Work with a Broker as a Buyer: Essential for Assisted Living Investors
Nov 04, 2024
Jumping into the world of assisted living facility ownership is no small feat! It’s more than just buying a piece of real estate; it’s about understanding complex regulations, navigating day-to-day operations, and ensuring you’re making smart investment decisions. While you might be tempted to go it alone, partnering with an experienced broker can be the ultimate game-changer for your journey. A skilled broker doesn't just simplify the purchasing process; they also help you make informed decisions to protect your investment.
In this blog, we'll explore why working with a broker is a must for anyone looking to invest in an assisted living business. From unlocking hidden opportunities to handling the nitty-gritty of regulatory requirements, a broker's expertise can make all the difference between a smooth investment and a potential headache.
Check out the video, too:
1. Access to More Opportunities
One of the biggest perks of working with an assisted living broker is the exclusive access to a wider range of options. Brokers have access to the Multiple Listing Service (MLS) and other premium services like LoopNet and BizBuySell. This means they can quickly identify listings that match your specific needs—whether it's an assisted living business for sale or a prime piece of property for development.
Experienced brokers also have strong connections with other agents and brokers, which means they often have the inside scoop on off-market deals. These hidden gems aren’t publicly advertised and are where some of the best opportunities lie. Getting access to these deals can give you a competitive edge in finding the perfect property for your investment goals.
2. An Advocate in Your Corner
Think of your broker as your personal champion in the world of assisted living investments. They aren’t just a middleman in the transaction; they’re your advocate. With their in-depth knowledge of current laws and regulations, they guide you through the buying process with your best interests in mind.
The real estate landscape is always changing, and what worked last year might not be the best approach today. A broker helps you stay compliant with the latest regulations and ensures all the legal aspects of the transaction are taken care of. Plus, they negotiate on your behalf to secure the best deal possible, whether that means a lower purchase price, more favorable terms, or valuable perks during closing.
3. Guiding You Through the Process
Buying an assisted living facility is like running a marathon—you need a game plan, endurance, and a strong support team. Your broker is your trusted guide every step of the way, from the initial search to the final signing on the dotted line.
They’ll help you tackle all the complex paperwork, navigate legal requirements, and make crucial decisions with confidence. Whether it’s understanding the licensing process, meeting insurance needs, or setting up post-closing operations, your broker’s vast network and expertise ensure you’re never left in the dark. They’ll know the right person to call for every scenario, so you can focus on what matters most—building a successful assisted living business.
The Value of a Good Broker
Working with a broker isn’t just a good idea—it’s a strategic move that can significantly increase your chances of success in the assisted living industry. Their access to a wide range of listings and off-market opportunities means you’ll have more investment options to choose from, increasing your chances of finding that perfect assisted living business for sale.
More importantly, having a broker on your side means you’ve got a powerful advocate who can guide you through every twist and turn of the buying process. From negotiating deals to handling legal details and offering strategic advice, they’ll help lighten the load and smooth out the bumps along the way.
The right broker won’t just show you the way; they’ll help you make educated decisions, steer you clear of pitfalls, and set you on the path to a profitable investment. Their insight into market dynamics, coupled with their extensive network, can make the often-daunting process of purchasing an assisted living facility feel like a walk in the park.
Final Thoughts
Building a relationship with a trusted broker should be at the top of your to-do list if you're serious about entering the assisted living business. Their expertise, connections, and deep understanding of the market will arm you with the tools you need to make smart, strategic investments in this exciting industry.
Ready for the next step?
As you embark on acquiring and operating your own assisted living facility, don’t go it alone. Leverage the expertise of a skilled broker to find the best opportunities and navigate the complexities of the process. For more in-depth guidance download our Business Plan Checklist for a comprehensive guide to developing a successful business plan for your assisted living facility.
Need help figuring out where to start? Join the next Roadmap Challenge and build your launch plan with me.
Show full transcript 👇
Transcript
00:00:01
[Music] hey guys it's brandon gustafson welcome back to assisted living investing happy to have you on the channel today just a reminder my name is brandon gustafson i own and operate two assisted living facilities out of state and i've created this channel to help you kind of learn the process of what it's like to acquire a facility and what it's like to operate a facility and to share that knowledge with you so that you can can do the exact same thing and come find an opportunity for you and and for your
00:00:40
family to own and operate your own assisted living facility and give you an insight into the ins and outs of how that all works and the things that you need to be aware of so that you don't falls that that come through the process of of finding and acquiring a facility i also have a website assistedlivinginvesting.net i would love to see you over on the website so that you can get the free resources over there subscribe to my newsletter follow me follow my blog and get more information on the the types of ways that you can be
00:01:10
successful as you're trying to to get your own facility and get uh started in this process so that you can own a facility and and and know how to operate it successfully and navigate the all of the the big hairy things that that come through this process i'm trying to make it so it's not so scary for you uh make sure you like the video give me a big thumbs up uh and comment down below if you have you know comments or or things that we're going through the video and just discussing things i'd love to build
00:01:41
this community make sure you hit that subscribe button and ring that bell uh so you get notified every time i put new content out there those types of things really help other people find the channel and i'd love to see this community grow so we can all learn and grow together and and be successful as as we all go down this path and this journey together in our last video we talked about uh the difference between real estate agents and brokers and kind of gave an overview of what those different types of people
00:02:09
are so you have a solid understanding of who you're going to be working with as as you try to find your own facility today we're going to get into why you should work with a broker why you should work with an agent they are going to be key in helping you find the right property and helping you kind of navigate the process as you're going through the acquisition process and understanding everything that kind of happens in that process and we're going to get into the why of why you
00:02:34
should work with a broker especially as a buyer why it's important for you to to have a broker the first reason why you should work with a broker is to find more opportunities brokers they pay to have access to the multiple listing service the mls and so they can help you find potential leads um for deals that that meet your criteria that you might not have access to otherwise um they're going to you know they'll sometimes they'll have access to a paid version of loopnet which we've talked about in a
