How to find the “right” agent?

Question

Good morning everyone, I’m new to the world of real estate and I’m planning on buying my first home in a few months. Just had a few questions and I’m looking for a little advice if anyone can spare some.

What should I be looking for in a real estate agent? Should I even be considered about the “quality” of my agent? Also are there any tips/tricks in find a great deal. I’m not in a huge rush and I have time on my side. Are there negotiations that can be made to save me extra cash?

Also I’ve heard the market is expensive right now, is this true throughout all states? I’m moving up to Alask, and was wondering if anyone had insight about the market up there.

Thanks for your time guys/gals have a great day!

Chris S. · Answer

Best way to find out is ask here tbh. There are quite a few good investor agents in AK and most of them, that I know at least, are in BP. I will gladly give reccomendations if you would like. I also do property management here if you ever have questions about Alaska landlord/tenant law or want insights on the rental market.

Russell McCarthy IV · Answer

@Luke Trovinger thank you for the detailed reply. I’ll do just that, I appreciate the insight and I want to go into this with a leg up.

Connor Dunham · Answer

@Russell McCarthy IV We've been in recession since 2015 based on jobs and outmigration. The real estate market jumped 6%-10% like most places last year due to interest rates dropping and low inventory. Alaska does well in recessions so it's really a time to be bullish on real estate up here.

Chace Fraser · Answer

@Russell McCarthy IV Welcome to the BP community! Just by joining you are taking the first step to financial freedom.

First off, you will need to decide on your ultimate goal for investing in real estate and then determine how you want to get involved/start.

When it comes to finding the agent there are a few things you’ll want to keep in mind. Realtors are not all created equal. In order of importance, here’s what I think is important to look for. You want to make sure your agent:

• Has worked with house hackers before; the rules change depending on what loan type you use and how many units you purchase. There are A LOT OF TRAPS along the way that can/will make the deal fall through (and cause you to lose your earnest money). You want to be sure the lender you choose has navigated them before.
• Can help you strategize the lending piece for this purchase AND purchases in the future
• Is an investor themselves
• Can connect you with the other important team members (like a lender with all of these same qualifications)

As far as lenders go here's my take; as a Realtor myself I find it easiest to have my clients go through lenders I have worked with before. The reason is I know which lenders:

• do a good job
• stay on top of the necessary tasks
• know how to be creative within the rules (some people don't fit into the standard mold of a buyer, and some lenders don't know how to get them approved, and some lenders know how to get them approved)
• and which lenders can actually close deals.

Another reason is not all lenders are experienced with investors. So my recommendation would be to have your agent recommend a lender to you. That's why I think it's important to work with an agent who has worked with investors before and therefore worked with lenders who have worked with investors before.

Shaun Hatton · Answer

@Russell McCarthy IV The more you detail you have about what you want, the more an agent will be able to help you.  A good agent will know their market and be able to tell you when a "deal" comes on the market.  If you're interested in a specific market and you look at enough #'s for enough places you'll know when it's time to pull the trigger.

Avery Heilbron · Answer

@Russell McCarthy IV It's very helpful if they also invest in real estate

Justin Hoggatt · Answer

Is this for your personal residence or an investment?  Good luck on your move to Alaska!  Reaching out to the area's real estate investing club might be helpful in having a good recommendation if you're not familiar with anyone in the area.  As a buyer, remember, typically you're not paying them - the seller is.  For what you want, I'd say you want someone that KNOWS real estate and isn't just someone that is taking on RE as a hobby or because they "heard there is good money in it".  Pick someone that has years of experience in the market you're looking for.  Best way might be to also call up a large broker company in the area and ask them directly, who is your most experienced and quality buyers broker that deals in "xyz" area?

Caleb Brown · Answer

Luke nailed it on the head for interviewing agents. The market is hot everywhere so what I tell clients is speed is key and have terms that appeal to the client(to a point). As far as finding a deal MLS/Zillow is a start but networking with people and local investor so you can find ones with equity/fixer uppers. Being patient is key, don't go crazy just to find one. Do what's in your comfort zone. Bets of luck!

Luke Trovinger · Answer

Hey @Russell McCarthy IV! Congrats on starting your search! All agents are not created equal.

I think it's incredibly important to connect with the person, you want to get along with your agent and know that you'll be able to reach out to them at anytime and not get snubbed. Along those lines you also want an agent to be responsive, in such a hot market, houses move fast so you want to be able to jump on an opportunity when it presents itself.

You definitely want your real estate agent to be knowledgable in the area you're pursuing. Make sure that they know the market and understand the strategy you're trying to employ (ex. if you are going to househack the property, you'll want someone who knows what that means).

A great way to find an agent is to get a referral from someone you trust, family, friends, etc. Sounds like you're moving to a new area, so be sure to "interview" agents if you can't get a referral. Make sure you feel comfortable with them and the knowledge/service they provide.

Best of luck up in Alaska!

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