How to use realtors in markets other than where you live?
Hi,
I wanted to understand the process of using realtors in areas other than where you live?
I am in the DFW area but looking outside of this area for rentals. I am looking in multiple areas. I guess my newbie question is- will I be stuck if I pick a realtor in one area but end up finding a property in another area?
Thanks for your help!
The realtor understands, that's just the name of the game. Contact realtors in areas you are interested, get on a list, filter as it comes. If you hound them with no intention, it's just a waste of time. Just because you ended up buying in Miami rather than Cleveland and 15 other cities you were looking at-- is just business. Anything could happen, it's not personal.
@V.G Jason Perfect, that answers my question thank you!
Realtors absolutely understand. I personally have gone through this and ultimately, the really good realtors understand that it is more about building the relationship. To get the absolute best realtor, I would recommend having a list of questions that you use when you interview them. If you don't have one, I certainly can send you a list if that would be helpful.
Make sure that the agent you are interviewing is proficient in investment properties and knows the area. This is absolutely crucial!
@Justin RademacherThanks! Yes, I would love that list.
As a Realtor myself it's the name of the game, the only thing we can do is continue to mend the relationship in case you decide to buy in our area in the future! Most realtors understand this, especially if they work with investors already.
Quote from @Jennifer Castaneda:
Hi,
I wanted to understand the process of using realtors in areas other than where you live?
I am in the DFW area but looking outside of this area for rentals. I am looking in multiple areas. I guess my newbie question is- will I be stuck if I pick a realtor in one area but end up finding a property in another area?
Thanks for your help!
Keep your options open in each market and make sure to work with someone that is actively investing. Theory and ARV are not meeting resale values therefore investors are getting stuck and limited profits.
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
- Austin, TX
You don't have to use just one realtor, use local experts, not someone you like so you use them for every market you want to invest in.
If they know you are looking in multiple areas, they probably won't work very hard to find you something because they know there's little chance they'll be paid for their time.
#3 Starting Out Contributor
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#3 Starting Out Contributor
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how many different areas are you going to look in? will they be in-state, or out of state? what are you expecting the realtor to do?
you'll get out what you put in. if you can go in person, that's a much stronger play than having a random OOS realtor send you a list of random on-market properties that probably won't cash flow. that's no value for you or them.
why not pick 1-2 areas in state, and really invest some time in them?
Definitely free game to go to multiple markets but if you have one you like you can ask them to assist in helping you find a rockstar realtor elsewhere. They can collect a referral fee this way, and you could get an extra set of eyes on the vetting.
@Jennifer Castaneda This happens. It's the nature of the business. If you're working with an agent that is investor friendly or someone from BP they will get this. Ultimately, we want you to be successful. And you never know, you might use them on your next purchase. Keep the relationship and be honest if and when you change to other locations.
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Wow. This post has been really helpful. Thank you all for your responses!
@Jennifer Castaneda absolutely we have clients that look in other areas all the time. We win some and we loose some. But ultimately my suggestion is only work with 1 Realtor per area otherwise it can get messy and confusing.
Hi Jennifer,
Reiterating what the other agents have said, this is all part of the job. My one word of caution is try to find the RIGHT realtor for what you're looking for. My team- Boise TurnKey Properties- works mainly with investors here in the Boise, ID area. We get a lot of wholesale and off market deals because of this, and we understand what investors are looking for. My advice is to interview multiple agents in that area and find the one that's going to help you reach your goals. Because once you sign a buyers representation agreement with that realtor you're locked into it until it expires or their broker releases you.
Maybe get on an REI Facebook group for the cities you're looking in and ask if the investors in that group have any suggestions on agents they like?
Best of Luck!