Choosing a Realtor with a Niche Specialty — Investment Property
When entering the investment property world, you will likely encounter many learning curves along the way — but with thorough research and plenty of information, it can be a very lucrative means to generate income!
Don't be fooled into thinking that just because you've become a seasoned pro at buying homes for you and your family that you can handle the purchase of an investment property on your own. Yes, you may be familiar with the buying process, but it will still be very important to work alongside a Real Estate Agent who has specific experience in investment properties. Here is what to look for when hiring a Real Estate Agent to help you through buying an investment property.
Experience is Key
While it's always great to work with an experienced Real Estate Agent when it comes to buying an investment property, you will want to make sure that this isn't your Agent's first rodeo! You can gauge their experience level by asking questions like:
- How many clients have you helped purchase a successful investment property?
- What type of profit margins were achieved in the last few investment properties you worked on?
- What is your strategy/process for finding investment properties that are profitable?
- Do you have contacts that will help identify off-market potential?
- What are the current trends in rental costs for the area?
- Do you own any investment properties yourself?
Do they have a CIAS designation?
The way to think about this is as follows — would you hire a childcare provider that hasn't been trained in CPR? In some cases, maybe. BUT, you are much safer opting for someone who has had training. An Agent with a CIAS designation (Certified Investor Agent Specialist) has gone through extensive training specifically around investment properties and will be better equipped to handle any situation that arises.
Do they own any investment properties?
It's true, not every Real Estate Agent who is great with investment properties will own an investment property themselves. However, an Agent who becomes very good at their job (finding great investment properties), will often begin investing themselves. Owning an investment property of their own shows that they have first-hand experience in the process from beginning to end. Plus, they get what it's like to have your financial livelihood on the line when it comes to a major purchase like an investment property.
They Have the Right Contacts
Having a sphere of the right contacts is especially important when it comes to investment properties. A robust network of relationships with others in the investment world means they will be able to provide you with the inside scoop on opportunities both on and off-market. This potentially will give you a leg up when it comes to purchasing a property. They should also be well connected with lenders, inspectors and contractors savvy to investment properties.
Hiring an experienced and knowledgeable Real Estate Agent is an asset like no other. It becomes even more important when purchasing an investment property. Having an agent on your side who will not only represent your interests throughout the buying process but also knows their way around investments is invaluable. It may take some extra interviewing, but trust us, your investment will thank you!
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