If you're looking to invest in Halifax real estate, the first step is to find a REALTOR. Investing in property is different from buying or selling a home, so it's important to find an agent with the right qualities, experience, and services for your needs. This is what we deem to be essential:
1. Real estate agents who assist investors are not intimidated by numbers. It is essential that your agent can view properties from a financial point of view, whether it be helping you calculate potential ROI, cash flow or cap rates. REALTORS usually help their residential clients evaluate properties based on lifestyle and affordability, but if you want to build a real estate portfolio, even if it's just a second property, you need someone who can help you understand the financials.
2. A good investor REALTOR can provide honest advice and help you stay focused on what matters. It can be difficult for novice real estate investors to prioritize correctly, as it's easy to be drawn in by attractive features like a nice kitchen or bathroom, which may have been important when you bought your own home. A reliable REALTOR won't hesitate to remind you to stay on track and can be a rational voice of reason if you become too attached to the wrong property.
3. The most knowledgeable real estate agents can help you understand the various investment opportunities available in Halifax and their respective advantages and disadvantages. From pre-construction condos to flipping houses, condo landlord, income property house, mixed-use residential/commercial property, and short-term rental properties, there are many ways to invest in the city. It is essential to be aware of the risks and effort involved in each option before making a decision.
4. It's important to hire a REALTOR who has experience helping other investors and understands their individual objectives. Don't let them learn the ropes of investing while you're making a major financial decision. Look for someone who has already assisted other investors similar to you and is backed by a team of experts. Even better if they have owned an investment property themselves.
5. Real estate agents who are knowledgeable about investment properties can link you to the right financial and tax experts to ensure your success. Although agents are not financial advisors or loan officers, the right ones can direct you to the professionals who can guarantee your success.
6. If you're looking to invest in the HRM real estate market, it's important to hire someone who is familiar with the area and is actively working in it. The market moves quickly, so make sure you have someone who is up-to-date on the latest trends. If you're looking to invest outside of Halifax, it's best to find an agent who is local to that area. Don't rely on a Halifax agent for an investment property in Truro or Cape Breton, and vice versa.
7. An agent who is right for an investor should be passionate about discovering great investment opportunities, not just waiting for the investor to present them with properties. They can assist in identifying and assessing these potential investments.
8. Investors have the ability to recognize potential trends before it is too late. In 2012, investing in a short term rental in Halifax was a great decision, and in 2015, buying a pre-construction condo was also a wise choice. What opportunities are available for investors at this time? What should they be looking out for next?
9. An investor agent can provide you with the knowledge and guidance necessary to be a successful landlord. They can explain your responsibilities as a landlord and answer any questions you may have while owning the property. Being a landlord is a job, and it is important to understand how to do it correctly. A great investor agent can help you achieve this.
10. If you are a novice in the real estate investment field, it is beneficial to seek assistance from a real estate agent. They can provide comprehensive services or have connections to people who can help you find a tenant and/or a property manager.
It is important to do your research before selecting a REALTOR to help you become a real estate investor. The REALTOR who assisted you in purchasing your current home may not be the best fit for this new venture, so make sure to ask plenty of questions before making a commitment.