One of the most important things you need when selecting a realtor regardless of your real estate goals is transparency. The agent must be transparent, honest, and have the ability to be upfront with you about your best interests, even if they strongly disagree. A realtor should tell you what you need to hear when buying or selling a property, not what you want to hear, but especially when buying a House Hack.
1. Investment knowledge
When looking for a House Hack your realtor should have the right kind of investment knowledge for your needs, and they should really understand if you are in it for the short-term gain or the long-term haul. Generally, House Hacks take a while so be sure to find an agent who understands your investment timeline.
2. Knowledge About The Town
Look to see the depth of their understanding of their market in which they work. Try and find out what investments they may have made personally that either paid off or did not work. See if they can tell you what neighborhoods have long term growth potential, or which areas will provide stability in market value.
3. They are House Hacking Themselves
It would be ideal if they have some experience buying and selling and house hacking themselves, as they can relay certain issues that may arise, tenant issues, repair issues, payment issues, lifestyle issue, and this can help bolster your decision. You have choices to make, your realtor may have made some previously as an investor so be sure to find a realtor that has that background which can help you make your House Hack the perfect opportunity.
4. Responsive and Attentive
Your realtor should be responsive and attentive to you. You do not want the agent that is not getting back to you promptly or is giving you the run around for other clients, you want your agent fully invested in you and your success as an investor. One example would be having an agent who really respects your price range you have laid out, and not push you to buy a more expensive property for more commission or because he knows the buyer’s agent.
5. Attention to Detail.
They also need to have a great attention to detail in the searching and ultimately purchasing process. When you are on site doing a walkthrough of a property, what kind of details do they give you? Do they give you the good and the bad news about repairs, the overall condition of the home, the previous tenants, the neighbors and neighborhood, the cost to fix everything, the development potential? Or do they just run you through the home with only the positives? The right agent should tell you what you need to hear not what you want to hear.
6. They Have Multiple Investment Properties
Another way to tell if you have a great agent for a House Hack purchase is if they own multiple properties themselves, especially in the market you are purchasing in. It shows they have something invested process because everyone wants to make money, so it shows you have a safer bet. A great agent would be invested in the market you want to invest in.
In Conclusion
Find an agent that values you, your time, your vision, and is an investor and you’ll be on the path to making a great House Hack investment!
