Many real estate agents and brokers around the country have profited to a huge degree from having one, two or even three or more big investors who use them exclusively. Other agents often look on with great envy because they are constantly prospecting for new clients, struggling to keep their pipeline full and wondering from where their next commission is coming. As an investor myself, I have forged relationships with many agents over the years whom I have used almost exclusively in one market or another. Although I am primarily a commercial real estate investor, I bought countless single-family homes from 2010 to 2014 when the market was depressed. During that time, I used agents on nearly every transaction, paid them full commissions, and I was happy to do so. I felt good having go-to agents. I knew they’d look after me and that they were people I trusted. But it wasn’t always that easy. I tried working with a lot of agents who didn’t work out, but I found a few gem...
- Never "pre-judge" a client -- the clients you want to be doing business with long-term are most likely not the ones that show off wealth in an ostentatious manner. Your attitude and respect for both the client and the process can get you in.
- Transparency is the best policy, no matter how bad the news. Delivering bad news as quickly as possible enables both you and your client to tackle issues head-on. Respect ensues.
- Be willing to walk away if a relationship isn't right for you. You are just as important in this equation as your client. There is no need to stay in a "partnership" that is disrespectful or lopsided.