While there are many ways to purchase a potential flip property, Fixters almost always recommends that beginning flippers work with a real estate agent. It is typically the fastest way to get your hands on a good property and something you can act on now.
With a real estate agent, you can learn from their expertise and work with someone who is familiar with your desired property location and market. Additionally, you add to your house flipping business team and develop a relationship that can bring big rewards in the future.
Recently, I had the opportunity to sit down with my friend and Colorado-based real estate agent, Jennifer Morrissette with HomeSmart Realty Group. I got her insight on the top questions house flippers need to ask a real estate agent BEFORE working with them.”
Let’s break down the questions you should ask a potential real estate agent below.
- What to do you know about my target area? Ask this question to get to the heart of a potential agent’s knowledge for your market. Ensure that they can tell you about the area, trends and pros and cons for buyers.
- In this area, who is my target buyer? Get demographic details on the target buyers in your desired area. Does this real estate agent know who they are, what qualities in a home and location are most desireable to them?
- How will they market to your target buyer? Ask your potential partner how they will reach your target buyer and attract them to buy your property? Make sure they have a variety of tactics to try and ask them to get specific in how they message to those buyers.
- What similar properties have you found and sold in this area? Get specific examples of properties that the agent has helped buy and sell around your desired location. Request information on timing from listing to close and examples of the marketing they did to make the sale.
- Have you ever done a flip yourself or are you an investor? Look for a real estate agent who knows the house flipping process and how to analyze a property’s Average Repair Value (ARV) and resell price. Find a partner that can walk you through the end-to-end process, identify red flags during inspection and ensure you are not missing major issues.
Overall, ask a lot of questions. If you need help, we are here for you! Attend our upcoming Free Webinar, Removing the Fear From Flipping Houses to learn more about getting started with your house flipping business.
By Sonya Hansen- VP Marketing, Fixters