Qualify your Realtor
Updated: Jan 2, 2019
Although it can be hard sometimes to see it this way. In the Realtor/Investor relationship, you are the boss, and if McDonald's doesn't hire a fry guy without an interview, why would you hire a realtor without one? So, before you put your fate in your Real Estate Agents hands, be sure to get to know them and/or at the very least conduct a basic interview to ensure you both are on the same page.
In the end, it will be up to you to ask the questions you feel important to you, but I have listed a few basic questions below to get you started.
1. What geographical areas do you service and how long have you been working in these areas?
Realtors for the most part focus on certain areas. They will likely service a wide range of neighborhoods or townships, but you need to find one that is specifically knowledgeable for the area you are hoping to locate your cash flowing property.
2. Are you a Real Estate Investor?
Does your real estate agent need to be an investor to be an expert at finding properties? No of course not, but it helps. If the answer is no, then they at least need to demonstrate their experience in working with investors and how they are able to separate the investment potential from the perfect primary residence.
3. What are the average property prices in your specified area for the properties you identified as your Niche, and more importantly what are the average rental rates for the area?
If your real estate agent truly is a REI savvy realtor these should be easy questions for them to answer.
4. What type of properties do you represent or specialize in?
Some agents specialize in condos, some in Single Family Homes and some in million-dollar mansions. It’s important to ensure your teammate specializes in the type of properties you want to own.
5. What Real Estate Investment strategies have you seen work in your area?
This is a good qualifier to see if your agent really understands Real Estate Investments and to confirm if your desired strategy will work in the area you are looking at.
6. Can you set-up an email listing alert search, so that I can receive email or text notifications of new listings that fit my desired profile?
Real estate agents should be ale to easily set this up for you, so that any new properties being listed that meet your parameters are automatically sent to you.
Again, these are only a few questions to get your started. Take the time to prepare before your interview. Set an appropriate location like a coffee shop or your dining room table, and go over your expectations. In the end this will only help to assist your realtor in offering you the best service possible.