It may be tempting to think that, as an investor, you can find and buy River Park rental properties by yourself. Nevertheless, the listing agent for the property can show you around and handle all of the required paperwork, right? While this is technically accurate, there is one major problem with this style of thinking: the listing agent represents the seller’s interests, not yours. And when a listing agent has a dual agency (representing both the seller and the buyer), serious conflicts of interest may appear. At last, using a listing agent to buy investment properties benefits just one person: the listing agent. To make sure that you have proper representation in any real estate transaction, you need to have your own buyer’s agent. In what follows, we will demonstrate more about why you should hire your own real estate agent and how to avoid some of the difficulties to try to do it by yourself.
Why Not Use the Listing Agent?
There are several explanations why using a listing agent to buy rental properties is not a smart option. One of the biggest of these is the potential for conflicts of interest. When a real estate agent lists a property, their primary responsibility is trying to get the best possible deal for the seller. This makes it much harder for the agent to help you get a great deal on the house since, presumably, that will not be a priority for them. Legally, the listing agent cannot advise the buyer on anything related to the sale. They may be disinclined to disclose any information that might prohibit making the sale, which is also a big disadvantage for you. In addition, if there are multiple offers on the property, the situation can quickly become very complicated and put your chances of a sale at risk.
And then there are those rental property investors who think it’s better to use listing agents to buy properties because it will save money. But the truth is that it doesn’t cost the buyer anything to hire their real estate agent. On many occasions, the seller pays the real estate agent’s commissions, not the buyer. With no money at stake, the person who stands to lose the most by not having their representation is you.
Why You Need a Great Buyer’s Agent
As a rental property investor, a great real estate agent should be a big part of your investing team. There are a number of vital reasons for this.
Primarily, as your agent, they will represent your interests (and only your interests) throughout the sales process. Irrespective of how skilled you are at making deals or negotiating prices, doing everything all alone is both time-consuming and risky. The last thing you need is to make a terrible mistake due to inexperience or running out of time. Real estate transactions can be challenging. It would be great if you hired someone who has the knowledge and expertise to guide the process from beginning to end expertly.
One more main reason why you need a buyer’s agent is for their industry connections and insider knowledge. An agent with involvement in rental properties mostly has a professional network prepared to assist you in finding the bargain properties you want. Furthermore, if your agent is well-known and has a respected reputation, other agents may be much more willing to work with you to help you find and buy properties in prime locations.
After all, if you are acquiring properties sight unseen, you need a local person who can trust to be your “boots on the ground,” so to speak. As your agent, they can provide you with sufficient knowledge about the local market and enable you to determine which areas to buy in and which to avoid, among other things. You will not get this information elsewhere.
A prominent buyer’s agent is a real asset to any real estate investor. The same thing happens with a quality River Park property management company. If you are searching for methods to add to your investment portfolio and grow your rental property business, these are two experts you simply can’t do without. At Real Property Management Platinum, our group works with rental property investors like you to help make your rental property investing as profitable as possible. Contact us online today for more information about our great services, or at 559-425-8550!
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