As a new investor in the Boston real estate market, you probably have done your homework and have a bit of an idea of what you can spend and where you want to spend it. However, you also know the importance of working with a real estate agent to help you facilitate the transaction. You probably used an agent to purchase your Boston residence (88% of people do!) But your residential broker is probably not your best choice to help you with investment property.
We have developed 5 questions to ask a potential agent to analyze how beneficial they will be in your investment property purchase.
1. Do you invest yourself? If so, what in?
Having firsthand experience is a benefit in most situations – especially when you are considering a large financial purchase. Many real estate agents do not have personal investments in the multifamily market, making them only able to understand it from other people’s perspectives. If your agent DOES invest, see if they have personal experience in purchasing and owning the types of properties that you are considering.
2. How many investors do you work with currently?
Understand how many clients there are currently working with that mirror your investment ideals. This is important so you can analyze the time they will be willing to spend working for you. If they are not currently working with any, it may be a sign they do not have their finger on the market.
3. What was your volume last year?
It is important to have an idea of the amount of business and success your real estate agent has had in previous years. Make sure you ask what percentage of this was residential vs. multifamily investment sales.
4. How do you stay up on the current market trends?
Constant training and knowledge building is vital to any career – especially when you are helping people make a substantial purchase. Ask what types of educational activities they do and how they are connected in community events to stay on top of the market.
5. How do you help investors overall?
Different realtors offer different services to their investors. It is important to understand what services your agent will offer so you know that your needs will be filled. At Charlesgate, we offer a vertically integrated Multifamily Division that allows us to help from beginning to end. Learn more about that.