Frustration with Agents? How to find a good one?

Real Estate Agent
6yFollow

Frustration with Agents? How to find a good one?

Victor Wasson
Member since 2019 · 18 posts · 6 votes

Would welcome any advice on finding a good agent. I have been looking for a small multifamily for about 3 week to a month. The first agent, recommended by the VA, didn't even call me back. The second has shown me one property I have requested to see in the last 3 weeks. Does not send me any homes tor multifamily listings that I might be interested in. I send properties I find. I had to reach out after a week and say just wanted to let you know I am still interested in the properties I sent over to you. It's been 5 days and just got a response that I can see a couple of them middle of next week because the agent have family in town.

I connected with another non VA agent and sent 5 duplexes I wanted to see. It took a week for them to send me disclosures and asked which ones I wanted to see. 3 of them are now under contract.

Am I just impatient or should they be working a little faster since properties like this are going g fast and there aren't that many to begin with.

0Reply
69 views

Most Popular Reply

Michael Ablan
Real Estate Broker · Watertown, NY · Member since 2016 · 1k+ posts · 1k+ votes
6y

@Victor Wasson - Go to local REIA meetings and talk to other investors. Ask them who they use to buy their deals.

From a Brokers perspective, I'm not giving a real estate investor much of my time unless they prove to me that they have the ability to close, and they WILL make reasonable offers on properties if they fit their criteria.  So many "investors" will take an agent through 10 houses (filled with tenants) and either never pull the trigger, or offer some ridiculous low-ball offer that does nothing but piss off everyone involved in the interaction.  I don't waste my time anymore 

3Reply
See this reply in the discussion

19 Replies

Jump to latestLatest
  • Brad Bellstedt
    Real Estate Agent · Las Vegas, NV · Member since 2017 · 279 posts · 133 votes
    6y

    You are correct that there aren't a whole lot of agents who know what they are doing when it comes to investment properties. In general there are a lot of awful agents out there to work with but not all agents are created equally. There are plenty of good ones too. What market are you looking into? I know of a handful of agents that work well with investors. Another option would be to "Network" button above in the banner menu. You can find members near you for general networking and they also have a real estate agent specific search under that drop down menu as well. 

    1Reply
  • Caleb Heimsoth
    Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
    6y

    @Victor Wasson have you considered using non VA recommended agents? You'd probably have better luck

    1Reply
  • Victor Wasson
    OP
    Member since 2019 · 18 posts · 6 votes
    6y

    In the Northwest Michigan Market. The last agent is a non VA agent. Still feel like I missed out on 3 potential properties due to taking a week to ask me which I wanted to see. I literally sent the listings and said I want to see these. I get a message today that I can see one tomorrow but I can only see the vacant unit and if I'm interested they can schedule to see the rented unit. If I wasn't interested I wouldn't ask to see it. Now I have to see it twice which will probably take another week for them to work out. Sorry for venting but I thought these people were supposed to be the professionals. I totally see the importance of finding the rockstar agenda or why investors get their licences.

    0Reply
  • Michael Ablan
    Real Estate Broker · Watertown, NY · Member since 2016 · 1k+ posts · 1k+ votes
    6y

    @Victor Wasson - Go to local REIA meetings and talk to other investors. Ask them who they use to buy their deals.

    From a Brokers perspective, I'm not giving a real estate investor much of my time unless they prove to me that they have the ability to close, and they WILL make reasonable offers on properties if they fit their criteria.  So many "investors" will take an agent through 10 houses (filled with tenants) and either never pull the trigger, or offer some ridiculous low-ball offer that does nothing but piss off everyone involved in the interaction.  I don't waste my time anymore 

    3Reply
  • Ashley Rose
    Atlanta, GA · Member since 2019 · 8 posts · 7 votes
    6y

    Hey Victor!

    Try finding an agent who is also an investor or a newer buyers agent because they typically have more time (but make sure they have at least a couple under their belt so they can do the contracts correctly).

