Several of the guest speakers in the podcasts have touched on whether or not it may be a smart idea as Realtor to work for investors.
(1) Seems like it would be a good idea to learn about investor psychology. Why do they like this property and not that one. Or, why this neighborhood. Or, why multi-family over single. Agent's don't really look for properties for newlyweds with this kind of strategic thinking. They seem to be more focused on picket fences and reassuring their principals that "yes, the color of the kitchen can in fact be changed with a can of paint rather easily".
(2) You'll build a reputation among local investors and hopefully that will bring you more business and experience. You can learn from investors' mistakes and maybe they'll teach you some of their tricks.
(3) It allows you to be in the game without having your skin in the game just yet.
Now the big, nasty, common downside I keep hearing about on the podcasts, is that investors may shop around and use you for your MLS access, but when it comes to committing, they'll go to their close-knit group of agents that they seem to practically have on retainer.
If you can become one of those 'go-to' agents for investors, would you recommend it and would the benefits be worth it considering the end goal is you transition into being an investor?
Honestly, the key to me to becoming a go to realtor for an investor is simply being ultra responsive. Put in their bids immediately. Get showings for them immediately. Its all about first mover advantage. And most investors tend to be extremely impatient (i.e. me). :-)
As for learning, I also agree that it would be an absolute great way to learn investing by being a realtor for one. You'll see what houses they look at, what types of repairs they end up making, how they're finding their deals, and who the better contractors are that they're using.
At some point though, if you do decide to go into investing, you're likely going to lose them as a client. An investor is not going to like the idea of their realtor bidding against them on houses. So unless you can pick up their tricks and maybe target a different area (say one or even two towns over), at some point you're likely going to lose them.
Great post. I think becoming a realtor is a great way to learn investing. I got my license recently and it is a great experience. I also have attended my local rei club. you defintely have the inside track on properties and you have access to hud and reo's. If you do become a realtor make sure to choose one that has a great training program.
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