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How to Effectively Work With Real Estate Brokers

Posted by Ken Meyer on Wed, Mar 06, 2013

describe the imageIf you're looking to get access to the best investment properties, you're going to need to get some help from real estate brokers. Not only do they have access to every property on the MLS, but they also frequently have relationships with major lenders and property managers that they can use to give you access to properties before they come on the market. Here are a few strategies that can help you get the brokerage community on your side:

  1. Choose a broker. Real estate brokers usually don't want to spend a great deal of time showing properties to buyers that they know are working with multiple brokers. If you choose one broker and designate that person as your representative, he/she can be relatively sure that they will be the one who will end up making some money from your relationship. 
  1. Work with a specialist. While any agent can represent you and fill out a purchase agreement for you, an investment specialist knows how to get you the properties that you need. They will usually have special relationships with lenders, vendors and portfolio owners that you can leverage for a more successful transaction. 
  1. Don't waste their time. Most communities have so many real estate brokers that it might seem like you have the upper hand when working with them, but the best brokers are typically extremely busy and protective of their time. To make sure that you stay on the top of their mind, do the same for them and be responsive when they reach out to you. 
  1. Trust them. Once you've done your due diligence and chosen a skilled and ethical broker, listen to their advice. They can give you guidance about the state of the market or about a seller's intentions that you might not otherwise be able to access. Their advice should save you money and time. 
  1. Be ready to do business. When you find a property that you think you would like to buy, make sure that you are ready to make an offer. Real estate brokers usually like to deliver offers with supporting documentation to prove that they have the strongest buyer. Equip your broker with a resume detailing your experience and attach a proof of funds letter to show that you have the money to close the deal should you be allowed to purchase it.
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