Choosing a Realtor as an Out-of-town investor?

3 Replies

Hi wonderful people!

I'm a newbie who wants to invest in my hometown (the market where I currently live is too hot for me to start out in). I'm familiar with the area and the housing stock, but I don't know many real estate professionals in that area. How do you pick a realtor to work with when you're not local? What are good signs? What are walk-away warning signs? 

Thanks so much!

Updated 23 days ago

Thanks for all these helpful suggestions. If it's useful to know, I'm looking to invest in Rochester, NY.

@Katherine Fusco Often a good question to ask if they have any rental properties. If they don't then ask if they have ever helped investors in the past. another thing you can do is throw in some words that only an investor would be familiar with, such ROI, cap rate, 1-2% rule. What area are you looking for, I'm happy to refer an investor agent in whatever area your looking for.

@Katherine Fusco you will 100% want to work with a real estate agent who has investing experience.

This was a non negotiable for me when I started investing out of state. When you’re running a business, you need a real estate partner who can also see it as a business and take the emotion out of it to help guide you. That person will be your eyes and likely advisor, so think of it as networking and interviewing a business partner.

Reach out if you want to talk more strategy. I can definitely walk you through my strategy when I started.

@Katherine Fusco I work with a couple out of state Investors. I make walk through videos, photos, condition of property, Comps, and rents in the area.

I try to make it as convenient and Informative as possible. I am an investor, but I will say, make sure that you have a realtor that is an Investor AND one willing to put in the work.

Simply ask them, what can they do to help you since your out of state. If they can't have a solid reply to that, then that is not your person.