When it comes to real estate investing, some Los Angeles investors choose to obtain their real estate license to broker their own transactions. While this is a good idea for some, it may not be for everyone. There are investors who just want to focus on the investment itself and leave the transactional paperwork to a Realtor. If you’re this type of investor, here are some questions you should ask your potential agent partners.
How Do You Find Deals?
Some agents may simply create a set of buying criteria for you, and then lean on MLS to notify you when properties fitting your criteria come onto the market. While there’s absolutely nothing wrong with this automation…you’ll defintely want to know if this is all they will be doing. Other agents may scout for off-market deals, potential FSBO (for sale by owner) transactions, and wholesale properties. If an agent works with other Los Angeles investors…they may even have clients who are looking to sell a property that meets your criteria. While there’s probably not a right or wrong answer to this question, it does help to be on the same page with your Realtor partner when starting your investment search.
How Do You Prefer To Communicate?
You could argue that the best answer here would be: “However you’d like to!” In all seriousness though, finding an agent who shares the same communication preferences as you is a big deal. Some folks prefer calling, some send a quick text or email, and some will even use Skype or FaceTime for a more personal interaction. Whatever the method of choice, it helps if both you and your agent partner are on the same page as there will be a lot of communication before, during, and after transactions.
Are You An Investor Yourself?
This is an important question as it’s helpful to know if your Realtor may also be your competition. You may not want to have the same investment criteria as the person charged with finding your investments. A Realtor that has personal investing experience can be a great asset for you, but you certainly wouldn’t want to be battling them for deals.
Are You Full-Time Or Part-Time?
You’d think this answer could be taken for granted, but it’s better to be safe than sorry. It could be that a Realtor is closing in on retirement or just became licensed and still has another work obligation. Neither one of those scenarios is a conversation-ender by any means…it just helps to know upfront.
As we’ve mentioned, there’s not technically right or wrong answers here…it all has to do with finding a Realtor that you prefer to work with. The goal with these questions, and any other screening dialogue you have with potential Realtor partners, is to align expectations so you can close real estate transactions efficiently and profitably!
Give us a call at 877-472-4842 if you’re new to real estate investing, or a seasoned professional interviewing new business partners. We’d love the opportunity to earn your business!