Drive-by!!

I received some feedback from another real estate agent via the MLS on a duplex we have for sale in East Raleigh. It wasn't positive, and had more to do with the neighborhood than the property itself, which is decent. However, the agent could have avoided the experience by doing the first, most essential step when considering an investment property: drive by the property before taking time to schedule an actual showing.

Even after 27 years of listing and selling investment property, Mr. Deaton still drives by a property before he considers listing it or investing. However, we have a very hard time communicating this to other agents. Granted, it's not a typical practice in the residential world of cul-de-sacs and restrictive covenants so I can understand if an agent's first inclination is not to get in the car and swing by. Nevertheless, we ask the following question of every agent (and of our own buyers) who calls with some initial questions: "Have you or your buyer driven by the property yet?"

In the particular case in question, the agent and his buyer could have avoided the "verbal assault" and intimidation of a neighbor who aimlessly prattles from his porch step, quite loudly, at what appears to be all hours of the day. On the two occasions I've witnessed the sermon, it was more fire and brimstone than love thy neighbor.

The property teeters on the edge of the city's redevelopment efforts and demonstrates very good long-term potential. In front of it, are attractive, newly-built, city-sold homes on the eastern edge of Oakwood. Just behind this duplex, quite literally, from what I was told by two very credible area property owners and the duplex's tenant, one of the most dangerous streets in the city.

Had the agent or his buyer simply driven by the property the day before, these facts would have become readily apparent. Sort of like a horse kicking you in the chest, these facets of the neighborhood would be hard to not notice. However, and unfortunately, the agent wasted his time and his buyer's. Even more unfortunately, we see it all the time and often find ourselves having to convince some agents why it's important to do so.

Driving by a property also communicates to us the seriousness of a buyer. Are you willing to do some homework before stepping inside? We often couple this precursor to showings by asking buyers if they have met with a lender in regard to their financial wherewithal. In today's market, that is more important than ever.

In the end, a little dedication up front really saves everyone time and creates good real estate investing habits.

(btw - that car up there? Buick GSX. Lesser known, but one of the most high-performance muscle cars ever-built. My father owned several and one just like that in the Saturn Yellow. That's a car.)