Emporia, KS · Member since 2016 · 55 posts · 21 votes
I'd like to begin transitioning my business as an agent to use my license primarily for investors, rather than residential sales, while I work towards my appraisal license (if I can ever find an appraiser to take me as a trainee) while building financial freedom with a good personal property portfolio. I "get" investors mindsets, goals, we already speak the same language and I like working with informed and motivated people (plus it's just fun work!), I'd like to push up into the Kansas City and Lawrence markets.
I'd like to know directly from investors what makes an agent desirable to them specifically for acquiring investment property, as opposed to the everyday agent you can find wandering the streets.
Investor · Hays, KS · Member since 2015 · 19 posts · 5 votes
9y
Primarily, I think an investor oriented realtor should work on a flat fee instead of proportional commission. I'm sure no realtor wants to hear this but it's obvious. Maybe there's some wiggle room, but a lower, flat fee can really help the seller and buyer feel good about a transaction. I'm looking to sell my duplex in Wichita but I will not tolerate chopping up to $16,000 off my revenue for a 6% realtor's fee. That is robbery.
I would like a realtor that could visit a property without me and quickly advise how much work must be done and assign a ballpark cost to it. Does the carpet need replaced? Whole house or just certain floors/rooms? Does it need paint, bathroom remodeling, new counters? How does the foundation and grading look, how long till the roof needs replaced, siding? It would be nice to get enough info to be able to make a low ball offer or decide if the place is even worth seeing (this all depends on the investor as well).
Parker, KS · Member since 2016 · 4 posts · 0 votes
9y
Would you be able to find motivated sellers? I'm going to become an investor and finding motivated sellers would be the key. I'm from the Kansas City area.
Other than that I'd like to hear what others have to say. From the research I've done, it seems like successful investors would end up getting licenses anyway.
I am not an agent But I Love working with our agent. I wish she was on here and I would give her a referance. We love working with her. Jill Exner From Parks Real-estate.
I think that about half of being "investor Friendly agent" is knowing Investments and returns. When we look at bank owned homes with our realtor, she don't even ask us if we want comps of the possible after repair value. She just brings them to the showing. She lets us know of any goffie things that she sees from a resale perspective and then is comfortable with us submitting a low offer to the bank.
The other 50% Is just about being a good agent. Communicate clearly and regularly to your clients. Submit paperwork when you say you are going to. Negotiate well.
Investor · Hays, KS · Member since 2015 · 19 posts · 5 votes
9y
Primarily, I think an investor oriented realtor should work on a flat fee instead of proportional commission. I'm sure no realtor wants to hear this but it's obvious. Maybe there's some wiggle room, but a lower, flat fee can really help the seller and buyer feel good about a transaction. I'm looking to sell my duplex in Wichita but I will not tolerate chopping up to $16,000 off my revenue for a 6% realtor's fee. That is robbery.
I would like a realtor that could visit a property without me and quickly advise how much work must be done and assign a ballpark cost to it. Does the carpet need replaced? Whole house or just certain floors/rooms? Does it need paint, bathroom remodeling, new counters? How does the foundation and grading look, how long till the roof needs replaced, siding? It would be nice to get enough info to be able to make a low ball offer or decide if the place is even worth seeing (this all depends on the investor as well).
Rental Property Investor · Davenport, FL · Member since 2016 · 593 posts · 382 votes
9y
The most important thing to me is the agent understanding the investor mindset. I'm not looking for my dream home. I will not get emotionally attached to a deal or house. I need my agent to understand that even after he/she works hours on end on trying to get a deal done I may have to walk away from it. Of course I know that means my agent will not get paid on that deal because it did not close. I need my agent to bounce back from that and not be discouraged with helping me find the next possible deal. The agent I work with has done just that. I walked away from two deals after she already put a lot of work into them. She did not let it discourage her. She knew what I wanted because she cared enough to pay attention to my needs. She went out the next day and found a house for me. It was just what I was looking for. I in turn bought it that day. And because she has been such a hard worker I have already referred two other investors to her.
Real Estate Agent · Cupertino, CA · Member since 2016 · 4k+ posts · 1k+ votes
9y
I think it is important to understand skills as well as agents credibility track record. I will share my FICO score with the realtor and expect him to tell you how credible he is.
I think a flat hourly listing fee is doable, assuming they do not get paid more than local lawyer.