It may be tempting to think that, as an investor, you can find and buy Quincy rental properties all by yourself. After all, the listing agent for the property can show you around and handle all of the required paperwork, right? Even though this is entirely correct, there is one significant problem with this mode 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 show up. In the end, using a listing agent to buy investment properties benefits just one person: the listing agent. To guarantee that you have proper representation in any real estate transaction, you need to have a buyer’s agent of your own. In this section, we will discuss more why you should hire your own real estate agent and how to avoid some of the pitfalls of trying to go at it alone.
Why Not Use the Listing Agent?
There are a few reasons why using a listing agent to buy rental properties is not advisable. One of the greatest of these is the potential for conflicts of interest. When a real estate agent lists a property, their prime responsibility is trying to get the best possible deal for the seller. This makes it a lot harder for the agent to help you get a good deal on the house since, probabilities are, that it is not a priority for them. Legally, the listing agent cannot advise the buyer on anything related to the sale. They may be hesitant to disclose any information that might block making the sale, which is also a major disadvantage for you. Also, 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 suitable to use listing agents to buy properties because it will save money. However, the reality is that it doesn’t cost the buyer anything to hire their real estate agent. In most cases, the seller pays the real estate agent’s commissions, not the buyer. With no money at risk, the person who suffers a loss far more 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 critical aspect of your investing team. There are various imperative explanations behind this.
Mainly, as your agent, they will represent your interests (and only your interests) throughout the sales process. Regardless of how talented you are at making deals or negotiating prices, doing things on your own is both time-consuming and risky. The last thing you need is to make a terrible mistake by reason of inexperience or running out of time. Real estate transactions can be demanding. It would be beneficial to find someone who has the knowledge and expertise to guide the process from start to finish skillfully.
Another critical reason why you need a buyer’s agent is for their industry connections and insider knowledge. An agent that focuses on rental properties regularly has a professional network prepared to assist you in discovering the bargain properties you want. Besides, if your agent is respected and has a good reputation, other agents may be much more willing to work with you to help you find and buy properties in prime locations.
Lastly, if you are buying properties sight unseen, you need a local person who you can trust to be your “boots on the ground,” so to speak. As your agent, they can provide you with accurate knowledge about the local market and help you to find out which areas to buy in and which to avoid, among other things. You won’t get this data anywhere else.
A skilled buyer’s agent is a real asset to any real estate investor. The same situation applies to a quality Quincy 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 Associates, our team 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 508-509-4485!
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