Using Buyers Agent

[Mark Verret]

I am working on breaking into real estate investment. My intention is to keep my full time job while building rental income for the long run. I decided to contact a local agent yesterday. I left a message with a very brief description of what I am looking to accomplish. My main question is what should I expect and be prepared to provide when we meet? I know the area I would like to invest in, what types of properties, what my goals are, etc. I am a noob but do not want to come off as a noob. I will not be a big investor, at least for now, but I am serious about getting started.

I appreciate your advice and look forward to hearing from you.

[Joel Owens]

Don't worry about being a "noob" as you call it.

An experienced broker will know from your phone calls, to e-mail, to the first minute they meet you of your level of knowledge.

So I would say to NOT come across as knowing more than you really do. That shows puffing and already sets the relationship on shaky ground. Just be honest and say here is my plan and I am new and tell me if this is realistic or not and what needs to be changed if anything??

For instance is you are looking for a house to rent for 800 rent for 40,000 and in your area everything sells at 70,000 don't expect that broker/agent to put in a bunch of time chasing a pipe dream. You can try and look for that all year long but do not expect someone that makes a living on transacting to work on a low price and low probability of happening transaction to do it.

Do you want the best deal you can find?? SURE everyone does but at the same time it has to be realistic. There are crap deals, marginal, good, great, and insane deals. I try to take a good deal and negotiate it into a great deal for my commercial clients.

The insane deals you might see once a year or every 6 months and 50 people are on them in 24 hours.