Cap-rate challenges and a slowing real estate market mean investors are reconsidering their reliance on Realtors. But should they be? Jemima Codrington reports.
Video transcript below:
Jemima Codrington: You already have an extensive portfolio and you are about to purchase your next investment property. So you don’t need a realtor. Right! Hi, I am Jemima Codrington and welcome to Investor Insight on Crew TV. Even if your portfolio is large and varied, some professionals believe that seeking expert advice should still be the first step on making your next investments.
Tarik Gidamy, TheRedPin.com
Tarik Gidamy: Absolutely, I think it’s really critical for anybody buying or selling real estate to make sure that they get professional advice. You know you wouldn’t, you know if you had an ache in your leg you wouldn’t go to a mechanic, you would go to a doctor. You know and so we take pride in our profession as realtors to be able to give amazing advice, you know, refer you to the right pros with regards to mortgages and anything else that would be pertinent in order for you to make the right investment and that’s what’s really important is that you have all the right ingredients in order to make that investment profitable.
Jemima Codrington: When working with a realtor make sure they are taking all the necessary steps to help you maximise your profits.
Tarik Gidamy: I think they should take all the necessary steps, starting from finding out you know what exactly the appetite of the investor is in terms of how much of a commitment investment-wise they are looking to make. And number two is using real statistics and things that actually make sense to the investor’s intended outcome, whether it be for them to either flip a unit at the time of closing or whether it be to get something long term for a hold in the right area.