Working with real estate investors can be a lucrative career move.
Unlike residential clients, real estate investors are market-savvy. They buy and sell year round and often make multiple transactions within a short time frame.
If you can prove yourself to be the go-to agent, investors can be a steady source of repeat and referral business. But how can you establish yourself as their preferred agent?
Know what they want.
An investor’s end goals and corresponding pain points will vary based on their chosen niche and investment strategy. An agent who works with investors should understand these strategies to provide the most relevant assistance quickly. For example:
Buy-and-hold investors want properties with long-term income potential. To identify properties they will want, you must analyze ROI, considering renovation costs, taxes, insurance, legal fees and more. Investors will value agents that don’t waste their time with unprofitable endeavors.
Fix-and-flip investors want low-cost properties that can be quickly refurbished and sold for maximum profits. Speed is imperative at both the point of purchase (to beat the competition) and the point of sale (to reduce holding costs). Investors value an agent who can locate properties with potential quickly and price them competitively to sell fast.
Know the market.
Investors are looking for affordable homes in emerging, in-demand neighborhoods attractive to long-term renters. However, they typically lack relevant insight into local jobs, amenities, transportation, school districts, competition, and housing trends. The go-to agent can quickly inform them to understand the value of one property over another.
Know the right people.
To maintain a profitable real estate investment business, you need a lot of professional assistance: appraisers, attorneys, contractors, financial advisors, etc. The preferred agent comes prepared with all these relationships, which will save the investor valuable time and money.
For more ways to become the go-to expert in your chosen area of expertise, reach out today.