The Investor's Realtor®
by Dale Osborn March 20, 2010
When looking for a real estate agent to work with you as an investor, what criteria are you looking for? An agent should have high standards of ethics, honesty, integrity, trustworthiness and truthfulness.
The agent should have experience in working with investors or at least have an idea of exactly what an investor does. He should listen to YOUR wants and put his NEED for the commission into secondary position. When you call the office, you should expect someone to answer the phone before the third ring.
After leaving a phone message,
you should expect to have the phone call returned within 24 hours. An agent
should have at least five personal references that will collaborate how he
works with investors.
Finally, the main ingredient an investor is looking for in a real estate agent is KNOWLEDGE:
1. Knows the area you are interested in investing in.
2. Knows the prices of properties in your chosen area.
3. Knows other agents in area and how to get them to help you.
4. Knows where to get both conventional and creative financing.
5. Knows investing risks and how to shift risks to others.
6. Knows your strengths and weaknesses.
7. Knows how to prescreen properties so time is not wasted.
8. Knows how to analyze deals to eliminate duds.
9. Knows how to recognize and is ready to seize an opportunity.
10. Knows how to locate the serious motivated sellers.
11. Knows how to negotiate the best deals for you.
12. Knows how to use technology to search and communicate.
13. Knows how to write offer so it is appealing to the Sellers.
14. Knows and understands your investment goals.
You will run into many people who will tell you that it is impossible to find such an agent, but you need to look hard. IF you are able to find a real estate agent that meets all of the above criteria, hang onto him as he will be worth his weight in gold in helping you to succeed as an investor. Pay him according to the performance given for each and every transaction so he does not lose interest in your sweet game of trying to amass a real estate monopoly!
Reprinted by Permission. According to The Oregonian, Dale Osborn was a victim of a tour bus crash on January 1, 2013. Reprinted by Permission. Copyright © 2004-2014 BiggerPockets Inc. All Rights Reserved.