Hi Everyone. My wife and I are starting to look for a SFH in the South Miami FL region to use as my own primary residence. Right now leaning towards renting for a year or two, while we get more familiar with the area and figure out if we want to have another kid.
Despite that, We'd be willing to buy, especially if the location is close to our family and if the home has an efficiency we could rent out. To that end I'd like to start up a relationship with a good real estate agent/realtor in the area that would be useful for when we begin real estate investment in earnest.
Can you point me towards resources, or give tips, on vetting realtors for residential renting/purchasing, as well as for real estate investing?
Judge them based on number of deals done, not just years of experience.
Ask them for references from people who have done deals with them this year.
Look online for their reviews.
Ask if they invest themselves.
Make sure that they are a fit for your level of experience. If you are brand new you'll need more hand holding. If you are experienced you might be a good fit for a newer agent that is more willing to grind than someone with a lot of experience.
If they have a team ask what role they will play in the process.
What their Purchase Price to List Price ratio is. With the way that the market is in most areas is will probably be closer to 100% than in slower market points of the cycle.
Ask them to explain why they are the best fit to help you.
Ask what value they will provide in the form of recommendations that will help make you a successful investor.
Then after all of that is done ask them what fees, contracts, etc. you will be responsible for.
Judge them based on number of deals done, not just years of experience.
Ask them for references from people who have done deals with them this year.
Look online for their reviews.
Ask if they invest themselves.
Make sure that they are a fit for your level of experience. If you are brand new you'll need more hand holding. If you are experienced you might be a good fit for a newer agent that is more willing to grind than someone with a lot of experience.
If they have a team ask what role they will play in the process.
What their Purchase Price to List Price ratio is. With the way that the market is in most areas is will probably be closer to 100% than in slower market points of the cycle.
Ask them to explain why they are the best fit to help you.
Ask what value they will provide in the form of recommendations that will help make you a successful investor.
Then after all of that is done ask them what fees, contracts, etc. you will be responsible for.
If you want an agent to help you identify residential properties suitable as investments, be sure to find agents who themselves are experienced investors (either as landlords, flippers, or developers).
I can't tell you how many agents send me "investment" deals that make absolutely ZERO financial sense except as a source of commissions for them. Any agent who is also a true investor couldn't make such an offer with a straight face.
To quote Morpheus, there's a difference between knowing the path and walking the path.
Rental Property Investor · Kansas City, MO · Member since 2018 · 27 posts · 15 votes
7y
@Mitch Messer This is really good advice. As an investor, flipper, and property manager, my main frustration is when people send me deals stating all this information on how a property is an "Excellent Investment" but when I run the numbers, the comps and cash flow are just not there.
Developer · Boston, MA · Member since 2017 · 125 posts · 137 votes
7y
I concur with everything that has been mentioned above. especially with Anthony Angotti had to say with regards to the purchase price to list price ratio is. That is a great source to show that they say what they do in buying you a property.
Investor · Tampa, FL · Member since 2016 · 334 posts · 215 votes
7y
@Mike Palikij
Its tough to find someone posting honest numbers. Personally I don’t pay attention to ANY numbers a potential seller / wholesaler is touting except for the price and even that can be debated.
It’s all just marketing.
Investor · Tampa, FL · Member since 2016 · 334 posts · 215 votes
7y
@Ramon Garo
I’ve found the best realtors for you are the ones that want your business.
Find someone who deals mostly with what you’re looking to buy / sell.
If your potential agent deals in million + mansions and you’re looking for a $100K 1 bedroom condo - than it’s probably not a match.
But if their main source of leads is from 1-2 bed condos in your price range, you probably found a good pairing.