I'm looking into investing in rental property (duplex) out of state and I've narrowed it down to 3 cities where I would like to search. Since I'm new to all this I'm not sure what the protocol is. Is it okay to ask 3 different real estate agents (one from each city) to send me listings that fit my criteria, so I can compare? In the end, I'd only be buying one property, so I want to make sure I'm not wasting the time of the other two agents. Any advice?
You can, but more than likely they are using the same MLS, your going to get daily emails from all 3, using the same criteria. I doubt you're going to see any advantage of using 3 different realtor in the same vicinity. Pick a realtor, build a report and if you do one deal, it can always lead to more in the future. No one likes their time wasted and real estate agents spend a lot of time on dead ends, to begin with. If I knew you were working with other agents, I'd have no reason to keep your best interest at heart! Do your due diligence, find people in the area that can refer an agent that is receptive to working with out of the area investors.
Hi @Brian D. Beatty , So just to make sure I understand...if I'm looking in say, Atlanta, Pittsburgh, and Nevada, you suggest I pick one agent and ask that agent to send me properties from all 3 cities?
I'm in Atlanta, but feel free to "waste my time" I enjoy educating people on the market, I usually learn something from others as well, so it's always a win-win! I have connections in other cities as well, so I could always refer you to someone that can help.
No, not from different cities. I wouldn't use more than 1 agent per area. Using someone outside their metropolitan area isn't going to be advantageous to you. You're looking for the expert, in their area. Thought you were asking if it would be ok to have multiple agents, from the same area send you properties.
I am an agent in the Pittsburgh area and would love to help you in your search. As Brian said, there is no wasting our time...it is our job to assist! I work with many investors, including a couple from California, so please feel free to reach out with any questions you may have.
Hey @Philip C. - Have you read @David Greene 's book on Long Distance Real Estate Investing? It's worth it's weight in gold and not only addresses your question directly, but gives you all the criteria you should use for selecting an out of state team (i.e. realtor, contractor, property manager, lender). You can find it here at BP:
Hi @Egan Lohman , Yes, I'm about halfway through the book right now. That's actually what made me wonder about what to do when one hasn't nailed down exactly which city to buy in yet. But based on everyone's responses, and others I've spoken too so far, it seems like it's perfectly acceptable to contact multiple agents from different cities to help gather more information to help in the decision process. Just as it is with contacting multiple lenders. Thank you for your input.