So I'm working on my network and had a chance to meet with a realtor today. He happens to be an old friend of mine that I hadn't seen in years. I'm still new to the REI world. I would be doing more fix and flips and maybe some wholesaling.
A little about him. He has only been an agent for about a year so I'm concerned about his level of experience. On the positive side he has run (and still is) a current electrical contractor. He's run that business for the past 20 years.
What should I be looking for in a realtor that will help me?
Hey Kyle -
It all depends on what you need him to do.
- If you need a realtor to just run comps based on your criteria and make tons of offers (assuming he is good with it), then he is your guy.
- If you need someone that has knowledge of a particular market, then clearly he isn't.
- Like you said, the + is he's got the electrical background which is awesome.
I personally would rather have a realtor that can send me comps (which takes significantly less time than actually doing the valuation) and make tons of offers on my behalf. I think the experienced guys/gals get busy with a lot of other clients and don't necessarily share an investors vision of success (which most likely includes making more offers than are accepted). But again, it all depends on what you need from him.
Thanks for the feedback George.
At this point I think pulling comps and making offers is exactly what I need. He's eager to do more real estate. He still is working on the electrical side but would prefer to do real estate 100%. I think we can help each other.
As for market analysis...well I'm not sure what "I" need there. I'm relatively familiar with the areas I will be marketing into. But I'm not sure if they are hot or not for REI.
Since I'm starting out I don't know what I'm supposed to know yet. :-)
Well according to my experience the quote assuming he doesn't know the market is totally off base.
As a Broker I often found new agents getting and doing business because they were more in touch with the current market then the old time agents who were often 6 months to a year behind the newbie in their thinking.
To offset that I insisted that my salespeople preview 5 new listings a day five days a week. Know the territory and the market was posted above the coffee pot. The weekly sales meeting started out with a current market review. If you didn't show up for the sales meeting and weren't producing you were gone.
I agree with what @Account Closed said. It depends on what you are asking of your agent. A new agent could be to your advantage because they won't have other clients demanding their time and can run comps and make offers on your behalf- all day, everyday if they are determined and are building their career. More experienced agents may have an assistant do this for them or don't want to be making 20-30(this is just a random number) comps and offers a day themselves. If he is successful at doing this for you, it could be a great partnership with him being able to list your flips that you purchased because of him.
Originally posted by @Account Closed :I personally would rather have a realtor that can send me comps (which takes significantly less time than actually doing the valuation) and make tons of offers on my behalf. I think the experienced guys/gals get busy with a lot of other clients and don't necessarily share an investors vision of success (which most likely includes making more offers than are accepted). But again, it all depends on what you need from him.
Pardon my ignorance but how different are the comps from MLS as opposed to Zillow's Price This House feature?
I had one 20+ years "experienced" agent do a CMA by going physically to each house (so I was told) to determine how much to list my house. End result? Not listing with you!
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