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Advice: Becoming the best realtor for Investors

DaveRhydderch

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I have been apart of REIN for two years, and recently decided to become a realtor. I want to work with investors, and have been making a list of things I could do as a realtor to really set myself apart

As investors

1. What have realtors done for you that really stood out
2. What do you wish they would do

Any insight would be greatly appreciated.
 

invst4profit

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I wish, that as an investor, realtors would understand that I know exactly how much I want to offer for a property.
They need to remember the asking price has no bearing on what a property is worth as an investment.
They need to understand that they must swallow any embaressment they may have in making low offers and do so
with a very serious attitude. This is what we are offering because this is what it is worth to my client-take it or leave it.
As my agent do not try to up sell me.

There is a huge differance between representing a home buyer and representing an investor.
 

terri

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Hi Dave,


my realtor is also an investor so he knows and understands that I`m looking at properties with a different eye than some one who is living in the property. And being an investor yourself you should be able to anticipate what your investor client will be looking for and give it to them.

one little thing that my realtor does for me that I really appreciate is getting me the expense and rental info when we go to see a listing without me having to ask for them first.

Terri
 

DaveRhydderch

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Thanks for the advice.

I`ve been talking to a lot of people about their "realtor experience", and its amazing what some people put up with. I have a lot of great ideas. Now I just need to get them out there.
 

housingrental

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Being an expert in your area will allow you to provide value added service
I.e. Know the product
Maintenance issues that will impact future cash flow
Is there a way to increase price of property through modifications to layout? renovations? additions? rebuild? rezone? assembly? metering?
Are the rents at a property below, above, or at market value? I`ve seen many realtors recommend places based on current rents that can`t be duplicated once tenant moves out (be it because past owners friend/relative is renting or they just got lucky in finding the tenant)
If a property is vacant - you should be able to advise your client on how much it will rent for, how difficult it will be to find tenants, and desirability of tenant profile
If it`s a house with single family zoning can you get an accessory apartment declartion out of it?
Responsive to clients - If someone phones at 8:00am or 8:00pm answer the call and get them through the property
Advising clients to not purchase properties when they want to put in an offer above market or undesireable property
After sale service - advising on how to effectively run their new business (the rental property).




Rhydderch` date=`May 14 2008, 02:13 PM` post=`20971`]
Thanks for the advice.

I`ve been talking to a lot of people about their "realtor experience", and its amazing what some people put up with. I have a lot of great ideas. Now I just need to get them out there.
 

JRL

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1. What have realtors done for you that really stood out My first ever piece of real estate owned was a 1-bedroom condo in Eau Claire (Downtown Calgary). The agent who I listed with did a great job. He`s a hard-working guy, consistently bringing his own clients to view the property (rather than just uploading it to the MLS and waiting for the showing requests), and he actually ended up finding me a buyer one night at about 10:00 PM, called me while I think I was out partying with a group of friends. It was good timing
He also would call me quite often, but not to the point where it was unreasonable/annoying. He kept me informed as to the feedback from what the potential clients were saying after the showings, and he was brutally honest and didn`t try to dance around any questions. I`m sure the fact that it was sold fairly quickly (3 weeks, I think) also increased my perception of the realtor (It was January of 2007, and the market was hot, hot, hot).

2. What do you wish they would do

I had a bad experience with a realtor this past summer and will share some of the things that he did which are pretty obviously not ideal:

[*]Zero
personal attention. Almost literally. When he was listing my condo for sale, he did his "analysis" of what to list it at over about 15 seconds on the phone. This proved to be a bad price, and it only yielded 6 showings in the first 6 weeks. Throughout this time frame, I got not a single phone call from him. Probably due to the combination that I was 24 years old and relative to his other listings (mostly Mount Royal, Elbow Park, etc. - high
end inner-city real estate) my condo brought him a much less commission. Either way, I had to contact him to ask what the hell was going on, and his response was "uh....lower the price". Gee, thanks. How insightful.[*]Zero
pulse of what was going on. The guy outsources his showing requests to a call centre, which benefits one person - HIM! He had basically no idea of when showings were, no idea of any feedback, and no idea of how better to sell my condo - and he didn`t even care. It was a completely hands-off approach. Upload the listing to the MLS, sit back and hope & pray that it sells.Overall, he was just a complete a**hole. An arrogant, my-time-is-too-valuable-for-your-phone-call kind of guy. Needless to say, I made a huge mistake and learned a major life lesson by not staying loyal to the individual who had provided me with a good service before - I just never even thought to call him (which, I guess, can be a word of caution to realtors - stay in touch with your clients!
)Best of luck in your new career. I`d suggest just being innovative in your sales approach. Each property appeals to a different demographic, and it`d be great as a seller to see a specific marketing/action plan for the sale of my property. Each listing should be like a "Project" with a definite end goal and a definite sequence of steps to reach that goal. That`s my advice.
 
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