Having a Realtor on your team is pretty well mandatory for RE investors. This person is usually an expert in the retail side of buying and selling residential or commercial properties.
Ideally you will attract a realtor who understands you and your needs. Their personality and yours must be compatible at least in the business sense. If you can be their friend, so much the better.
Here's what they will do for you (if you ask):
- send you listings of properties for sale
- supply Comparitive Market Analysis's (CMA) for properties you have for sale
- after you get to know them, they may give you early leads on properties coming up for sale
- handle most aspects of the buy and/or sell transaction for your properties
- provide expert guidance on preparing your property for sale, pricing it and marketing it
Realtors are trained to take care of all the details, technicalities, legalities of buying/selling properties. They take on a large amount of responsibility for correctness, legalness (sp?) and dealing with wacky people.
A few realtors understand RE investing and I recommend you deal with them only. Keep searching until you find a good one. Do NOT get loyal to a realtor unless they prove their talent to you.
Make sure your realtor gets paid well for the work they do. They deserve it. Ask your realtor if they offer incentives for pointing business their way. Mine offers home-made cookies.
Some transactions do not require their help (you find the deal, you negotiate, you deal with the other party yourself) AND you will need a realtor's help even on you own deals for their market expertise.
Ask other investors to recommend a realtor then interview them. Let them interview you too.
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