It may be tempting to think that, as an investor, you can find and buy Mount Juliet rental properties without help. After all, the listing agent for the property can show you around and handle all of the required paperwork, right? Although this is theoretically right, there is one major problem with this kind 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 arise. All in all, using a listing agent to buy investment properties benefits just one person: the listing agent. To assure that you have proper representation in any real estate transaction, you need to have a buyer’s agent all by yourself. In what follows, we will discuss more about why you should hire your own real estate agent and how to avoid some of the risks of trying to accomplish it yourself.
Why Not Use the Listing Agent?
There are a couple of explanations why using a listing agent to buy rental properties is not a good option. One of the biggest of these is the potential for conflicts of interest. When a real estate agent lists a property, their critical responsibility is trying to get the best possible deal for the seller. This makes it much harder for the agent to help you get a better deal on the house since, in all likelihood, that will not be a priority for them. Legally, the listing agent cannot advise the buyer on anything related to the sale. They may not be willing to disclose any information that might prevent making the sale, which is also a big disadvantage for you. Plus, 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 great to use listing agents to buy properties because it will save money. But the truth is that it doesn’t cost the buyer anything to hire their real estate agent. At all times, the seller pays the real estate agent’s commissions, not the buyer. With no money at risk, the one who stands to lose the most 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 must be an important part of your investing team. This is because of various key factors.
First, as your agent, they will represent your interests (and only your interests) throughout the sales process. Regardless of how skillful you are at making deals or negotiating prices, doing it all on your own is both time-consuming and risky. The last thing you need is to make a terrible mistake because of inexperience or running out of time. Real estate transactions can be difficult. It is highly recommended to have someone who has the knowledge and expertise to guide the process from start to finish effectively.
Another important reason why you need a buyer’s agent is for their industry connections and insider knowledge. An agent with experience in rental properties usually has a professional network at hand that can aid you in discovering those bargain properties you’re searching for. Additionally, if your agent is distinguished 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’re buying properties sight unseen, you need someone local you can trust to be your “boots on the ground,” so to speak. As your agent, they can provide thorough knowledge about the local market and assist you in figuring out which areas to buy in and which to avoid, among other things. You won’t get this info somewhere else.
A good buyer’s agent is a real asset to any real estate investor. The same thing is applicable to quality Mount Juliet property management companies. If you are looking for choices 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 Key Response, our team works with rental property investors like you to help make your rental property investing as profitable as it can be. Contact us online today for more information about our great services, or at 615-953-8700!
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