Use one real estate agent for multiple cities?

Question

I am starting my journey into real estate investment and would like to start building my team.

I live in Toronto but would like to invest outside of GTA because of the crazy evaluation.  There are several cities that I am interested in investigating more including Windsor, Hamilton, Brantford, Kingston.

These cities are geographically far from each other. Should I look for one agent who will help me in all of these location or should I look for an agent at each of the different cities?

My initial thinking is that having an agent for each city may be better because they are specialized for that specific location and would have better insight.

What are your thoughts?

Alan Brown · Answer

I would agree;  Not being from your area, I have no idea how close those cities are, but, as a Broker myself (broker doesn't mean all that much--it comes down to what agents work harder for you, and a Sales associate may even have tons more experience than a new broker), I don't feel that comfortable helping people in cities over 1.5 hours away from me... I feel like a good agent in those areas will have their finger much more on the pulse of hot properties.  I like to think that in my area, I am an expert on values and can pick out a great deal for you, but when I look elsewhere, I always use a local agent.  Take the time to be picky--it's truly hard to find the perfect agent.  Sometimes the ones with a little less experience may be hungrier and work harder for you;  also, if you're looking for distressed properties, or cheap ones, more established agents are not that excited about the extra work involved and the smaller commissions.  Sometimes the best agents in an area are also the busiest, and no matter how hard they try, they just simply can't give everyone the time that might be necessary.  Especially for more distressed properties.

good luck!

Peter MacKercher · Answer

@Annabelle Lee You're right about specialization; local agents should always do better than someone who doesn't know the market as well. However, you might be able to find someone who's worked those different cities, and so they'd have a good knowledge of many of those markets... that'll be harder to find since many agents specialize in a particular market, and, farther down the rabbit hole, in particular corners and/or strata of their market.

I'd suggest shopping around, and ideally the agent would have a great deal of experience working with investors, too. You might be able to find someone here on BP if that someone has the proper keyword alerts set up. Check your local forums on here and ask for references -- can't hurt.

Best of luck!

Brent Byers · Answer

Hi

@Annabelle Lee as well, someone that has a Brokers Title, indicates that they have taken more Courses...typically the more driven, knowledgeable folks in the industry, as it is quite easy to get a Sales Rep License today.  Any Monkey (Myself included) can do that.  Realize that a Broker of Record is a totally different Beast than a Broker...for another discussion ;)

Claude Boiron · Answer

Brokers and Sales Representatives are both Agents, but Brokera can do some things which a Sales Representative cannot, such as be the final authority in a Brokerage.

Annabelle Lee · Answer

Hi @Claude Boiron, excuse my ignorance, but what is the difference between a broker and an agent?

Claude Boiron · Answer

Hi @Annabelle Lee, being a Broker myself, I can share a Realtor perspective. Most Agents only work in their own city. Those who work in multiple cities (for example, I cover the Greater GTA), often will travel depending on the deal size. So.... you should probably work with one Realtor in each city, unless you find an awesome one who is willing to travel a little (Kingston Realtors won't go to Windsor, for example). The benefits of working with fewer Agents, are that you'll learn to work together more effectively and closely. Another option is to find a Broker who you can hire as a sort of consultant, who will backstop any lack in experience, business knowledge, and emotional intelligence which the various "local" Agents might lack.

Mike Jones · Answer

I use my agent on all my transactions, near and far... I can trust him, he gives me discount rates and always has my back...