Networking with Local Real Estate Agents
Networking is critical for the growth of any business because being able to make connections with the right people can help you meet the goals you’ve set for your business and ultimately make your business more profitable. Real estate investing is no different. Real estate investing has become increasingly competitive and knowing the right people in your market can give you an edge over your fellow real estate investors. Having the right connections can help you close a deal that you may have otherwise lost out on because you didn’t have the right connections.
One of the best connections you can make in your local real estate market is with real estate agents. Real estate agents are a great resource for real estate investors and can be a great value-add to your business. In this post we’ll explore four key advantages of networking with the local real estate agents in your area.
1) Market Knowledge
One of the biggest resources a real estate agent can provide you is knowledge of your real estate market. A real estate agent will have a good understanding of where the hot spots are in your market and where the most potential value can be found. Conversely they can help steer you away from any areas that don’t offer much upside to you as an investor, whether you’re looking to flip a property or hold it as a long-term rental. Having this knowledge will help you to make accurate estimates for the properties you’re looking to invest in and ultimately help you choose the right properties that will give you the highest return on investment.
2) Their Own Personal Network
Another key resource that a real estate agent offers you, is their own personal network. A real estate agent can help you get your foot in the door with appraisers, title companies, and real estate attorneys that can help you quickly close your properties. They also most likely have relationships with lenders, who can provide you with the financing you need to purchase your property. Real estate agents have a wide reach and come in contact with several different aspects of the real estate industry that may be beneficial to you as you look to grow your own personal real estate investing business. This helps you look for more properties while not having to worry about where your financing will come from or who will help you close your deal.
3) Listing Your Property
Unless you plan on trying to sell or rent your properties yourself, you’ll need the help of a real estate agent to help you get the property sold or tenanted. A real estate agent can help you write an engaging property listing that will attract the right types of buyers or tenants to your property and they can also help you form a strategy on how much to list a property for that will make sense based off of the market comparables for the area. If you’re looking to sell the property, a real estate agent can help you set-up an open house or have a staging company stage the home for you. A real estate agent can also use their personal network and reach out to other real estate agents who have clients that are looking for a new home.
4) Access to the MLS
Being able to quickly find houses to flip or rent is critical in a competitive market. One of the advantages of connecting with a real estate agent is their access to the MLS system, the MLS stands for Mortgage Listing Service, and has a large listing of available properties for the area. MLS listings are typically posted before other listing websites such as Zillow or Realtor.com and that window can provide you with enough time to make a competitive offer and beat other investors to the property.
These four advantages are what make real estate agents so valuable to you as a real estate investor as you look to grow your business and build your real estate team. With such a competitive market it’s important to move quickly with good information on a property you’re looking to purchase and that is something that a real estate agent has the ability to help you with.
At Lima One Capital we are the nation’s premier lender for real estate investors. We lend across the country and provide industry leading fix-and-flip, rental and multifamily financing. It’s our mission to provide a transparent and straightforward underwriting process that is designed to help you be successful. If you would like to learn more about Lima One Capital or our programs, click here.