The right real estate agent can be an essential part of your expert team for long-term real estate investment success.
To build any business successfully, and entrepreneur needs to build their team of experts.
Some people are real loners and perfectionists, so they like to do everything themselves.
But business, management, leadership, and team work books all agree that building any organization well, requires skills and experience of more than one person.
So the fastest way that I’ve seen real estate investors make great investments with far less mistakes is by building their team of trusted expert advisors.
A real estate agent with expertise in investment properties Westminster, Maryland should be an essential member of your team of expert advisors.
Let’s take a look at some of the characteristics you should look for in the right real estate agent in Carroll County, Maryland.
Expert Advisor Trait #1: Track Record of Helping Investors
The first thing I will look for in the right real estate agent to add to your team of real estate investment advisors is there track record of success.
You want to work with advisors to understand the goals that you have as an investor.
They should understand why you’re interested in finding a property that’s in a great location but may be distressed in all the right areas that make a good investment.
Your goal should be to choose a real estate agent who has helped other real estate investors find great deals and/or sell properties.
Simply put, if they have been able to help other investors then they speak the language you speak and understand what your end goal is.
Expert Advisor Trait #2: Expertise in Your Geographical Area
Comps for Sale – Real estate agent in Westminster, Maryland should have a good idea of the comparable home prices in the area.
They should also know the other benefits and features of the area.
These things would include quality of schools, parks, trails, access to highways, crime rate, things to do, amenities of the neighborhood and more.
Listing Price – They should be able to consult you on what price to list your property at based on the features and upgrades, pros and cons of your property.
Buying Price – A knowledgeable real estate agent should be able to consult you on whether you are buying a property at a good price or a bad price.
These are just some of the basic things they need to have a firm grasp on. With investment property, your real estate agent needs to know a few more things.
If you are renting out a property you realtor should have a good understanding of:
- Who’s going to rent the property – what is the demographic of the typical renter in this area
- What the average turnover rate is in the area of rentals – in other words, how long do people normally rent in this area
when you’re looking to fix and flip a property, also called me having, there are a few questions that you realtor should be would help you with:
Your agent should be able to help you choose what things you should rehab, fix and improve to maximize the value of the property.
It’s important to make the right improvements that maximize value and marketability while still being competitive in the area. And of course, all of this needs to leave a healthy profit margin on the table to make it all worthwhile.
Here again, they should be able to advise you on what to buy a property at and how much you can sell a property for based on the upgrades you make.
Expert Advisor Trait #3: Connections
You know the old saying, “it’s not what you know it’s who you know” is true in real estate investing.
You work with a real estate agent who has connections with a lender who understands and caters to the buying and selling process of real estate investment properties.
If you find this then your realtor could lead to the next member of your team of expert advisors, your lender…or, at least, another source of funding.
A realtor who specializes in real estate investing world may have connections that will help you list your property.
They may know other real estate investors were looking to buy a property you want to wholesale.
This real estate agents may be able to help make a smooth transition between current owner and new owner when a rental unit is occupied by a tenant.
After all, we do not want to tenant to get spooked in the process of the property changing hands.
Expert Advisor Trait #4: Return on Investment (ROI)
it’s important for your real estate agent to understand the importance of your need for healthy profit.
Whether you are rehabbing and flipping the property or renting for the long-term, your realtor should work with in the financial parameters you set to help you make a transaction that meet you goals.
Expert Advisor Trait #5: Personal Experience with Investing
the most ideal scenario you can get us to have a real estate agent who is also a real estate investor.
If they are listening to the same real estate investment experts, taking the same courses, taking the same trainings, they will understand the game you are playing.
They will have much deeper insights on things you can to increase your likelihood of success with each and every deal that you make.
Having this expert advisor on your team will help you reduce the number of costly mistakes you make.
You have another person to bounce ideas with, which increases your intelligence.
They will be able to share experiences and strategies that worked well and ones that didn’t.
Having someone to share real-world experiences with make sure the better investor.
But if you realtor has never invest in real estate, how can they advise you on what you should and should not do? This kind of realtor is of little use to an investor.
The choice of which realtor you work with should be a strategic decision. As a real estate investor, you should do everything you can to maximize your intelligence and likelihood of success.
So, choosing a real estate agent who specializes in working with real estate investors is a smart way to go.
What’s your favorite tip for choosing a real estate agent?