Dear Agents: A Message From Investors
I felt I needed to write an article addressing some things that I have experienced with agents especially after hearing the stories of fellow real estate investors. Some of these things included lack of organization that many agents appear to have, lack of knowledge about real estate investing and who real estate investors are, and not being able to distinguish us from first time home buyers. I will give insight on some of the major things below.
Real estate investors and first time home buyers are NOT the same
First and foremost, real estate investors are business professionals. We acquire homes to either improve or hold as rental property to lease. Our main goal is to get a profit. We are not interested in things such as the history of the community, the amount of people that like the area or some former celebrity's relative that may have lived in the house across the street from the property. Those things don't influence our decision to purchase the property.
Real estate investors want details
We want as much info on the property as possible before we put it under contract. We want to know the physical condition, the amount of bedrooms and bathrooms, the address of the property, the square foot size of the actual house and lot and if there were any non-permitted structural changes such as a room addition on the house. Before we even call you, we want to see pictures of the property on the MLS listing. Please put images of the main areas of the home and the exterior of the property. One photo does not provide many details.
Real estate investors use their own criteria to determine value
Unlike traditional home buyers, real estate investors have their own criteria. We don't care about what houses sold for on the opposite side of town or in neighboring communities especially if that region is completely different than the location of the subject property. We don't estimate the value of properties based on a couple of mini mansions in the community either. One of the main things we use to estimate the potential after repair value is the recent sales of similar sized homes in the area. We also use other factors such as location, amount of shopping options in the area, schools and so on.
Real estate investors are conservative with their time
Most real estate investors work on a tight schedule being that many of us have families and social lives to tend to. We don't like to play phone tag but we also would like if agents returned calls to let us know about the availability of the property. If you are busy with many clients, just send us a text message or email letting us know the best time you are available. Furthermore, if you agree on a time to view the property with the investor, please arrive on time. If there are other individuals that need to be present make sure they are aware of the time frame. Lastly, make sure your automobile is working properly and that it doesn't break down while showing your potential client properties.
These are the major things that are problematic and if addressed can improve investor/agent relations. There are other issues that arise between agents and investors but they are rare and not focused on as much. Just follow these simple steps and everything will be alright.
Real estate investors and first time home buyers are NOT the same
First and foremost, real estate investors are business professionals. We acquire homes to either improve or hold as rental property to lease. Our main goal is to get a profit. We are not interested in things such as the history of the community, the amount of people that like the area or some former celebrity's relative that may have lived in the house across the street from the property. Those things don't influence our decision to purchase the property.
Real estate investors want details
We want as much info on the property as possible before we put it under contract. We want to know the physical condition, the amount of bedrooms and bathrooms, the address of the property, the square foot size of the actual house and lot and if there were any non-permitted structural changes such as a room addition on the house. Before we even call you, we want to see pictures of the property on the MLS listing. Please put images of the main areas of the home and the exterior of the property. One photo does not provide many details.
Real estate investors use their own criteria to determine value
Unlike traditional home buyers, real estate investors have their own criteria. We don't care about what houses sold for on the opposite side of town or in neighboring communities especially if that region is completely different than the location of the subject property. We don't estimate the value of properties based on a couple of mini mansions in the community either. One of the main things we use to estimate the potential after repair value is the recent sales of similar sized homes in the area. We also use other factors such as location, amount of shopping options in the area, schools and so on.
Real estate investors are conservative with their time
Most real estate investors work on a tight schedule being that many of us have families and social lives to tend to. We don't like to play phone tag but we also would like if agents returned calls to let us know about the availability of the property. If you are busy with many clients, just send us a text message or email letting us know the best time you are available. Furthermore, if you agree on a time to view the property with the investor, please arrive on time. If there are other individuals that need to be present make sure they are aware of the time frame. Lastly, make sure your automobile is working properly and that it doesn't break down while showing your potential client properties.
These are the major things that are problematic and if addressed can improve investor/agent relations. There are other issues that arise between agents and investors but they are rare and not focused on as much. Just follow these simple steps and everything will be alright.
