Realtors job description?

Question

Hello, I'm working on purchasing my first investment property and wanted to know what I can expect from a realtor. I have talked to 4 realtors, and it doesn't seem like they want to help. Can someone please let me know what they should be helping me with?

Rebecca Parker · Answer

I would look for a realtor who is familiar with SDIRAs. Not all realtors understand the process, but I think ones that do would be very motivated to help you find the right investment.

Theresa Harris · Answer

They should meet with you to discuss what you want and what you can spend.  This may change as you look at houses, but you need to be realistic with your budget. They should be looking up listings that match your needs (and you should as well), once you find a place, they should pull comps to come up with fair market value and an offer price.  Help you with the inspection (eg suggest a few inspectors) and ensure all of the documents get to your lawyers for closing.

D’Andre Ortiz · Answer

^ That is very likely why they have not helped you yet. As far as what you can expect from a realtor... it really depends on what your goals are. If you are looking to purchase in the next 3-6 months your agent should be making sure you are pre approved as mentioned above and starting to tour properties. Now if you closer to 6+ months out they may just tell you to continue building capital and work on your DTI in the mean time. As Trevor mentioned above a realtor will only get paid if you get through the entire closing process. Otherwise it does not matter the amount of work they put in they will not be compensated. I am an investor friendly agent and am willing to help in any situation you are in. Feel free to message me with questions if you have them. I hope this helps!

Eliott Elias · Answer

They should act as a guide to steer you towards exactly what you are looking for in a property, or what ever is best available in that market. They should educate you about the market, locally, and nationally. They will also write up all of the contracts and make sure you do all the proper due diligence to purchase real estate.

Ray Hage · Answer

A lot of 'buyers' aren't real buyers for a variety of reasons like not having a pre-approval, downpayment, specific goals for RE purchase, time to view properties, etc. How do I know? I deal with this all the time. A good realtor will help guide you through the entire process if you present yourself as a real buyer. Do you have all your ducks in the row? If yes, then now you just need to find a solid realtor (ideally one that is also an investor) in your specific market.

Lynne Martin · Answer

Thank you all for the information. It was very insightful. In this case I wouldn't need a pre-approval, I would be using a self-directed IRA. The next one would be financing then I would have pre-approval.  I just wanted to know what I should expect from my agent. I don't want to expect too much or too little.

Trevor Schmitt · Answer

Are you pre-approved? This may be the biggest reason why a real estate agent is hesitant to working with you. As an agent, you do not get paid until you the buyer, closes on a property. Without a pre-approval letter from a financial institution then can be reluctant to spend time working with you.

A realtor that is good at what they do should be coaching you through each phase, introducing you to lenders, giving you updates on the market, showing you different strategies, among a lot of other things.

If you have a pre-approval in hand, and you are willing to sign an exclusive representation agreement, you will have no problem finding a realtor to work diligently for you.

Nathan Gesner · Answer

Welcome to the BiggerPockets forums!

I agree with the others. They aren't willing to help because you aren't presenting yourself as a serious buyer. Do you have financing lined up? Are you giving them specifics of what you are looking for?

Realtors job description?

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