“I’ve just found my realtor,” a friend told me upon returning from getting her oil changed. She went on to explain that she was waiting for her car, when another customer struck up a conversation with her. They found out they had much in common and then my friend discovered the woman was a real estate professional. “What really struck me,” my friend shared, “was how the woman also knew about good investments and discouraged people from buying houses that they loved if the house would not appreciate financially in today’s market.”
In this one true vignette, we can pick up a number of factors that go into choosing which professional to work with. First and foremost is a comfort level. A feeling that you know each other even though you have just met. Second is a sense of trust, that the person has your interests at heart. And finally, a sense that the financial aspects of purchasing a second home are well understood by the agent. What is most interesting is that each of these aspects are purely subjective. What makes one person feel comfortable might not create the same response in someone else. We listen closely to our intuition when choosing someone to be our partner in real estate.
How does this translate to the dilemma of finding second home real estate, where you may not live in close proximity to the property, and your first encounter with the area specialist is by email? Here we can take some clues from the increasingly successful matchmaking that singles are experiencing with on-line dating services. A friend of mine recently got engaged to someone she met that way. She explained the process: “First, I created my own list of criteria that I wanted my partner to have…including both personal qualities and interests.” For real estate, we can do the same: what qualities do you want in your area specialist. Do you prefer an outgoing type, or a quiet, contemplative person? Do you feel age is a factor? Are you more comfortable with a particular gender? And what expertise and education is important to you? Do you need someone familiar with finding homes for families versus singles? Do you need someone who shares the same recreational interests (skiing, golf) so they can comment on the quality of the services nearby? Creating this list before you even look at one property will help you later in your decision.
Returning to my friend’s on-line dating, she then explained, “I screened a lot of people out simply by comparing their responses against my list. I read their emails and used my gut feeling to see if there was a sense of comfort in me as I read them.” Finally, she selected one person and began a series of emails where she shared exactly what she was looking for in a partner. Her prospective partner was equally honest and together they concluded they were looking for similar things in a relationship. At that point, they met for coffee. The rest is history.
You too can create that same clear relationship. Spend some time via email explaining to a prospective area specialist exactly what you are looking for: the price range, the time frame, and what you expect your realtor to be able to do to assist you. Then gauge the response you get.
After you let your instinct place its vote, it’s also helpful to bring in some factual evidence for your choice. In real estate, this means looking for particular qualifications. You might start with these:
- How many years has the proposed agent been selling in the area of your interest? (five+ is a good indicator)
- How many properties has the specialist sold in your price range?
- How much experience (number of sales ) does he/she have with contracts and 1031 trades
- Is the agent able to provide property investment analysis?
- Does the agent have access to other homeowner services you need, including rental managers and maintenance teams?
If the quantitative answers match your qualitative feeling, you have met your match and can proceed to the real purpose: Finding your dream vacation property, knowing you have a professional who has your interests at heart.