With the dizzying amount of online information available today, many beginning real estate investors wonder whether they need an agent. You can, of course, do it all on your own. But you need to ask whether this is really the best way to buy an investment property. Without an experienced agent, you could be setting yourself up for a less-than-ideal investing experience. Here, then, are 5 reasons you need an agent when buying an investment property in New Jersey.
1. Listings Access
In addition to extensive market knowledge that serves your best interests when buying multi-family property in New Jersey, your agent will have access to listings that you probably couldn’t access on your own. Typically, investment property listings aren’t as centralized as those for residential property, which often makes finding the right investment property a challenge.
When searching for investment properties, you can’t just go to the MLS to see what’s available, as you can for residential property. While there are several different listing platforms for investment real estate, only a few at most are open to the general public.
This means that without an agent you simply won’t have access to a large portion of the listings. Your New Jersey agent will, however, have access to those listing and can help you find potential properties that meet your requirements.
2. Value Calculations
Market value will be one of the most important considerations for buying an investment property in New Jersey. It has almost everything to do with what you’ll pay for the property and what you can expect regarding resale value – that is, how much profit you’ll make.
You can, of course, try to arrive at a valuation on your own, doing an online search as well as plenty of leg work to find comparable properties in the area to compare against. But it can be a slow and painstaking process and much more difficult to arrive at an accurate valuation than it would be for a residential property.
Your agent, however, will have plenty of experience with local investment properties and, as a result, will have a good handle on market value for this and similar properties – which means that your agent may be able to arrive at an accurate valuation within minutes. To find out more about how an agent can assist you with value calculations for buying an investment property in New Jersey, just call 855-966-DEAL.
3. A Trained Eye
Another reason solid reason most investors need an agent when buying an investment property in New Jersey is that an agent will have a trained eye. What we mean here is that your New Jersey agent, having experience in this segment of the market, will be able to detect flaws in a property that you’d probably miss with your inexperienced and untrained eye
With her trained eye, your agent can, for example:
- Detect signs of mold
- Assess roof damage/need for repair
- Determine whether a property is worth the investment
- Determine what renovations are needed and how much they’ll cost
Basically, an agent can protect your interests by knowing what to look for.
4. Negotiating Skill
Unless you’ve closed tens or hundreds of investment deals, you also need an agent when buying an investment property in New Jersey for her negotiating skill. After finding a potential investment property, you need to get the best price possible in order to maximize profit potential. This is where a good agent becomes almost a necessity.
An agent will know the local market and negotiating best practices, as well as having plenty of negotiating experience. In short, your agent will know what works and what doesn’t to get you the best price.
5. Time Saved
In addition to saving you money through savvy negotiations, an agent can also save you a lot of time.
Whether you’re a full-time or a part-time real estate investor, you have many claims on your time and wear many hats as a business owner. And that means your time is limited. That’s also why you need an agent when buying an investment property inNew Jersey.
The most time-consuming aspect of real estate investing is finding good investment properties. Your agent can do the research and legwork involved in finding potential properties and then present you with the best options. This frees up your time so you can concentrate on running your business (and also your job if that applies).
Buying an Investment Property in New Jersey
It should be pretty plain, then, that not only can an agent provide valuable assistance in the purchase of an investment property, but that you need an agent to help you find what you need and to save money and time. Don’t take a chance. If buying an investment property in New Jersey is your goal, contact us today at 855-966-DEAL.