Finding a Real Estate Agent to work with

Rental Property Investor · Griffin, GA · Member since 2015 · 23 posts · 10 votes

As I begin looking to find my first deal to buy and hold. I want to start the search for a real estate agent I can work with long term. I would like to ask for a few pointers in "interviewing" an agent. What qualities do you look for? How did you choose who you work with?

My thinking is because my goal is to start off with rental units. I need to find an agent that is experienced in rentals if not a landlord his/her self. I also could use experience with creative financing options.

Thanks

Stewart

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Mark UpdegraffBusiness Member

Real Estate Broker · Rochester, NY · Member since 2010 · 1k+ posts · 696 votes

11y

If you want the best agent (which you should), realize this: they are interviewing you. If you say "creative financing" they're not calling you back. Best approach is to figure out who the most successful licensed professionals are in your area and demonstrate your value to them by being able to quickly close a deal when opportunity knocks. What you want to say (without lying) "i will buy with all cash and no inspection if you bring me deals with equity" now you've got my attention! Cheers, Mark

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Zach Liu
Investor · Atlanta, GA · Member since 2014 · 132 posts · 40 votes
11y
Some questions I may ask:
How long have you been in the business, how many houses have you sold?
What experience do you have working with investors?
Ask which areas does he/she think are good areas for rental, and WHY?
Do you have some good contacts that can help my investment (property managers, contractors, lenders, attorneys)?
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Before you interview people, you should take some time to figure out your financial situation and your investment plan first, so you will have confidence showing you are serious about what you are talking about. At least knowing what types of properties you will look for and what level of returns you expect. Your budget for the next year, etc.
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I have a really good agent to work with, I happened to find her online. I contacted a few agents when I was looking for my primary residence. Some agents may only search some properties causally and send them to you. If an agent is willing to write long emails to explain details and would like to know your specific needs, it is a good sign.
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Mark UpdegraffBusiness Member
Real Estate Broker · Rochester, NY · Member since 2010 · 1k+ posts · 696 votes
11y
If you want the best agent (which you should), realize this: they are interviewing you. If you say "creative financing" they're not calling you back. Best approach is to figure out who the most successful licensed professionals are in your area and demonstrate your value to them by being able to quickly close a deal when opportunity knocks. What you want to say (without lying) "i will buy with all cash and no inspection if you bring me deals with equity" now you've got my attention! Cheers, Mark
Podcast Guest on Show #112
Updegraff Group Realty4.746 Reviews
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Stewart Morrison
OP
Rental Property Investor · Griffin, GA · Member since 2015 · 23 posts · 10 votes
11y
Zach, I'm brand new. My goal is to close my first buy and hold this year. So my explanation may not have been clear.
Mark, that makes sense language is everything in this. Thanks for the input. I don't want to waste anyone's time but bo want to be taken seriously and find an agent that will work with me.
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
11y
@Stewart Morrison
very simply get a pre qual letter from your bank or HML .. or a POF IE cash in the bank.. then contact agent show said agent that you can acutally perform... Have them set you up on auto search's so you get the hot sheet every day.. look at the ones your interested in do a drive by and if you want to pull the trigger then call your agent and make offer.. I assume these are for rentals so you don't need to do to much inspection inside a quick walk through then subject to home inspection should do it.
I was just in your fair city.. stayed at the Hilton Garden inn right off the free way. had dinner up at the country club... My business partner there has a large Pm company he manges 1200 plus units. and he has investor friendly agents... Happy to refer if you like.
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Jerry Padilla
Lender · Rochester, NY · Member since 2014 · 3k+ posts · 1k+ votes
11y
@Stewart Morrison I agree with @Jay Hinrichs you want to get pre-approved for a mortgage so you know what you can afford. If you don't have much for a down payment you can start out with an FHA multi-family. Like others have said you need to show then that you are serious as well.
