Why Bay Area Investors Should Hire a Local Sacramento Agent
When the seller from San Jose called this Sacramento real estate agent, he wanted to handle the sale of his duplex in Sacramento the way an agent would deal with such an investment property in the Bay Area. It was more familiar to him and familiarity breeds comfort. But it wasn’t in his best interest to do things that way. Not only that, but it was a stupid idea that would cost him money. I had to explain that top listing agents don’t work like that in Sacramento.
Some listing agents would not discuss options under those circumstances, they would just take the listing and be done with it, happy as a clam to have another listing. Not this agent; I will bring up reasons why it might be better for the client to consider a different method and conduct the sale the way we sell real estate locally. My seller was thrilled that he listened to my advice. We just sold his investment property for the highest price any property in that area has sold for recently!
Even though one of the challenges was the neighborhood. There are neighborhoods that can present unique problems. I see out-of-area investors who are unfamiliar with neighborhoods either buy real estate in the “wrong” areas or they overpay, paying a price that they believe is based on the comps yet not for that particular pocket of homes. If the agent representing the client doesn’t possess localized knowledge, well, it can end up hurting the client. But lots of Bay Area investors use Bay Area real estate agents to buy investment property and their inquiries litter my email, which is just fine when it’s my listing.
I sold two listings like that recently to Bay Area investors who were represented by Bay Area agents. Of course, if I have any specific knowledge about the property, I am required by law to disclose it to the buyers. But I am not required to suggest to Bay Area investors that they should hire a local Sacramento agent to buy. No sirree. My personal thoughts about whether it’s a good idea to buy or not to buy don’t enter the equation because I’m not their buyer’s agent. It is my job as a listing agent in Sacramento to sell that property for the seller and to attract the highest price, so that’s precisely what I do.
I advertise my listings in Sacramento to Bay Area buyer’s agents all the time. I want their buyers to come to Sacramento and buy homes. What luck — so do my sellers! We sometimes focus on Bay Area investors because Bay Area investors tend to pay more than anybody else and ask fewer questions. I often sell investment property that is owned by Bay area investors directly to other Bay area investors. Why not Sacramento investors? Because Sacramento investors seem more shrewd these days. As a group, they typically refuse to pay list price even if list is market and, in fact, they often expect a discount based on their good looks.
The good news is it’s still a seller’s market in Sacramento. As long as sellers are reasonable, sellers can call the shots. If you want to sell your investment property in Sacramento, come over and sit down next to Elizabeth Weintraub.