We have a meeting with a potential real estate agent beginning of next week and I'm just wondering what are some good questions to ask that will help me determine if it's a good fit??? Any and all input would be greatly appreciated. :)
Not so much questions but what I try to establish when working with an agent.
- Establish if you are looking for buy and holds or fix and flips (CHOOSE ONE!)
- I'm looking for a long term relationship not just to purchase a single property.
- Any agent can put me on a hotsheet when something is put on the MLS how do you differ from that?
- Will you personally reach out to me if you see something that has potential to meet my criteria?
- I have a method for making offers, it maybe lower than asking price but are you comfortable putting in lower offers (if requested I will show how I came up with my offer price)
- (Since I'm a flipper) I work with a variety of agents but I have a policy that if an agent shows me or notifies me of a property, then that agent gets the commission (this is outside of a email from an MLS notification). I will only sign exclusive agreements for single properties not based on county, city, or state.
- My word is valuable to me if I say I will close on a property I will make every effort to close and not lead you astray.
- My first offer will be a good one and not a price we will need to renegociate unless something major is found (i.e. all the electrical needs to be replaced, plumbing, mold, etc... not carpet needs to be updated or walls need to be painted)
There are other things that come to mind but these are the main points.
I would definitely ask them if they have any properties of their own. I also have found that it is really helpful to have an someone that understands the leasing and rehab process (from the investor side).
Investor pricing and retail pricing are entirely different (for everything!). So make sure your agent is willing to write up multiple low offers for you. Some say they will, but will try to deter you once you actually start trying to make low offers.
I would also ask if your agent can offer on REO properties. I know a lot of investors like to offer on REO properties, but not all brokers will allow their agents to do so.
thanks for the input, this will indeed give me things to consider and topics to discuss. :)