Are There Real Estate Agents that Specialize in Low-Income Neighborhoods?

There are real estate agents that do specialize in catering to investors. You want to find an agent that charges between 5% and 7%. You’ll also want to find an agent that you could see their profile online as well as a picture of them with their listings. Be wary of agents that charge an additional commission fee.

During my first few property purchases, I realized that I was being charged a $400 commission fee while being a buyer. I’ve never heard of that before and nor have many other buyers and sellers. Let alone other real estate agents. Unfortunately, I learned of this fee after the fact. It was mentioned in one line in the real estate agent contract. However, you will want a real estate agent that knows the neighborhood landscape. This is critical in areas where a one-block distance can make a $100,000 difference in pricing. It’s not uncommon to see neighborhoods drastically change from one block to the next. You’ll want to get as much information from the real estate agent. Before meeting with the real estate agent create a list of questions.

Develop relevant questions such as: has there been any new development in the area? where are the bus stations located? Has there been an increase or drop in the population of this area? Where do people in this neighborhood work? What Industries or companies dominate the area? Apart from sinking economic rent, you’ll want to get a sense of why someone would move into the neighborhood. Is there a hospital nearby? Or is there a manufacturing company that employs many people nearby? You’ll also want to keep an eye out for empty lots or abandoned homes.

This will give you an indication of the density. Usually less dense neighborhood means less economic activity. All these factors are to be considered and can be useful information when deciding on buying a property. Most of the time especially good real estate agent will have this information readily available especially if they know the landscape of the neighborhood and specializes in investors

Author: Luis Fernandez

Luis Fernandez is a businessperson in the hotel and software industry. When not glued to a screen, he listens attentively to his 4 years old's imagination.

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