when it comes time to negotiate an offer. Don’t settle for timidness. Find an agent that’s not scared to call in a low-ball offer and work hard to keep it as close to you’re offer during the negotiation process.

After the first purchase with your real estate agent the two of you will begin to understand one another. When the time comes, you will be able to call them to let them know you’re ready for your next property and he or she will already have a few properties in mind just for you because they will know what kind of properties you are in the market for based on your past history together.  I have a lot more information to put out about the criteria for selecting the right agent and will go into more detail about that soon! Thanks for reading.

Friday, October 16th, 2009, by Jake and is filed under "For Up and Coming Landlords ". You can leave a response here, or send a Trackback from your own site.