Like most real estate investors, you have a ton of responsibilities on your plate. Your life is hectic enough as it is, so finding top notch real estate deals seems impossible because your life is so busy and it’s not slowing down anytime soon.
Obviously, you still need to find potential investment opportunities, right? So instead of doing the legwork yourself, you decide to employ one or more real estate agents to help you.
Remember, realtors make fat 5% commissions – or at least half that at the minimum – so they are happy to help you because the financial rewards are more than worth it.
Your problem is getting real estate professionals to think outside the box. You need them to really hunt for the perfect deals for you and your investment team.
So, how do you get them to find the best deals when no one else seems capable of making it happen? You take a moment to read the rest of this article and discover our best tips on the subject. That’s how.
Clarity Will Get You Everywhere
Where most investors fail with real estate agents is their lack of clarity when describing their ideal investment. You see, the agent can only do so much based on the description you provide, so do yourself a favor and explain everything to the finest detail.
As an example, let’s say your goal is to purchase and flip distressed multifamily properties. Obviously this is a huge criteria so you have to be clear with the realtor from the get go. Otherwise they might waste their time looking for single family properties in perfect condition, which is not what you’re looking for.
So be as descriptive with realtors as you possibly can. Let them know the property type, the amount you’re willing to spend, the neighborhood, and all other qualifying factors. And if you leave something out, it’s going to be that much harder for realtors to find whatever it is you’re looking for.
Help Them Think Differently About Finding Properties
To find incredible real estate deals, you either need to get really lucky or you need to approach investing and finding deals differently than everyone else. Because if you do what everybody else is doing, you’re going to have the same mediocre results, or worse.
So, when you have realtors on the hunt for your next great find, you need to train them to think differently. Instill in them your burning desire to find the best available properties at the lowest price. And make their efforts worthwhile. Maybe offer them an additional percent or two for their commission when they hit a grand slam and find a killer property.
Or find a different way to motivate them. Some people are motivated by more than money. Offer them praise, and thanks, and gratitude for their efforts. And actually mean it. Don’t just give them lip service by telling them what you think they want to hear. Let them know that you actually care. This will go a long way toward getting them to work harder on your behalf.
And let’s not forget about instilling outside the box thinking…
Tell your agents to write down the addresses of properties that look unkempt, run down, and possibly on their way to foreclosure, even if the property isn’t listed on the MLS. I know, shocker, right?
Maybe, just maybe, the realtor can make a deal with the distressed homeowner on your behalf. Stranger things have happened in the past, so I don’t think this is beyond the realm of possibility.
And if the realtor can broker the deal, they will get the entire commission and any other fees or bonuses you decide to give them. This could be a huge win for you, the realtor, and the homeowner who might be desperate to get out of a bad situation.
The More Deals They Look At, The Better
Finally, remind your realtors that they are bound to find a few diamonds in the rough through sheer volume. Meaning the more deals they look at, the better their chances of finding you the best option.
You never know when circumstances are going to change. What may seem like a bad deal now might be a sweet deal in the future if the situation suddenly changes for the homeowner. They might suddenly become a desperate seller due to unforeseen circumstances and you could reap the rewards.
At the end of the day, volume is the key to finding the best deals, so remind your agents of this maxim. And while you’re at it, remind them of everything else we’ve mentioned today and before long they’ll be dropping one stellar deal after another in your lap in no time.