Finding Real estate agent

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Finding Real estate agent

Haitham Abbasi
Investor · Glendale, AZ · Member since 2014 · 73 posts · 2 votes
Hello my friends . I have started my search for a real estate agent that will guide me to understand the market of the area that I live in. I recently contacted remax and Keller Williams real estate agents since it was recommended to me by a book that I am reading to contact these two companies . My question . I have asked some real estate agents to sent some MLS listings . It has been 24 hours and none of them has reached back to me . Is that a bad sign that means I have to keep Looking to find the right one ???? Or it's normal that they take that long . I appreciate your answers my friend . And I hope this question benefits others as well . Thank you Haitham Abbasi
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Vanessa Brown
Residential Real Estate Broker · Washington, Washington D.C. · Member since 2014 · 44 posts · 37 votes
11y

It is very true that you may be getting agents with issues. It is also true that they may be deadlisting you. There are a few things you can do to help with either of these 2 issues. 

#1 Don't limit your search to just 2 companies. I'm sure the writers of the book have their own reasons, but that makes no sense. As with most businesses where people are independent contractors, it's the agent, not the company. Those may not even be the better companies for investment agents in your area. As an investment agent there are certain things I look for in choosing a broker. I need all kinds of agents working at the company because I can get my flips sold in a heartbeat by the traditional, open house, sign posting agents; I need commercial agents for my big apartment complex deals, I need land only agents when that comes up, I need REO only agents. That's the kind of diversity I'm talking about. These companies may only have 1 type and they may not want to be bothered.

#2 Ask to speak to the office manager or broker. To avoid getting the next person in line, skip the line. Explain what you are looking for and ask the managing broker to suggest someone based on what you need. 

#3 Be reasonable.  Make sure that the person isn't actually knee deep in an open house or on the way to a settlement when you call. They may be busy, so give the first contact a reasonable time frame. No contact in 24 hours is too long but thinking you'll have a list in 5 minutes is too much as well. 

#4 Have answers to reasonable questions. When I ask someone if they will be purchasing with their own cash, hard money or traditional financing and they don't have a clue...deadlist. Even if you don't know for sure, have an answer. Script: "I will be financing my properties. I have set aside [amount of cash] and upon a recent check my credit score is about [number]. I have been researching lending options and I may be going with the [whatever loan program at whatever bank] but I am open to other options if they can refer you to someone who may have a better deal." Of course you need to actually research loan programs, the internet is your friend in this. Don't flounder; if it's one thing we agents can smell it's bad fish.

#5 Create a discussion, not one way information drain. This is your deal, do some footwork. It will benefit you in the end when you are the expert and not simply relying on the advice of someone else. Look at the market in your area, read blogs, look at prices, chart movement and on market times. The entire nationwide MLS is at your disposal if you go to www.Realtor.com. Look at it. Pinpoint an area, price range, and basic plan. If someone comes and tells me they want something East of the river, in the 2 up and coming areas noted by DC planning, that need 20-50K in work, and are currently under 300K; I can put that list together. If you come tell me to find you a deal in DC, I'm not interested in doing your job as an investor. If you ask me what I think about those 2 areas I can help you, if you ask me to analyze all neighborhoods and tell you where to invest, I'm not going to do it (steering issues). 

#6 Ask how you can help yourself. If you just want "Some" listings ask the agent do they have a website with a search function. At my site my clients can visit the site, create a personal account, create their own autosearches, and mark favorites that they want me to look into. Find out if the agent has a site like this, where you can fiddle around and get all the listings you want without creating a serious tie issue for them while you're  not quite  ready. Sorry but my site doesn't do Arizona :).  

Continue to ask around Bigger Pockets, continue to read but know it may not always apply to you, go to REI meetings and meet agents there, contact agents who are listing a lot of ugly houses. New agents are good, you can learn together, but you may also want someone who already knows, especially if you don't.

Keep at it, all the best and much success!!

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  • Zach SikesBusiness Member
    Residential Real Estate Broker · Edmond, OK · Member since 2011 · 452 posts · 183 votes
    11y

    Find someone else.  Find the person  that will help you and understands that your time is valuable.

