Though the multiple listing service (MLS) can be a great asset for investors, sometimes, a good investor-friendly real estate agent is the way to go. In a post on Forbes, Mark Ferguson, Owner/Managing Broker of Blue Steel Real Estate and President of InvestFourMore discussed how investors can narrow down potential real estate agents when shopping for investment properties.
Using the MLS is often considered tone the best methods for investors, especially seasoned ones looking for foreclosure properties. In another post on Forbes, Chris McAllister, Founder of Real Estate Brands Ltd. called MLS the best method when looking for foreclosure properties, noting that through MLS, investors can find postings from all the major government players including the Department of Housing and Urban Development (HUD), Fannie Mae and Freddie Mac, as well as properties from investment firms looking to sell properties they purchased as part of pool sales will list with local real estate firms.
The MLS, Ferguson note, are great for real estate agents, like himself, but for those without agent connections, finding a good deal with MLS alone may be difficult. A good, investment-friendly real estate agent will be someone “who is competent at their job, has time to focus on your needs and can act very quickly.”
“In fact, the agent does not even need to have any investing experience or have a ton of real estate experience, either,” said Ferguson. “Sometimes, new agents with a lot of time and drive are the best for investors.”
A real estate agent isn’t going to be the one to give you investment advice, so they do not need to be fluent in investment. A good agent just needs to be that: a good real estate agent. They need to show up on time, return calls, understand market values, and understand basic questions.