{"id":142765,"date":"2022-04-20T10:37:45","date_gmt":"2022-04-20T16:37:45","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=142765"},"modified":"2024-01-27T11:38:41","modified_gmt":"2024-01-27T18:38:41","slug":"investor-friendly-real-estate-brokers","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/investor-friendly-real-estate-brokers","title":{"rendered":"How To Build Relationships With Investor-Friendly Real Estate Brokers"},"content":{"rendered":"\n\n      <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm?e=BIGPOC2125367999&#038;light=false\" width=\"100%\"><\/iframe>  \n\n\n\n\n<p><span data-preserver-spaces=\"true\">When entering the real estate investing arena, you must be prepared to face challenges. Real estate is not as cut and dry as some may think. Winning a deal doesn\u2019t always come down to the highest bidder. The team you work with has more of an impact on your investments than you realize.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Building solid relationships with real estate brokers is crucial if you want to keep a winning investment streak and be the first to know about great deals. Believe it or not, real estate brokers have quite a bit of influence over who wins a property.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The first step to developing a relationship with a broker is understanding what they do and how they can serve you. Let\u2019s cover what a real estate agent is and tips for establishing an alliance.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">What is a broker?<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">A \u201cbroker\u201d refers to a real estate broker, a licensed agent with specialized expertise in real estate. All brokers must be licensed. However, not all agents become brokers. A key difference between an agent and a broker is that a broker can work for themselves. Real estate agents that are not brokers are required to operate under a brokerage.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Brokers can do everything an agent can. While agents typically only handle clients, listings, and sales, a broker does more. Brokers ensure all real estate transactions are lawful, all paperwork is accurate and complete, and all capital, such as funds in escrow accounts, are documented and reported correctly.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Each state will have different licensing requirements, but one must adhere to some general stipulations to become a broker.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">First, they must be a licensed agent for a certain amount of time. Secondly, they have to be over the age of 21, and third, they must reside in the state where they will be licensed.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">What brokers can do:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span data-preserver-spaces=\"true\">Manage funds in an escrow account<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Arbitrate any legal disputes<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Hire and manage real estate agents<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Market a property<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Write contracts<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Represent buyers and sellers<\/span><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">3 tips for building good broker relationships<\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">There are a few key strategies that you can employ to create deeper connections with real estate brokers. The first step is deciding whom you want to work with. Focus on your investment goals and select brokers that will be able to bring you offers that align with your goals. Here are three tips for building relationships with brokers.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">1. Meet them in-person<\/span><\/h3>\n\n\n\n<p><span data-preserver-spaces=\"true\">Meeting face to face is something we\u2019ve lost touch with since 2020, but it\u2019s a must in the initial stages of getting to know a broker.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Meeting in person allows them to see you as a real person and vice versa. Start with a quick meet and greet or lunch. Next, tour a property or two with them. This is a great time to discuss your investment goals and the types of deals you\u2019re looking for while establishing a connection with them.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">2. Communicate regularly<\/span><\/h3>\n\n\n\n<p><span data-preserver-spaces=\"true\">Provide continuous feedback to brokers. The specific communication channel (phone, email, text) isn\u2019t as important here, as long as it\u2019s one that you both agree on.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">It\u2019s essential to keep two-way communication open. Ask questions, give your opinions, ask for their opinion, and discuss ideas.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">They are the professionals, after all. Let them know if you run the numbers on a property and decide it\u2019s not the right deal. They will appreciate the honesty, and it will save you both time and money.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Don\u2019t be afraid to speak the truth. Tell your broker precisely why you are not interested in a property or don\u2019t want to accept a deal. Being honest will help them better understand what you\u2019re looking for. In the future, they will bring deals that more accurately align with your goals.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Communication is the core to nurturing any relationship. Periodically give them a call or text to touch base and do your best to respond quickly when they contact you. A broker will stop working with you if they feel that you\u2019re not carrying your load.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Come prepared<\/h3>\n\n\n\n<p><span data-preserver-spaces=\"true\">It\u2019s ok if you\u2019re new to real estate investing and don\u2019t understand all the ins and outs. That is what the professionals are here for. Brokers won\u2019t expect you to carry the ball, but going into the game with a general strategy will benefit all parties.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Take the time to research and set your real estate investment goals. This will help you discover the type of broker you need and aid the broker in understanding how to assist you. Come in with some knowledge of the markets and submarkets you\u2019re interested in. Ultimately, this is your investment. You should be a part of it every step of the way. Learning more about the market will only help you in the future.