New Realtor in Chicago

[Jose Garcia]

What's something you look for in a realtor, whether you are buying, selling or investing. What are some qualities that you like to see in a  realtor, whether is market knowledge, background knowledge, anything! let me know, I am a new Realtor here in the North Side of Chicago with a background in construction and remodeling, and have remodeled homes all over Chicago. Now I want to be informed to better service my clients and be the best possible Realtor that I can be. 

[Dustin Allen]

@Jose Garcia

Your background in construction will go a long way in helping you provide good service to clients. A huge part of vetting properties is determining what needs to be fixed/updated and how much it will cost.

The part you should focus on is becoming a local market expert. Watch the listings that come on every day in the areas that you want to serve. Watch which ones go under contract the fastest. Try to predict what they will sell at and then check when they close to see how close you were. If you do this for a few months, you will start to have a good handle on that particular market. 

Best of luck and just keep pushing forward. This business is all about momentum and it takes a little effort to get it going.

[Jose Garcia]

I've gotten a couple of questions about construction which feels great since I have lots of knowledge in that area, but I really loved what you said about being an expert in the local market that I want to serve and what I should do, so thank you I really appreciate your suggestion on what I should do to serve my local area! I will definitely be focusing on that more 

[River Sava]

Quote from @Jose Garcia:

What's something you look for in a realtor, whether you are buying, selling or investing. What are some qualities that you like to see in a  realtor, whether is market knowledge, background knowledge, anything! let me know, I am a new Realtor here in the North Side of Chicago with a background in construction and remodeling, and have remodeled homes all over Chicago. Now I want to be informed to better service my clients and be the best possible Realtor that I can be. 

Hi Jose,

Commendable post as you’re seeking to provide the best service for your clients. That’s what separates a good from great realtor. I work for a private nationwide lender and I’m looking to connect with more realtors like you. We have a referral program that I’d love to talk with you more about. Just sent you a friend request!

[Chris Winslow]

That's awesome that you are looking for ideas here, that alone goes a long way! Construction is a great background because it'll give you an idea of rehab costs which will be extremely important when working with investors as @Dustin Allen mentioned. I also second what he mentioned about being a local market expert, and that is probably #1 as a realtor. 

When I was looking for a realtor here is what I looked for mainly:

- if they had experience investing and were also investing in the current market conditions (also what type of investing?)

- how many deals they do and what types (locations, building types)

- what types of clients they serve (other investors hopefully)

- do they have time to support me fully and what would be the best methods of contact

- ask questions to find out what they are good at and what their unique skillset is

- market knowledge: which areas are hot, which might see appreciation, where do people house hack, where do people flip, etc

- if they had contacts for contractors, lenders, attorneys, other investors, etc (rockstars know rockstars)

Good luck!

[Jonathan Klemm]

Hey @Jose Garcia - We should definitely connect off of the forums.  I'm a local Chicago builder / general contractor, but also have a brokerage that specializes in working with real estate investors.

I think being a good person and doing the right thing is the most important aspect of being good any anything you do.  A good investor friend agent is going to know his areas very well not just general knowledge but detailed investor-focused knowledge about what's happening the neighborhoods and why/why it may not be a good investment area.

I want an agent that ACTUALLY knows the numbers and can explain them to me.  Too many agents just say "it's a good deal", but can't actually explain why it's a good deal based on data-driven points.  I am a very analytical person and am always ready to move quickly when the right information is presented to me, so know what your clients are looking for and make sure they can act fast.

I'll end with one of the most important aspects of being realtor responsiveness & communication.  Communication is lubrication!

[Jose Garcia]

And that's the thing I love about listening to biggerpockets, David Greene talks a lot about what seperates a good agent with a great agent, and it's not just saying that it's a good deal. That's very easy to say like you said, and as a new agent I want to be the expert in my field, and be able to explain and show what the good deals are and why. Like you @Jonathan Klemm, I like to make informed decisions, have all the numbers laid out, all the data I need to make good decisions. I'm new but I want to steer myself in the right direction, and learn from the right people and gain a lot of knowledge from investors like yourself.

[Jose Garcia]

I love construction and real estate, and later on I want to invest in property like you @Chris Winslow, I appreciate you posting here and sharing things that you look for, that will help me better service investors like yourself!  

[Jonathan Klemm]

Well, come on @Jose Garcia!  Come learn & grow with us!

[Andrew Holmes]

@Jose Garcia @Jonathan Klemm made some good points. With an investor you have to pick your poison. With a home buyer it's a different poison. I don't mean to sound jaded but here is the reality. It's hard to serve the investor community and sell retail at the same time. Just my opinion. Granted I have not sold real estate since 2008 before that all I did was listings because buyers took too much time. I was the king of prospecting and everyone hated it so it worked for me. 

Most investors are a pain because most of them have no clue and have their own ideas. They are not going to listen if you try to explain. Much better to meet a handful of good investors along the way. They know what they want and as you get to know them you will get a feel for what they look for. Once you have that it's easy to cater to them because they will be pain free. Quick decision makers and know exactly if the property will work for them. 

Quite honestly working with investors is tricky. Can be profitable but it's better to work with a handful that are loyal and will come back and re list with you on the sale side when they are doing flips. I would concentrate on retail and build a core investor business on the side. Quality than quantity with investors is important. 

Biggest value you can bring is know the markets you work like the back of your hand. It's important to know the inventory what something will really sell for and what a property can be rehabbed for as an investor but retail pricing. Even with a lot of contractor their pricing is close to retail not what we would want the work done for. Specially in a changing market you will provide tremendous value for folk you understand the knowledge you can lend to them.