Whether you are looking for your first investment or you are interested in creating a long term working relationship with a commercial realtor for building your portfolio it is very important that you find the right commercial realtor for your investment needs.
To begin with, you need to realize that not all Realtors are commercial agents, and not all real estate agents are Realtors. A REALTOR® is a licensed real estate salesperson who belongs to the local, state, and the National Association of REALTORS®, the largest trade group in the country. REALTORS® are held to a higher ethical standard than licensed agents and must adhere to a Code of Ethics.
The right realtor for your needs can mean all the difference in the world between a successful and profitable transaction now as well as many more in the future (if you plan on building a portfolio). Below are some important things to notice when selecting a realtor that will meet your needs.
1) Does the realtor you are considering listen to your needs? This is important as it will save you both a lot of time and money in the process of finding the perfect investment property. If the realtor is constantly presenting properties that do not meet your budget or price requirements or keep pushing their own listings it might be a good idea to either lay down the law or find a realtor that is willing to expect your wishes and needs.
2) Does he or she ask questions and provide appropriate feedback? This indicates a direct interest in your needs, which is important particularly when planning for a long-term investment relationship though some find it even more important when investing for your own future and for your family’s future this is also a personal matter rather than a business matter. We all have a tendency to be more selective when placing the welfare of our family in the hands of another.
3) Do you feel comfortable dealing with the realtor you are considering? As I mentioned above we tend to be a little choosier when selecting professionals to help our families. Why on earth would it be any less so when it comes to the realtor that will help our family secure a future?
Rapport is a good word to describe the sort of relationship you need to develop with your realtor. Do you have a good rapport with a potential realtor? If not, then move along. There are other realtors in most cities and finding the right commercial realtor for your investment needs should not be difficult. There is absolutely no reason that you should deal with a realtor that doesn't make you feel comfortable and secure.
4) How well does the realtor in question know/understand commercial investing? There are many things that make a property a 'good investment'. You want a realtor that has his or her finger on the pulse of the market and the various areas of interest, growth, and decline within each market.
Economy and socioeconomic patterns matter, he or she should know about the local economy, new business developments, and the value of property in the area (as well as the tendencies of property values to rise or fall over the last several years).
5) Does the realtor in question have specific experience dealing with your specific real estate needs? Whether you are planning a multi-family or if you are seeking other types of commercial investment property you will need a dedicated and experienced professional that can help you meet your goals.
There are many residential realtors in most towns and many aspire to get into the commercial field due to the fierce competition in the residential arena. There is no reason whatsoever that anyone should suffer with an inexperienced but ambitious agent that you do not feel has the right experience or knowledge.
If you invest a little bit of time and energy shopping around for the right realtor to meet your needs, you will find that your real estate transactions will take much less time and effort for this small sacrifice. It is much better to make the decision based on a few careful interviews in the beginning than after investigating five or more properties that do not meet your goals or price range.
Then you have wasted a great deal of time and effort and you must still either risk wasting more time and effort or take the time to select another realtor for your real estate needs.
I also highly recommend selecting a real estate agent with a significant online presence. This means that he or she is making use of the available technology in order to offer more options to you as the consumer. Buying an investment property can be a mind-boggling process for the average person. Having a good realtor can make the process work so much more smoothly.