finding a buyer's agent

i am currently in a similar stage in my real estate investment career. I am currently looking for a buyers agents.There are few things i would like to know before i decided on one.

1. how much do buyers agents typically charge for there services.

2. how do i go about finding a buyer agent. are there any websites you recommend or is there a way to find throught BP?

3. Are there any questions i should ask the buyers agent to help verify if he is a competent individual, in helping me achieve my real estate goals.

Any comments or recommandation would be appreciated. Thank you

Edited: 06/26/2010 at 11:00AM by Jason Archer

Rob Huxman

Real Estate Consultant · Lakewood, Colorado

71 posts
2 awards
50 influence

Dec 29 '09, 03:14 AM

Just wanted to ask a quick question!

Why would you want to work with only one Buyers Agent? I would honestly find 100 and see who brings you the deals. Any Agent that wants you to sign any 6 month agreement to work only with them is hurting for business.

Here is some basic math

1 person has 2 eyes!

100 people have 200!

I would rather have 200 eyes looking for stuff the 2.

Edited: 06/26/2010 at 11:00AM

Eddie Ziv

Real Estate Investor · Studio City, California

1,803 posts
9 awards
56 influence

Dec 29 '09, 03:53 AM

1. You don't pay anything to the buyer's agent. That agent shares the commission with the seller's agent.

You didn't specified your REI field (Wholesaling, buy and hold, etc) which would makes it easier to give an advise. I would disagree with Rob. If you rely on any agent to do your work, you are mistaken. Agents would not find you deals, they are out there to find the more expensive property, because that the way they make money. I use one buyer's agent and that primarily for paperwork and accessing info that is not available to me as a buyer.
As to how to find the right one, again it depends on the type of properties you are looking for and what you plan to do with them. In general, if you intend to buy REOs, find an agent who's familiar with the field.
With regard to what question to ask to help you achieving your goals, again, it depends on what your goals are....

Edited: 06/26/2010 at 11:00AM

Lindsey Kinnsch

Residential Real Estate Agent

7 posts
1 award
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Dec 29 '09, 04:34 AM

Hey Jason,

Good for you! I would drive around in the area you are looking for property and go into some small real estate companies. Smaller ones can be preferable because they are more hands on and people typically tend to be more experienced. Act like a robot, don't let the salespeople break into you or win you over with their personalities. What's most important is experience!!!

Ask them these 3 key questions- SOOO IMPORTANT IN THIS MARKET!!
1.) Do you list REO's? (If so, they will be hella busy! Way too busy for you!!)
2.) Do you have an assistant of your very own? (This is preferable)
3.) Do you have a Transaction Coordinator? (Good to have)
4.) VERY IMPORTANT! Describe your experience with foreclosures. (Better be intense!!)
5.) How many deals have you closed as a buyer's agent on REO's?
6.) How many deals have you closed as a buyer's agent on short sales?
7.) How many deals have you closed as a listing agent with short sales?
8.) How many Investor clients have you had? Are you used to dealing with typical investor's needs?
9.) Do you have a cashflow calculator or any other tools to help my decision?

Let's face it Jason, in this market you need someone with experience in foreclosures. They are the only things moving, and why would you buy an overpriced property anyway? Make sure your agent is QUALIFIED!!! Or it will be time wasted and dollars lost. Best of luck, keep us posted Jason!

--
Lindsey Kinnsch
Managing Partner
United California Realty
Team Alliance Debt Elimination

The Southland's Most Educated Foreclosure Counselors

Edited: 06/26/2010 at 11:00AM by Administrator : Contact info must be contained in your signature. Please use it.

Phil M.

Real Estate Investor · Staten Island, New York

60 posts
1 award
50 influence

Dec 29 '09, 04:43 AM

Question:

If the Buyers Agent ultimately costs the home buyer nothing, why arn't most home buyers using one?

Edited: 06/26/2010 at 11:00AM

Catalyst International

Real Estate Consultant

1 post
50 influence

Dec 29 '09, 05:25 AM

Hi Jason:

Buyers agents are paid by the seller. Its a commission split between both brokers. On rare occasion the buyer may pay the commission but it is possible.

Best way to find a buyer's agent/broker is through referral. Ask around ask friends who may have used one before.

Same questions you would ask any agent. Ask about experience, expertise in area (knowledge of area) and references.

Edited: 06/26/2010 at 11:01AM

Rob Huxman

Real Estate Consultant · Lakewood, Colorado

71 posts
2 awards
50 influence

Dec 29 '09, 09:47 AM

1. You don't pay anything to the buyer's agent. That agent shares the commission with the seller's agent.

This one always gets me laughing!

The Commission always shows on the sellers side of the HUD yet that being said. If you hit up a Home Owner that is selling without an Agent they will generally give you a better price. And as soon as they hire an agent the price will go up to cover the costs to hire a Realtor. So yes on the HUD it will show that the seller paid the agent. YET you will also be paying a higher price for the house to cover their cost.

So the question here is WHO REALLY PAYS???

The buyer!

And I also totally agree with Eddie I never said I would use a buyers agent to find me deals I was just saying if I were to find one I would just tell 100. Your chances of getting a deal from 1 person are slim! Where as with 100 you might get one or two here and there. I don't think I have used a buyers agent sense I was new in this industry.

Yet the question was not about what I would personally do. It was based on what he was looking to do.

Edited: 06/26/2010 at 11:01AM by Rob Huxman

Eddie Ziv

Real Estate Investor · Studio City, California

1,803 posts
9 awards
56 influence

Dec 29 '09, 12:18 PM

Originally posted by Rob Huxman

And I also totally agree with Eddie I never said I would use a buyers agent to find me deals I was just saying if I were to find one I would just tell 100. Your chances of getting a deal from 1 person are slim! Where as with 100 you might get one or two here and there. I don't think I have used a buyers agent sense I was new in this industry.

Yet the question was not about what I would personally do. It was based on what he was looking to do.

Rob, my point was, that if you tell a hundred agents about a deal you are looking for, the result are likely to be as if you asked one. All the agents get their "deals" from one source - The MLS. In some cases, agents who deal with REOs, short sales, etc, may know somewhat ahead of time about a deal that are about to come to the market. Rest assure that such agent wouldn't have swore allegiance to you. He /She, most likely has buddies, colleges, and faithful customers (Who don't use another 100 agents) whom he will share that info ahead of you.

Edited: 06/26/2010 at 11:01AM