Realtors® are not created equal. It would be nice if that were the case, particularly if you are considering getting into the investment market. You could just walk into or call an agency and get the ball rolling. But that’s not necessarily a wise move. Your investment realtor should go through an interview process to make sure you’ve found the perfect match. Some of the things you should be looking for are below.
Finding a real estate agent that specializes in the investment market is important. If the agent you are interviewing handles residential as well as commercial sales, chances are you should look elsewhere. The rules and procedures for investment sales are different and usually more complex than for residential sales. A cookie-cutter approach doesn’t really work. Help yourself in the interview process by decided what type of investment property you are interested in beforehand. That way you’ll have a better idea of what to ask, and what type of special skills your agent should have.
Self Investment Experience
A real estate agent that invests in the market as part of their personal portfolio has a better idea of the process. Asking your prospective agent if they have investment property is a wise move. If they are successful in their portfolio holdings, you can be confident that they are business-savvy and know how to find profitable investment properties.
Local Area of Expertise
If you already have a locale and/or target market in mind for your investment, ask your agent where they specialize. For example, if you are wanting property in Victoria, someone with knowledge of that city will know whether downtown is a good option for rental properties or if you should think about going into the suburbs. The same is true for most metro areas in Canada. Having an agent that knows a metro area intimately can help you find and make the best investments possible.
Solo Operator or Team Player
Some agents prefer to pretty much go it alone. Others have a team that assist them on every transaction. Find an agent that has a reliable stable of accountants, brokers, property managers and leasing assistants that they can call upon. You will eventually need most or all of these services, so why not have them available from the start?