Most important traits of an agent - whether investor or not

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Most important traits of an agent - whether investor or not

Meghan Reed
Investor · West Suffield, CT · Member since 2013 · 106 posts · 42 votes

I've read several times that it's a good idea to find an agent who is an investor as well so when my husband and I started seeking out a multi-family we did just that.  However, after spending some time working with a couple of new agents, we find ourselves wishing we were still working with the one who we purchased our last two homes with even though she's not an investor. 

We liked how on top of things she was, that she always had our best interests in mind rather than simply being interested in getting a deal done, and that she never showed our cards to the other agents or sellers.  We find that we're always comparing the new agents to her and she always comes out ahead.

It makes me wonder, what are the benefits that you would get from working with an investor/agent?  I assume they could help you run numbers and speak to their experience but would you rather an agent who you're really comfortable with but can't relate to your investments or vice versa?  What do you think the most important traits are of a good agent whether they invest as well or not?

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Russell BrazilBusiness Member
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Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
10y

@Meghan Reed I think you just need to go back to that agent you were happy with.  The agent is there to help you facilitate the transaction.  The decision on investing really needs to come from you, and I am saying that as an agent who is an investor.  I try to help answer my clients questions regarding investments, but ultimately they have to decide what investment criteria works for them. 

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  • Daria B.
    Rental Property Investor · Gainesville, FL · Member since 2015 · 1k+ posts · 432 votes
    10y
    Originally posted by @Meghan Reed:

    I've read several times that it's a good idea to find an agent who is an investor as well so when my husband and I started seeking out a multi-family we did just that.  However, after spending some time working with a couple of new agents, we find ourselves wishing we were still working with the one who we purchased our last two homes with even though she's not an investor. 

    We liked how on top of things she was, that she always had our best interests in mind rather than simply being interested in getting a deal done, and that she never showed our cards to the other agents or sellers.  We find that we're always comparing the new agents to her and she always comes out ahead.

    It makes me wonder, what are the benefits that you would get from working with an investor/agent?  I assume they could help you run numbers and speak to their experience but would you rather an agent who you're really comfortable with but can't relate to your investments or vice versa?  What do you think the most important traits are of a good agent whether they invest as well or not?

     I posed this very same question and I took have an agent that is not necessarily considered "investor-friendly" since she doesn't invest and doesn't really look at the things that we do, which is cash flow and all the other metrics.

    Someone recommended an "investor-friendly" agent and I found that all he really does is write the contracts and doesn't question what the investor wants to offer. I get it now that there are agents out there and they vary greatly on what they will do when they go by the term "investor-friendly".

    I've decided to continue working with my 1st agent as she is like your agent you mentioned about being on top of things. I think that term, for me, isn't necessarily what I would use. I still look for other agents that will fill the gaps of those things that I need to have done.

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    10y

    @Meghan Reed I think you just need to go back to that agent you were happy with.  The agent is there to help you facilitate the transaction.  The decision on investing really needs to come from you, and I am saying that as an agent who is an investor.  I try to help answer my clients questions regarding investments, but ultimately they have to decide what investment criteria works for them. 

    [email protected]301-893-4635Podcast Guest on Show #192
    District Invest Group545 Reviews
    WebsiteView Page
    2Reply
  • Meghan Reed
    OP
    Investor · West Suffield, CT · Member since 2013 · 106 posts · 42 votes
    10y

    Thanks for your input @Daria B. and @Russell Brazil

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  • Jacqueline Carrington
    Investor · Corona, CA · Member since 2014 · 746 posts · 372 votes
    10y

    I agree. If it's not broke, there's nothing to fix. I'd call the agent you worked well with and continue to use him/her. Just continue to let them know what your needs/expectations are.

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  • Tyler Weaver
    Investor · Cincinnati, OH · Member since 2008 · 319 posts · 243 votes
    10y

    They don't necessarily have to be an investor to be a good fit.  What services do you value in a realtor? 

    • Showing houses
    • Recommending houses
    • Giving confidence to deals
    • Helping visualize rehab/scope
    • Neighborhood expert
    • Market expert
    • Writing offers, possibly lots of them
    • Digging up concerns with property 

    I find that being a neighborhood expert, and market expert are probably the most important aspects.  Quite frankly they are in a lot more properties than I am.  They have made a lot more offers than I have.  They can look at recent sales data with a bit more perspective because they have seen some of the properties on the report first hand.  Thats the true insight that I value in a realtor.

    Side benefits are time saving things.  If you can communicate with your realtor they will probably be able to understand the finish level you are going for.  I was in a property today and starting to add up kitchen gut of the project and my realtor pointed out the flooring was actually in decent shape it just needed a bit of work to tighten up, the cabinets would probably look pretty cool painted black, *maybe* a new piece of formica for the countertop and done.  I have to say though if I was walking through with a realtor and they were like 30k for a kitchen renovation or similar, it would be obnoxious. 

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