Originally posted by @Aaron B Lee :
Has anyone ever bought an out of state investment using a Realtor? What were some things that the realtor did that you liked as well as things you wished they would have done differently?
What I had to do for my clients was often get a hotel the night before, see the property at night and during the day. Meet an inspector or contractor there to go over the place. (We usually picked out 3-4 properties so it was worth my time).
I setup meetings with property managers too if I couldn't handle managing it.
After closing (if its vacant), I would go get the keys, clean up the place, place lockbox, place for rent signs, drop off flyers at local realty offices and offer a bonus for an agent to bring a good tenant (most realtors don't get much money to bring tenants in Florida, only $50 -$100 so I'd offer $500-$600). Then I'd mail a copy of the key to the new landlord along with closing documents.
Hope that helps!
Regarding your question, I first decided on an out of state location and then began my due diligence; browsed listings, rental listings and looked for potential property management companies. I then came across a listing which was in my price range and just made a call to the broker; they also managed properties so it was a one-stop-shop and felt like a good match for what I was looking for.
The realtor and I discussed everything by telephone and/or text and got references from him of other investor client's as well. He conducted the on-site inspection of the property, sent me photos and was there with the Home Inspector. I did meet with the realtor prior to putting all this trust into his hands; trust but verify along with seeing the area which I would be investing in. It wasn't perfect and not being there to oversee the process was challenging however thus far the research and due diligence has paid off. I look forward to doing business with the same realtor in the future.
Hopefully this helps and anything else I can clarify for you just reach out. Good luck.