I love this market!
Yep you heard me right, I love it. Philadelphia area investors are chomping at the bit to sink their teeth into more and more properties. As properties hit the market, the good ones are always gone quickly - right price, right location, right condition and SOLD!
The beauty of this market is that the investors are constantly asking for more and more properties and that forces our team to create opportunities for the investor. We currently have a laundry list of investors who are buying all types of properties. No matter what the fed is saying, no matter what the national press says about the declining market, the investors are buying, buying and buying. And guess what, they don't just buy one and done. They are going to buy more and more because they have a plan to strike while the iron is hot. A market where supply outweighs the demand, a market where a homeowner with equity in the house is going to sell for 20% less than market value because they want or need to sell. These are the deals that are out there and it is knowing the specifics about that one property so you understand the sellers position and are able to make the offer for what your buyer is looking to spend. I‘m not saying low ball offers all day, every day but I am saying that you need to understand the situation for that particular property and make the recommendation that your client may be able to get a good deal, we also have to have the gumption to tell investor it is not a good fit and move on. Remember we are their eyes and ears on the market conditions, we are the professionals that are doing this everyday and we can make the clients very happy as long as we understand how to make it happen so that all parties are happy.
Understanding the big picture, to do that it is imperative that you know exactly what the investor's goal is before you bring them any properties to analyze. I know that sounds like a very basic fundamental rule but I mean you really need to fully understand the ultimate goal. I'm not talking about buying 10 properties, at 15% below market value this year and rent them out to tenants. What you truly need to understand is why. Obviously they have an ultimate goal. Maybe it's to buy the dream beach house or amass 1 million dollars in real estate each year for the next 5 years and use that portfolio and income as their retirement fund. When you start to have those conversations that is when you begin to truly understand what your investor wants.
Everyone has a very different vision of what their real estate investments are going to allow them to do in the future and we, their certified real estate specialists (CRS) have the distinct opportunity to help deliver their dream to them. Wow that is powerful.
All the best
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