Prepare to Sell Rental Income Property
Real estate agents typically miss opportunities to sell rental income property because aren’t prepared to work with real estate investment property. They lack enough rental property knowledge to talk with investors, and they don’t possess adequate tools to service investors on the spot during their first encounter with the investor.
I’ve seen it a thousand times. Real estate colleagues rush around the office just after receiving an up call or walk-in asking how to calculate capitalization rate. They wanted to make a sale, but were totally lost.
By that time, however, it was generally too late for my colleague. In most cases, at least from my experience, when an agent fails to adequately impress the real estate investor in the first encounter, leaving the investor with the impression that the agent knows or cares little about income property, the investor moves on to another agent.
It’s perplexing to me why most real estate agents don’t get it. That working with rental income property is just a matter of preparation. But rather then preparing with Armani and Mercedes, what most impresses a real estate investor is a real estate agent who understands investment property, is able to provide timely numbers, and generally displays a concern how the investor spends his or her money.
This is not difficult to do. There are plenty of resources on the web where agents can learn real estate investment terms and formulas. There is real estate investment software that enables agents to quickly run the numbers, and make quality presentations for investors. With even a slight initiative, any real estate agent can easily prepare to capture investment property opportunities and gain investor loyalty when they arise.
Best of all, the effort is worth it. Here’s a secret. Real estate investors (unlike homebuyers) often purchase multiple properties, and tend to exchange up to larger properties over time. In other words, whenever you get the opportunity to work with one investor on one transaction, you potentially get multiple transactions.
There’s no need to risk losing the opportunity. Set aside time to learn about real estate investing and budget for quality real estate investing software. Moreover, have it at your disposal beforehand, in preparation for your chance encounter with an investor. Bear in mind that you may get just one shot to work with the next income property opportunity; it will cost you not to take advantage of it.
