Throughout life we are choosing everything we do, say, respond to. We start by choosing our friends, then we choose what activities and events we want to go to, we choose what we wear, we choose how we act and how we respond. These choices help develop us as we grow up. We then choose where we attend college or if we attend college, we choose what to major in, we choose clubs, people, organizations to affiliate ourselves with. We then choose who we date, who we marry, what jobs we apply to. We choose what doctors to see, what attorneys to retain, investors and financial advisors. All of the choices we have made to this point have impacted our life and our financial stability. One of the biggest choices we ever make; however, is one that is given so little thought to by so many.
Did you know one of the biggest decisions we ever make that has one of the biggest impacts on our lifestyle, financial stability and family security is property investment…and it all begins with the first property we purchase. Did you realize the success of your first property investment usually determines your ability to scale up as your life grows and develops.
Investing in real estate is buying a home, vacant land, commercial property, and investment property. I am not gonna lie, anyone can look at property online, driving through a neighborhood, word of mouth from family and friends – finding the property is not really that difficult especially with today’s technology… well, until you The part that most individuals overlook or give little thought to is dissecting the property, the area, the risks, the gains, the everything there is to know about the property and what surrounds it. Another process that seems to be forgotten about by many is knowing what you are entitled to, knowing what you can ask for, knowing you can negotiate. In all honesty, as a parent, a wife, a real estate agent for 27 years… educating yourself and knowing your choices are the most important thing that you simply cannot afford to overlook.
Just like there are a variety of doctors, attorneys, and financial advisors, there are a variety of real estate agents as well. Would you give 1.2 million to someone to invest for you that you just met on a phone call? Why would you? Why would you not?
There are real estate agents and then there are real estate professionals in my opinion. What is the difference? A real estate agent is someone who has taken the classes, passed the tests and put their license with a broker – in that sense, we all are real estate agents. However, a real estate professional is someone who has worked in this industry for a significant amount of time, does not have another main job or source of income, someone who has experienced the different markets, understands the different markets, has the ability to educate you, advocate for you, and create a buying and selling experience that is enjoyed and provides you with the best return on your investment.
What are the most important things you should consider when deciding which agent you should choose to work with? In my opinion, these are the most important considerations:
- What company most impresses you regarding marketability, staff, local recognition, national recognition?
- What agents have caught your attention, why did they catch your attention – was it meeting them at an open house, an initial conversation you enjoyed with them, a referral from a friend, family member or another real estate agent you are familiar with in another area – possibly if you are relocating.
- Why did the agents catch your attention and what have you noted about them that has retained your attention?
- Please note, I keep referring at this point to agents with an “S” as in the beginning I believe you should be keeping options open, learning, educating yourself so you can make the best choice!
- As you begin to start focusing now on a couple of agents, have you scheduled a consolation, a coffee or meeting to get to know them?
- An extremely important question is if you select them, who will you be working with. Did you realize a lot of agents will meet with you then assign you to a team member who will show you property, then once you are in contract, you are moved to a transaction coordinator who works with you through the inspections and to closing. Now, the original agent you selected might over see the negotiations, but you are working with different people as you move through your purchase so in reality you selected that agents team to work with not that agent.
- What hours will this agent you are considering be available and how long will it take for this agent to answer your questions or get back with you? Did you know some agents only work 9-5 Monday through Friday? Some agents only answer their phones during normal business hours.
- When talking with this agent, do they make you feel comfortable? How long have they been working in real estate, how long have they been an agent? What is their history in real estate?
- Does this agent focus on how many sales they have made this year, how many clients they have, how busy they are or do they focus on how they plan to focus on you, educate you, advocate for you and emphasize that you and your best interest is their priority?
- Have you reviewed their social media to see how they market themselves, how they market their listings, how they use their platform to benefit you?
- Have you been to their office to take a look around at the extended company and staff you will be hiring if you select this agent?
I could go on, but I will draw the line here. The most important message I am trying to provide is your choices in representation are extremely important to you on many levels. When it comes to investing, choosing representation is important not only for the current investment you are making but most importantly, the return on your investment. So I keep saying, but what does a real estate professional do that I can’t do on my own or what is the difference in agents, aren’t they all the same in what they can do? Great question… let’s get into it!
No, not all real estate professionals are the same! Knowledge is gained through experience. For example, I have been a real estate agent for 27 years, I have over 20 years of construction experience (hands on as my father is a general contractor and my husband and his family owned the largest residential drywall company on the gulf coast of Florida back in the day) I have grown up and lived in real estate and construction my entire life. Prior to obtaining my real estate license, I began in real estate at the age of 18 managing the marketing for top real estate agents, worked in office management in one of the largest firms in my area at the time and then proceeded to work for an attorney doing closings. When I show homes, I point out concerns in the land layout, the construction concerns I note in the home, I explain the costs of building a home from scratch which many do not realize the expense of land development/prep, utilities, etc. I share details on the area, closest medical facilities, shopping, dining, etc. Alright, you might say, those are simple things that if someone really thinks about it, they could do the same. But why can’t I just hire an attorney to handle the legal documents you might wonder. That’s great, they can legally supervise the transaction, the same thing I would have you do as I always recommend my clients consider a title company with a lawyer on staff to review and oversee anything and be ready to advocate on your behalf. However, be smart in your selection as some title companies will not permit their in house attorneys to represent you, they are there for the benefit of the title company only. When you are interviewing the attorney who is going to handle all of the documents, ask if they are going to attend your inspections and negotiate your repairs (which in fact could be replacement of items, repairs, bringing things to code or price reduction or money back at closing that buyers can use to buy down rates, etc). Is the attorney going to attend walk throughs with you, collect receipts of work completed and schedule your inspector to return prior to closing to ensure everything is properly completed?
While there are so many memes and reels making it seem a true real estate professional is not needed or helpful, I can assure you throughout my 27 years of experience, I have witnessed reason over reason why securing a true professional is the key to your personal mental health during a transaction and the success of your investment as well.
You always have the power of choice, choose wisely!
Cheers to you and yours! Cheers to the power of choice!
Jennifer