The same criteria that domestic investors use to find a real estate agent should be used by foreign investors with one important addition. The best agent for your needs will meet the criteria that go beyond the typical buying and selling of properties. Agents that work successfully with investors understand the nature of turning a profit on a property, either by creating a cash flow situation with rentals or selling the property quickly for a fast profit.
Here are the five attributes that foreign investors will need to look for when searching out the best agent for their particular needs.
Experience in Working with Investors
There is a substantial difference between working with clients interested in buying or renting a property for their personal use and clients who are investors. For the foreign investor, the first step should be to work only with agents who have previously worked with investors before. This is particularly true if they have worked with foreign investors, but simply having the experience of handling transactions for investors is quite valuable.
Actual Investment Experience
There is simply no substitute for understanding real estate investment than their personal investing in properties. Their experience does not have to be an extensive one, but it should be enough to provide them with the knowledge of how investing really works. Agents who invest in properties will not only be easier to work with, they will have a far better understanding of what an investor really wants.
The reputation of the agent is built through their experience and the successes that they have enjoyed with investors. This means getting references of successful transactions in the past, but investors can also check out their recent work with other investors to see if they have maintained a track record of success. Naturally, not all real estate transactions are successful, but the right agent will have built up a considerable record of successful transactions over time. This will mean talking to other investors about how a particular agent has worked for them.
Understands the Local Market
Arguably one of the best reasons to hire an agent is their knowledge of the particular area where you wish to invest. Their local knowledge will be vital in determining whether a particular investment is going to succeed as they will have a finger on the pulse of the neighborhood, the trends and an understanding of the successful investments that have occurred before.
Speaks the Language
For the foreign investor, having the agent or a representative that works with the agent speak the same language is very important when it comes to fully understanding what the agent is telling them. The best agents will have hired a rep that is a native speaker of the language so that nothing gets lost in the translation. It is vital that the foreign investor and the agent are on the same page and understanding exactly what each other was saying.
It is also important to find an agent with a reputation for being honest and one who is comfortable in making offers. For the foreign investor, having all five of these factors will help them find the best agent for their needs.