The #1 Underestimated Resource to Find Great Deals
When it comes to Deal Finding and Funding, our Lady Landlords are fantastic with using creative strategies! There are so many ways to get to the finish line, you just have to choose your own adventure (Remember those books?!)
But, sometimes we overlook the obvious in both these situations. For example, we don't ALWAYS need to use a Hard Money Lender every time we buy a property. Sometimes, traditional financing is the way to go.
In the same respect, we don't ALWAYS need to drive for dollars, knock on doors, and talk to strangers to find a good deal.
A Realtor can be a powerful ally, even in this market!
Just last week, my personal realtor brought me a great deal! It met the 1% rule...on the MLS...even in NY! Imagine that!
But, it is not always that easy to find a Rockstar realtor.
When I was looking for my first property in the Bronx, I called 50 different realtors. Probably half never returned my calls. The other half had no interest in speaking to me. They all wanted me pre-approved and to have the house I wanted to buy PICKED OUT before they would even give me the time of day! I get that time is money, but this was new to me and a BIG deal! I deserved someone that would at least spent two minutes on the phone with me!
I felt disheartened, alone, and thought there has to be someone right out there for me.
So, I asked a connection of mine that was a realtor in another area if she knew anyone that specialized with First Time Home Buyers and Multi-families. She put me in touch with one that invited my husband and I to sit down in his office to ask me what I was looking for.
What a difference!
I was able to ask the questions I needed to and he was able to evaluate if he was the right realtor for me too! And, after buying millions of dollars worth of property through him in the past 3 years, I think I found the right fit! (And those other realtors really lost out!)
Listen in as I interview my own Realtor, Michael Tarallo!
Here are some tips to help you find the right Realtor:
1. Identify what you need
Give thought to how you like to communicate and what you think the most important assets a realtor should bring to the table. For example, one of the most important things to me is responsiveness. I appreciate when someone can make time for me especially when I have questions and they have the answers. Real Estate moves fast and I want to know I will be able to act just as quickly when needed. So what is it for you? Do you need someone that knows numbers really well? Has an understanding of work that may need to be done? Or maybe you need someone really good at negotiating and getting deals to the closing table. Consider this point first.
2. Ask Questions
Once you know what you need, interview your options. Remember to keep things short and to the point to respect everyone's time, but do your due diligence on who you want to work with. Ask those you know for referrals and see how other investors are working with so you aren't completely shooting in the dark here. Make sure you get positive answers to your questions before moving forward. Don't like what you are hearing or your gut telling you this isn't the right person? Move on to the next! Remember that this is a relationship business so once you decide to start working with someone, it's harder to change down the road after they started doing work for you.
3. Communicate Clearly
Set expectations and share the criteria of what you are looking for with your realtor. You will save both parties a lot of time and energy by being clear in what you want. If you are not sure what type of property you want to buy, location, or what strategy you plan on using yet, consider the Lady Landlords Mentorship Program to get the help you need today!
Happy Deal Hunting!