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  • Haitham Abbasi
    OP
    Investor · Glendale, AZ · Member since 2014 · 73 posts · 2 votes
    11y
    Originally posted by @Zach Sikes:

    Find someone else.  Find the person  that will help you and understands that your time is valuable.

    I have been calling offices and asking the receptionist if there is any agent available that works with a real estate  investors. Thats how i am getting hold of the agents. would suggest any other ways to get hold of real estate agents that work with investors ?

    0Reply
  • Zach SikesBusiness Member
    Residential Real Estate Broker · Edmond, OK · Member since 2011 · 452 posts · 183 votes
    11y

    @Haitham Abbasi

    BP is a great place to start.  

    An additional option might be to find out who other investors in your are are using.  You might call the listing agents on other flip properties to see if they are taking additional clients.  What are you telling the agents or receptionists when you call?

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  • Cody Steck
    Residential Real Estate Agent · Salt Lake City, UT · Member since 2014 · 156 posts · 50 votes
    11y

    One thing you have to keep in mind is to look at it from the real estate agent's point of view. Setting up some automatic e-mails is pretty quick and hands off after it is set up. But you need to make sure you are 100% ready to take action if a deal comes up. 

    Very few agents are going to want to show 20+ houses a week and then submit plenty of offers at 20-30% under asking price. 

    That being said, possibly look for a new agent who possibly has some investing background so that he knows the numbers, market, costs, etc. A new agent looking for any kind of business they can get will be more likely to help you. Also make sure you are bringing value to them by being ready to buy a property should a great deal come up

    0Reply
  • Rob Ohs
    Qualicum Beach, BC · Member since 2015 · 18 posts · 4 votes
    11y

    Hi Haitham,

      As I still joined this forum and Its my first response in this forum. Its not a good sign that you don't get any response from whom you contact. But it is also the possibilities that they are busy in other stuff. 

    So I will suggest you that you asks others too and if they response you in the mean time you can also contact with them.

    Hope this will give you an idea.

    Have a great day :)

    -Rob

    0Reply
  • Haitham Abbasi
    OP
    Investor · Glendale, AZ · Member since 2014 · 73 posts · 2 votes
    11y
    Originally posted by @Zach Sikes:

    @Haitham Abbasi

    BP is a great place to start.  

    An additional option might be to find out who other investors in your are are using.  You might call the listing agents on other flip properties to see if they are taking additional clients.  What are you telling the agents or receptionists when you call?

     Ok . Understood . My exact script : "Hi my name is Haitham Abbasi , I am a real estate investor in the Phoenix area , I would like to speak with a real estate agent that works with investors , is there any one available " 

    Zach I would like to mention that I do not know where are the flip houses that are represented by real estate agent . As this contact with the real estate agent will be to understand the market of the Phoenix area, where are all that hot spots that investors are putting their money in , the average price of the houses there ..... Etc . 

    That's the type of help that I need from an agent . And no one have provided me with deals that are in that location so far although I asked for properties listed as  is , vacant or has price reduction

    0Reply
  • Jesse T.
    Herndon, VA · Member since 2014 · 1k+ posts · 324 votes
    11y

    Will you be going with cash or financing for your investments?

    If you will be financing, start with getting approved by a lender.  The lender - especially a mortgage broker - should be a great source of investor friendly agent referrals.

    3Reply
  • Haitham Abbasi
    OP
    Investor · Glendale, AZ · Member since 2014 · 73 posts · 2 votes
    11y
    Originally posted by @Rob Ohs:

    Hi Haitham,

      As I still joined this forum and Its my first response in this forum. Its not a good sign that you don't get any response from whom you contact. But it is also the possibilities that they are busy in other stuff. 

    So I will suggest you that you asks others too and if they response you in the mean time you can also contact with them.

    Hope this will give you an idea.

