Questions to ask a buyers agent

4 Replies

Hi all!

I am sitting down with an agent tomorrow for a meet and greet! I already have a list of questions I want to ask him but I don't want to miss anything important. I am wondering what you all suggest I should ask before starting to work with the agent.

Note: The agent is a local investor! This makes me excited because I know he will understand the investor mindset.

Thanks in advance.

Originally posted by @Kyle Soderman :

Hi all!

I am sitting down with an agent tomorrow for a meet and greet! I already have a list of questions I want to ask him but I don't want to miss anything important. I am wondering what you all suggest I should ask before starting to work with the agent.

Note: The agent is a local investor! This makes me excited because I know he will understand the investor mindset.

Thanks in advance.

 Kyle

I'm using the same strategy on Tues. Only I spent some time looking at our local MLS, and found what I think is a hungry agent. I would question a investor agent as to how committed he would be at locating "deals" for you.

My thought was to find the 25th ranked agent in the farm area.  I hope to be a add for him by showing him my new strategies.  I will be telling him I need 15 deals in our farm.  He will represent me on the buy and list my homes when I sell.  I have other duties I will require from him as he proves himself worthy.  

I would recommend you have a plan for him, an exact deal you would buy and buy fast. Show him your ability to close fast show him your a player in this market.  

Make a commitment to him to buy any home he brings you at say 65% of ARV. You may have to do a little calculating on your own numbers but that is a promise I know I can make. Then I show him homes I have already have done it on. This year I purchased 11 at 65% or lower of ARV. if you have a friend in the business or mentor look at his number to prove to your agent it can be done.

Good luck 

Jim

Originally posted by @Nazz Wang :

Have to work with the person to see if you are a good fit. Just don't sign any exclusive representation or similar paperwork. 

I'm not aware of your market conditions but I would never sign an agreement with an agent that locks me into them.  The agents that i work with are happy to do so and work because I can close fast on any deal that fits my buying standard.  I make it their responcability to locate and do the research, ofcourse I check on them.  Make it all there job, train them to only write offers on deal they can stand behind.  If they don't fire them and get another.....  

Jim

Originally posted by @Jim Keller :

 Kyle

I'm using the same strategy on Tues. Only I spent some time looking at our local MLS, and found what I think is a hungry agent. I would question a investor agent as to how committed he would be at locating "deals" for you.

My thought was to find the 25th ranked agent in the farm area.  I hope to be a add for him by showing him my new strategies.  I will be telling him I need 15 deals in our farm.  He will represent me on the buy and list my homes when I sell.  I have other duties I will require from him as he proves himself worthy.  

I would recommend you have a plan for him, an exact deal you would buy and buy fast. Show him your ability to close fast show him your a player in this market.  

Make a commitment to him to buy any home he brings you at say 65% of ARV. You may have to do a little calculating on your own numbers but that is a promise I know I can make. Then I show him homes I have already have done it on. This year I purchased 11 at 65% or lower of ARV. if you have a friend in the business or mentor look at his number to prove to your agent it can be done.

Good luck 

Jim

 Fantastic advice Jim on looking for the 25th rated agent! I found this agent through referral. I unfortunately am not able to give him the reassurance of my ability to close quickly and buying every great deal he brings to me. I am going to let him know that I am young and looking to grow my business exponentially which could mean years of business for him.

I also think I'm going to bring print outs of mock analysis' that I have run and see what he has to say about them.