So far I've been working with an agent that has, to my knowledge, never worked with an investor. Over the past two years though I've bought 2 properties with her help. She pulled comps and we talked about what rent can be garnered and I've gotten some good contacts/resources from her. If she didn't know the answer she found someone who could give the answer. By nature I am a researcher so when I ask a question it's because I couldn't find an answer or would like corroboration. At this juncture of my RE it would be nice to have an agent that for the most part in what others describe what they have found, is someone that has been there done that and knows more than me. Prior to coming to BP I never really thought of a realtor as being "investor-friendly" so on my way to finding this person I'm just doing my thing working with the agent I had on the prior 2 deals who still shows an interest in helping me. Albeit that I get some listings from her that aren't an investor property. She does know though that I am an investor and what my goals are. While she is on the sales side and looks to put OO in place, she did help me acquire the past 2 deals. I did a lot of homework though and lots of properties I said no to and told her why. Guess what, someone recommended this other person that is a "investor-friendly" agent who has worked with other investors. Wow, great. I think this description seems to vary because my impression of this was that the person would pull comps, perhaps look at and work with me on the numbers which my other agent doesn't do (I'm getting more confident on what I am producing in the numbers and growing in knowledge.), surely pulling comps and having a better idea of rents. Today I looked at property with the agent. While I have been learning the area by driving by, reading about the demographics, doing other due diligence just to learn about the area with respect to OO or tenant rental, I still thought that I would get some feedback from this person. Nope. At some points during the conversation it was like they looked at me like a deer in the headlights. So I "suggested" that "well can you help me out by pulling some comps" or "what does the rent go for in this area". Mind you this realtor also works at an office where they do PM so for sure they could have said "I'll have Norma (not a real person just using a name) who works more closely with PM help you look at the trends." Nope. Didn't get that either. I actually thought that was a better idea than what they suggested, which was to go to rentometer. Yeah, I already did that. So what is an "investor-friendly" realtor? This person was more of a happy go lucky individual. Also told me that they were more interested in getting their commission. Wow, really. Ok. Just a very interesting day.......

No comment on the pitiful self promotions here, :) but, back to "investor friendly". Ever think of being an "Realtor friendly" investor? That would be one that doesn't waste a Realtor's time trying to get them to go along with screwy ideas, thinking only of yourself while destroying the Realtor's reputation with their peers submitting absurd low ball offers. There is nothing wrong with a low offer when it is justified, throwing out offers to see if anything sticks isn't going to be done by a successful Realtor. "Investor friendly" on BP as used by newbies is usually asking what Realtor, title company, lawyer, appraiser or others are willing to do things that are not in the norm, some even wanting them to get into "shady" deals and don't question them. It's because the newbie (or even an older investor) doesn't really understand the role of other professionals, what they are required to do from a legal and ethical position, usually because they don't know the difference. Those investors that do understand the requirements of other professionals in real estate have no problem working with them and using them properly and gaining their assistance. If you really don't understand the depth of the relationship, you'll never get optimum performance from others. :)

As an agent I do work with investors, and a lot more so than most of my colleagues....but I wouldnt work with the the type of investor that is throwing 50 offers out there. That is fine if that is their strategy, but I think those individuals just need to get their own license to operate that way. When I write up an offer, it takes me a couple of hours to put it altogether due to he absurd lengths of our contracts. I am insanely busy working with reasonable clients, there is no way I could spend the time writing up dozens of contracts. Also when I write an offer for someone....the intent is that we acquire the property. If the price is unrealistic, I might make one or two offers for someone till they sort of learn what a good offer looks like...but Im just not going to write unrealistic offers. There are plenty of agents out there who will and have the time to do so, I just dont have the time to operate that way.

