Investing in real estate isn’t something you should do alone. Unless you have a history of successful transactions, you’re going to need help. This is where realtors come into play, thanks to their years of experience and specialist skills.
However, it’s not fair to say that they are created equal. Some are great, others are terrible, and some are in-between. You want the best agent possible as they will increase the likelihood of the investment turning a profit, yet how do you sort the weak from the strong?
The key is to focus on non-negotiable traits. Here are the four that the cream of the crop always has.
The problem with the gap in your knowledge is that you have to put your faith in a stranger. Not to sound cynical, but nothing is stopping them from leading you into a poor investment, especially when they get paid via commission. Therefore, you need to ensure they uphold the highest practices and standards, and a telltale sign is when they sign up to voluntary regulators. When they do this, they prove that they have nothing to hide and are willing to go the extra mile for a client. It’s not as if they’re legally obliged.
Knowledge is power, yet there are levels to the amount of control a realtor possesses. You should expect every agent to understand the basics of the market as a whole. It’s their bread and butter. However, only a select few will keep up to date with how the latest trends affect the industry in your preferred location. Essentially, the reason you should hire realtors in your area is that they understand the small details that make a big difference. For example, they’ll know when a property has been listed for ages, meaning the potential for wiggle room on the fee.
Passion For Real Estate
There’s nothing wrong with switching off at the end of a long day. Many realtors can’t stand the thought of going home and watching investment shows or reading a realtor journal because it’s stressful stuff. Still, without a passion for everything property-related, it’s not likely that your realtor will be up to date with market moves and industry tweaks. It’s not only real estate, either – it pays to be passionate about architecture. This gives you an advantage over brokers and sellers who are attempting to pull the wool over your eyes with small-yet-decisive flaws.
Ability to Socialize
Your investment isn’t a college party, so why do you want your agent to mingle? It’s because the more contacts they have in their black book, the more they can help you secure a quality property at an affordable price. Not only do agents know other realtors, but they should be able to put you into contact with architects, appraisers, home inspectors, and mortgage loan officers. You can then be sure that your investment is ideal by covering every base, cutting costs along the way.
What trait do you think is the most important in a realtor?