Listen to any radio station on your way to work and you’ll hear the ads, “Sign up for my program and I’ll teach you how to become a real estate investor.” They invite you to a seminar, then sell you on their workshops, webinars or books. Newsflash: You don’t need to pay hundreds of dollars to learn a system, or even the price of a self-help book. In fact, it doesn’t cost you a penny to hire the best coach possible: a licensed real estate buyer’s agent. Here are some questions to ask when looking for the right agent to help you search for and purchase investment properties.
- Do you have the time to dedicate to searching for properties? Finding investment properties takes dedicated searching. It’s not enough to set up an automated search of listed properties in a certain price range or location. Your buyer’s agent needs to be willing to comb through listings, both on the MLS and other sites, to look for properties that fit your budget for renovations and that will sell quickly on the flip side.
- Do you have knowledge of renovation costs? It is helpful if your agent has some knowledge of the costs in your area for renovations on items such as roof or HVAC replacement, kitchen appliances, cabinetry and flooring, even if it’s a ballpark figure. While not crucial, the more knowledgeable they are about the process, the easier it will be for them to find properties that will get you the return you are looking for.
- Do you know how to use auction or REO sites? REO properties are those that have already been foreclosed on, but the bank is having trouble selling them, so they are often put up for auction. There are numerous websites for searching for REO properties. Marion County has auction listings online, and there are national websites for auctions and REO listings as well. Your buyer’s agent should be willing to search these sites in addition to the MLS. There is often extensive paperwork attached to these listings that needs to be read carefully so you know the terms of the sale to the letter and submit everything required for your bid to be considered.
- Do you have experience bidding and negotiating on foreclosure properties? Foreclosure properties are those in the process of being taken by the mortgage company. They are prime for investors and they often sell quickly. Your agent needs to be prepared to submit your bid or offer when the right property comes up for sale. That means being a good communicator and having all the necessary information ready. They should also be comfortable negotiating in multiple offer situations.
- Are you looking for a long-term relationship? If you’re hoping to continue flipping houses, make sure your agent is in it for the long haul also. Finding the right buyer’s agent can lead to great success as an agent-investor team. The Laurie Ann Truluck Team would love to help you on that journey.
