Choosing the right real estate agent is crucial when you are investing in real estate. You need someone who is not only knowledgeable about the local market but is also investor-friendly. An investor-friendly agent can help you make the best decisions for your investments and can even help you find deals that are not on the market yet.
Here are ten questions to ask when working with an investor-friendly real estate agent in Surprise.
1. How many investment properties have you sold in the past year in Surprise?
Not all Surprise or Phoenix agents have experience in selling, buying or working with investment properties. That’s why you want to work with an agent who has experience with investors not just in helping clients find deals. As an investor, this is likely a skill you will want your agent to have. Ask them how many investment properties they have sold in the past year especially in the area you want to buy such as Surprise or the general Phoenix valley. You’ll also want to inquire about prices, timelines, and profits. This will give you an idea of their experience and expertise in the investment property market.
2. What is your experience with property management in Arizona?
If you plan on renting out your investment property, you need an agent who is experienced with property management, not just generally knowledgeable about it. Why? Because that is an area – managing the rental well – where a lot of things can turn challenging and make it difficult for investors to keep investing. Ask them if they have experience managing rental properties and if they can provide references from clients they have worked with in the past. If they do not offer these services, they are likely partnered with a company that can handle these needs for you. At the very least get our free report on the 5 Pitfalls To Profitable Rental Management and How To Turn Them Into Wins for real estate investors who manage their own properties.
3. Can you provide market data and analysis for Surprise?
An investor-friendly agent should be able to provide you with market data such as population, schools, housing development growth, industry, job growth and analysis to help you make informed decisions about your investments. Ask them if they can provide you with data on sales trends, rental rates, and demographic information for the areas you are interested in. At Fresh Start Homes AZ, we specialize in developing these sorts of reports for our clients. It gives them so much more clarity and confidence in the real estate investment decisions they are making in Surprise and Phoenix.
4. What is your strategy for finding investment properties in Arizona?
Ask your agent about their strategy for finding investment properties in Surprise and Arizona. Do they have access to off-market deals? Do they work with wholesalers or other investors? How large and robust is there network of contacts, referrals, and professional relationships? A good agent should have a solid strategy for finding investment properties that meet your criteria. They should be versed in properties both on the MLS and off-market. Ask them if they have a team or VA who consistently works to identify off-market opportunities.
5. Can you provide referrals for lenders, contractors, and other professionals in the local Surprise or Phoenix valley?
As an investor, you will need to work with a variety of professionals, including lenders, investor-experienced accountants, contractors, gardeners, and property managers. Ask your investor-experienced agent if they can provide referrals for these professionals. A good agent should have a network of professionals they can recommend to help you with your investments. Investing in real estate in Surprise or the Phoenix area, means you want to maintain that investment so that it not only increases in value, but so you don’t have deferred maintenance issues down the road that can cause unintended negative consequences. Having a professional and experienced network can make all the difference in your investment success.
6. What is your commission structure?
Make sure you understand your agent’s commission structure before you start working with them. Some agents may offer discounts or reduced rates for investors who buy multiple properties. Others may charge a higher commission for investment properties. Make sure you understand all of the costs associated with working with your Surprise or Arizona agent before signing any contracts.
7. Do you have experience with 1031 exchanges in Arizona?
If you plan on doing a 1031 exchange, you need an agent who is experienced and knowledgeable about the process. Ask your agent if they have experience with 1031 exchanges and if they can provide references from clients they have worked with in the past who have done a 1031 exchange. The process can be complicated and involve time-sensitive actions, so you’ll need to work with someone who knows what they are doing.
8. How do you handle multiple offers?
In a competitive market, you may find yourself in a bidding war for a property in certain locations. Ask your agent how they handle multiple offers and what strategies they use to help you win the bid without overspending. A good agent anticipates these situations depending on the location, neighborhood, community and asking price, so you want to make sure you have discussed this with them in detail so that they are clear on what you want and you are clear on what they have the experience and capacity to do for you.
9. Can you help with due diligence?
Due diligence is an important part of the investment process. Your agent should be able to help you with due diligence by providing referrals for inspectors, appraisers, and other professionals. They should also be able to help you review contracts and other legal documents and truly understand the “fine print” and what the consequences are.
10. What is your availability for showing us lots of properties in Surpriseor Phoenix?
Finally, make sure you understand your agent’s availability. How quickly can they respond to your calls and emails? Are they available on weekends and evenings? You want to work with an agent who is responsive and available when you need them. The best agents will be proactive, responsive, and genuinely focused on your best interest.
Choosing an investor-friendly real estate agent is crucial when investing in real estate. By asking these ten questions, you can find an agent who has the experience, expertise, and network to help you make informed decisions about your investments. Remember to ask about their experience with investment properties, property management, market data and analysis, their strategy for finding investment properties, referrals for other professionals, their commission structure, experience with 1031 exchanges, how they handle multiple offers, their availability, and how they can help with due diligence. It may seem like a lot of questions to ask up front, but getting the answers you need and choosing the right agent to help you will be pivotal in your real estate success. If you are ready to buy investment property in Surprise, reach out to our team to find out what we can do for you! (928) 421-2678 and (928) 239-7573