Vail Daily column: Seeking long-term portfolio advice
February 26, 2016
I would like to know if there are any real estate agents who give general advice on the market, including possible real estate portfolios that could be created, but who are willing to not close a sale for a year or more? I have always worked with a financial adviser to invest my money in stocks, bonds, real estate investment trusts and annuities. I have worked with several advisers over the years and none have been willing to direct me to real estate investments. Doing a real estate investment trust was as close as I ever got.
I am now convinced that I want rentals or land ownership included in my plans for the future. I never move quickly, as I prefer to be a student of any new subject. I would like advice from a Realtor who is willing to feed me data and educate me for as long as it takes for me to be comfortable to go forward with one or many purchases. Does such an agent exist in this valley?
Dear Potential Investor,
You may be surprised to find that we have many Realtors who have great patience and are very knowledgeable. In our valley, it is not uncommon to work with clients for two or three years before they actually buy something. It is usually because the clients only visit a few times a year and they are intent on finding what they like at a price they are comfortable with. Therefore, it can take a lot of searching and patience to wait for the right property to come on the market.
As far as the knowledge part goes, you can investigate who could help you in various ways. You can, of course, search keywords online and looking at individual agent's websites. Social media is often a help, too. If you think there is a certain area or type of property you might be interested in, you can interview agents that deal with that location or that type of property.
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However, you may not want someone who specializes in a few more limited things. Single-focused Realtors could miss some great opportunities for different types of investment properties that lie throughout the valley that they have no knowledge about. Ideally, you are looking for an agent who has a broad base of knowledge — in residential, commercial and vacant land — and is willing to help you search different types of investment properties in different locations.
I would probably check with the local title companies, local attorneys and local business organizations and ask for names of Realtors you can interview. When you find the right one you will know it, and your portfolio of properties will take off. Best of luck to you!
Joan Harned is an owner and broker for Keller Williams Mountain Properties and heads up Team Black Bear, her own real estate team. Harned has been selling real estate in Eagle County for 27 years, is a past chairman of the Vail Board of Realtors, past Realtor of the Year, past director on the Great Outdoors Colorado Board and a member of the Luxury and Land Institutes. Contact Harned with your real estate questions at Joan@TeamBlackBear.com, 970-337-7777 and http://www.SkiAndTeeHomes.com.
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