For most people, buying a home or an investment property is the largest and most important purchase of their life. Due to the risk and complexity that comes with real estate transactions most buyers (and sellers) choose to hire an agent to represent them and their interests.
We all want an amazing agent, here’s a list of 3 qualities your real estate agent MUST have:
Communication
Real estate transactions are renowned for being multi-step processes, often with the agent at the center acting as the messenger for the varying steps and parties. Consider communication of the utmost importance when considering your real estate agent. One might ask:
- How well does your potential agent communicate with you?
- Are they eager for your business or do they seem aloof and uninterested?
- When you hire them do they give you regular updates?
- Or do they leave you frustrated because you haven’t heard from them in months?
All real estate agents are often on the phone, so don’t worry if they don’t pick up immediately. The mark of a great agent, however, is that they’ll call you back promptly.
Listening
Every person and transaction is unique – your agent should appreciate that. When meeting with a potential agent, pay attention to how well they listen to you. Are they interested in understanding your situation and building a plan for your success? Or are they confident in their one-size-fits-all approach? Find an agent who takes the time to learn about you and your goals.
Knowledge
Fantastic agents have a deep knowledge of the market. Here are some reflective questions to consider when gauging the knowledge of the real estate agent you may be working with:
- How well do they know their area?
- Do they know the local bankers and mortgage officers? Do they know the landlords and tenants of local businesses?
- Are they friends with the best plumbers and landscapers?
The better the agent knows the market the better they will be able to help you by spotting and moving on a great deal.
An essential but oft under-appreciated area of knowledge is product knowledge, especially in commercial real estate.
- How well does the agent know their product?
- Do they normally specialize in one area but they’re dipping their toes in something new?
- How well do they know the current tenant and their business?
- What about the maintenance history and schedule?
Amazing agents know their product inside and out–and they’ll use that knowledge to get you exactly what you’re looking for.
Integrity
Your real estate owes a fiduciary duty to you, their client. This means that they are expected to act with the utmost degree of honesty and loyalty. The best agents do not take this responsibility lightly. There are always hiccups and bumps in the road in real estate; how does your agent react? Do they blame others and throw up their hands? Do they make excuses, or do they make plans? Do they work to fix the problem? Obviously, not everything that goes wrong is the agent’s fault – but if you get the feeling that they aren’t being completely honest with you–RUN.
Was there anything that we missed? Let us know in the comments below!
If you are looking for knowledgeable agents that are familiar with commercial real estate and especially 1031 exchange aspects of real estate processes, reach out to our team at Millcreek Commercial. We would be happy to help you on your real estate investing journey!