00:03:03
previous video or biz by sale or some of those other resources where you're maybe not willing to pay for them or you know you're working with with somebody that has access to that type of information and and so you want to partner with them because they're going to be able to make your your search that much more effective they're going to have relationships with other agents and brokers that may lead to finding off-market opportunities so those are deals that haven't landed on the mls yet or haven't
00:03:35
been posted in loop net they've developed relationships through years of conversations and going to conferences and things like that and you're if you develop a good enough relationship with that broker with that agent you're going to be able to have access to some of those types of opportunities which is going to help you find even better deals as as you're trying to be successful they're also going to be a lot more familiar with the market and they're going to be able to help you narrow down
00:04:01
your search so that you don't waste your time if you're going about this on your own um you know i went through the video on loopnet on how to go and and find properties on your own that's great like that's an awesome way to start it's a perfect first step to get started but if you really want to scale up and find really good opportunities then i would suggest that you start working with a broker find somebody that's going to help you find those opportunities that meet your criteria so you're just not
00:04:28
wasting your time it's it's also free for you as a buyer brokers they get paid out of the proceeds of the sale from the seller at closing we're gonna we're gonna get into that in a future video but for you as a buyer there's no cost when using a broker so why would you not use a broker to help you find a broker or an agent to help you find the properties that are going to help you get and reach your goals the second thing is a broker an agent they're going to be an advocate for you they have gone
00:05:00
through a lot of education and they're aware of all the the most current laws that you need to be aware of as a buyer they're going to help you walk through those processes and help you learn what it's like as you know what you need to have as you are trying to purchase your own facility to help you navigate those those very very muddy waters that are ever changing just because you bought something three years ago doesn't mean that you're going to be doing the same roles as they are today um if you're watching
00:05:29
this video you know the time of recording or three to five years from now rules are going to change and so working with a broker is the the best way to make sure that you are following current laws that are out there they're gonna fight for you and and help you negotiate to get the best deal in your best interest to help you get a better price on things better terms when it comes to closing they're gonna help you do those things in short they work for you they are going to to do what is in your best interest they
00:05:57
don't work for the sellers they still want to be respectful of the seller and the seller and the seller's agent and all of those things they don't want to ruin any relationships and um or burn any bridges or anything like that but they have your best interests at heart they work for you they don't work for the sailor and so take advantage of that everything they do is they're going to guide you through the process of purchasing they are familiar with that purchasing process and they're going to
00:06:21
be able to walk you through all the documents that you'll need at closing they can give you they can give you some really good insight into the different items that you're going to need you know as you're going through the purchasing process and and through the closing process and and post-closing process they're going to help you uh and guide you through that process and the the different things that you're going to need things that that will probably come up that you may not think of um that you need to be
00:06:46
aware of are things like insurance that all the different types of insurance so there's going to be property insurance and liability insurance and workers comp insurance and you know there's just a myriad of of insurances that you need and that broker is going to be able to help you guy help guide you through that process they're going to help you understand what are in the closing documents and what you might need to bring to closing and you know the different types of identification that you need and your
00:07:11
personal financial statement and all of those things that that come up as you're going through the process of closing a deal they'll help you find a payroll vendor or make you aware that you need a payroll vendor um or that you need something to help you do payroll um they'll help you through the licensing process which we've gone through in past videos so they're going to kind of help you through that process and help you learn what that is like so that you can be successful
00:07:36
just in every aspect of everything that you're going through i'm sure i missed a few things that they're going to help you out with but they know the process they know what it's like they've done they've taken the education they're going to be able to help you they're going to be able to walk you through that process and and if they don't know they're going to know somebody else that does and they're going to be able to connect you and you're going to be a lot more successful
00:07:57
that way so to recap today's video we've been talking about why you should work with a broker number one to find more opportunities number two they're an advocate for you as you go through that purchasing process and then number three they're going to guide you through that process they are just an incredible resource if you find a good broker and you're developing that relationship it is going to make your life so much easier and so i just highly encourage i can't encourage you strongly enough to find
00:08:27
and develop a relationship with a good broker they're going to change your life and and just make this process so much better for you now next time we're going to get into the process of how brokers and how agents get paid so i want to make sure that you have a good understanding of what that's like because you as a buyer you don't have to pay them um anything they get proceeds out of from the seller on the sale but i want to kind of get into that a little bit so you have a good understanding of of how they get
00:08:53
paid how much they get paid what that process is like just so that you are aware that they're not doing this for free they are getting paid but there's there's a process to it that i think is is going to be good for you to understand now just a quick reminder make sure you give me a big thumbs up like this video comment down below if you have any other thoughts on why you should work with a broker your experience working with a broker good or bad or you know what that process has been like for you and how
00:09:21
they have been an advocate for you i'd love to hear um different stories on what that process has been like for you make sure you subscribe hit that hit that notification bell so you get notified every time i put new content out there and then follow me on all my social media platforms and make sure you visit me on assistedlivinginvesting.net i'd love to see you over there on the website uh get access to the free resources uh to the newsletter the blog and all the resources that i'll be
00:09:45
putting out there on that website and just another reminder it doesn't take a lot just a little bit keep making progress you can do this and everything is going to work out thanks for watching [Music] you
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