Real Estate Investment
7 Ways to Become a Real Estate Investor’s Go-To Agent
July 30, 2014
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Are you a real estate agent who is friendly with real estate investors? If not, you could be.

There are around 7 million real estate investors in the U.S. who are looking to buy property within the next 12 months.* Successful investors tend to buy and sell multiple properties in a short period of time—and work with the same agent to do so—meaning this could be a steady stream of income for you.

How can you become their go-to agent?  Consider these tips:

1)      Learn their language. Investors discuss things like ROI, cap rates, 1031 exchanges, cash-on-cash returns and net present value. (You can learn how to talk-the-talk in McKissock’s 2-part course: How to Work with Real Estate Investors Part 1 and Part 2.)

2)      Know their investment goals. Understand what matters to them. They don’t likely care about the existing paint or carpet colors. They only care if the walls need to be repainted, if the bathroom needs updated and, most importantly, how much will it cost. The way you approach a real estate investor about a property shouldn’t be the same way you pitch a property to traditional buyers and sellers. You need to understand your client’s investment strategy: Buy, fix, and flip? Buy at wholesale and sell to another investor? Buy, rehab, and rent?

3)      Identify their timeline. What’s their investment horizon? Is this a long-term hold with a 5-10 year profit window, or does the investor need to sell the property before purchasing another one? The more you know about your investor’s timeline, the more useful you can be.

4)      Do the math. Learn how to use the many calculations available to evaluate and select real estate investment properties. The relationship between investor client and agent will be strengthened if you can locate suitable properties and help analyze their return on investment.

5)      Do your market homework. Once you understand their objectives, your talents as a local market expert come in handy. What neighborhoods are hot right now? What areas are up-and-coming? Where are the best schools? Where are the new jobs located? Help identify those opportunities and present properties for your investor to consider.

6)      Become their go-to person. Once you know their goals and can help identify suitable properties, look for additional ways to add value to your services. One way to do this is by understanding their pain points and suggesting resources. Do they need a good handyman? Estimates from painters? Flooring quotes? A tax advisor? Be their go-to source for these referrals.

7)      Be an insider.Joining a real estate investor group in your area is a great way to find prospective clients, learn what investors in your area are looking for, and give your insight on potential properties.

As an agent or broker, you don’t need to be an expert in real estate investing – but if you want to become an investor friendly agent, it’s wise to learn these fundamentals. Learn more today in our 2-part series: How to Work with Real Estate Investors Part 1 and Part 2.

 

Want more? Download our infographic for a visual guide on how to work with real estate investors.  

 

 

References: *BiggerPockets

 

Technology
Simple Ways to Generate Business through LinkedIn
July 30, 2014
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With more than 300 million members across 200 countries, LinkedIn has helped change how real estate professionals do business. Initially viewed as a site to display your online resume, LinkedIn is now the primary social site for business professionals to network, connect, and engage. LinkedIn’s demographics are geared towards affluent professionals, meaning it’s a great place for real estate agents to connect with a valuable target audience.

Here are a few simple ways to get you on your way to generating business through LinkedIn.

Create a professional profile. It should be simple, compelling, and clear so that potential clients are able to quickly recognize your expertise. Add all of your relevant skills and training and let your personality shine through.

Optimize your profile. You can do this by adding keywords specific to your expertise and location. For example: if you specialize in relocation in St. Louis Missouri, your keywords would be “Relocation Specialist St. Louis Missouri.” These are searchable terms that allow people to quickly find you when they are looking for agents in your area.

Get recommendations. LinkedIn recommendations are equivalent to testimonials. Since a vast majority of real estate’s business comes from referrals, these recommendations are a critical piece to your profile. Reach out to clients and colleagues you’re linked to and have them write a recommendation.

Get on your company page. Make sure the brokers or firms you work for are included in your profile. Also, make sure you appear in the employee list on your employer’s LinkedIn Company Pages.

Share Updates. Publishing on LinkedIn is a great opportunity to strengthen your professional reputation and get discovered for your knowledge. Try writing about your skills, experiences, or trends in your industry. You could even post information on specific properties you have available. Every update you share will appear in your connections’ news feed.

Join a group, or ten. When you join a LinkedIn Group, you can connect with every other member in that group. Look for groups that target your key audiences—it’s a great way to communicate, and may lead to new business. You can search for groups by keywords and location.

Sponsor updates or ads. LinkedIn’s sponsored updates and ads allow you to use text, images, or video to raise awareness, build relationships, and drive leads. They can be targeted by location and a variety of other criteria. Be sure to explore your options to see what LinkedIn paid advertising can do for you.

 

Are you already using LinkedIn for your Real Estate career? What are some of the best tips and tricks you have?