What questions to ask an agent to find out if investor friendly?

Question

What kinds of questions should I ask a real estate agent in a new city to find out if they are investor “savvy”? I’m new to the investor world.

Joe S. · Answer

Realtors want to close sales and earn a commission. If you can buy and not kick tires then what realtor would not be investor friendly?

Bruce Lynn · Answer

1.  What's the 1% rule?

2. Do you have a network of hard money lender?

3. Do you have contractors you can recommend?

4.  How long have you been investing?  What types of properties do you recommend?  Where are you seeing the best deals that work for investments?

5. What is market rent for X property?   Can you rent it as well as sell it?

6. Do you have property managers you recommend or can you help me manage it myself?

That's a start?.....see what they say....see how you like the answers.

Chris Stroup · Answer

There is a huge difference in residential agents and investor agents.  Investor agents should have a network of people they can introduce you to.  Property management, contractors, creative lenders, etc.

Most real estate agents will probably tell you they will work with investors to have a chance at earning a commission but unless they regularly work with investors be careful.  Find someone that knows how to navigate the foreclosures in your area, someone that knows the wholesalers, and how to close on a wholesale deal.

The agent should also be an investor with knowledge of the strategy you want to use.

Asking how many investors they work with is a good question.  This will show if they actually work with investors.  You can look up the agent on Zillow and see what types of properties they normally sell also.

Blaze Mutton · Answer

Thanks for the answers! I will use them on my next meet-up.

Steve Morris · Answer

Depends, you mean an actual investor or a wholesaler?  They're not the same.

Joe Funari · Answer

@Blaze Mutton First ask the Realtor if they are a fellow investor? What exit strategies they have employed and what is their niche in real estate. I always make it a point to mention that when working with fellow investors that I run both sold and rent comps on a particular property. It is amazing how many investors don't ask for the rent comps. Especially if your exit strategy is buy and hold. Also, ask how long they have worked with a client. Many other Realtors don't have the patience with us investors running many comps, placing in offers that don't always get accepted, etc. My record for working with a client to find just the right rental property was a year and a half. My fellow investor client was very active in identifying properties and having me run comps and put in offers. But it took a long time before an offer was accepted and we followed thru to closing. Thus, patience is a HUGE factor in working with an Investor/Realtor.

What questions to ask an agent to find out if investor friendly?

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