In the real estate world, both realtors and investors can benefit immensely from strong relationships. These connections not only help survive downturns but also thrive in booming markets. Today, we’ll explore the importance of investor relations in real estate, sharing experiences and insights from seasoned professionals Kelly Christensen from Remax Trinity and J Lee Thompson from Tech Sell Real Estate.
Building a Foundation in Real Estate
Kelly Christensen began her real estate journey in 2005, transitioning from an accounting background to gain more flexibility with her children and time. Despite the hectic schedule that comes with real estate, this decision paid off in terms of work-life balance and personal satisfaction.
J Lee Thompson and Kelly met through their kids and discovered their mutual interest in real estate later. Their journey in the industry has been filled with ups and downs, including weathering the financial crisis shortly after they started.
Surviving the Market Crash
When the market tanked, Kelly relied on basics like contacting her sphere of influence, taking floor duty, and hosting open houses. Networking became crucial. By reconnecting with an old client who wanted to invest, she found a new path in real estate investing.
Similarly, J Lee attended networking events to meet investors, which proved essential for survival in those tough times. Without these investor relationships, staying in the business would’ve been challenging.
The Learning Curve with Investors
Working with investors initially can be intimidating. Realtors often worry about guiding them correctly, pricing properties right, and making timely decisions. Both Kelly and J Lee emphasize the value of their accounting and financial training in navigating these challenges.
Understanding Investor Needs
Investors prioritize numbers over emotions. They need to know their potential returns before making decisions. This requires realtors to be precise and quick in their responses, which can sometimes be challenging when juggling multiple clients.
Horror Stories and Lessons Learned
Kelly shares a cautionary tale of a fully renovated house that wouldn’t sell because the investor ignored minor details, like window coverings. In a picky buyer’s market, such oversights can be deal breakers.
J Lee recalls a similar situation with a house on a busy street. Despite excellent middle-of-the-road pricing and finish-out, it sat on the market due to its location. These experiences underscore the importance of understanding market dynamics and buyer preferences.
Adapting in a Booming Market
The current real estate market often sees multiple offers, especially in the under $300,000 price range. For higher-priced properties, offers are less frequent due to a smaller buyer pool. Realtors need to price properties accurately to attract multiple offers, encouraging competition and potentially higher sales prices.
Networking and Preparation
For new and experienced realtors alike, networking with investors is crucial. Attending investor networking events can yield valuable connections. Even helping one first-time investor can grow into a steady source of business, providing a safety net during market downturns.
Education and Community Support
Many investor networking events also offer educational sessions with seasoned investors. These provide valuable insights and prepare realtors for future market shifts. Remaining informed and connected can make all the difference when the market changes.
Conclusion
Strong investor relations are vital for realtors. These connections offer stability during downturns and opportunities for growth in booming markets. For any realtor not yet working with investors, now is the time to start building those relationships. It’s a strategy that ensures both short-term success and long-term resilience in the ever-evolving real estate landscape
If you have any questions or comments, feel free to drop them below. Like, share, and stay tuned for our book giveaway. “The Obstacle Is the Way” by Ryan Holiday could be yours! Thanks for reading, and happy investing!
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