Becoming an investor’s first choice is a much different ball game than selling homes to consumers. Find out how in our guide to attracting real estate investors to your business.
Know the Market
First and foremost, do your homework. You should understand the ins and outs of the real estate market just as well, if not better, than the investors you’re seeking out. Immerse yourself in the local markets first and broaden your scope as you become more familiar with the area and trends. Have confidence in yourself and your knowledge, especially around those who may be new to real estate investing. More than first-time homebuyers, these clients are looking for mentors and someone who’s in the weeds of the market day in and day out; those who can walk them through the process while building a trusting relationship.
Increase Your Lingo Fluency
Real estate investment is a culture with a codex of terminology that requires fluency if you wish to be successful. Research common abbreviations and acronyms and familiarize yourself with the ways they are used in both everyday communication and in print media. If you enjoy hands on study material, look into Advanced Real Estate Training that covers investing and home flipping. Like any other language, using words or phrases incorrectly is a telling indicator of how well you actually understand what you’re attempting to communicate. In such cases, you may end up coming across less adept than you would have if you hadn’t made the attempt at all.
Learn to Identify Investment Goals and Timelines
Every client has a set of timelines in which they expect to meet their investment goals. The best way to identify these expectations is to practice active listening; you should always be attentive, ask thoughtful questions, seek clarification, and paraphrase or summarize your client’s requests when needed. This’ll not only help you understand your client’s request, but it may also help them to solidify their own ideas and expectations. Once you’ve established an understanding, take careful steps to keep those goals and timelines on track. Check in often and be available as much as possible.
Know your audience! Investors are looking for properties that will ultimately increase in value over time, even when updates and remodels must be made. They care less about the look and feel of a property and more about the numbers. As such, when you’re putting together a presentation to show a client, ensure that your materials reflect their needs. For example, does the kitchen need a facelift? How much will it cost, and what can the investor expect to recoup on resale?
Fulfill a Niche
Set yourself apart from other agents and fill a necessary niche. This aspect is a bit more open-ended and may depend on skills you have outside of your real estate business. One way could be expanding your service line and becoming Home Inspection Certified so your clients can rely on you for more than one area of the investment process. For instance, if you have an eye for design, you might have a leg up when helping clients reimagine a property. Or, you may have an in with local contractors, electricians, plumbers, or other service providers that investors need in order to fulfill their vision of the property. Even if you don’t have a long list of contacts now, it’s essential to boost your network and make those connections; when your clients begin to trust you and your business, they will also look to you for advice when seeking out these services. Do your research, and only suggest the best of the best! Having these contacts at the ready will make you an invaluable resource, and your clients will keep coming back. They will share their positive experience with others, helping you to grow a successful business.
Make Yourself Available
Finally, it’s essential to stay in constant communication with your clients. Check in with them often and share any new developments right away. If you’re going on vacation or are otherwise unavailable for a period of time, make sure to let them know well in advance. If you miss an email or a call, respond in a timely manner. Once you establish trust in the relationship, you’ll be able to foster a loyal and successful clientele for the long haul.
Written by Haley Kieser.