The Internet has opened up a whole new information highway for many people around the world but when looking at real estate it is still sensible to have contacts in the industry. Those who are looking for a long-term career in property investment tend to have an array of estate agents they can talk to about particular ideas and options. So, how do you get the best out of your real estate agent?
Build up a relationship
Whether you are the investor or the adviser or somebody else in between, we all have different skills, different strengths and different ideas. The key to getting the best out of your real estate agent is to build up a long-term relationship of mutual trust. The trust factor which comes with being honest with each other and if a suitable investment does come along you will use the services of the estate agent in question. After all, whether you have a genuine friendship with your real estate agent or not, we are all in this to make money!
Keep in regular contact
If you are serious about finding property investments in the future it makes perfect sense to be in regular contact with your real estate agent(s). The fact is that if you do invest, you have funding for the future and you have ideas and are willing to listen to the ideas of others, then what real estate agent would not put you towards the top of their client list?
No estate agent, and come to that no investor, would ever expect to follow through on every idea and every opportunity. The closer the relationship with your real estate agent the more chance they will put opportunities in front of you which they know will be of interest. It is this long-term understanding between parties which will open doors, present opportunities and ultimately a long-term income stream and potential capital gains.
Always respect the opinion of others
When we get down to the bones of the property market, and indeed any other investment market, the one thing which makes a market is different opinions. If we all had the same opinions then the markets we deal in today would be very different indeed. Therefore, whether or not you agree with a third party opinion on the real estate market, it makes sense to respect their comments because you will not always be right. The more you respect someone’s opinion, and you can argue and discuss all you want, the more chance you will be able to work together in the future.
To be forewarned is to be forearmed
Those that invest simply on the recommendations of third parties, without any input themselves, will at some point “catch a cold” with their investments. If you want somebody else to manage your investments there are many pooled vehicles around but if you want to pick and choose individual real estate investments then you need to do your own homework as well. There is no excuse for not knowing markets, not knowing trends and not knowing prices because the Internet has opened up each and every corner of the global real estate market. It really is a case of to be forewarned is to be forearmed – and those who expect profitable deals to fall into their laps could be in for a long wait.