What expectations should I set for a good realtor?

Question

What are your expectations for a good Realtor?  I thought I found a good one but he ended up blowing me off. For whatever reason it doesn't matter, I'm off trying to find someone else--back to square 1.  But what would make a good realtor for an investor?  I don't know if my expectations are too high or too low.  For anyone who has an already established team, what would you say makes a good realtor....or contractor....or lender?

Michael Dumler · Answer

@Lisa H., what were the conversations like with your previous real estate agent? To be upfront, agents need to be mindful of their time. Needless to say, there are a lot of "buyers" who waste agent's time. For instance, I will not work with anyone until they show me some sort of pre-approval letter or POF.

That being said, a good real estate agent should respond to all communication within at least 24 hours. If they don't do this at the bare minimum, they are either too busy to take you on as a new client or aren't serious about the industry. Moreover, an agent who invests in the market helps.

Rick Albert · Answer

A couple of things when I look for Realtors out of state and when clients reach out to me:

1. Do they invest themselves or have someone they can lean on for investor support? They need understand your pain points, goals, and honest realities of being a housing provider.

2. How honest are they? I know this sounds weird, but I have clients who want to write low offers and I tell them the truth if I think it is a long shot. I'll still submit, but I don't want them to feel like they are wasting their time.

3. How do they negotiate? Most of my clients get credits and price reductions. I have a method of doing it and it sets me apart from other Realtors.

On your end, is what you want realistic? Can you write a bonafide offer today? Because a Realtor doesn't get paid until the deal closes, they have to prioritize who they work with.

Preston Dean · Answer

As a realtor I would say the following

#1 Communication

#2 Helping analyze & interpreting inspection reports & being able to run the numbers

#3 Negotiations

I would suggest you check out the FIND AN AGENT tab at the top of this website, you should get matched with 3-5 agents and I would then read the bio of a few and then pick someone who is most active in the forums

Susan Thelen · Answer

Hi Lisa,

Here are some things that make a good realtor:

Knowledgeable: A good realtor should have a strong understanding of the local real estate market, property values, and neighborhood trends. They should be well-informed about current market conditions and be able to provide valuable insights to clients.

Communication Skills: Effective communication is crucial in real estate. A good realtor should be able to clearly convey information, listen attentively to clients' needs, and negotiate effectively on their behalf.

Negotiation Skills: Successful realtors are skilled negotiators. They can advocate for their clients' interests, handle negotiations with other parties, and secure favorable deals. Strong negotiation skills are key to achieving the best outcomes.

Attention to Detail: Real estate transactions involve a significant amount of paperwork and details. A good realtor pays close attention to details, ensuring that contracts, agreements, and other documents are accurate and complete.

Good Luck! -Susan

Lucas Thomas · Answer

Rule #1 of Real Estate Agents: Never bypass your real estate agent.

Rule #2 of Real Estate Agents: Respectfully Annoy your agents and be blunt about telling them to tell you that your being "too" annoying.

Rule#3: If your agent won't take a deal because the "Commission is too small" then I wouldn't use that agent. Agent relationships should be life-long and commission size is unimportant.

I've been a Real Estate Agent for a decade in Arizona and love taking my clients calls. You teach them everything on the first deal and then they know everything for the next one!

Lisa H. · Answer

@Dominic Rosato

I did found a pretty good realtor off here.  I totally want to respect his time but also, what is appropriate? What isn't? I tend to not want to bother him all that much. I am also buying into the $80-150k range so I understand his commission is small. Honestly I'd like to do as much research for myself instead of going through him for every little thing.  Do you think it's okay that I call the seller's agent directly finding out all the information for potential properties?  Is that okay to do?

Dominic Rosato · Answer

As someone who went through the purchase process last year and built my team from the ground up, I'd give two pieces of advice:

1) Find a realtor on BP who invests in your area

2) Have conversations!

The "right" realtor will stand out to you, and will eventually provide excellent recommendations for contractors, lenders, attorneys, etc. Just be honest and upfront about your timeline and expectations. If you respect their time, they should respect yours in return.

Jeffrey McKee · Answer

Hi Lisa!

In my opinion, a good Realtor, especially for an investor, should be someone who communicates well, knows the local market, negotiates effectively, responds promptly, and understands your specific needs. They should make you feel heard and work with you to achieve your investment goals. For an established team, smooth collaboration, reliability, and problem-solving are key. Trust your instincts and find professionals who genuinely prioritize your interests.

James Wise · Answer

What was the reason they blew you off? It may very well matter. How do you know you're a client that Realtors will want to work with? Working with a good Realtor isn't like working with a cashier at Walmart. It's a two way street.

Lucas Thomas · Answer

Hello!

I've been an Exclusive Landlord Real Estate Agent for a Decade! An Asset Manager, House Hacker, and Landlord for that Decade as well!

Top 3 Things You need in Your Investment Real Estate Agent

#1: Experience: You really need an agent with a property management/Investor background as most have no experience with what your trying to do. Especially in the Rental Portfolio market as Agents are terrible at getting comps on rent, have never rented to Section 8 tenants, and really have no clue on what they are doing when it comes to Rentals. I've converted and corrected hundreds of mismanaged properties into rentals and cash-flowed all of them. Evictions, Cash-for-keys, rehabs, etc. Experience is the hardest to come by as you can only get it by doing it!

#2: Landlord Mentor: They need to be willing to teach you basic landlording skills such as Contractor Stable(Finding, Maintaining, and Gut-Checking Contractors), Standard Operating Procedures for dealing with Crises (Collapsed Sewer Lines, Blown off roofs, Hot Water Repairs, AC Out, Mold, Tenant Disputes, etc. etc.), and Debt-Collection/Evictions (How to Bleed a Rock.) I've mentored many many landlords in my career and always try to be there source for Landlord issues along with a local attorney.

#3: Knowledge: You need someone who has the experience, the willingness to teach you, and has the knowledge to survive in that rental market. They need to know the general costs of every repair, the base rent for any bedroom count from Class A-Class D, how easy are the evictions (Self versus having an attorney), and can be a source for you after the close with any questions you may have.

I've exclusively represented landlords for the last decade and can tell you, these are the 3 most important things. As many times agents will disappear after the close which is why its important to ask a lot of questions about that agents post-care of his clients after they purchase rentals. Can't let them abandon you and get fed to the dogs.

Hope this helps!

L. Thomas

What expectations should I set for a good realtor?

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