Do you specialize?
“To me, this is the biggest question,” says Piche, who is also an investor himself. “If you have a Realtor that says they can help you buy single-family, multi-family, student rentals and commercial space, then you have a problem.” He warns of Realtor who are only in it for a commission cheque versus having a skill set that will genuinely help you succeed in meeting your investment goals. Narrowing down where you want to specialize yourself will help you connect with a Realtor who meets your needs.
Do you invest yourself?
Another way to see if a Realtor’s interests line up with yours is by seeing if she invests in herself. This will help ascertain her knowledge of finding income-generating properties as opposed to primary residences.
“Realtors that invest know two key things: that investing is a business, and they know how to run it,” says Piche, adding that having the real estate professional run the numbers on her own cash-flow property with you will help you gauge her level of expertise.
Where do you focus?
After you have decided on a target market in which to invest, having a Realtor who knows it like the back of her hand is next up.
“Ask them about the area they focus on,” says Piche. “They should have specialized knowledge of submarkets within that town in addition to standard stats and numbers.”
Cities and towns have varying submarkets, and asset classes perform different throughout these areas, too.
Do you have a team?
The same way you build a team to rely on, a Realtor should have a support team to help assist through every transaction. “Be sure to ask them if they have a trustworthy team to rely on,” says Piche. “This can include everything from brokers and property managers to leasing assistants and accountants right the way through to electricians and plumbers that they work with on their own investment properties.”
How do you select a Realtor?