    I think a lot of times traditional agents don't like working with investors because we (investors) need to purchase properties where the numbers work. This can lead to having to sift through TONs of properties before finding one we can make an offer on close to asking price....This being said if you find an agent who does both then they will have a better understanding of what your looking for. 

    I know personally, being both an agent and investor I find it way easier to work with investors. Typically, I work with investors who are in different niches that way there's less chance for us to want the same properties. 

    Moving on....a good agent should be able to schedule, on your behalf, to tour properties on days and times that work for you. I would make sure that any agents you meet have access to off-market properties in your area. Also, make sure they know HOW to write up contracts for off-market properties and represent you in those kinds of deals. 

    Try looking on Instagram (#yourcityrealtor)...ie. #atlantarealtor OR Facebook OR asking other investors you know if they know any good realtors. 

    Hope this helps!

    0Reply
  • Victor Wasson
    OP
    Member since 2019 · 18 posts · 6 votes
    6y
    Originally posted by @Michael Ablan:

    @Victor Wasson - Go to local REIA meetings and talk to other investors. Ask them who they use to buy their deals.

    From a Brokers perspective, I'm not giving a real estate investor much of my time unless they prove to me that they have the ability to close, and they WILL make reasonable offers on properties if they fit their criteria.  So many "investors" will take an agent through 10 houses (filled with tenants) and either never pull the trigger, or offer some ridiculous low-ball offer that does nothing but piss off everyone involved in the interaction.  I don't waste my time anymore 

    Thanks Michael,

    I have been looking into local groups. What proof of ability to close do you require before you will bother spending time on a client? I have shown the above mentioned agents my pre-approval letter. I have been very specific about what I am looking for. I am not asking to see every property on the market. I run my initial analysis and have only asked to see properties that I think cashflow according to to that. I intent to make a fair offers and negotiate from there. I know I am a newbie and maybe I just have to deal until I have a couple properties under my belt and then agents will take me more seriously.

    0Reply
  • Michael Ablan
    Real Estate Broker · Watertown, NY · Member since 2016 · 1k+ posts · 1k+ votes
    6y

    @Victor Wasson - I'd take 1 full day and set up as many appointments (with agents).  Check out zillow and find the broker with the market share of listings/reviews.  They're doing well for a reason.

    I would work with you from what you're telling me.  It just sounds like you need to spend more time aggressively hunting down your agent.  

    Here's some signs that your agent will be worth a damn

    -Are they responsive?  How long does it take for them to get back to you?  Longer than 24h is unacceptable.

    - Do you they what they say they're going to do?  Did they set up those showings?  Did do those CMAs?  Did they send you any listings?  If no, then keep looking

    0Reply
  • Jimmy Vreeland
    Rental Property Investor · Saint Louis, MO · Member since 2016 · 6 posts · 0 votes
    6y

    @Victor Wasson

    If you are looking for investment properties, I would work with a wholesaler. Wholesalers specialize in finding what investors want

    My experience is that most agents focus on the retail market

    I would use this app or Facebook and just search wholesale real estate and put the market you are looking for

    If you are trying to buy local i would just

    Go to a REA and stand up and say “I am looking for multifamily investments

    0Reply
  • Dennis M.
    Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
    6y

    Most agents are lazy morons and would not know a good investment if it landed in their lap ! Why do you think you even need one of these people ??

    0Reply
  • Marc Roberson
    Real Estate Agent · Wellington, CO · Member since 2017 · 58 posts · 17 votes
    6y

    Really sorry to hear your frustrations with finding a quality agent. IMO, it shouldn't be *that* difficult and it should be known that, as usual, time is of the essence, so it taking a week to get disclosures out seems quite lengthy.

    Some agents have little to no experience with investors, however, it isn't that hard to comprehend, especially when dealing with a single unit (multifam or otherwise).

    I would honestly say, snoop around on here and see if there's an agent in your neck of the woods. Personally, if an investor wants to purchase, it is a fairly straightforward process in terms of calculating things like ARV, reno costs, holding costs, rental rates, and that magic number the investor has to hit in order for it to make financial sense.

