Building strong relationships with estate agents can bring many benefits to property sourcers. Estate agents are typically the first to know when property owners want to sell their home or property investment. Work on becoming the person they think about first when a suitable property investment opportunity arises as this can dramatically boost your property sourcing business.
Estate agents provide valuable access to sellers. As a property sourcer, you can approach sellers directly. However, you might have a better chance of doing successful deals through estate agents as the seller is likely to be more educated on market values though their agent.
And through a strong relationship with an estate agent, you might be told about a suitable property before anyone else. Most importantly, establishing a good relationship with estate agents can allow you to obtain access to off market deals.
Working with estate agents and letting agents
Estate agents mainly deal with the buying and selling of property, while letting agents predominately deal with letting management. Letting agents may not be open to working with a property sourcer, especially with rent-to-rent deals if they don’t know much about them. Additionally, they could be afraid that they’ll lose management business if they work with a property sourcer, so it’s important to be clear and transparent about your role and how a deal is structured.
As estate agents make their money from a deal completing, it’s important to show you’re not trying to take over their job or steal their commission. This is especially true for non-traditional deals, such as lease options and assisted sales. You need to make it clear that they’ll be making their commission, and show them what the benefits are of working with you.
No matter whether you’re working with a letting agent or estate agent, you need to be clear and honest about how any deal and your property sourcing business is structured. To build strong relationships with these agents, show your credibility and trustworthiness.
How to build relationships with estate agents
As building relationships with anyone takes time, it’s helpful to focus on one or two of the top estate agents in the local area to build solid relationships with. Meet a few agents, attend open houses and gauge how receptive they are when you discuss what type of property you’re looking for.
Keep in regular contact about once a week with the estate agents you feel have the potential to evolve into the most beneficial relationships. Occasionally bring a gift when you meet them, even if it’s just a cup of coffee or a box of chocolates.
Be clear with them about what kind of property you are looking for and all of the helpful details, including budget and timescale. Make sure they fully understand what your client is looking for, and tell them how working with you will benefit them and the seller. It can also be beneficial to create a detailed written brief to make it easier on the estate agents.
Be credible and trustworthy
Showing your credibility as a property sourcer will further help you build trust with estate agents. Make the relationship work for you, in addition to the estate agent, as the relationship needs to be beneficial for both parties.
It’s crucial to keep any promises and commitments that you make to estate agents, and don’t let them down. This makes it even more important for sourcers to work with trusted investors who don’t pull out of the deal at the last minute. This will damage your reputation and relationship with estate agents.
At PropertyMenu, we pre-screen and vet investors, so you have access to motivated and reliable investors who are ready to invest. This makes it easier to find and work with investors you can trust.