A buying agent is essential in any real estate transaction. Without a buyer, there can be no seller, which means you can’t make an offer on a property until you find a buyer. Purchasing agents are the face a real estate company presents to the public, and are responsible for making sure all paper work is in order and that the deal is financially feasible before closing. They’re also responsible for screening potential buyers and keeping them happy until closing. As such, it is necessary to understand what purchasing agents do in order to succeed as one. This article will highlight some of the most common tasks of a purchasing agent so you know what you’re getting yourself into if you decide to pursue this line of work.
Conduct Research on Properties
If you’re going to be finding buyers for properties on behalf of your real estate company, you need to know what properties are out there. This is where research comes into play as the first task of a buying agent. You need to know the market in your area, what comparable properties are going for around your client’s property, and what properties are currently for sale in your area. You’ll also need to know what other real estate companies are currently listing properties to get an idea of the competition you’ll be facing. You’ll need to do this research on a wide range of properties so you have a better idea of what to look for when screening buyers. From there, you’ll be able to make a decision as to which properties you’ll be handling. Keep in mind that if you’re handling multiple properties at once, you’ll need to be doing all of this research on your own computer.
Set Up Pre-Approval Checklist
Pre-approval checklist is a list of questions that a buyer would need to answer before making an offer on a property. Often times, buyers will want to make an offer on a property and the seller will decline the offer. This is where a pre-approval checklist comes in. Pre-approved checklist is a set of questions that the buyer would need to answer before making an offer to make sure the deal isn’t a bad one. You can set up a pre-approval checklist on your computer and have an agent using your software run the checklist. You can also print out a checklist and keep it accessible in case a buyer wants to use it. The easiest way to do this is to set up a checklist on a Google Sheet. You can then add fields to the sheet and use those fields to store information about the property.
Help With the Process of Finding a Property to Buy
If you’re handling deal flow for your real estate company, you’ll need to know how to find properties to buy for it. You don’t want to just randomly start looking at all types of properties. Instead, you’ll want to start off with a few types of properties that have a high percentage of sale. When you start to narrow your search down, you’ll also want to stay away from certain markets. For example, you wouldn’t want to start looking in Arizona. Instead, you’d want to start in Dallas or Denver. There are certain markets where many properties get put up for sale and you want to spread your search around so you find the deals that are out there. With your search narrowed down, you’ll want to start searching with the criteria that you’re looking for. For example, you may want to search for “homes for $1 million or less” or perhaps “subdivisions that are in good neighborhoods.” You’ll want to make sure you’re staying within the parameters of your search. This is also a great time to start looking at MLS listings to get an idea of what’s out there. You’ll want to do this as early in the process as possible so you can start to find deals that match what you have in mind.
