What to look for in a real estate agent? Top notch real estate investors like to only work with a top notch team. They know that when it comes to running a successful business, the company’s reputation depends on its working relationships. One of the most important people on a real estate investment team is the real estate agent. Hiring the best one makes it easier to make and close the best deals. Thus, do you know what to look for in a real estate agent?
Basically, you must be the one to answer this question because the outcome relies different factors. For instance, what are you looking for? What type of experience and time restraints do you have? A beginning investor won’t have the same needs and goals as one who has been in business for ten years. But on the other hand, most real estate investors know what to look for in a real estate agent in terms of common characteristics. If you are familiar with what to look for in a real estate agent, make it a point to find these characteristics and then make sure that you keep this type of real estate agent around as long as you can. The following are 5 of the most important things to take into consideration when looking for a new real estate agent.
Quick Response Time
All sales personnel should respond to customers and clients very quickly. When a great offer is on the table, you must respond fast if you want to close the deal. This is especially true when it comes to real estate offers. An offer may be presented in the morning, but it could also be gone by the close of the business day.
Investment professionals know what to look for in a real estate agent, and an agent’s ability to respond quickly is one of the most important things. If an agent can’t react quickly, then move on to the next agent. Now, use common sense and understand that no one is expected to respond immediately. But most people in the business world have reasonable expectations when it comes to return messages.
Besides, new technology makes it so easy to return phone calls, send emails or send instant text messages in a timely manner. Top notch real estate agents know how to provide updates and return emails, calls and text messages as quick as possible.
Knowledge of the Investment World
Do you know what to look for in a real estate agent when it comes to your particular type of business? Do you know what type of real estate agent is good for your business? Understand that a great residential real estate agent may not work for your investment business. This type of real estate agent may not know how the investment world really works. This will only hinder your business when it is time to find, structure and close the best real estate deals.
Investment properties are different from residential properties. The best real estate agent for your investment business should know about local investment markets. Ask the agent if he or she is knowledgeable when it comes to business investments. If you feel comfortable with your agent, then do everything possible to build up a great working relationship.
However, if you feel that your agent doesn’t have business investment expertise, then express that you won’t be able to handle this alone during the first couple of deals. Unfortunately, if your real estate agent doesn’t like this line of questioning, then it’s time to find another real estate agent.
The Ability to Accept Below Asking Offers
Real estate agents are paid via commissions. The greater the sales price, the higher the commission. The best real estate agent knows how to make top notch commissions and take into consideration the needs of his clients. He should be able to present your preferred offer, even if it is much lower than the asking price. A true professional knows that the future of his commissions depend on a good working relationship, and not just one high sales deal. He knows that the smaller deals are just as important as the bigger ones. This is what to look for in a real estate agent. He must have the ability to work based upon your needs.
The Ability to Negotiate for You
Once again, the perfect real estate for your business must always take your needs into consideration first. This is what to look for in a real estate agent. You shouldn’t have to wonder what his ulterior motives are when it comes to business deals. Ensure that this person will fight for your company at all times. He must know how to negotiate and never take the easy way out.
When it comes to smaller deals, this may not be his strategy, but you still want to make sure that he is fighting for your company. If you get a property for just a couple of thousand dollars lower than asking price, this will reduce monthly cash flow and improve the bottom line. If your real estate agent knows how to get this done, then you must do everything possible to keep him on your investment team.
This is very important even if your properties are purchased with cash. Don’t just settle for any real estate agent. Know what to look for in a real estate agent. Do your due diligence and get the best one for your investment business.