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Sign into your accountWorking with the Investor Client: 10 Tips for Success
June 20 2014
This post comes to us from the Market Leader blog:
Many new real estate agents dream of tapping into a network of investors who constantly buy and sell homes, imagining that it will provide an easy route to commissions and repeat business.
But when they actually hook an investor client—or think that they have—then, it's often a different story.
Here's the deal: The investment property sale is a very different process than a residential sale to an owner-occupant. With owner-occupants, you are selling the dream. You're selling the home-sweet-home, the pitter-patter-of-little-feet, the cinnamon-in-the-kitchen, hearth-and-home fantasy ideal. Tap into that dream and the client's bought it.
With investors, it's a whole different ballgame. The successful investor has ice water in his or her veins. You're not selling a dream; you're selling ROI. If the number is there and it beats the investor's hurdle rate, and you get the timing right, then you should have a sale.
But hitting that hurdle rate is hard—especially with an agent's full commission thrown in the mix.
What's more, lots of people will blow smoke, calling themselves "investors." They will get you to do a ton of unpaid legwork for them, when in reality they're all hat and no cattle. They either don't have the capital to do the deal, or they are looky-loos and tire-kickers, or they're just emotionally unable to pull the trigger on a property, no matter how much financial sense it makes.