Epic Real Estate Investing - How to Work with Realtors and Find Great Deals (the right way) | 1352

Episode Date: September 14, 2024

In this episode, we dive into the essential strategies for identifying and cultivating effective relationships with realtors who can assist you in uncovering prime real estate investment opportunities. We'll explore the key distinctions between real estate agents and realtors, providing you with the knowledge to select the best professional for your specific investment needs. You’ll learn how to clearly communicate your investment goals, including how to articulate the types of properties you're interested in and the criteria that matter most to you. We’ll also cover the importance of maintaining ongoing, transparent communication with your realtor to ensure alignment and to keep your search on track. Negotiation is another critical area we’ll address, offering insights into how you can leverage your realtor’s expertise to secure the most advantageous deals. Whether you’re a seasoned investor or new to the real estate game, this episode will equip you with actionable strategies to streamline your investment process, optimize your realtor relationships, and ultimately, make more informed and successful real estate investments. Tune in to enhance your approach and get the most out of working with real estate professionals. Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Terio Media. Hey, strap in. It's time for the epic real estate investing show. We'll be your guides as we navigate the housing market, the landscape of creative financing strategies, and everything you need to swap that office chair for a beach chair. If you're looking for some one-on-one help, meet us at rei-i-a's.com. Let's go, let's go, let's go, let's go, let's go, let's go.

Let's go. Hey, would you like someone else to do all the grunt, work to find great real estate deals for you. I'll reveal how to find a realtor who truly understands your investment goals and drops ideal properties right in your lap. First thing, do you think all realtors are the same? Think again, your success working with the real estate agent. It's 100% dependent on point one of three. One is selecting the right realtor for your needs. A realtor is a licensed real estate professional who helps buyers and sellers navigate the real estate market. Quick side note. The difference between a real estate agent and a realtor is that a realtor is that a

is held to a higher ethical standard and has access to more resources and training through the National Association of Realtors. All realtors are real estate agents, but not all real estate agents are realtors. Most people don't know that. So there's that. And now a good realtor can provide valuable insights, access to exclusive listings and professional negotiation skills. To find one for yourself, start by asking for referrals from other investors or trusted resources. Building relationships with realtors who specialize in flipping properties, that can lead to successful investments. even if you're not flipping. It just means that they work with investors and they know what an investment looks like.

And this is really easy to do using a service like epicprithy.com. It's a favorite of mine. Number two, stop into open houses on the weekend and inside of your market and introduce yourself. Number three, look at online platforms like Zillow, Realtor.com or Redfin for houses that look newly rehab. And contact the representing realtor because there's a really good chance that they work with real estate investors because they're probably representing one right now. And then be sure to follow up with a personal handwritten. note. You know, in such a high-tech world, old-school customer service can be your new superpower if you

embrace it. Now, be patient and persistent in building relationships with realtors, as it may take time to establish trust and develop mutually beneficial partnerships. As with any relationship, you know, because they're approached constantly for these types of relationships, and most people who approach them are flaky. So you may have to prove yourself first, maybe even multiple times, before the relationship becomes truly worthy. But just keep your promises, honor your word, and you'll easily stand out as someone worthy of working with. It's crazy how many people just don't even do what they say they're going to do. And you'll want to interview multiple realtors to gauge their experience, their knowledge, and their compatibility. Check their credentials, the reviews,

and track record of successful transactions in your target market. Now, most, not all, but most realtors will be reluctant to participate till you prove yourself first. And because earnest money deposits and proof of funds are common requirements for on-market deals, having access to buyers and legitimate funds, it's crucial for establishing credibility with agents, especially if it's a brand new relationship. So if you ever need help in establishing that credibility and you need a proof of funds letter, you can grab one at epic p.0.com. A lot of time can be saved by working with a few realtors in the beginning to find that one golden relationship because that relationship can be as good as gold. The work of establishing an equitable relationship with the realtor is very much worth it. So be

patient. If you find yourself at any time wanting to go faster to get some one-on-one help, go to R-EI-Ase.com, answer a few questions, and then pick a time for us to hop on the phone and we'll brainstorm some ideas for your next steps. Now, if you want your realtor to find your dream investment property, it's super important that you clearly, and this is point number two, communicate your investment goals and criteria, because this ensures that your realtor understands what you are looking for. Proper communication, it helps your realtor find properties that meet your specific needs, and it saves time by filtering out unsuitable options. So step one is creating a detailed list of your investment goals, including what area, your desired property type, the budget, and most importantly,

your expected returns, whether that be via an equity position, a cash flow stream, and or both. This alone can set you apart as most investors that approach realtors when asked about what they're looking for. They'll respond with something like, hey, something that makes sense, or, you know, a good deal when you find a good deal, call me. Or when they really want to sound smart, they'll say something like, you know, find me something that pencils responding like this will put you right in the pool of all the other fly-by-night investors that they run into and you'll be completely ignored and disregarded. So be clear about your goals and what you're looking for because step two is you want to discuss your criteria and goals openly with your realtor during your initial meetings

and as you go on with that relationship. So if you get the feeling that they're not following you and or if they're explaining to you why your expectations are unrealistic, they may not be the right fit for you. Newer investors, they don't realize this, but you're interviewing them. them. You're the boss. You call the shots. They work for you and they're a dime a dozen. They need you more than you need them. So just say what you're going to do and do what you say and it will be their loss if they're not prepared for you. Step three, provide examples of properties that match your criteria to give your realtor a very clear picture of your preferences. And this is important to show that your expectations are realistic and that you do know what you're looking for. And then you

you want to maintain regular contact with the realtors that you meet, sending them updates on your business, updates on your goals and the properties that you're looking for. and checking in on their progress, ask them how they're doing, send them a birthday card, send them a Christmas card. I have this entire process automated in my CRM, epic blackbook.com, because it's that important. If you want to get the best terms on your next property, you'll need point three.

You'll need to negotiate deals and leverage your realtors' expertise. Negotiation, it involves discussing terms with the seller to reach a mutually beneficial agreement. That's the goal. An effective negotiation will lead to better deals, saving you money and securing favorable terms that produce a better return on your investment, helping you achieve your goals even faster. Realtors, they handle the offer process for on-market properties, requiring, though, clear instructions

from you. So rely on your realtor's expertise and their market knowledge to guide your negotiation strategy, but don't ignore your own instincts, nor abdicate the entire process. You want to stay involved and have your realtor keep you informed every step of the way. Your primary negotiating focus will be on the purchase price, the due diligence, earnest money deposit, and the closing time frame. and be clear about your maximum offer and what your walkaway price is before you even start. Because the person who's afraid to walk away has already lost the negotiation. So know what you want before you even begin. And stay flexible and open to their counteroffers, but be rigid when it comes to your investment goals.

You now understand how to select the right realtor for your real estate investment needs. You've learned how to communicate your investment goals and criteria effectively. And you know how to negotiate deals and leverage your realtors' expertise to secure great investments for yourself. Meet me in the next session where we'll discuss turnkey providers, understanding turnkey properties, evaluating providers, and calculating costs and returns. I'll see you soon. Take care. And that wraps up the epic show.

If you found this episode valuable, who else do you know that might too? There's a really good chance you know someone else who would. And when their name comes to mind, please share it with them and ask them to click the subscribe button when they get here and I'll take great care of them. God loves you and so do I. Health, peace, blessings, and success to you, a Metario. Living the dream.

Yeah, yeah, we got the cash flow. You didn't know, home boy, we got the cash flow. This podcast is a part of the C-suite Radio Network. For more top business podcasts, visit c-sweetradio.com.