Forging and maintaining a good relationship with real estate agents is one of the most basic but often overlooked strategy in property investment that has helped property investors get ahead of the game and ultimately succeed in the business of creating wealth through property.
According to Charles Tarbey, chairman of one of the largest real estate networks in Australia, establishing a good relationship with real estate agents can make several processes a lot easier and more effective, whether an investor is looking to buy or sell a property.
“We always say in our organization, ‘If you build a relationship, the conditions can become negotiable… At the end of the day, you can bring all parties together and it works,’ ” he said.
As real estate agents, Charles and his team look for just one thing to know that a property investor could be a good client: “Preparedness.” To make a good impression, an investor must approach an agent as someone capable to demonstrate his ability to purchase a property and maintain an active portfolio because, at the end of the day, the agent’s goal is to get the best possible price for the seller.
“I think that’s absolutely necessary. If you’re going to go to an agent and expect that agent to work for you, to make sure that you take the best possible price offer to the seller, the agent needs to know that you’re in a position to transact immediately,” Charles said.
“No professional real estate practitioner in their right mind will ever take a low offer to a seller. Even if the seller did accept that offer because the seller might be in a position where they need to sell, that buyer that’s buying the property will never use that agent again because that agent’s just demonstrated that they’re not concerned about the transaction, they’re concerned about their fee,” Smart Property Investment’s Alex Whitlock added.
For Charles, a property investor that has finances ready to go and is willing to close a deal as soon as possible is the perfect client for real estate agents. Preparedness, coupled with a good relationship with as many professionals in the field as possible, could be the key for an investor to find better opportunities to grow his property portfolio and ultimately achieve his financial goals.
“Preparedness is a really important part, especially in the marketplace we’re moving into… I see a change coming through,” Charles said.
“Position yourself so that if a transaction or an opportunity comes up to buy an investment property or to buy a property management portfolio because somebody needs to sell that portfolio, you’re the most likely person because you’re the only person prepared. You’re going to have the best opportunity.”
Tune in to Charles Tarbey’s episode on The Smart Property Investment Show to know more about the secrets to negotiating with real estate agents to secure the best outcome for your property portfolio.