Warning: Do NOT use any Real Estate Professional
unless THEY meet the following 4 criteria
There is a lot of confusion surrounding Realtors - especially now. Here are 4 criteria or elements you absolutely, positively must look for when hiring a Realtor® to help you with your real estate sale, purchase or investing:
1: Buyers & Sellers - Your Real Estate Professional must specialize in foreclosures! Do Not Hire a real estate agent who doesn’t have experience with foreclosures - even if you are not in foreclosure! This market is dictated by foreclosures. There are good agents out there who have little to no experience with foreclosure sales or the impact of foreclosures on other homes. They could have a designation such as CDPE, but little to no experience or success with foreclosures, especially short sales. Quite frankly, hiring an agent could hurt you more than help you if it’s the wrong agent. You wouldn’t let even the world’s best foot surgeon operate on your brain, would you?
2: Buyers - Your Real Estate Professional must be able to identify the best foreclosed homes on the market. Many real estate agents don’t know how to systematically find bargain homes. If you were to call up an agent today and ask them, “What homes can I buy that are under value?” they wouldn’t be able to respond! In my office, I have created an automatic system by which you receive an email notice of all homes that can be purchased below their market value. We prepare a market analysis each month and have regular market snapshots sent to you.
3: Buyers - Your Real Estate Professional must be able to help you find the best financing programs available for foreclosed homes. Obtaining a loan to buy a foreclosed home is tricky. Some loans allow you to borrow your repair costs. Others don’t. Some offer better interest rates. Your real estate agent must be able to help you identify the best financing for your specific property. You can even use your IRA to buy, hold, rent your real estate investments...but, again, not all self-directed IRA companies are the same. Does your Realtor® know anything about this and who is best for management, education and fees?
4: Buyers & Sellers - Your Real Estate Professional must be able to save you time and money! Working with the average real estate agent, you may need to walk through 30 to 40 foreclosed home to find the one that best meets your needs. With our approach, we will save you a tremendous amount of time by previewing these homes on your behalf. What is your time worth per hour?
While there are a lot of Real Estate Agents that say they are foreclosure experts, there are also question marks in my mind. How much do these agents really know about the foreclosure process?
5: I know that I said there were 4, but for you sellers specifically :: Your Real Estate Professional must know how to sell in this market and be able to get a short sale done and have successfully completed more than 1 or 2. If it's a short sale, you aren't going to pay any commissions, but you could pay dearly if they do not know what they are doing - from experience, not just books or a 3 hour course.
Sellers...does your Realtor® have more than the traditional methods of selling to give you an unfair advantage in this market? [check out 5SellerSolutions.com]
And for you investors or those who want to be - has your licensed Realtor® ever made an investment other than their own house? Do they belong to the local investment club? Anyone else in their office an investor? Are they currently investing or do they just want you to do it? What support, tools, systems and education do they offer you as an investor?