Find real estate agents near me when you need help identifying and evaluating renovation expenditures for a potential investment property.
Table of Contents
- What Is a Real Estate Agent?
- Pros of Hiring Real Estate Agents Near Me
- What to Look For in Real Estate Agents Near Me
- How to Find a Profitable Investment Property
- Conclusion
In such a case, make sure you should work with investor-friendly real estate agents. They are particularly well-versed in your region’s rehabbing and real estate markets. Many real estate agents work with conventional purchasers and seller customers who are trading their primary house.
On the other hand, the “investor-friendly” sector of agents is very knowledgeable about the investment side of the business. Preferably, they also manage several of their own investment properties.
If you’ve been searching for “real estate agents near me,” let’s see how investors can benefit from working with agents and how to find the “best real estate agents near me.”
What Is a Real Estate Agent?
A real estate agent is a certified professional who enables real estate transactions by bringing buyers and sellers together and representing them in discussions. However, we will mainly focus on investor-friendly real estate agents near me and how to recognize one.
A real estate expert that knows why real estate investors acquire rental property and what they seek in a home is known as an investor-friendly agent. Most agents interact with homeowners worried about aesthetic issues such as floor color or equipment age. You probably don’t care about such aspects as a real estate investor.
Investors are most interested in financial parameters such as reasonable rental price, operational expenditures, return on investment, cash flow, and possible tax benefits of owning a specific rental home. Most real estate agents are unaware of how the parameters function, but an investor-friendly real estate agent is aware of them.
Before we go any deeper and expand on the top real estate agents near me part of the article, we will also mention a few other types of real estate professionals.
Other Types of Real Estate Experts
A real estate agent is a broad term, and we will cover some other types of real estate experts you should be aware of. The many types of real estate agents are as follows:
Realtor
A realtor is a National Association of Realtors-licensed real estate agent who must adhere to an ethical code. The realtor works for a brokerage firm that hires agents, connects buyers and sellers, advertises the property for a commission, and even maintains your rental property.
The realtor signs an agency agreement with a purchaser or seller and is legally bound to perform all the specified tasks. Such professional is required by law and the ethical code to put the client’s interests ahead of their own. They must also be truthful and honest in all their activities.
Broker
A broker is a certified real estate agent that manages property advertising and sales. Moreover, the real estate broker is not required to work for a real estate agency. They may choose to work on a contractual basis for several real estate firms. The broker frequently undertakes his own market analysis to obtain properties to sell or buy for the client.
The real estate broker will promote, list, and display your home, secure the best potential buy or selling price, and inform the client of any concerns that may occur throughout the entire process.
Dual Agent
A dual real estate agent works with the purchaser and the seller on the same home. Typically, the agent enters into an agreement with both parties. It can also happen if the seller’s and purchaser’s agents both work for the same real estate companies. The dual agent must reveal his position in the deal, or both parties may resign from the contract.
When selecting a dual agent, keep in mind that potential conflicts of interest may arise. A double agent, for example, may be able to access classified information from both clients.
Other notable mentions include:
- Buyer’s Agent: Works solely with the purchaser. They will listen to your exact property requirements and do research on several houses within your budget range.
- Seller’s Agent: Primarily works with the sale of your property and anticipates a commission if the transaction is achieved. They will advertise your home in multiple listing services databases so that other real estate agents and possible purchasers may easily locate it.
Moving on with our investor-friendly “real estate agents near me” topic, let’s see some pros of hiring one.
Related: How Much Do Real Estate Agents Make in 2022?
Pros of Hiring Real Estate Agents Near Me
Hiring a real estate agent with excellent knowledge of investing in real estate makes good financial sense for numerous reasons.
Recognize Market Trends
A competent investor-friendly agent is familiar with the local marketplace and which micro markets or areas may be suitable for the finest investment opportunities. Once your agent understands the type of property you’re searching for, they can help you narrow down the possibilities that are the greatest fit for your business strategy.
Determine Potential Returns in Market
A skilled real estate agent may also help you calculate possible returns based on your area’s current market activities and trends. You’re probably already aware of rental property financial figures like cash flow, net operating income, and cap rate as a real estate investor—and your agent will be, as well.
For instance, you may ask your agent to seek properties with a gross rent multiplier of 7 or below. It is because the higher the rental revenue generated compared to the price, the more lucrative the property may be.
Make Local Connections
When looking for “top selling real estate agents near me,”—an investor-oriented real estate agent should be able to connect you with their existing network of local connections.
The local housing community, like many others, can be a closed and small one. You’ll be able to tap into relationships that would take years to create on your own if you have someone who can expose you to the local industry players.
Discovering the finest lenders, property managers, and contractors in your area might be the distinction between owning a property that just makes it through and overseeing a rental property that delivers a healthy ROI season after season.
