Investor Friendly Real Realtor
Hello Investors!
I am writing this to say that I am taking my SRS(Seller Representative Specialist) Designation Class today with the NAR(National Association of Realtors). I have already completed my ABR(Acredited Buyer Representative) Designation, Commercial PRO Series - Multifamily, PSA(Pricing Stategy Advisor), Fundamentals of working with RE Investors, Affordable Housing Solutions, and SFR(Short Sales and Foreclosure Resource) Certifications. I am also working on completing my GRI(Graduate Realtor Institute) Designation, RENE(Real Estate Negotiation Expert) Certification, and the NAR program called C2EX(Commitment To Excellence) as well...
What does all these letters mean? It means that I am committed to knowing as much as I can about the Real Estate industry to better help you as a buyer or seller. Unfortunately, I cannot learn ALL of the areas in the country, but I would recommend that when you do look for a Realtor to help you with your Real Estate Investments, ask them if they have any or all of the designations. If nothing else it will show their commitment to the Real Estate industry.
I would also come up with a list of what you are looking for in using a Realtor to assist you with your type of transactions. As an example, if you are looking for a Realtor to help you find Office or Retail space, and you asked me to help... not my area of expertise so I would NOT be the Realtor you are looking for, keep looking. I would also see if they will go to a property for out of state and sometimes out of country investors, so they can do a YouTube video to walk through the property. As I do this, I comment on everything that I see, which also helps me to calculate the repairs needed to make the offer correctly. I then take the CMA(Comparative Market Analysis) for the property and come up with not only the ARV(After Repair Value), but I also create the MAO(Maximum Allowable Offer) number so that you can see where you need to be to make a competitive offer, and more importantly are able to make your projected profit number. You should be able to send an address to an Investor Friendly Realtor and they should be able to do all of the leg work and return to you what an offer should be, so you just need to make the decision on whether to buy or not. On the other side of the coin, when you decide to sell a property they should have more than just put a listing into the MLS to get the property sold quickly. Ask them simply how they market a property.
And because you were waiting for it, an Investor Friendly Realtor will understand the lingo. When you mention BRRRR they won't ask you if you are cold... or 70% Rule...ARV...MAO... the list goes on. Yes a Realtor that is Investor friendly will understand the language and shouldn't have to ask what you mean, unless you have come up with your own terms and then you may have to explain!
And lastly, they should have some Real Estate experience. If they have just received their license and are 18 years old, they may not have the learned skills to help you with a transaction. Doesn't mean they can't do it, but you may have to be a little more involved to make sure you are buying or selling a property correctly. I also don't mean the opposite where they have $1 billion in real estate assets and 100 years of experience either. When I get to that point, I may not need to be working with others anyways!
So basically, using an Investor Friendly Realtor can help you, and the small amount of commission they earn is just a drop in the bucket for the money they can save you over the course of time. Just make sure they are educated, experienced, and fits your criteria for your investment needs.
Hope you and your family are staying safe in the new world we live in currently!
Thanks for your time and let me know if you have any questions!
Doug