Are you ready to make your first income property purchase and not sure how to find an agent or what to expect? If so, you’ll want to read my tips on choosing the right agent for you!
If you’ve been thinking about investing in real estate, now is a great time. Interest rates are at historic lows, and prices around the country have fallen to 2002 levels in many places. The questions are how do you find a Real Estate agent, and what should you expect?
First, a great place to find an agent is through referrals. Either from friends, colleagues or other professionals, someone who has worked with the person in the past and can vouch for their integrity and responsiveness. After all, this person will be representing you in one of the biggest investments of your life, so you’ll want to make sure they are trustworthy and put your interests first. Another great option is to visit local Open Houses in your area, and speak with the agents working them. This will give you a feel of how busy they are based on the number of homes they have listed for sale, and it will also give you a chance to speak with the agent in an informal setting to find out how knowledgeable and personable they are.
Once you’ve identified a potential candidate, you’ll want to interview them either in person or on the phone. Ask them how long they’ve been in the business, what type of product they specialize in – SFR’s or income property – what areas they work and for the names of 2-3 satisfied clients you can speak with. And remember, first impressions go along way. Make sure they are on time and have strong follow up. After all, if they can’t get it right with you, how well will they do representing you to another agent?
Once you’ve selected an agent, you’ll want to give him clear parameters of what you’re looking for. Is this your first investment? How much do you have to invest? How far from your home are you willing to consider? And of course, what is a comfortable price range for you?
And remember, Real Estate is like most other service businesses, where the old adage holds true….”20% of the agents do 80% of the business”. So spend time before you get started finding the right agent for you.
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