Have you ever taken the time to read a property inspection report? They are long, they are boring, yet they hold a lot of crucial information in your real estate journey.
If your goal is to become a real estate investor here’s a pro tip – be present at all inspections.
Here’s why:
TO BUILD A RELATIONSHIP
If your plan is to continue to invest in real estate, life is much easier if you start building relationships with key people and that includes inspectors. As your real estate portfolio grows, you may find that you will use the same inspector repeatedly as long as they continue doing a good job.
Also, if you plan to invest in areas you’re not familiar with you may want to reach out to a building inspector who is familiar with the region
EDUCATIONAL OPPORTUNITY
Always be learning. If you want to become more real estate savvy, shadow your inspector and ask questions. They love to share their knowledge but not necessarily after the inspection. Yes it’s true you will receive a heavy binder with the report, but the inspector may feel more comfortable sharing information in person that does not show up in the report. These are the golden nuggets of real estate investing straight from the expert.
NEGOTIATION POWER
Yes, your realtor is typically there with the inspector. If they come across issues that can help with the negotiating of the price, your realtor will let you know. However, if you are not there for the inspection, you may not feel the desire to negotiate as much as if you actually see the repairs that are needed. Also, you can ask questions directly to the inspector the impact of any findings on the building’s future. Your realtor represents you, but they are not you.
By nature, building inspectors aren’t typically your “let’s hop on a Zoom call” type of people. If you want to get the most out of your inspections and to learn more about the nitty gritty of real estate, you need to be there to ask questions. These key relationships will help you become a well-informed real estate investor with the confidence to negotiate effectively.