On the House Flipping School blog we talk a lot about how to achieve house flipping success, however if you cannot find potential properties to rehab, you will absoutely struggle to launch a successful career in real estate investing.
Real estate agents are one of the best means by which to locate houses to flip - most often because they are directly involved in the real estate market in local communities.
Tips and Tactics on How to Find Houses to Flip by Using Real Estate Agents
I would recommend implementing the below tips into your real estate investment location plan:
Whatever you do don't waste their valuable time: Real estate agents, first and foremost, are in the business of making money so it's important to have your stuff together and be ready to go. The very last thing you want to do to your real estate agent is have them busy checking out properties that you may not even end up purchasing. If you have them run around town looking for house flipping deals for you and you never take action, this is a formula for disaster. If a good opportunity presents itself then you must take a breath, make a move and take action!
Filli the agent in on what type of house flipping you want to do: Not all real estate agents are familiar with house flipping so you may have to educate yours to set appropriate expectations right from the get-go. Talk to them about your plan to buy properties - what kind and where you are looking. Being as transparent as possible is very beneficial for all parties involved.
Work on building the relationship: Your house flipping team and your relationships with your team members is always the #1 priority. This is why it’s so critically important to find the right kinds of people for your team - which means that you may need to go through a few of them before you settle on a real estate agent who you are on the same page with.
MLS : Access to MLS is key (the nationwide multiple listing service). This complilation of a region's real estate listings can be very helpful when it comes to finding houses to flip, plus it also comes in handy for figuring out how much to ask for a property.
This service also provides valuable information on homes as well as foreclosures that are on the market for sale. Oftentimes the real estate agent will run comps for you at your request. But better yet, a good real estate agent you develop a relationship with may give you access to their MLS database allowing you the ability to search for prime listings. Be sure to let them know how much time you will be saving them by performing the research on your own.
Return the favor for them: And while you are busy looking for potential house flip properties, be aware of opportunities or houses that your real estate agent may be able to make some money off of. Always be sure to help them achieve their goals too. Be sure to put out more than you take in, then when you have asked for what you want, make sure you are ready to receive it when it comes. That is the way to do business in the house flipping and real estate investing world.
Explore mentorship opportunities: These days many real estate agents also flip houses. The two business avenues work very well with one another. The agent is already in the field while also having access to valuable and to put it simply, awesome money making information.
