As a real estate investor, purchasing an investment property is perhaps the largest financial transaction you can ever make. Working with a realtor is essential because investing in a property is expensive and complicated.
If this is your first investment property, an investor-friendly realtor can guide you through the process and help you identify the best properties available.
By asking the right questions, you will be able to know the realtor’s abilities and personality. Of course, the realtor must have excellent recommendations and be well-known in your community.
In this article, we will go over some key questions to ask the realtor so that you make the best possible decision.
A realtor, when spot interviewed, is inclined to tout all his strengths — sales records, qualifications, experience, and so on. But he would not be able to tell you how it feels to work with him on a daily basis.
Hence, when buying a property, you must always ask for references from your realtor. Call some of these references and inquire about their customer experiences with the realtor. Were they satisfied with his work? Was it easy to get in touch with him? Did he keep them up to date? Will they recommend him to others?
A comparative market analysis (CMA), which is a list of homes now for sale and previously sold in the area, should be available from any realtor.
The CMA (also known as “comps”) compares the specifications of your house to similar homes on the market and comprises information such as price, square footage, and the number of bedrooms. An experienced realtor will make this aspect a priority.