Hi all,
In the past few weeks, I have been concentrating on building a relationship with a real estate agent, as one of the steps as suggested in FastTrack to building a team.
As this is my first go at purchasing an investment property and at the same time, building contacts and building my team, I feel that in this case, I may need to purchase a property from the real estate agent to establish in her mind that I am serious about this. The property that I have in mind isn’t positive cash flow, but it’s not terrible, in the sense that I can easily afford it, it doesn’t need much if not any work to start renting out, and I believe that it will have good capital growth (which is my primary aim). I am yet to explore the other strategies (like wraps, etc) but will do so very soon.
My question is:
Should I make the purchase to:
1) get off the mark (based on my judgement that this isn’t a bad investment choice(suggestions please?))!
2) signal to the real estate agent to pay more attention to me (attention seeker that I am!) and that I am here to invest (what other ways are there to do this?)!
3) I can’t think of a 3rd?!
I’m just nervous about making a big BOO-BOO for my first one, and like I read somewhere, it’s hard to recover from first one if the first one is a bad investment decision.HELP!
ChocolatEThere’s no better time to invest than now. You have obviously got over that mind barrier and decided to take the plunge but don’t rush into it.
Do your homework and make an educated business decision, not an emotional one.
Be sure you want to go down the path of negative geared property. This will require cash out of your pocket.
Your ‘useful’ contact list will grow in time. This takes years. Don’t rush it.
ChocolatE,
Sounds like you will make a big “BOO-BOO” if you buy this property, if it is just to get the R/E Agent to notice you.[
]What is your goal?? Why do you want this property?? Are you looking for positive cashflow or capital growth??? How many neg. geared ppty’s can you afford? Will buying this house be a great start to your property portfolio, or just a headache??
If you can’t answer these questions, then don’t buy the house. Why do you need the agent to pay more attention to you?? If this one doesn’t pay attention to you for the right reasons, then I’d move on!!!! There are a lot of good agents around, why are you persisting with this one??
When the right deal comes along, you will know!!![
]Good luck,
DelI’m inclined to agree,
You’re not going to earn their respect by rushing in and buying any old piece of property that they put in front of you. You’ll earn their respect by asking the relevant questions, not pretending that you know more than you do and being prepared to act *when* they give you a deal that (reasonably) fits the criteria you’ve given them.
Good luck!
Quasimodo
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It seems to me that action has a most magic way of answering all the questions our fearful mind tries to throw before us…
__________________________________________________Thanks PG-WA, Del and Quasi!
Kinda getting a bit frustrated with the whole bizo because everytime I find something decent, it goes very quickly [].
Do you guys find yourself in the same scenario as well or am I just looking in the wrong places?Choc
Hi ChoclatE,
WARNING: LONG POST.
As a real estate i know would want athe following for me to take a buyer seriously and to be on their side:
1. know what type of property you want
2. know your price range
3. i don’t mind people telling me “i have to offer $xxx,xxx amount bcos i want to make sure that if am forced to sell in the next 3 months, i will be abale to break even since i have to pay stamp duty wen i buy and your commission when i sell through you + legals”
4. go with the agent in their car. talk to them. ask about their investments or interst in investments. don’t talk about wraps. rent to buy sounds better but when you have bought a couple of properties and are able to explain why wraps just like a knife is tool that can be used or abused.
5.HAVE A PREAPPROVAL LETTER. it makes it easy for the agent.
6. Give them feedback after inspection. tell them what oyu don’t like and what you would like. don’t talk mean about the property. it’s ok to say, it doesn’t suit me becaseu i feel the house looks tired.while i was looking for a property to wrap, i became pretty close to a JENMAN agent (i’m non-jenman). we alked about the difference in systems, etc and then he started talking about how a home is a liability. i tlaked him into having lunch at Macdonald. now he knows what i want. he’s not the only agent. i have 3 on my side. they know i look for the property and purchase in another perosn’s name. they are aware that i ihave to maintain my integrity and don’t mind low offers. you need to understand that they may be apart of another team and therefore you need to prove your worthy.
it takes time but make sure you have small chat with every agent and then you’ll know the right one. heck, he or she will galdly be on your team if you prove to be competent. Rarely do we get a competent buyer (know what they want in a home/ investment, talk intelligently without arrogance) so when one comes along, i appreciate it.
hope this helps
That’s awesome feedback, Resurrect. I really appreciate it. Going through your points:
1) I have strongly indicated that to the real estate agent.
2) I have also indicated to her my price range
3) I will tell her that.
4) Will definitely do that again this weekend.
5) I have to get another one as I have lost the one that my bank had sent me months back.
6) will continue to do so.I think I will just have to be patient with them, and slowly build up that respect. This real estate agent knows my situation (even knew that I was up in Sydney working the 2nd time we spoke) and that I will make regular trips to the area. I will continue to keep regular contact with the agents and hopefully I will be able to be successful with at least one soon.
Cheers ChoC
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