Building relationship with REA

Discussion in 'Investment Strategy' started by Gwynneth, 16th May, 2017.

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  1. Gwynneth

    Gwynneth Well-Known Member

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    Hi folks,

    Not sure if this is the right section to post this section. Will ask it anyways...

    Any tips on how you build relationship with the real estate agent for a certain suburb even if you are not yet planning to buy in the immediate future? When do you usually start doing talks with them? Is it within an 3/6/12 or 18-mos timeframe? :)

    And how do you monitor the market on the ground? How do you make sure the agent is telling the truth when it comes to the property market conditions?

    Cheers.
     
  2. Xenia

    Xenia Well-Known Member

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    Buy properties from them.
     
  3. datto

    datto Well-Known Member

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    You're kidding me.

    You'd be safer trying to build a relationship with a King Cobra.
     
  4. Sackie

    Sackie Well-Known Member Premium Member

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    "Gwynneth, post: 404292, member: 332"]

    Any tips on how you build relationship with the real estate agent for a certain suburb even if you are not yet planning to buy in the immediate future? When do you usually start doing talks with them? Is it within an 3/6/12 or 18-mos timeframe? :)

    Generally speaking regular communication with them is always good, shows them your somewhat serious. Usually 3-4 months out is plenty of time. Too long a timeframe and they will tend to lose interest. In my experience really the only way to build solid relationships with REAs is to either have purchased from them in the past so they know your not a time waster, or you have a public reputation as a person in the property industry who most likely is not a time waster for them. Other than that for the everyday Joe, just have your preapproval ready and somewhat regular communication with them so they know your ready, able and willing to pull the trigger.

    And how do you monitor the market on the ground? How do you make sure the agent is telling the truth when it comes to the property market conditions?

    Never assume an agent is telling you the truth about anything besides the obvious. They have their own agenda, that's why its their business. They are not your friend regardless of what you may think. The best agents will leave you feeling that they are your best friend. They are good at their craft. Be careful what you tell them.

    Monitoring the market on the ground can usually be done via real estate sites. Always do your own due diligence to verify whatever they may tell you so you're not taking them at their word. By applying your own critical analysis to the picture there is less chance for you to veer in the wrong direction.
     
    Last edited: 16th May, 2017
  5. Gwynneth

    Gwynneth Well-Known Member

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    Hehehehehe
     
  6. Gwynneth

    Gwynneth Well-Known Member

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    Thanks!
     
    Xenia likes this.
  7. Gwynneth

    Gwynneth Well-Known Member

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    Thanks for the detailed advice. Really appreciate it! :)
     
  8. Sackie

    Sackie Well-Known Member Premium Member

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    No worries. ;)
     
  9. hash_investor

    hash_investor Well-Known Member

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    lol... forget relationship with anyone that has 'agent' in their name. be it real estate agent or recruitment agent :D