I'm getting close to getting my home loan approved, and then the search for a property is on! Exciting and nerve racking at the same time.
The question I have is, can I have two real estate agents helping me find my first purchase?
Being new at this, I thought you would only use one agent, but I just read today from Mindy Jensen, "Remember, you can have more than one agent bringing you deals," in her article, 7 Actions to take while searching for your next property.
So, it sounds like it's true, and it makes sense to me. Why would I not have two agents looking?
Is there a pro and con to this approach? To me it feels like pitting two agents together in the Thunderdome.
Again, thank you in advance for your feedback.
The pro for you is having two people working to earn your business. The con for the agents is that they can end up doing work for no pay. Most agents would begin the conversation by asking if you're working with another agent, and if so, they would either ask you to sign an exclusive agreement or let you and the agent work together. I know I wouldn't try to poach another agents' clients if that client already had one sending them properties but there are indeed Realtors that are unscrupulous and would push down their own mothers to drum up business.
Just put yourself in the shoes of the agent and ask how you'd like to spend time working for someone and then see that potential business go to the next guy/gal. Just be upfront with whoever you work with and let all parties know what you are trying to accomplish.
There is really no need to have two as long as the one is working hard for you. They will both be pulling listings from the same MLS based on your criteria, meaning that they will get the same results based on the filters. I have found that you, the buyer, are the best person to find the house that you want. Once you narrow it down to a few houses, then get your agent to arrange a showing. Driving around looking at 20 houses a day for two weeks will get old pretty fast.
I have many.
Hello @Will Foster congrats on your loan approval. Just to clarify... is your loan for a house that you are going to live in? (Owner occupied)
Or are you getting a loan for an investment property? Our investing model relies on multiple agents. It works because we buy several properties a month. So the more agents that bring us deals the better. The agents understand upfront that if they bring us a deal, they will write up the offer on our behalf. They get paid for every deal we buy from them. They also know upfront that they might not the get relist on our flips.
But if I were buying a house to live in, I would not ask multiple agents to help find me a house. That's usually a one time purchase. It would be unfair to ask an agent that is on 100% commission to invest time and not get paid for it.
The last thing you want to do is burn a bridge with an agent that might be a good source of leads down the road.
Best of luck.
Thank you all for your response. I agree with everything you all said. And I felt this was the answer, but just wanted to make sure.
This will be a owner/occupier purchase, so yes, I do not want to burn any bridges on my first purchase, since I will be buying more in the future.