Investors will Judge You on Your Mindset and Skill Set
If you want to work with real estate investors, you need to pick up your game and continually work on two things – your mindset and skill set.
Investors are unforgiving and suffer no fools. They can’t afford to work with the wrong real estate professionals.
Mindset
As an investor friendly agent, you need to adjust your mindset. You need to adjust how and why you work with investors. Investors aren’t looking for a beautiful home in a wonderful neighborhood. They’re looking for a great deal.
Sure, it can be a beautiful home in a wonderful neighborhood, but the price or terms need to be more attractive than a traditional deal.
In most cases they’re looking for value – value built into the deal or value that can be unlocked or added to the deal.
They need you to move fast, make informed recommendations and never, ever get in the way of the deal.
Skill Set
(If you can figure out why mindset is one word and skill set is two, please let me know).
Skill set is the expertise and experience you need to add value to your investor clients.
Traditional Realtors develop expertise in the core activities needed to complete a real estate transaction.
Investor friendly agents need the same core skills plus deep subject matter expertise in core and niche real estate investment deals.
This includes expertise in creative deal structures, including creative acquisition and transaction structures, as well as creative finance. It includes expertise in niche property types, niche property use, and niche property ownership structures.
Investor friendly agents may need to understand complex legislation and regulations, including zoning, federal, municipal and HOA by-laws.
It’s impossible to know everything so agent friendly investors will need to develop a strong support team and will usually develop a specialized niche expertise in a particular type of property or deal structure.