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Working With Real Estate Agents
Article Summary: A must read article! Drawing on 30 years of real estate expertise, Sternberg again allows us an "inside" peek at working with Real Estate Agents as Creative Real Estate investors.
Most likely, you already know that I advocate working with RealtorsŪ in my BuyersFirstProgram. It's the best way to achieve investment success. Of course, you should work with RealtorsŪ who know what they're doing; otherwise, you're wasting your time as an investor (not to mention that of the buyers and sellers).
In this article, I'll give you some guidelines for choosing the best RealtorsŪ to work with in any investment situation. If you're already an experienced investor, this information may seem very basic, but it's also good to practice fundamental principles on a daily basis. Ask any professional athlete!
Guideline #1: Choose a Full-Time Professional RealtorŪ. This may seem very obvious, but remember there are always part-time real estate agents out there wanting commissions. Most are either mediocrities or amateurs who check in when the market is hot and check out when it slows. So, weed these individuals out by asking for their experience, qualifications, sales, etc. Then, go with the RealtorsŪ who have a demonstrated record of excellence over time.
Guideline #2: Choose a Specialist. Ideally, you want a RealtorŪ who specializes in your particular area of investment. So, if you specialize in the single-family home market, look for an agent who has considerable experience and expertise in that area. Do the same for multi-unit, commercial, retail, and industrial markets. By the way, don't just accept a RealtorŪ's word that he or she is an expert in a particular market. Ask for proof in terms of sales within your target market.
Guideline #3: Verify RealtorŪ Credentials. Check with your state online database to make sure the agent is fully licensed and has no citations, disciplinary actions, etc. on his or her record. If a RealtorŪ has ethics problems, you definitely don't want them staining your reputation, even if it's only by association.
Guideline #4: Ask For and Check References. As with any business, the best proof of success lies in satisfied customers. So, ask the RealtorŪ for references from customers within your target market and geographical area. Contact those references to get a rounded picture of the RealtorŪ's reputation and business practices. Naturally, you'll want to develop a relationship with RealtorsŪ with good to excellent reputations for honesty, fair dealing and patience. It'll make the entire investment process a much smoother and more profitable one since you'll be dealing with satisfied customers, not irate ones. Guideline #5: Look For Good Communication Skills. Straight-forward and clear communication is the key to success in any investment deal. So, look for RealtorsŪ who listen well to you (and everyone else) and who keep you informed and up-to-date on every transaction. Also, remember that clear communication is your responsibility as well. Make sure the RealtorsŪ you choose clearly understand what your investment goals are so they don't waste time bringing properties to you that have nothing to do with those goals.
Guideline #6: Look For RealtorsŪ with Strong People and Negotiating Skills. A RealtorŪ can have all the experience in the world, but if he or she doesn't relate well to people, they're no help to your investment deals; they're positively a hindrance! So, seek out agents who are great at making everyone happy while moving them toward a deal with sound negotiating skills. To find out about a RealtorŪ's negotiating skills, ask former clients about how effectively the agent conducted bargaining sessions.
Guideline #7: Remember Your Responsibilities! Once you find a great RealtorŪ, do your part to keep him or her on your team. Bring them good deals, not "ghost" deals that never materialize. After all, your reputation is on the line too, and you want it be a good one since it can help you build a long-term investing career. A RealtorŪ who considers you a reliable and honest investor will bring you deals that never show up on the MLS listings or in the newspapers!
Key Point: Choose full-time RealtorsŪ with great reputations and great experience in order to maximize your investment career.
Article Source: http://www.upublish.info
About the Author:
Jack Sternberg
Jack Sternberg is a nationally recognized expert on real estate investment who's been in the business for more than 30 years. Sternberg's deals have totaled over $750 million and he's been to the closing table more than 1,500 times. For more, visit http://www.askjacksternberg.com
