An investor-friendly realtor can be a huge part of your success as an investor and house flipper. Investor-friendly realtors have traits that will help you access, buy, renovate, and sell your flip quickly and efficiently.
Most real estate agents lack the knowledge that can really help you invest in the right properties. Investor-friendly agents, on the other hand, can have multiple helpful traits, and there are four to look for to find the best investor-friendly realtor for you.
#1: A Deep Network and Experience to Gain the Inside Scoop
The two essential characteristics to look for in an investor-friendly agent are their network and experience. With a large network and long track record, come to a lot of benefits to the investor.
These benefits include:
- Off-market properties
- Knowledge of neighborhood details
- Expert renovation advice
- Rental knowledge and insight
Agents who can provide properties that aren’t on the MLS or even on the market yet, are invaluable. Investors have a lot going on, and an investor-friendly agent will take over the heavy lifting to bring the best deals to them.
With this network and experience, the agent will also have the inside scoop on neighborhood details. Many agents specialize in a region or city, while investor-friendly agents narrow down to micro-markets. Agents with a deep understanding of their micro-market(s) provide insights into all things home, neighborhood, and community.
Experience and network lend to getting inside information sooner and helping you make the best decisions based on little-known knowledge. For example, an agent who knows about a new development coming up can help you decide if it’s a pro or con to the home you’re considering. Smart investing requires as much information as possible, and an investor-friendly agent has just that.
An investor-friendly agent’s large network and experience also get you expert renovation advice. Your agent will have the expertise in the market and the ability to predict what’s to come. This helps give you insight into the best renovation decisions.
Remember, not all properties warrant the same investment, and deciding on this depends on the market you’re in, buyers’ expectations and wants, and what appraisers are looking for.
Finally, an investor-friendly agent will also have expert rental property advice. If you’re looking for a more passive investment, some agents also operate property management companies, which helps you get in on their opportunities. Keep in mind, it is up to you to vet the agent.
#2: Dedicated and Full-time
An agent with a deep network and impressive experience will likely be dedicated and full-time as well. While a part-time agent may be able to provide you with what you’re looking for, they’re more likely to be juggling more than one thing (another job, schooling) and aren’t able to give you the time, attention, and work you need.
According to a survey by Placester, 49% of agents work in the industry full time, while 22% classify themselves as part-time. Full-time agents will be spending more time on their real estate business, studying markets, and building relationships—all benefits to you.
Overall, you will have more luck finding an investor-friendly agent who works full time, and it will be a win-win partnership. Working with a full-time agent will mean more availability to locate properties, help you act quickly on negotiations, and be more responsive and communicative than part-time.
#3: First-Hand Experience
And finally, the third trait to look for in an investor-friendly agent is firsthand experience as an investor. By working with an agent with firsthand investing experience, you will have someone who is experienced, passionate, and understands the process on a deeper level.
Some agents exclusively work with agents who invest in their own real estate properties to ensure they understand what a good deal is and what to look for in investments without missing tiny details.
Firsthand experience can also mean the agent is skilled at deal analysis. Price is always an essential consideration when buying a property, and an investor-friendly agent who has experience in investing will know the ins and outs of analyzing properties. They will consider value and expenses and find the investments that make sense with all things considered.
Working with an agent who has firsthand experience and skill at deal analysis ensures you have two sets of eyes on your deal, considering all numbers, including renovation costs, taxes, rental income, and more.
While it’s a huge benefit to working with these agents, it’s also worth noting that this may mean they keep the best deals for themselves. To avoid this, choose an agent who focuses on a different market than you.
Agents with experience in investing are indispensable for investors. They know potential pitfalls and obstacles and can help you sidestep them in your investments without the learning curve.
Investor-Friendly Agents Make a Difference
As you can see, finding an investor-friendly agent can open many doors. Even partnering with an agent with a few of these traits gives you a leg up!
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