What to Look for in Real Estate Agents Near Me
Now, how can you know whether a real estate agent is investment-friendly? What are the indicators that the agent possesses considerable investment knowledge, allowing them to assist customers wanting to flip houses or establish a portfolio of rental properties? Let’s look at the most critical skills and abilities of a real estate agent near me.
1. Off-Market Property Access
According to all experts, the capacity to provide homes that aren’t even on the market is a significant benefit that “real estate agents near me” can deliver. What exactly does it mean for an investor?
An agent with broader access to off-market deals may supply the buyer with additional investment options, granting them a competitive advantage and linking them to more profitable agreements.
Related: How to Find Off Market Properties in 2022: The Complete Guide
2. Seasoned and Full-Time in Real Estate
Several agents who are just starting or seeking to change careers may experience a transition when balancing real estate with another job or education. While collaborating with a part-time agent is doable, property investments often need more experience and knowledge. It is best handled by full-time agents who aren’t doing multiple jobs.
And why is that?
A full-time agent can help find homes and negotiate transactions faster than a part-time agent. In addition, they will be more responsive and open than a part-time agent.
Find top performing agents in Los Angeles if you’ve wondered about “real estate agents near me.”
3. Firsthand Investment Experience
An agent with an investment in real estate brings in a personal experience of potential problems and challenges. It allows them to assist you in avoiding them in your own transactions.
However, there is one thing to keep in mind. If you engage with an agent who is actively investing, they may retain the greatest opportunities for themselves in some situations.
To avoid such a scenario, search for an agent that implements a different strategy than you. For example, if you are interested in flipping houses while they want to buy and hold houses, it might lead to a complementary rather than competitive interaction.
Moving on, let’s see how to find an investment property with or without an agent.
How to Find a Profitable Investment Property
Even if you’ve searched and found the best real estate agents near me, follow our steps to discover how to secure investment property with or without an agent.
Educate Yourself on Real Estate
Even if there are a few real estate agents near me who will help you make an informed decision, you may learn all you need to know about buying investment property by reading books, articles, and blog posts. You may also engage in other programs to get expertise and meet other property investors.
As a result, you will get the chance to express your thoughts on the top real estate investments. You will also diversify your real estate circle, which is an essential step in learning how to acquire an investment property.
Analyze the Real Estate Market
Before purchasing a rental property, an investor should typically do a real estate market study. It is because you will obtain complete information on the local marketplace and its current state. Furthermore, the real estate investor uses real estate comps to examine the desired property.
Real estate comparables are similar to rental properties that are being compared to the house of your preference. When property investors want to evaluate a home’s worth, they will do real estate market research.
With that strategy, you won’t overspend on the property you want. Predictive analytics based on real estate comps may also determine how much it should be charged for rents.
Related: How Do You Find Real Estate Comps?
Use Real Estate Investment Tools
When obtaining investment properties, every real estate investor should know the many types of platforms and tools available. You may wonder where you can discover such tools? Well, you can always locate them on one of the best online real estate platforms, such as Mashvisor.
Let’s see how you can navigate your way through real estate by using one of Mashvisor’s most useful tools.
Real Estate Heatmap
Location is the most crucial factor in a real estate investment. We’ll never get tired of highlighting the importance of location.
Mashvisor recognizes the significance of the said factor. If you didn’t know, various neighborhoods in the same city could demonstrate different potential for home prices, rental revenue, occupancy rates, and other essential property variables. Mashvisor’s Heatmap tool comes in handy here.
Mashvisor’s Real Estate Heatmap allows investors to look for and identify locations or neighborhoods that are the most and the least profitable, according to cash on cash return, rental income, listing price, and occupancy rate.
The Real Estate Heatmap is a neighborhood research tool that shows you which community areas are the most profitable or offer the greatest potential. The first step is to enter the city where you want to start your investment property search. The results are then shown using various filters depending on your requirements. Among the filters are:
- Traditional Cash on Cash Return
- Airbnb Cash on Cash Return
- Traditional Rental Income
- Airbnb Rental Income
- Listing Price
- Airbnb Occupancy Rate
Let’s say your investment budget is $400,000. Enter the said amount into the Listing Price filter. The heatmap tool will then show you which neighborhoods fall within that price range and which don’t.
Furthermore, because it is color-coded, the tool is simple to use and comprehend. Neighborhoods that meet your standards will be highlighted in green, while the ones that do not will be highlighted in red.
Conclusion
Consulting with investor-oriented real estate agents near me is one of the fastest ways to identify an excellent rental property. There are several advantages to having an agent on your side, such as locating off-market bargains and recognizing local patterns in real estate.
However, since most low commission real estate agents near me work with regular homebuyers—finding an excellent investor-friendly agent might be challenging. When you interview a potential agent, ask critical questions to discover whether they have what it takes to improve your real estate investment business income.
To get access to our real estate investment tools, click here to sign up for a 7-day free trial of Mashvisor today, followed by 15% off for life.