6 Tips for Screening Your Investment Realtor

Your success in real estate investing depends on your network. The inner circle should consist of your mentors, lenders, an attorney and a Realtor. And just like plumbers, electricians, police officers (or someone you might work next to) there are good and bad in every industry. Here are 6 things you should be looking for when choosing an great Investment Realtor: 

1) THEY INVEST THEMSELVES: You'd be surprised how many Realtors don't rehab or own rentals. Would you hire a mechanic that only rides a bicycle? Would you hire a dentist with no teeth? Don't hire a Realtor that is just a sales person. You want someone who can guide you based on personal experiences. Those are lessons that were learned the hard way. If they invest themselves, they will also know how to write and negotiate non-tradtional contracts or package offers for a higher rate of acceptance. If they don't have extensive investment experience, then make sure they are part of a team that will provide them the resources you need.

2) THEY HAVE A NETWORK: Your success is greatly determined by the company you keep. Make sure your Realtor has connections and is affiliated with local investment clubs. Do they serve on any boards? Are they proactive in the industry? Have they established professional credentials above being a salesmen? You're going to need to know someone who knows people. Lots of people. The higher the caliber of their network, the higher yours will be. Find the guy (or girl) with a ton of contacts and affiliations. They also find deals before anyone else because other investors know to contact them first.

3) THEY TEACH WHAT THEY KNOW; If you want to master something, teach it. If your Realtor gets business from posting catchy picture of themselves on a shopping cart, you most likely have the wrong guy. If his head shot is so pretty you thought he was selling hand cream, then you also might have the wrong guy. Find someone who seeks to master their skills, does not settle for mediocrity and builds others up. 

4) THEY HAVE TESTIMONIALS: Success leaves clues. So does failure. Ask to talk to 3-5 past clients who they have helped accomplish what you are looking to accomplish. Don't just accept a written list. Call these people and make sure they're for real. 

5) THEY HAVE OUTSIDE REAL ESTATE EXPERIENCE: Look for that Realtor that was successful in areas outside of real estate. Someone that has a track record of achievement. If they ended up in real estate by default because where every they went, doom eventually followed, you should avoid that person. 

6) THEY PICK THEIR CLIENTS SELECTIVELY:  Great Realtors don't give away their hard earned tools, resources and connections without wanting to make sure you're committed to them as well. Your dentist is not going to provide you x-rays for free. Your CFA is not going to review your tax returns and suggest strategies for free. Your mechanic does not diagnose, repair and warranty their service for free. The ones that do, seldom stay in business and actually get less respect within their own industry. Since they don't get paid unless you're happy and you buy or sell something successfully, they have a lot to lose if you're just looking for "Realtortainment". Ever notice how the multimillionaires have their own guy? They find someone who they can work beside and develop a long lasting mutually beneficial relationship. That guy has your back. The low producing Realtors who have minimal value will work without a commitment because they have little to no value. 

Remember: Cost is only an issue when there is a lack of value. 

If you have any suggestions or tips for screening and qualifying your Realtors, please share your experiences and let us know what works for you. 

Don't get sold. Get educated.