    Have a great day :)

    -Rob

     Hi Rob , 

    You are right some of them are busy and said so . I may be wrong but wouldnt that defeat the purpose of having them working with me if I want to jump in quickly on deals . They can not be busy at that time . How can I guarantee that ??  Is there any places where realtors are known to have an investing background ? 

    0Reply
  • Zach SikesBusiness Member
    Residential Real Estate Broker · Edmond, OK · Member since 2011 · 452 posts · 183 votes
    11y

    @Haitham Abbasi

    Do you have financing or cash in place yet?

    Try looking on realtor.com or other sites for vacant homes that look like they've been rehabbed and see if you start seeing the same agent or two over and over. 

    You could also look for local investment groups. There are usually agents in the groups that work with investors, or other investors that can recommend an agent. 

    Also make sure they aren't prequalifing you and you sound like a dead lead. Make sure they know you are a real investor with real money that will turn into deals for them. 

    Usually when you call an office and ask for someone, then will give your info to the next on line - which is not always the best person to work with. 

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  • Haitham Abbasi
    OP
    Investor · Glendale, AZ · Member since 2014 · 73 posts · 2 votes
    11y
    Originally posted by @Jesse T.:

    Will you be going with cash or financing for your investments?

    If you will be financing, start with getting approved by a lender.  The lender - especially a mortgage broker - should be a great source of investor friendly agent referrals.

     Hi Jesse 

    I do not know my strategy when it comes to financing . I am following this book that said to find a real estate agent that can help me understand my market . Because I still have no clue where to look for deals , and where are the hot spots where investors use their cash to invest! I am barely starting and j am facing this simple challenge Jesse . I appreciate you response in advance 

    0Reply
  • Melissa W.
    Interior Decorator · Costa Mesa, CA · Member since 2015 · 76 posts · 35 votes
    11y

    Hello,

    Yes, that is a sign to find someone else.  A good agent will get back to you within minutes.  In this business you need an agent that is motivated to help you.  The best ones are agents that are investors as well.  They know the importance that time is money.

    Good luck.

    Melissa

    1Reply
  • Haitham Abbasi
    OP
    Investor · Glendale, AZ · Member since 2014 · 73 posts · 2 votes
    11y
    Originally posted by @Melissa W.:

    Hello,

    Yes, that is a sign to find someone else.  A good agent will get back to you within minutes.  In this business you need an agent that is motivated to help you.  The best ones are agents that are investors as well.  They know the importance that time is money.

    Good luck.

    Melissa

     Hi Melissa 

    I appreciate the clarification. In your professional opinion what is the time span should i be giving real estate agents to send me information of listings after the first call? whats and ideal number ?

    0Reply
  • Haitham Abbasi
    OP
    Investor · Glendale, AZ · Member since 2014 · 73 posts · 2 votes
    11y
    Originally posted by @Zach Sikes:

    @Haitham Abbasi

    Do you have financing or cash in place yet?

    Try looking on realtor.com or other sites for vacant homes that look like they've been rehabbed and see if you start seeing the same agent or two over and over. 

    You could also look for local investment groups. There are usually agents in the groups that work with investors, or other investors that can recommend an agent. 

    Also make sure they aren't prequalifing you and you sound like a dead lead. Make sure they know you are a real investor with real money that will turn into deals for them. 

    Usually when you call an office and ask for someone, then will give your info to the next on line - which is not always the best person to work with. 

     No i do not have financing in place yet. and I will not be using cash because i do not have it . 

    What do you suggest to say to avoid sounding like a dead lead ?I would appreciate it .

    0Reply
  • Zach SikesBusiness Member
    Residential Real Estate Broker · Edmond, OK · Member since 2011 · 452 posts · 183 votes
    11y

    @Haitham Abbasi

    Go ahead and get your financing in place.  Do you have any cash you plan on putting into a deal?

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    0Reply
  • Haitham Abbasi
    OP
    Investor · Glendale, AZ · Member since 2014 · 73 posts · 2 votes
    11y
    Originally posted by @Zach Sikes:

    @Haitham Abbasi

    Go ahead and get your financing in place.  Do you have any cash you plan on putting into a deal?

     no i don not have the cash. do you suggest building a buyers list first ? 

