Washington, DC · Member since 2019 · 23 posts · 12 votes
My goal is to get my first deal (to househack) this year, but if I'm being honest with myself, I know that it won't be before the spring as Q1 at my day job is insanely busy. That said, my shorter term goal is to analyze as many deals as possible over the next 3 months so I can stay sharp and develop a better feel for values in the neighborhoods I am interested in.
My question is this: How early (if at all) is too early to ask your agent to start sending you properties from the MLS?
I'm new to the agent-client relationship so I guess my biggest concern is that I want to be respectful of their time, although I do have every intention to move forward with this come spring. Let me know your thoughts!
Realtor · Boulder, CO · Member since 2016 · 3k+ posts · 5k+ votes
6y
@Andrew McCartin it's never too early to start learning your market better or refine your buying criteria. If you have an agent you want to work with already I would have them set you up on an MLS "drip" (automated system that sends any new MLS listings that meet your criteria to your inbox) right away. If you see anything you like, let your agent know so they have a better idea of what you're looking for, and if you have time go look at as many properties as you can. You've got to kiss a lot of toads before you find your prince! I usually learn something or other every time I visit a new property. One thing about that though is you are committed both legally and ethically to using that agent if they are sending you properties. If you were to buy any properties they have sent you without using them, they would technically be able to claim they were the procuring cause of you finding that property and potentially sue you for their commission. Most agents probably wouldn't do that but just something good for you to know. It would be rude of you to have them put you on an MLS drip and then not use them to buy. You could also just set up a search in Redfin but the listings there are not updated as quickly as the MLS and if you're in a competitive market that could be the difference of getting or not getting a deal. Working with a (good) realtor is invaluable as well and once they know exactly what you're looking for they will likely find you deals you would have missed just looking at Redfin. Good luck!
Contractor · Central Valley, CA · Member since 2019 · 8 posts · 2 votes
6y
@Andrew McCartin
It is never too early to build a relationship with a real state agent . The earlier the better. You will familiarized you self with market and educate you self about the area’s prices you’re looking at
Real Estate Agent · Hershey, PA · Member since 2019 · 66 posts · 54 votes
6y
@Andrew McCartin
I’m an investor and an agent. Some have mentioned not using an agent at all. I wouldn’t necessarily recommend this on your first deal. In my experience, there’s no single first deal (always exceptions) that will instantly make you rich. However, there are first deals that, done incorrectly can set you back or disenfranchise you from doing another. It’s important to understand that a vast majority of agents don’t actually invest in Real Estate themselves. The investment side is so drastically different than how they make money in Real Estate. As it sounds like you’ve learned, an agent can be a good agent but have little idea or offer little insight on what makes a good investment property. I’d recommend finding an agent, probably here on BP in your local market that has a strong investment portfolio of their own. These people can not only send you the properties that come up but breakdown which deals are best and why. This is the value add you need from your agent and will give you significant confidence pulling the trigger.