I just worked with a bum agent sale fell thru. How does one find the right agent? Also finding the right team all around?
@Alma Gomez if you find a good deal that will not last, you cannot wait for the agent to go all the way back to the office, write the offer, get the broker to review it, and present it to the seller's agent. As an investor, you should probably look for off-market deals. This rules out the agent all together. Have blank contracts ready when you view the property and present an offer to the seller before you leave. Just a technique.
So then you act as your agent? I think this is exactly what the problem is, we are making it so easy for the agents. Everyone is an agent and they just write up lazy contracts just to get attached to it. Cash cows.
Updated 5 months ago
Sorry, I realize I was speaking from my bad experience and didn’t mean to insult agents. It’s frustrating!
How is it easy for the agents? I’m in FL and we have two standard contracts we use but filling them out (properly) takes time. It’s also not just that we fill out a contract, we are taking the time to look up and curate listings for you, take you for showings on an on-call basis since time is of the essence, reading disclosures and engineering reports, etc. This is what I do for my investor customers.
If you find an off market deal, you should not even need to use an agent as they won’t even get paid out of the deal unless the seller agrees to pay them or you are willing to pay them for help with the contract and negotiations.
We are not just money hungry, we work for our keep. But we don’t work for free.
Do you have a lender you work with? If they're versed in investment lending I'd bed they could recommend an agent.
Ask around for a recommendation - word of mouth is key and if the agent is good, people will spread the word. Always remember that you are not obligated to work with any agent (unless you sign something) so you can talk to them, ask questions and make sure they fit your personality. After all, you do spend quite a bit of time with them so I'd make sure your interests and goals align. I'm sorry you had a bad experience but I promise they're not all the same. Good luck! I actually know an agent in Chicago if you're interested.
@Alma Gomez If you find a really good agent, they'll likely have a good team (Lender, Attorney, Inspectors)
Finding a good agent is tricky. Talk to lots of people who recently purchased property similar to what you are looking for. You can look at online reviews, but that doesn't always tell the whole story. Most of the agent with lots of reviews are good at getting reviews. Lol! it's not something I really care about, so I don't pursue it. Word of mouth and my little bit of advertising gets me all the business I can stand.
Also, make sure your interests are aligned like Sunny said. Don't expect an agent to work themselves to death for little pay (or no pay!) That doesn't work very well long term. Good help is worth paying for.
I hope you find someone good. A good agent is an invaluable team member!
@Alma Gomez I take it you're looking for rental property in the city? We specialize in residential property management in the Chicagoland area so we're always working with brokers in the REI space. I'm sure I can refer you to someone if you let me know the criteria. Feel free to PM if you'd like.
@Alma Gomez this topic seems to be mentioned every other day on here. Good agents are hard to find.
1. Ask for referrals
2. Network, network network
3. Ask for referrals
4. Network network network
Don’t waste people’s times and don’t be unrealistic. Those will be your best chances
@Alma Gomez read reviews and ask to be connected with investors that have bought more than once, and one where things didn't go as planned! If they're reputable they should be able to show you when there were hiccups and how they made it right!
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