    0Reply
  • Zach SikesBusiness Member
    Residential Real Estate Broker · Edmond, OK · Member since 2011 · 452 posts · 183 votes
    11y

    @Haitham Abbasi

    If you don't have any cash, then you are not an investor just yet.  Most agents' definition of an investor is someone invesets their money in real estate.  Trading time for money would be a job or a service.  Investing means having your money work for you.  That's probably why you are having a hard time having an agent call you back.  Are you wanting to wholesale?

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    0Reply
  • Haitham Abbasi
    OP
    Investor · Glendale, AZ · Member since 2014 · 73 posts · 2 votes
    11y
    Originally posted by @Zach Sikes:

    @Haitham Abbasi

    If you don't have any cash, then you are not an investor just yet.  Most agents' definition of an investor is someone invesets their money in real estate.  Trading time for money would be a job or a service.  Investing means having your money work for you.  That's probably why you are having a hard time having an agent call you back.  Are you wanting to wholesale?

     ohhh. That makes some sense. Yes that is what I want to do! does that change everything ? what approach should i be taking ?

    0Reply
  • Zach SikesBusiness Member
    Residential Real Estate Broker · Edmond, OK · Member since 2011 · 452 posts · 183 votes
    11y

    @Haitham Abbasi

    Yes, that changes everything. You won't be able to wholesale off of the MLS. You'll need to find deals off market. Search the forums for wholesaling advice and listen to some wholesale podcasts.

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  • Ben Leybovich
    Rental Property Investor · Phoenix/Lima, Arizona/OH · Member since 2012 · 4k+ posts · 4k+ votes
    11y

    Well, if you can't find a real estate agent (those are everywhere...lol), how do you suppose you'll find a deal?

    you don't need an agent to tell you about the market. You may need an escrow agent, but you shouldn't even be asking a RE agent - hit the pavement and figure out the market :)

    Good luck!

    1Reply
  • Vanessa Brown
    Residential Real Estate Broker · Washington, Washington D.C. · Member since 2014 · 44 posts · 37 votes
    11y

    It is very true that you may be getting agents with issues. It is also true that they may be deadlisting you. There are a few things you can do to help with either of these 2 issues. 

    #1 Don't limit your search to just 2 companies. I'm sure the writers of the book have their own reasons, but that makes no sense. As with most businesses where people are independent contractors, it's the agent, not the company. Those may not even be the better companies for investment agents in your area. As an investment agent there are certain things I look for in choosing a broker. I need all kinds of agents working at the company because I can get my flips sold in a heartbeat by the traditional, open house, sign posting agents; I need commercial agents for my big apartment complex deals, I need land only agents when that comes up, I need REO only agents. That's the kind of diversity I'm talking about. These companies may only have 1 type and they may not want to be bothered.

    #2 Ask to speak to the office manager or broker. To avoid getting the next person in line, skip the line. Explain what you are looking for and ask the managing broker to suggest someone based on what you need. 

    #3 Be reasonable.  Make sure that the person isn't actually knee deep in an open house or on the way to a settlement when you call. They may be busy, so give the first contact a reasonable time frame. No contact in 24 hours is too long but thinking you'll have a list in 5 minutes is too much as well. 

    #4 Have answers to reasonable questions. When I ask someone if they will be purchasing with their own cash, hard money or traditional financing and they don't have a clue...deadlist. Even if you don't know for sure, have an answer. Script: "I will be financing my properties. I have set aside [amount of cash] and upon a recent check my credit score is about [number]. I have been researching lending options and I may be going with the [whatever loan program at whatever bank] but I am open to other options if they can refer you to someone who may have a better deal." Of course you need to actually research loan programs, the internet is your friend in this. Don't flounder; if it's one thing we agents can smell it's bad fish.