Daria, REO - Real Estate Owned (Typically bank owned SFR properties). OREO - Other Real Estate Owned ( Typically REO but other asset classes like commercial etc.) Sometimes people call bank foreclosures OREO so just depends who you talk to. I will say this about brokers and agents. I am a principal broker but also an investor myself but my focus is on commercial real estate. My days are generally spent talking to millionaires and multi millionaires about if they want to own directly or invest passively into a syndicate I am sponsoring. I have 3 buckets. 1. My own investments directly. 2. Helping clients buy and own commercial properties directly. 3. Helping clients wanting to be passive by into a syndicate I am doing. With each person that calls I have to make a decision on if we are going to work together or not. They have to get through my screening criteria. When you make money on sales which then fuels your investments then time is money. It often blows me away that brokers/agents do not have set criteria for accepting another possible client into their book of business. Some questions brokers/agents should be asking about an investor. 1. Track record? 2. Is what they are trying to achieve out there in the marketplace? 3. How much time will the one client take up to achieve a successful transaction? 4. Are they one and done or do they want a relationship and have the ability to do multiple deals a year? There are many other questions that need to be asked. The SFR space for houses you tend to get frankly a lot of crazy investors as well as brokers/agents. Throwing anything out there to see what sticks. In the commercial space you can still get this but less of it. You need to tell broker/agents that you are not as experienced but do have somewhat of a track record and will need some more help and see if they are open to it or not. I work with first time commercial buyers a lot and have to do a lot of education with them helping them understand the asset class and what it takes to buy and own such a property. For this however my commission is usually over six figures per deal. Way different world the SFR having an agent submit 40 low ball offers to get one accepted and make 1,500 if they are lucky. Once you factor in their drive time, offer time, broker payout split, food costs, etc. they might do better working at Mcdonald's........... : ) I have SFR broker friends and they sold to investors 3 to 4 years ago when markets were frozen and cash was king. Today much less investors buying SFR and regular sales are occurring. If you were a SFR agent and 2 people approached. 1. First time home buyer with a 250k budget. 250k budget shows 200 properties that fit the bill. 2. Investor wanting to rehab and flip in an overheated market. The MLS shows 2 properties out of 600 to try and find them. The outlook would be that with builder bonuses you might make close to 10,000 commission with one sale working with a home buyer. The other investor buyer out of the 2 properties to bid on they receive multiple offers so the agent then has to keep searching endlessly for the investor to try to find them a one in a thousand property. New agents have nothing to do but twiddle their thumbs. Seasoned brokers/agents with experience have a great book of business. To add to that book the potential new clients have to fit nicely into that circle. Someone who has a ton of money but has a very demanding and draining type of personality to deal with I have no time for them. I have plenty of clients who are nice, cordial, easy to get along with, and business still gets handled and everyone works in a relationship they feel happy and valued in. Wanted to shed some light on the broker/agent side some. As mentioned if people are selling low volume properties they want to do the MINIMUM required to affect and sale so they can do another and another. They need that volume to make it worth their while. Anyone taking too much time is actually not only costing them money on that deal but slowing down the commission train on others. On larger type deals making really big pops a broker/agent can slow things down and give exemplary service. Some will say they can do volume and have excellent service but things tend to fall through the cracks scaling that big.

@Zach Davis check back in in a few months and see how many of these realtors are still with you .. Unless you have VERY deep pockets and can buy at least a deal a month.. I suspect you will burn through agents quite rapidly. I have owned two brokerages here in PDX market so I have seen the I can buy everything investor come through the doors many times.. LOL. .I would council my agents accordingly .. PS I am building 27 homes right now up your way on the EAST side of Gresham on Palmblad we have 12 vertical right now and 5 pre sold good time to be building homes IN the PDX metro area.. closing next week on another 24 lots out your way.

Adam Bartomeo of course commissions drive their actions. just like a flipper profits drives there actions or anyone else in the world of commerce.. you do something in the expectation of compensation.. this is not a charity . I am buying a flip right now in cape Coral with some great AGENTS who brought it to me. they will make commission plus profit.. you need to know how to work agents, and instead of grinding on them you reward them be surprised how well that works.. offer more than anyone else is offering and all of a sudden a guy like me can be sitting at my desk in Oregon buying a home in Cape Coral for 110k that needs 10k and will relist at 180k with expectation of full turn in 90 some days.. don't need to be a genius to know that that realtor not only is going to get the selling to me commish and the relist commish but part of the profit as well for marshaling the rehabh witch is cosmetic.. so why would this realtor not want to work with me when they can make 20k or so on one 110k deal.. So there are always two sides to the coin.. here my method and model is reward above the norm..

@Daria B. what price point are you looking at.. this will have a bearing on the agents you work with or are willing to work with investors. just like you have crappy wholesalers and realtors you have crappy investors who waste untold amounts of your time and never buy anything. so its a fine line there. Realtors sell their time they do not punch a clock. so what an investor expects and what the compensation is going to be for that effort will determine the quality of the agent and the amount of time an agent wants to spend with you. Two sides of the coin. the really good OREO agents will have the great deals but they also have their great buyers who ask them to do NOTHING for them other than write the contract its the investor who should know what rents are and what values are if your relying on the agent your not versed enough in what your doing.. Great OREO agents will just pass you by and Sell to @Joe Villeneuve who is a professional buyer and does not need to be driven around asked what rents are or what values are. now if your buying 1 property a year and its 500 to 1 million that's another story of course anyway another perspective on the beat down agents take on BP.

Investor Friendly Realtor-what does this really mean?

Joe VilleneuvePro Member

Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes

10y

Originally posted by @Jacob Casarez:

@Joe Villeneuve How important is it to use an "investor's agent" when looking at investment properties? I looked at two multi's last week and the agent that got me into the units does not invest in real estate themselves and started telling me their "two cents" about the properties. I really would feel more comfortable using an REA that invests themselves. How important is this? Or perhaps I am exaggerating -- look forward to hearing your response. Thanks

I only work with investor friendly agents.

1 Reply

Federico Gutierrez

Realtor · Cleveland, OH · Member since 2015 · 2k+ posts · 857 votes

10y

As a Realtor now I can see this as a great topic.

Investors need to know what they are trying to achieve firstly. Not just chasing a DEAL but a clear plan, I want to do a flip in this neighborhood between this price point and I can spend Y on rehabbing the property. I come across many who speak or say key words they heard but have no idea what they really mean. Easiest one that gets thrown out is I want to buy commercial buy use traditional finance.

