A common business progression for real estate investors is to begin with single-family properties and then, as they gain experience and get some cash flow going, incorporate multi-family properties into their portfolio. Buying multi-family property in Northeast Ohio can indeed be lucrative and provide a good monthly return on investment. There are, however, some pitfalls and not a few challenges involved. That’s why savvy investors lean heavily on their agent’s knowledge and expertise. So let’s take a look at 5 reasons why you need an agent when buying multi-family property in Cleveland.
1. Extensive Knowledge
Perhaps the most important reason to use an agent when buying multi-family property in Cleveland is your agent’s knowledge of both the market and the purchasing process. If you’re just getting started in the multi-family arena, you will likely be overwhelmed by the complexity of the process, and that’s why you need an agent.
Your Cleveland agent can apply her extensive knowledge to every aspect of a deal and help you smoothly navigate the process. Your agent can, for example, detect a problem with the financial performance of a potential multi-family property and/or physical problems with the property that you may not pick up on your own. A good agent will have the knowledge to make sure your best interests are served every step of the way.
To find a knowledgeable Cleveland agent, just call or text (440) 628-1321.
2. Access to Listings
In addition to extensive market knowledge that serves your best interests when purchasing multi-family property in Cleveland, your agent will have access to listings that you probably couldn’t access on your own. Typically, multi-family listings aren’t as centralized as those for residential property, which often makes finding the right multi-family property a challenge.
When searching for multi-family 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 multi-family real estate, only a couple or a handful 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 Cleveland agent will, however, have access to those listings and can help you find potential properties that meet your requirements.
3. Time Savings
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 purchasing multi-family property in Cleveland.
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).
4. Money Savings
The whole point of buying multi-family property in Cleveland is to make money. And the less money you have invested – the better sale price you can get – the more profit potential you have. This is where your agent’s negotiating expertise can give you a huge advantage.
Negotiating is both art and science, requiring extensive market knowledge and an ability to pick up on nuances and leverage an advantage. You can’t offer too much for a property, or you’ll lose money. And, on the other hand, you can’t come in with a lowball offer and risk offending a seller and losing the deal.
A good agent will know how to walk this precarious line to get you the best deal possible to save you money. To find out more about this, contact a Cleveland agent by calling or texting (440) 628-1321.
5. No Charge
A final very good reason to use an agent when buying multi-family property in Cleveland is that it costs you, the buyer, nothing. The seller pays the commission.
Yes, your buyer’s agent does get a commission, but, typically, her commission is a percentage of the commission the seller pays to her agent/broker. So when you add to the many benefits the fact that it costs you nothing, there’s no good reason not to use an agent.
Purchasing Multi-Family Property in Cleveland
It should be apparent, then, that not only can an agent provide valuable assistance in the purchase of multi-family 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.