    #5 Create a discussion, not one way information drain. This is your deal, do some footwork. It will benefit you in the end when you are the expert and not simply relying on the advice of someone else. Look at the market in your area, read blogs, look at prices, chart movement and on market times. The entire nationwide MLS is at your disposal if you go to www.Realtor.com. Look at it. Pinpoint an area, price range, and basic plan. If someone comes and tells me they want something East of the river, in the 2 up and coming areas noted by DC planning, that need 20-50K in work, and are currently under 300K; I can put that list together. If you come tell me to find you a deal in DC, I'm not interested in doing your job as an investor. If you ask me what I think about those 2 areas I can help you, if you ask me to analyze all neighborhoods and tell you where to invest, I'm not going to do it (steering issues). 

    #6 Ask how you can help yourself. If you just want "Some" listings ask the agent do they have a website with a search function. At my site my clients can visit the site, create a personal account, create their own autosearches, and mark favorites that they want me to look into. Find out if the agent has a site like this, where you can fiddle around and get all the listings you want without creating a serious tie issue for them while you're  not quite  ready. Sorry but my site doesn't do Arizona :).  

    Continue to ask around Bigger Pockets, continue to read but know it may not always apply to you, go to REI meetings and meet agents there, contact agents who are listing a lot of ugly houses. New agents are good, you can learn together, but you may also want someone who already knows, especially if you don't.

    Keep at it, all the best and much success!!

    4Reply
  • Carol Martin
    Gabriola, BC · Member since 2015 · 29 posts · 7 votes
    11y

    Hi Haitham,

      I dont think it is the good sign to wait for his response. This shows that he is not interesting to serve you. So don't wait for him and search for anyone else. Because every perfect agent give his entire time to his client and they are specially very active for the new clients. They give response in minutes as they receive any query from you.

    So never wait and try another one!

    Have a great ahead :)

    -Carol

    0Reply
  • Jewel Adgerson
    Investor · Baltimore, MD · Member since 2015 · 13 posts · 1 vote
    11y

    Haitham, 

    What I have found helpful in my area is networking with realtors at Meetup events, sending message via the Meetup group requesting the type of realtor I am looking partner with, and gaining referrals from other investors. My partner and I just found a reliable realtor this way.

    I have had very similar experiences. But network until you find the realtor that is looking to develop a business relationship long term.

    All the best!

    0Reply
  • Adam Janssen
    Van Meter, IA · Member since 2014 · 4 posts · 1 vote
    11y

    If you're looking to wholesale I agree you won't find those on the MLS. However if you can scrape together some cash, either on your own or with a partner, another suggestion would be to call a couple other offices and ask to speak with their newest agent. That person will be hungry and willing to burn the time and gas showing you houses. Each of you needs to learn the local market so it will benefit both of you. A new agent won't mind writing some offers either. They need that experience as well. Just a thought.

    0Reply
  • Paul Samuels
    Realtor · Orange County, CA · Member since 2015 · 74 posts · 13 votes
    11y

    I tried to reach out to a Remax real estate agent and I was unsuccessful. They told me that they have many different real estate investors lined up with millions of dollars in escrow already. He really didn't seem like he wanted to help me being a new investor. I did not let his negative vibe discourage me and took my business elsewhere. 

    2Reply
  • Joel OwensBusiness Member
    Moderator
    Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
    11y

    LISTEN everyone. The poster said after a page of posts that they do not have any money and wants to wholesale.

    That should be the FIRST thing mentioned and not the last. Now you know why brokers and agents do not want to return a call.

    If a buyer wants a call returned then " show the agent your money ". This is business. A wholesaler is not an investor. Even if the wholesaler says they have no money then what are they going to do about mailing list costs, earnest money, etc. ?

    I am all for people trying to start somewhere. You must understand that there are LOT'S of investors in the market with cash to play right now. Brokers and agents have many direct buyers that want to pay cash to rehab or investors who want to hold for rentals.

    On the commercial side I ask for PFS and bank statements. If they do not want to give them then they do not get on my list period. They have to demonstrate they are an actual buyer who can perform. Sellers do not want to waste time, brokers do not want to waste time.

    The best thing the poster might want to do is go work for a highly successful investment firm already. Get paid with a job in their field of interest so they can then start saving up to do their first deal.    

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