In my research through the Forums of BiggerPockets attempting to understand the needs of potential future clients as a new real estate agent, I have come across countless threads looking for “investor-friendly” real estate agents. Are they really the unicorns of real estate? I don’t think so. Let me share my perspective with you.
Let’s start with the term “investor-friendly.” This implies there are agents out there who are investor-unfriendly, and if the posts on BP are any indication, they seem to be out in great numbers since every newer investor seems to be searching for the friendly ones with no luck.
In life, if we wander around every day not being able to find a friendly person, at what point do we start looking in the mirror?
Are You Looking for a Friend or a Professional?
It may sound harsh, but agents are not friendly or unfriendly towards you because they need a new pal. By statute, agents owe every client the same fiduciary responsibilities. These responsibilities are confidentiality, loyalty, obedience, disclosure, care, and accounting. These may vary state to state.
That being said, even though all agents are required to perform these duties for all clients, a true professional will exceed in every category. When they are exceeding in every category, they tend to make a good living, and their time becomes scarce.
In combing through these threads, the following are actual statements from investors that give me some insight into what they consider “friendly.”
- “I want an agent who will be patient and educate me on what to look for so that I will not get ripped off.”
- “I really want an agent who will help me negotiate the best price.”
I could list go on and on, but what I have learned from these comments is investors are not looking for someone who is “friendly”—they are looking for an agent who is a “professional.”
Do you agree?
Why is it Difficult to Find a Professional Who Will Work With Investors Consistently?
Now that we…