Most likely, you already know that I advocate working with
Realtors® in my BuyersFirstProgram. It's the best way to
achieve investment success. Of course, you should work with
Realtors® who know what they're doing; otherwise, you're
wasting your time as an investor (not to mention that of
the buyers and sellers).
In this article, I'll give you some guidelines for choosing
the best Realtors® to work with in any investment
situation. If you're already an experienced investor, this
information may seem very basic, but it's also good to
practice fundamental principles on a daily basis. Ask any
professional athlete!
Guideline #1: Choose a Full-Time Professional Realtor®.
This may seem very obvious, but remember there are always
part-time real estate agents out there wanting commissions.
Most are either mediocrities or amateurs who check in when
the market is hot and check out when it slows. So, weed
these individuals out by asking for their experience,
qualifications, sales, etc. Then, go with the Realtors® who
have a demonstrated record of excellence over time.
Guideline #2: Choose a Specialist. Ideally, you want a
Realtor® who specializes in your particular area of
investment. So, if you specialize in the single-family home
market, look for an agent who has considerable experience
and expertise in that area. Do the same for multi-unit,
commercial, retail, and industrial markets. By the way,
don't just accept a Realtor®'s word that he or she is an
expert in a particular market. Ask for proof in terms of
sales within your target market.
Guideline #3: Verify Realtor® Credentials. Check with your
state online database to make sure the agent is fully
licensed and has no citations, disciplinary actions, etc.
on his or her record. If a Realtor® has ethics problems,
you definitely don't want them staining your reputation,
even if it's only by association.
Guideline #4: Ask For and Check References. As with any
business, the best proof of success lies in satisfied
customers. So, ask the Realtor® for references from
customers within your target market and geographical area.
Contact those references to get a rounded picture of the
Realtor®'s reputation and business practices. Naturally,
you'll want to develop a relationship with Realtors® with
good to excellent reputations for honesty, fair dealing and
patience. It'll make the entire investment process a much
smoother and more profitable one since you'll be dealing
with satisfied customers, not irate ones. Guideline #5:
Look For Good Communication Skills. Straight-forward and
clear communication is the key to success in any investment
deal. So, look for Realtors® who listen well to you (and
everyone else) and who keep you informed and up-to-date on
every transaction. Also, remember that clear communication
is your responsibility as well. Make sure the Realtors® you
choose clearly understand what your investment goals are so
they don't waste time bringing properties to you that have
nothing to do with those goals.
Guideline #6: Look For Realtors® with Strong People and
Negotiating Skills. A Realtor® can have all the experience
in the world, but if he or she doesn't relate well to
people, they're no help to your investment deals; they're
positively a hindrance! So, seek out agents who are great
at making everyone happy while moving them toward a deal
with sound negotiating skills. To find out about a
Realtor®'s negotiating skills, ask former clients about how
effectively the agent conducted bargaining sessions.
Guideline #7: Remember Your Responsibilities! Once you find
a great Realtor®, do your part to keep him or her on your
team. Bring them good deals, not "ghost" deals that never
materialize. After all, your reputation is on the line too,
and you want it be a good one since it can help you build a
long-term investing career. A Realtor® who considers you a
reliable and honest investor will bring you deals that
never show up on the MLS listings or in the newspapers!
Key Point: Choose full-time Realtors® with great
reputations and great experience in order to maximize your
investment career.
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Jack Sternberg is a nationally recognized expert on real
estate investment who's been in the business for more than
30 years. Sternberg's deals have totaled over $750 million
and he's been to the closing table more than 1,500 times.
For more, visit
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