<\/span><\/p>\n\n\n\n    \n  <div id=\"visibility-group-block_823c45190e96cee35ebe6e07837e1fc3\" class=\"visibility-group alignwide  hidden\">\n        \n\n<div id=\"hero-block_85d721a768bde5f78cb6de358e4f2e97\" class=\"first:mt-0 hero-block py-4  alignwide   has-background has-slate-200-background-color has-text-color has-theme-gold-color\">\n    <div\n        class=\"gap-10 lg:gap-20 flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 lg:w-1\/2 \">\n            <main class=\"py-4\">\n                \n\n<p class=\"has-slate-800-color has-text-color has-large-font-size\" style=\"font-style:normal;font-weight:800\">Find the Right Agent, Close the Best Deal<\/p>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color\" style=\"font-size:18px\">Step #1: Use Agent Finder to match with top <em><strong>investor-friendly<\/strong><\/em> real estate agents to help you find, analyze, and close your next deal.<\/p>\n\n\n\n<div id=button-custom-event-block_b06d09e7620368ea2ff7759e7abd6f53 class='button-custom-event'>\n      <a\n    href=\"https:\/\/www.biggerpockets.com\/agent\/match\"\n        x-on:click=\"window.analytics.track('Blog Block | B2C Marketplace Agent Finder', {\n      referrer: 'https:\/\/www.biggerpockets.com\/blog\/investor-friendly-real-estate-brokers',\n    });\"\n    class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Find an Agent<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n                <div class=\"lg:w-1\/2 first:mt-0 relative h-full lg:flex lg:items-center\">\n            <img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2021\/08\/Marketplace-Blog-Blocks-Agent-v3.png\" alt=\"investor friendly real estate agent\" title=\"\">\n        <\/div>\n            <\/div>\n<\/div>\n\n  <\/div>\n  \n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n    \n  <div id=\"visibility-group-block_64dd31c79f00f\" class=\"visibility-group  \">\n        \n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div id=\"hero-block_64dd2875dba9d\" class=\"first:mt-0 hero-block py-4    has-background has-slate-100-background-color has-text-color has-theme-slate-color\">\n    <div\n        class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 w-full \">\n            <main class=\"py-4\">\n                \n\n<h3 class=\"wp-block-heading my-0 tracking-tight font-extrabold has-theme-slate-dark-color has-text-color has-large-font-size\">Join the community<\/h3>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-theme-slate-color has-text-color\" style=\"font-size:16px;font-style:normal;font-weight:400\">Ready to succeed in real estate investing? Create a free BiggerPockets account to learn about investment strategies; ask questions and get answers from our community of +2 million members; connect with investor-friendly agents; and so much more. <\/p>\n\n\n\n<div id=button-custom-event-block_64dd2888dba9e class='button-custom-event'>\n      <a\n    href=\"https:\/\/www.biggerpockets.com\/signup\"\n        x-on:click=\"window.analytics.track('Blog Block | Acquisition | Free Membership Signup', {\n      referrer: 'https:\/\/www.biggerpockets.com\/blog\/investor-friendly-real-estate-brokers',\n    });\"\n    class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Sign Up<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n            <\/div>\n<\/div>\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n  <\/div>\n  <\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The benefits of building a solid relationship with a broker<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">If you get in good with brokers, you\u2019ll have a higher chance of scoring the properties you want. Brokers present offers to sellers, vet buyers, and recommend which buyer the seller should choose. If you&#8217;re going to be on their list of recommended buyers, you need to build a good rapport. Broker services will come in handy, especially if you plan to use&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/1031-exchange-strategies\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">1031 exchange strategies<\/span><\/a><span data-preserver-spaces=\"true\">.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Here are a few benefits of constructing a solid connection with brokers.&nbsp;<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Access to good opportunities<\/span><\/h3>\n\n\n\n<p><span data-preserver-spaces=\"true\">Building relationships with brokers can open up opportunities that have not yet hit the market. Off-market deals are some of the best opportunities for investors because they eliminate competition and bidding wars that drive the price up.&nbsp;<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Knowledge of the area<\/span><\/h3>\n\n\n\n<p><span data-preserver-spaces=\"true\">Building a connection with a broker local to the market you\u2019re in will be a massive benefit. If you\u2019re looking for property in Kansas City, find a local broker who has an experienced understanding of the area and market. A local broker will be aware of state and city laws and neighborhoods to avoid. They also have established relationships that keep you the first to know about upcoming deals. They can also recommend trustworthy property managers and other essential team members, making your life a whole lot easier.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Vetted network<\/span><\/h3>\n\n\n\n<p><span data-preserver-spaces=\"true\">A good broker will have a vetted network of buyers and sellers who are serious about opportunities. They will often have more trustworthy clients and other investors, which will help make the process run smoothly. A vetted network is beneficial when working with 1031 exchange timelines and finding like properties.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Final thoughts<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">Building relationships with brokers is crucial to your success as an investor in real estate. By maintaining stable and long-term relationships with brokers, you&#8217;ll have an easier time finding suitable properties, having access to prime or off-market opportunities, and being on the shortlist of trusted buyers.&nbsp;<\/span><\/p>\n\n\n\n<p><em>P.S.&nbsp;<a href=\"https:\/\/www.biggerpockets.com\/agent\/match\" target=\"_blank\" rel=\"noreferrer noopener\">Agent Finder<\/a>&nbsp;is a great tool to find an investor-friendly broker if you&#8217;re still on the hunt.&nbsp;<a href=\"https:\/\/www.biggerpockets.com\/agent\/match\" target=\"_blank\" rel=\"noreferrer noopener\">Check it out<\/a>!<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When entering the real estate investing arena, you must be prepared to face challenges. Real estate is not as cut and dry as some may think. Winning a deal doesn\u2019t [&hellip;]<\/p>\n","protected":false},"author":613602,"featured_media":142767,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7119],"tags":[1034],"class_list":["post-142765","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-biggerpockets-daily","tag-real-estate-agents"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/142765","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/613602"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=142765"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/142765\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/142767"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=142765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=142765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=142765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}