I have learned many lessons as a real estate investor, and perhaps the most important one is that you need to invest in finding the best real estate agent for your needs. When I started out, I looked for properties by myself, and then I moved on to using your basic agents. I realized there were many problems with that, and once I found trusted agents, my business changed dramatically.
Keys to Finding the Best Real Estate Agent
1. Consider Your Portfolio
The first thing you should consider when finding a real estate agent is the type of portfolio you have. I typically invest in single-family homes which I buy and hold. This means I rent them out. Real estate has many options like commercial investing and fixing and flipping to name a few.
Whatever your preferred way of investing is, make sure your real estate agent is familiar. I, personally, don’t work with real estate agents who don’t own investment properties themselves. I want to make sure they understand what I’m looking for and why. This leads to the best relationship possible.
2. Stick to Your Formulas
I teach a variety of different formulas in my courses that lead to success in real estate. Your biggest job is finding a real estate agent who will work with your formulas. Once I built a considerable portfolio, I hired an agent to start looking at properties for me and to only bring me the ones which fit my formulas. This saved me time, and also allowed me to find the best properties.
Some real estate agents take these formulas as suggestions and will try to sell you on something you don’t want. Be wary of this! Stick to your formulas, and only say yes to properties that you know will benefit your portfolio.
3. Beware of Commission Breath
Once you build up a portfolio, you can really make agents money. I have had agents begin to get commission breath because of this. My portfolio typically contains middle class, single-family houses, with the exception of some luxury properties. I have had some agents try to pressure me into buying more expensive houses because they will make a higher commission off of the sale.
Now, I believe we should love everyone and give them grace, but you have to be smart about your investments. If it doesn’t fit your formula, don’t buy it! And if you get an agent with commission breath, I suggest you stop working with them.
The relationship you will build with your real estate agent is perhaps the most important relationship you will build in your business. It’s okay if you have to kiss a few frogs before you find the right one. Put some time and work into finding the right real estate agent for you!
At the Real Estate Workshop, you won’t just learn about investing, you’ll be able to walk out the door at the end of the weekend equipped with the practical tools necessary to purchase your first investment property. I’ve helped hundreds of people not only get started but become millionaires simply through accessing the right knowledge and skill set. To purchase your tickets, click here.