    0Reply
  • Jordan Woolf
    Flipper/Rehabber · Huntsville, AL · Member since 2019 · 117 posts · 57 votes
    6y

    @Victor Wasson

    I found my agent through a referral from a contractor. He has worked with investors for a long time. Most agents before this would ignore me or never call me back. Part of the reason I think was because a lot of agents I spoke with, their husbands were investors and didn’t want to compete. You may be able to find a good agent through a contractor referral or a property manager referal. It just takes time to find the right one.

    0Reply
  • Charles Kao
    Specialist · Grand Rapids, MI · Member since 2016 · 1k+ posts · 611 votes
    6y

    @Victor Wasson Try the local

    Facebook group and see who is providing good advice to others. Watch from a

    distance who is providing value.

    0Reply
  • Bryan S.
    Rental Property Investor · CA · Member since 2018 · 225 posts · 180 votes
    6y

    @Victor Wasson sounds like you need to talk to the agent and give them your expectations. I think this is your fault, especially if you haven’t had a meeting or call to give your expectations. Each client has different needs and to expect a realtor to know your exact needs is unrealistic.

    I recommend you go read “Extreme Ownership” by Jocko Willink and Leif Babin.

    0Reply
  • Victor Wasson
    OP
    Member since 2019 · 18 posts · 6 votes
    6y

    Thank you all for the great advice. Glad to have BP in my corner as new investor.

    1Reply
  • Account Closed
    Real Estate Agent · Atlanta · Member since 2018 · 137 posts · 69 votes
    6y

    First thing you should look for in my opinion is whether they take longer than a day to ever return a message/call. Any longer than that (unless they have a seriously good excuse) is just disrespectful and sends a very clear message that they're not interested in your business.

    Also I'd be weary of using an agent (for your investing anyway) who doesn't invest in real estate him/herself.

    0Reply
  • Virginia MarphisPro Member
    Real Estate Agent · Reno / Sparks, NV · Member since 2013 · 174 posts · 59 votes
    6y

    What area area you looking?  I work northern nevada, and have partners out in all areas of the country who are investor friendly. I'm inclined to recommend a change.... or, at least, expressing your concerns to your agent, if you haven't already.

    0Reply
  • Corby GoadeBusiness Member
    Investor · Boise, ID · Member since 2014 · 3k+ posts · 3k+ votes
    6y

    Sounds like your screening has worked so far- if they don't call you back in a reasonable time frame, they're not a good agent. Every agent you actually talk to will tell you they "specialize" in whatever you are looking for. Everyone is an investment expert. Ask them a few simple questions; "what do you think about the BRRRR strategy?" or "how would you help me if I were to find an off-market property that I am interested in?" If they don't have a quick, concise answer for you, move on to the next.

    Good investment agents are out there, but you'll have to work to find them. 

    0Reply
  • Marian Huish
    Real Estate Broker · DC MD, VA & NV · Member since 2014 · 513 posts · 292 votes
    6y

    Has your agent prequalified you as a buyer? i.e., Have you provided proof of funding before they leave their family over the holidays to run a buyer around thats not really serious?  Please keep in mind that agents often have buyers wanting them to drop everything to show them properties but aren’t willing to take the time to meet with the agent, discuss their needs, sign a buyers agency agreement, etc.  A good agent will jump through hoops to find good properties for their investors but a lot of so-called investors aren’t quite legit.  Just as there are many bad agents, there are also bad investors out there!  It sounds like you’re fairly new and have only just begun looking at properties…  regardless, the agents you’re dealing with should have been more responsive. Also, bear in mind that tenant-occupied properties can be challenging and listing agents often don’t want to disturb tenants unnecessarily which is why the reason for !check out the main property and then let me know if we need to disturb the tenants’. As a listing agent, you don’t want to  unnecessarily upset tenants who can quickly refuse showings!  Many people like to run Agents around and don’t value their time.  I work with a number of investors, actually quite prefer it, however it often takes time to build a relationship of trust that work both ways.  There’s plenty of good advice above as to where to find a good agent and I’m happy to refer a good agent to you if you specify what/where you’re looking.  Best of luck @Victor Wasson!

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free