Specialist · Marco Island, FL · Member since 2016 · 225 posts · 56 votes
I am meeting with a real estate agent tomorrow evening. I already have access to the MLS with her and I am going to get more specific information on the MLS that I want. I know its really vague but does anyone have any "favorite questions" to ask? Thanks
If you are looking to purchase property for investment you want to make sure that your Agent is investor "friendly" remember that when you are investor you don't care what color the bathroom is painted or if the flooring is pretty. Your concern is all about numbers. Make sure your agent knows the lingo. Does she understand investment property. Some of the questions you might want to ask are.
What kind of clients do you primarily work with (home buyers or investors)
When you do your comps for investment properties how do you arrive at your number? (they should be basing it more on cap rate than home characteristics.)
Does she have any investments?
What is the Vacany rate in this area?
What are fair market rents?
If the agent works in investment property they should know these answers.
I think perhaps before meeting this person, you should get a sense of what you are looking for in terms of investments and strategy. Then when you approach them, make sure they understand the rental market and property appreciation. Make sure they also understand what the taxes are going to be like and to be honest, if they can tell you vacancy rates, they are probably lying. If anyone can give you a correct number on vacancy rates, then they might've struck a gold mine! Ask anyway for giggles!
Most importantly, they need to have some definitive answers for you regarding rental rates. If they don't that is a huge strike in my opinion.
Hello and welcome to BP! That is a good question to ask because you cannot assume anything about their experience. I would ask about their experience in what you are doing? Are they also investing and what is their interest? How long have they worked in you area? What can they tell about your area? Like demand and rental rates and the importance of the location. I would also ask about their continuing education. Ask them about their contacts with and Bank lenders do they know that will help you? I would ask them about their City contacts and those people they know? I would ask them how long they have been in your investing area. Know matter they answer your question do not assume that they should not be trusted until they have proved themselves.