Practical Advice To Help You Profit From Rental Property
Buying Tips - Estate Agents
To an estate agent, the name of the game is business, pure and simple. However, for you as a property investor there is an art to
getting the best from estate agents. Remember too, if you're in the market to buy a property, you can expect to have to deal with more than
one, unlike sellers who normally deal with just the one.
Remember whose side an estate agent is on. They are paid a percentage of the sale price, so it's in their
interest to sell the property as quickly as possible for the highest price they can get.
Have the money arranged, including a mortgage in principle, before before you begin to house-hunt. Have
a clear idea of your budget from the start. Estate agents appreciate someone who is not only ready to move on a deal immediately,
but who is organised, efficient and serious.
Locate all relevant estate agents: before you start your search sign up with all your local estate
agents - but do make sure they deal with the kind of properties you are interested in, to avoid wasting their time and yours.
Get to know an individual when you contact agents or better still visit their offices. Get the name of
someone who you can make your contact there and make a note of it. Provide them with your basic details - your name, address, contact
number(s), the type of investment property you want, its value, the area(s). This will save them time and impress upon them that
you're organised and on the ball.
Don't bother misleading agents about what you can and can't afford; and only view properties that are within
your budget. By the same token, let them know exactly what your budget is, what you want and where you want it - and be prepared to
listen if they have reservations about your chances.
Work out what you are prepared to compromise on, just in case you have to - location? size? price? If you
are using more then one agent, you should soon be in a position to make your own judgement on the plausibility of your demands for your
budget.
Be businesslike: know what you want and be clear about it. Make it obvious that you've done your
research and that you have a realistic notion of what you are going to be able to afford. It also means treating the whole process in a
calm, level-headed and businesslike manner. It helps to look the part - dress smartly.
Keep in regular contact with the agents. If you haven't heard from a particular agent, call your contact
once or twice a week to remind them that you're still looking and to find out if they have anything new on their books. They may
possibly suggest a compromise on what you are after - something of interest in another area might immediately spring to their mind, for
example. Keep an open mind on this but get as many details as you can about the area and the property before you agree to a
viewing.
When an agent calls to say they might have just the thing, take the time to ask questions about the property
on the phone. Avoid a wasted trip to view an unsuitable property. Get as much information as you can before you agree a
viewing. Ask about the street, the area, why the owner is selling, any problems etc. Look for any possible difficulties from
your point of view and put them to the agent.
Act quickly. If it sounds interesting, be prepared to move fast and try to find time that day, if you
possibly can. It puts you in pole position in case the property is what you want, and it signals your serious intent.
Learn all you can: take the opportunity, while you are spending so much time in the company of
professionals, to find out about the state of the market, local developments, up-and coming areas - whatever you need to know. You may
find they have something to say that could help you enormously.
Don't take on trust information you are given about an area or a property. Do your own research into the
area, follow up claims an agent makes about a property and verify them to your own satisfaction. And if you are unable to check something, and it seems appropriate, get it in writing from the agent.