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You need an agent that understands deals are based on numbers, not feelings. The agent knows that deals will fall apart due to the financials. Their expectations of looking at several properties is already established, which will improve your relationship with the agent. Also, an investor minded agent can comprehend investor terminology. You can speak about metrics you are looking for and have great communication with your agent.
Negotiation training should be a requirement to be a real estate agent. But, unfortunately, it is not. On the bright side, you can find an agent that does have professional negotiation training - Kyle Madak. When working with real estate investors, often times negotiations are a part of the transaction - whether it comes before coming to an agreement or during the inspection period, or both. You want an agent on your side that has negotiation skills who can work in your favor to save money or save the deal!
Investor friendly agents are generally more connected to contractors, other investors, and deal finders. This can go a long way for an investor, especially a new one. Contractors will be able to assist you in estimating repair costs and timing. Having a mutual connection with other investors will open the door for you to ask questions and learn about their businesses. When it comes to deal finders, this may help you find an off-market property!
An investor friendly agent should be knowledgeable about the markets that they service. When reviewing deals, the agent will have a general understanding of price points and rental rates based on different property features and locations. Also, the agent will be able to provide guidance on renovation levels needed to achieve your goals.
At the end of the day, we are all human and mistakes can be made. By having an investor friendly agent that is cost conscious, with market knowledge, and aware of your business model, you will have a second set of eyes on your deal. An investor friendly agent may identify a flaw in your plan or an additional cost factor that you didn't take into account. This can be vital to your business as one mistake can cost you your entire profit on a single deal.
Similar with having another pair of eyes, this one hits a different pain point for investors - time. Mutually inclusive, time is a rare commodity for real estate agents. To best work together, it is desirable to be efficient and avoid wasting each other's time. By having an investor friendly agent, you have another party who can review potential deals and rightfully cut loose those that don't make sense.