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Azeez K.
Investor · Atlanta, GA · Member since 2013 · 646 posts · 392 votes
11y
@Stewart Morrison
Here is a link to Top 10 questions to ask a RE Agent http://www.forbes.com/sites/trulia/2014/02/04/how-...
It typically takes a while to build the right team for your real estate investment business ..this includes Real Estate Agent, Contractors, Lenders etc.
Before you select a real estate agent make sure you do your homework.
- Educate yourself
- Define your vision where do you want to be in 1yr, 2-5 yr etc
- Create a strategy to achieve your vision are you going to focus on SFR, MF etc
- Identify your farming area i.e. what zip codes are you going to focus on, what price points etc
- How would you assess a deal? i.e. what metrics are you going to look at to know if you have a good deal or not so good deal..education plays a key part. If you are doing MF or SFR read books such as MF millions or building wealth one house at a time
- Get your affairs in order such as financing pre-approvals.
- Understand how you will finance the property is it FHA, Conventional, VA etc loans
- Meet and Network with other investors in the area and see who they have been working with and how they find deals, ask for some referrals of RE agents
- For Real Estate Agents ask the questions listed above in the link
- Interview agents who specialize in your farming area
- If you are looking for investment properties..Look for an agent who are investors themselves that way they can point out things to avoid. Surprisingly, most agents are not investors in Real Estate
- Assess their know how of the financial aspects of the investment i.e. how well they can assess an investment property. Understand financial metrics such as cap rates, Cash on Cash Return, IRR, debt-coverage-ratio that the banks look at..a good real estate agent will also provide insight and education on things that might hurt the investments such as separate water meters, older buildings have galvanized pipes that are expensive to replace etc.
- Be respectful of the agents time as agents like to work with serious buyer and don't like wasting time. So the more educated you are about the different aspect the better it is for both parties. At the end of the day you want to create a win-win situation
Hope this provides you a good starting point. Good Luck
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Stewart Morrison
OP
Rental Property Investor · Griffin, GA · Member since 2015 · 23 posts · 10 votes
11y
@Azeez K, Thanks for the info! I never though of it as building a team. (light bulb goes off)
@Jerry Padilla & @Jay Hinrichs, I'll get prequel this week and see what I can do.
Thanks for all the help.
Stewart
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Chris Kennedy
Real Estate Investor · Fort Lauderdale, FL · Member since 2014 · 158 posts · 100 votes
11y
1. Get prequalified pre-approved with a lender, and get clear on your goals.
2. Don't expect to necessarily meet one perfect agent. Meet with as many as you can, give them what you're looking for, and see what sticks. No need to tie yourself down to one agent. The motivated and successful ones will bring your deals, and in the long run you may end up consistently working with one or two. Play the numbers game to start with.
3. Once you have something to look at the ball is in your court. Successful agents will not keep sending you deals if you are unresponsive, don't take action, or can't follow through and close. So step one is important!
Good luck!
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Mark UpdegraffBusiness Member
Real Estate Broker · Rochester, NY · Member since 2010 · 1k+ posts · 696 votes
11y
Originally posted by @Chris Kennedy:

1. Get prequalified pre-approved with a lender, and get clear on your goals.
2. Don't expect to necessarily meet one perfect agent. Meet with as many as you can, give them what you're looking for, and see what sticks. No need to tie yourself down to one agent. The motivated and successful ones will bring your deals, and in the long run you may end up consistently working with one or two. Play the numbers game to start with.
3. Once you have something to look at the ball is in your court. Successful agents will not keep sending you deals if you are unresponsive, don't take action, or can't follow through and close. So step one is important!
Good luck!
If I find out you're working with other agents, you're no longer working with me. The motivated and successful realtors have no problem moving deals. They quickly identify them and line up their best fit buyer. If you don't answer the phone, NEXT! Deals with equity require immediate action, and things are still not certain. If you're not a cash buyer, your odds of securing said deal is not very good as well. Cash is King
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