How To Hire A REALTOR To Help You Find The Best Investment Property

If you want to make a profit off of your real estate investment in Toronto, one of the first things you should do is get in touch with a REALTOR. It comes to reason that the personal traits, expertise, and wrap-around services and support you’ll want from your agent will also be different since buying or selling an investment property is VERY different from purchasing or selling your own home. Here is what we believe to be the most important:

1. Agents who assist investors are not daunted by the prospect of working with figures. It is essential that your agent be able to see properties via a financial lens, whether that means assisting you in understanding and calculating the possible return on investment (ROI), cash flow, or cap rates. REALTORS spend a significant portion of their time assisting their residential clients in evaluating properties from the perspectives of lifestyle and affordability. However, if you want to successfully build a real estate portfolio – even if it’s just a second property – you’ll need someone who can guide you through the financials.
2. They will not sugarcoat the facts and will assist you in concentrating on what matters most. When you first start investing in real estate, it may be challenging to keep your attention where it needs to be. It’s easy to be sidetracked by things like a beautiful kitchen or bathroom, which were likely important factors in your decision to purchase the house in which you now reside. If you make the mistake of falling in love with the incorrect property, a competent investment REALTOR will not be hesitant to tell you that you need to refocus and will be able to provide you with an objective voice of reason in this situation.
3. The ideal investor REALTORS comprehend the many investment possibilities available to you, as well as the rewards and pitfalls associated with each one. There are a lot of different ways to invest in real estate in Toronto, including buying pre-construction condos, flipping houses, becoming a condo landlord, buying a house to use as an income property, buying a mixed-use residential and commercial property, and buying a property to use for short-term rentals. All of these options are available. To make the correct choice, it is essential to have a thorough understanding of the challenges posed by each option.
4. They have assisted previous investors and have a good understanding of the specific aims and priorities of each investment. Yes, experience counts. You don’t want your REALTOR to be educating themselves on the ins and outs of investing at the same time as you’re making a significant choice about your finances. Employ someone who has already been of assistance to other investors in a similar situation to you and who has the backing of a team of experts. Bonus points if they have prior experience owning their own investment idea.
5. REALTORS who are knowledgeable about investment properties can put you in touch with the appropriate finance and taxes professionals, putting you in a position to achieve your goals. Agents are not the same as accountants or mortgage brokers; but, if you find the proper agent, they will be able to link you with specialists who will ensure that you are prepared for success.
6. They are engaged in productive activity in the market in which you want to invest. Because of the rapid pace of change in the GTA real estate market, it is essential that you work with a professional that is immersed in the industry on a daily basis. Employ a person from the surrounding area if you want to make investments outside of the city. Your agent in Toronto shouldn’t be the one who assists you in purchasing an investment property in Hamilton or Prince Edward County; it should be someone else. And vice versa.
7. They are able to assist you in locating and analyzing advantageous investment options. The ideal real estate agent for an investor is one that is fixated on discovering fantastic chances and who does not just sit around and wait for you to bring them properties.
8. They are able to recognize trends before it is too late to act on them. In Toronto, the year 2012 was an excellent time to make an investment in a short-term rental, while the year 2015 was an excellent time to purchase a condominium that was still in the pre-construction phase. Where might prospective investors find possibilities to make money right now? What should I do now?
9. They will be able to explain your responsibilities as a landlord and answer any questions you have as long as you are the owner of the property. It is essential that you have a solid understanding of how to run a successful rental business since being a landlord is a job in and of itself. Excellent investor agents will be able to guide you through the process.
10. They are able to assist you in the search for a renter and/or a property manager. If you’re new to the world of real estate investment, you’re going to want as much assistance as you can get. The best agents will either give all-encompassing services or have partners that can assist their clients.