Agents get calls from investors regularly wanting to know if they can get on the agent’s hotlist. What makes the difference between an investor that is able to form successful relationships with agents and one who is not?
What is a “hotlist”?
Nearly all experienced agents have a go-to list or “hotlist” of people that they contact for the different needs and opportunities that they encounter.
In the end, who they refer to always comes back to the amount of time they’ve spent with that person or their confidence level in the person’s seriousness about getting the deal done.
Here are some tips on how you as an investor can stand out from the crowd and present yourself as a valuable addition to an agent’s networking team.
Form a Genuine Relationship with the Agent
This is key to being successful at becoming a part of an agent’s hotlist. Insincere attempts to get a deal are easily recognized by experienced agents.
The goal of you as the investor should be to form a valuable and genuine relationship with the agent – a relationship that is mutually beneficial to both of you.
How is this done? Consider these tips:
- Take the time to come and meet with agents in person as opposed to simply sending an e-mail
- Be consistent and stay in touch. Check in regularly to ask if the agent has any deals or to see if there is anything that you can do for them
- Show gratitude. Buy them coffee or bring them a small gift occasionally as a token of your thanks for the relationship. Be genuine in showing your appreciation
- Work to form a mutually beneficial relationship. If you come upon some information that they might find useful, share it. Refer potential sellers to the agent when the deal fits
When an agent sees that you’re not just in it for yourself and that your intent is to form a working relationship that is mutually beneficial, they’ll be more likely to call you with great deals as your relationship with them grows.
Be Clear About Your Investing Goals
Agents are more likely to add an investor to their hotlist if the investor is clear about what types of deals they’re interested in. Therefore, it’s important to educate the agents you meet about your investing goals.
This starts with getting a clear vision yourself of what types of investments you’re looking for. Determine what types of properties best fit your investment goals. Create a list, and then once the list is refined, share those details with agents you’re eager to work with.
By being crystal clear about the types of properties you want and don’t want, you’re making it easier for the agent to remember your name when the right type of property comes on the market.
Commit to Working with Integrity
In order for an agent to consider adding an investor to their hotlist, they need to know that the investor can be trusted. Here are some ways in which you can work with integrity and build up your reputation as a valuable business associate.
- Keep in touch – be consistent but not overly-eager as you work to form the relationship
- Deliver what you promise and commit to keeping your word
- Be willing to listen to and learn from the agent
- Give honest feedback on deals and work to help the agent understand your position
- Look for ways in which you can help the agent grow his or her business
By establishing yourself as an investor that can be trusted and that works with integrity, you set yourself up for a better chance of being on an agent’s go-to list when a new property is coming on the market.
What To Do When The Agent Calls?
Once you make it on an agent’s hotlist you’ll get access to some high-potential deals. But before you move forward on any deal, make sure you check out our 2-Minute Deal Assessment Formula
What if I’m Just Starting Out?
Many times newer investors feel overwhelmed at the thought of working to connect with established agents who already have people on their hotlist. Here are some tips for how a newer investor can begin the process of forming valuable relationships with agents:
- Take the time to meet and talk with agents in person. Come to open houses and have a chat with them. Be patient, consistent and polite in your efforts
- Educate the realtor on your situation. Tell them, “I’m not proven, but I’m pumped.” Let them know that even though you’re new on the investing scene that you’re serious about forming a successful business
- Be open to learning from the agent and considering any advice they offer. Don’t be afraid to ask for their advice.
- Be direct and ask what you can do to help solidify a relationship with the agent. Ask them “How can I be one of the first three people you call when a property becomes available?”
- Get in front of the right agent. Look for active agents who have experience in the business and have experience working with real estate investors
- Don’t allow yourself to get plagued with analysis paralysis. Sometimes the key to getting on an agent’s hotlist lies in going through with a deal to show that you’re serious about investing in real estate
Agents are eager to form relationships with investors that they know have the right kind of relationship skills, sales skills and a willingness to help.
If an investor shows that they are consistently working with integrity to build their business, it’s hard for the agent to not give that person a chance.
By taking the time to form a solid reputation in the real estate industry, and by working with integrity to develop genuine relationships with agents and others that can be mutually beneficial to both parties, your real estate investing business will indeed grow.
If you’re just starting out, you should definitely check out our 2-Minute Deal Assessment Formula. I’ve used this formula to crunch the numbers on thousands of potential sites, transacting over $5M worth of property. Today I won’t even look at a deal without running it through this incredible formula first!