How to build an Airbnb business: When Searching for a Property, Use a Broker or Real Estate Agent.
Finding a property can be difficult. Luckily there is a position for that! Brokers and real estate agents can be your key to the ultimate property deal, but how do you find them? What are the keys to building a strong relationship with them?
- Leverage their market knowledge
- Leverage their contacts
- Did you know it doesn’t cost you anything as a buyer?
- Making sure you know your search criteria
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Welcome to short term rental riches will discuss investing in real estate but with a specific focus on short term rentals quick actionable items to acquire manage and scale your portfolio I’m your host Tim Hubbard.
Thanks for joining me again today I’m glad you’re back and today we’re gonna talk about whether or not we should use a real estate agent and where do we find one and so this is a good question and I’m gonna sort of split it into 2 pieces I’ll talk about the real estate agent as it pertains to our property that’s 4 units are last I’ll use the term broker to talk about the same person helping you find a property that’s 5 units or more a multi family property and that sort of just a lingo that use in the commercial real estate world is the broker will be the one helping you in that search so first things first you got to know exactly what you want how much money you have to spend what location you’re looking and what size property one how many units you are looking to find is that old are you okay buying an old property that needs work or do you want one that’s already been renovated or newer property knowing exactly what you want is gonna make it better for yourself and for the person helping you find the property so it’s going to make the best use of everyone’s time if you’re looking for a property that’s up to 4 units most of the time all of these properties you’ll be able to easily find on red fan sila.com a realtor.com.
In you can just set up a save search you know plug in the zip code plug in all those parameters and have an email you once a day or as soon as something comes up that meet your criteria now when you jump from the 4 units to 5 units and it becomes a commercial property or at least in the eyes of a lender they’re going to finance it is a commercial property that search can be a little more complicated part of the reason is just that a lot of times those multi family properties don’t even show up on the market a lot of times they’re not going to be on Zillow because they’re sort of a different property class although there is a mix you know in between the 4 I would say 4 to 810 units sometimes you’ll see those on red fin as well but anything bigger than that it’s usually just gonna show up on co star which is basically the equivalent of the MLS and the U. S. that’s where you know anyone’s going to publicly list their commercial properties or on loop net so finding a broker to find your multi family property is a little more difficult but not really I mean you can go on loop net which is free also can plug in your criteria just like you can with smaller properties and anything that pops up that meet your search it’s going to show you who’s listed at.
So even if that property that pops up in your search doesn’t meet your exact criteria maybe it’s totally different but that’s in the right market and that person is a multi family broker give him a call because emailing you know blots of people getting emails it’s just hard to stay in touch so let him know Hey nice found Gianluca and I’m looking for a property in this area you can give him the exact criteria that you’re looking for and start building that relationship any business in general the the better your relationships are that the better it’s going to be for yourself start building that relationship and you know that goes for the the flip side of the property searching if they send you a property and it doesn’t meet your criteria you want to let them know as soon as possible and let them know why it didn’t fit your criteria is it out of your location is it too expensive is it too old or you want to value add deal where you can put some work into it or you want one that’s already done you know let them know exactly why it didn’t didn’t work for you so that they can tailor their search and then you guys don’t waste each other’s time the other reason I mean you want to use a broker is that it doesn’t cost you anything you know the seller of the property is the one paying the sales commission get online you know make some phone calls and and start meeting some people once you close on that first deal you really start to build a relationship there you know they’ll be a lot of trust built in the broker’s gonna know that you’re someone they did start to to their work you know you told them exactly what you were looking for they found your property to fit the criteria in you closed on it so the next time is going to be even easier and you know what the next deals probably gonna be even better the sick about it for brokers working with a lot of different investors are a real estate agent if they have.
Someone that knows exactly what they want and and they close on the properties that are brought to them they’re definitely gonna want to work with them again versus finding new clients building really relationship and and just not really having the trust yet you know after you close on that first deal that’s when you can really start building that relationship so what I recommend finding someone to help with your search absolutely if it’s a 14 answer last jump online and plug in your surgery criteria and bill into Zillow or redfin or one of those online sites have it send you listings regularly so you can get a feel for the area but then also reach out to agents in that area and ask them if they specialize in investments or not and and let him know you know you you’re in this for the long run you planned to close on the property you’re looking for right now but you want to get more in the future and if you’re looking for a property that’s bigger than that 5 plus units jump on loop net plug in your search criteria have it do the same thing send you results as soon as they pop up but then reach out to those brokers let him know build a relationship and the deals will star common just stick with that and I hope that helped this is is pretty easy thing to do you know it’s all relationship based and one more thing I guess before we jump off is after you’ve closed on the dealer or before if you’re working with an agent that has been in the market for a long time they also have a lot of good connections they have good connections with contractors and property management companies so ask them for referrals to specially if it’s a new market you’re entering because they will they will have some connections and they’re going to be a huge help for you so until next time hope you have a wonderful day.
Want to get on the fast track to financial freedom through short term rentals what all searching the properties you. You want to make sure that you acquired the right properties I want to give you my. Just that there is no charge to my gift to you for being one of our subscribers just the rest methods.com that’s R. E. S. T. methods.com.
