I’m a worried Dad. My beautiful little girls are growing up too fast. They’ll be dating soon and I pray they make wise choices. I certainly don’t want them hanging around the wrong crowd. So rather than leave this up to chance or divine intervention I decided to start establishing some criteria for them. Their friends (the male kind) must be able to produce the following before a courtship can begin:
- A W-2
- A business plan
- Profit and loss statement
- Balance sheet
You may be saying to yourself, how many teenage boys can produce this kind of stuff? Very few right? Exactly! With this criteria in place only the best and brightest will show up at my door on prom night. My girls will quickly weed out the unmotivated, lazy slackers that have no idea what they want in life.
As a fix and flip real estate investor, I’ve discovered that setting high standards is also important when entering into a relationship with a Realtor.
Now this may come as a surprise but I am a Realtor. I chose to get licensed in 2007 because I wanted access to the Arizona Regional Multiple Listing Service (ARMLS). But just because I’m a Realtor doesn’t mean I want to practice real estate. I’d rather pour hot coffee in my lap than deal directly with a retail buyer or seller.
Realtors have their strengths and weaknesses. Some work well with buyers, others with sellers. Some have multiple years of experience, others are just getting started. None of this matters to me. Here’s what I really want from my Realtor:
- A great deal I couldn’t find on my own.
- An honest, thorough assessment of the property’s value.
- A ballpark figure for repairs and maintenance.
- Prompt offer preparation and submission to the seller.
- Proficiency with technology (zipForm, DocuSign, email).
These things are what make my Realtor, J.D. Manning so valuable. He scours the MLS almost every day for bargains. When he finds one I get an email with the property listing and recently closed comparables. This email also contains his estimate of repairs. If I agree with the valuation he prepares the contract in zipForm (real estate forms software) and sends it to me in DocuSign (electronic signature software).
J.D. and I just closed an REO deal he found on the multiple listing service for me last month. I bought it on July 6th, had it under contract by July 25th and sold it August 23rd. I net $16,300 in profit. That makes J.D. a real estate investor’s Realtor.
Whether you’re looking for a contractor, attorney, accountant, Realtor, or love, it’s important to have minimum criteria in place.
And if you have a son that will be dating age in the next 7-10 years – he better start getting his financials together now. A Dad like me will be reviewing them.