Updated over 5 years ago on . Most recent reply
New agent approached by investors
Hello biggerpockets family. My friend is a new real estate agent who hasn't closed her first deal yet. Today, through a mutual friend, she was introduced to a gentleman who is part of an investment group. He informed her that his group is looking to buy and flip properties in her city and they need a good real estate agent with connections with contractors, lenders, etc. She has no experience dealing with investors obviously, as she is a new real estate agent. I've already suggested that she go on biggerpockets and seek out agents in her city that specialize in flips or rehab properties. Is there any other advice you can give me that I could share with her? Especially about her fear of another more experienced agent stealing her potential clients. Thank you
Most Popular Reply
Hi @Tony Stone, my advise to a new agent is to focus in on their systems and how they want to go about running their business first. I say that because while you obviously don't want to lose a client in the short term....in the long term we can't be so tied to results as an agent. We really have to be process oriented and building systems around how you want to do business is the way to do that.
That being said in the short term I'd really just try to help this person understand the basics of real estate investing. Just be comfortable with some metrics at a baseline level. And then be transparent with the client, have your friend be honest about their strengths and their weaknesses, they will respect them a lot more for doing this. And then assuming your friend has a good idea about the area, most investors aren't looking for an agent to turn their whole business off to, they're looking for someone to help them so some of the work they don't want to. If you can give them local guidance and a second set of eyes to look at the deals, you're going to be in good shape. These are two ways I provide value to my clients, as well as doing showings for them (taking pictures/video, etc.) when they are not around, as well as trying to play devils advocate to any idea just to cover all basis (for some reason my investors love this).
Hope this helps!