Property investors and realtors should understand the value of partnering togetherto createthe greatest chance of real estate success. Sometimes, however, realtors are too focused on short-term results and high-ticket transactions to see value in partnering with real estate investors. Likewise, many real estate investors choose to bypass realtors to avoid paying commission fees.
In reality, it can be very beneficial for property investors and real estate agents to work together. For real estate professionals, relationships with investors can grow into valuable long-term work. Investors can also benefit from the partnership by receiving help with the realty process and behind-the-scenes market knowledge from a trusted realtor.
With this information in mind, what can you do to find the right real estate professional for your investments? Real estate is a cutthroat business, so follow these guidelines to find the best realtor in your area to partner with on your next investment.
Do Your Research
With information and technology at your fingertips, finding highly rated realtors in your area is likely only a few clicks away. Use this research to build a list of potentials based on their customer reviews and number of listings.
Positive reviews and a large number of listings shows the real estate agent is passionate and successful in their work. However, these factors are not more important than finding the right personality fit and skillset for you and your investments. To help with this piece, it is now time to schedule realtor interviews.
Host Realtor Interviews
You would never hire someone based solely on their resume, and this should also be true when choosing the right real estate professional. They may have shining Google reviews and a long list of properties, but a good personality fit will help ensure a successful long-term partnership. After all, you will likely end up spending a lot of time together.
During the interviews, ask each realtor about their knowledge of real estate investing. You should not expect them to know it all, but they should know what is important to you as an investor (which can be much different than what is important to a single buyer!). Also pay attention to how prepared each realtor is for the interview. The right realtor will see value in an investor relationship and will take the steps necessary to prove it in their proposal.
Here’s a list of general questions to start with when building your interview:
- What is your experience with real estate investing?
- Have you worked with a real estate investor in the past? If so, please explain.
- How will you make time to ensure my investment properties are a priority?
- How quickly can you meet or show homes?
- What is your preferred method of communication?
Aside from formal interview questions, interviews are also a great time to understand each realtor’s personality and communication style. Find someone who shares a similar communication style to your own – a partnership based on positive reviews, strong skillsets, and a personality match will be hard to beat.
As with any relationship, clear expectations are the foundation for long-term success. Expectations should be discussed in each interview, but they should also be clearly defined before moving forward with any formal partnership.
Before getting started, set aside time to discuss the following expectation topics with the realtor of your choice:
- How to communicate (phone, email, text)
- How often to communicate
- Response timeliness
- Realtor responsibilities
- Investor responsibilities
Many conflicts can be avoided by setting clear expectations upfront. Make sure you and your realtor are on the same page when it comes to communication preferences and who handles what.Coming to an agreement around expectations also gives you both a great basis for terms to include in the contract.
Find the one (or let them go!)
Doing your research and asking the right questions will go a long way to ensure the realtor you choose for your investments is the right choice. However, any businessman or woman will be the first to tell you that not every hire is the right fit. Some people are simply great in the interview chair and fail to follow up with the value promised.
If the struggle of the partnership begins to outweigh the value, prepare yourself with the courage and know-how to let the realtor go.Know when to call it quits and be sure to write an early termination option into your contract. Look at the bright side: a failed partnership helps you better understand your needs and expectations the next time around.
Investors and realtors can equally benefit from partnering together through the real estate process, even though they often look at each other as competitors. Take your investment portfolio to the next level by following these guidelines to find a realtor to best fit your investment needs. Like the old saying states, “Two heads are better than one.” With the right realtor by your side, the sky is the limit for your future property investments!