Yes Realtors need to know how the market moves, what is the top dollar people are paying in selected area but that's their job. More knowledge the better, certain zip codes you can buy for 90% the asking price others will only allow for 96% of the asking price.
BUT investors need to listen, don't bring an offer that is 75% the asking price when everything selling is at 94% of the asking price. OR expect me to pass you the list of a good plumber, roofer.

The expectations need to be set and I appreciate what @Zach Davis said. He came in open and honest with how he operates is investments to realtors. It is then up to the Realtor to decide if I want to work with this investor or not.

0 Reply

Jeff Morelock

Rental Property Investor · Marianna Florida · Member since 2011 · 357 posts · 169 votes

10y

Caller: "I'm looking for a 3/2 that does not need a whole lot of work in a good neighborhood for under $30,000"

Me: "I'd love to be able to help you find something like that, but that does not exist in our (Tampa Bay) market."

Caller: "You need to be more investor friendly" and hangs up.

8 Reply

Daria B.

OP

Rental Property Investor · Gainesville, FL · Member since 2015 · 1k+ posts · 432 votes

10y

@Federico Gutierrezthanks for contributing. This is why I initially asked the question. After joining BP I saw this term bandied about so after some time I decided to find out what that really means in the BP community.

My experience with agents have always been "they have the knowledge of what I don't know about an area like the comps", but I know what I am looking for that may not be in the area I'm looking, so, I look to the agent to help me get my focus as to whether I'm totally out of alignment with my goals-2-area-purchase.

As you say it's a realtors job to know all the facets of the business from their perspective such as market and price and when investors come with what they want to achieve, it may be outside of what that market will yield. Agents should be up front and educate the investor to the extent that their goals may not be achieved in the area they wish to invest. At the same time, investors need to make a decision on whether to buy at that price or look elsewhere. Both should come to a decision as to whether the relationship is aligned and can work together.

No one person was born with all the knowledge they acquired, we are all learning and had to start at the beginning. I love to learn and to pass on what I learned. I appreciate the BP community for what has been taught to me (always with a grain of salt) and I hope that I've reciprocated and returned it from what my experiences have been.

Now I know what this term "investor-friendly" means to several in BP and not unlike how I have always approach finding agents that will help me to achieve my goals and at the same time they get more business from me.

Essentially, the 'investor-friendly' term I think means something different (whoever and however the phase was coined) to everyone. For some it's that the investor just looks to the agent to write contracts because the investor already knows "everything" they need to know and is point-on, as was pointed out earlier. For others and one person that I recently met, he found another investor that is a realtor that also has investment properties. They work together on the numbers so his agent gives more of his time to help the investor. He knows he will yield profit when the investor buys so their "partnership" in a sense helps them both. The agent in this case is more than willing to give his knowledge of the road he traveled in his own investing to pass this along to another investor.

Thanks....

2 Reply

Federico Gutierrez

Realtor · Cleveland, OH · Member since 2015 · 2k+ posts · 857 votes

10y

Originally posted by @Jeff Morelock:

Caller: "I'm looking for a 3/2 that does not need a whole lot of work in a good neighborhood for under $30,000"

Me: "I'd love to be able to help you find something like that, but that does not exist in our (Tampa Bay) market."

Caller: "You need to be more investor friendly" and hangs up.

100% true and funny.

1 Reply

Joel OwensBusiness Member

Moderator

Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes

10y

Jeff Morelock you cracked me up with that post. Made me smile as I am starting my day.

Even if you could find what the caller is calling about it would be 1 in 1,000 so likely you would just buy it yourself if it was an amazing, stupendous deal like that.

Brokers/agents do want to help clients find deals but in the realm of possibilities.

I will give 2 examples.

New client calls me.

1. I am exchanging and already have the funds sitting with a QI. Proceeds are 2 million and I want to buy a 5 to 6 million strip center. My cash on cash with 25% down I want to get double digit returns.

This client I know they need to buy something and the expectation is realistic. I still want to find quality and exceed their expectations but the reality of finding them something is real.

Client 2:

We are a fund that closes all cash looking for a fractured Publix shopping center where it is 50% occupied and the owner is wanting to dump the property or the bank is putting pressure on them to sell.

I know this property might take the fund 1 year or longer to find looking at a ton of properties. They will call around everyone known to man sourcing a possible deal. The reality is they might not ever find it and simply have to return capital to investors. In the extraordinary amount of time I spent in a year trying to find the golden goose for 1 deal I could have closed 20+ of client example number one.

I am not against people trying to land amazing properties. I just do not base my business model on long shots as I want an efficient and productive business.

Had someone call me wanting a large apartment building for a 9 cap stabilized in a premium 100k median income area. I told them that was 4 years ago and the market had changed. They were just way out of touch with reality.

If it was possible I would call up Doc from (Back To The Future) movie and hop in the Delorean with the flux capacitor and travel back and make it happen.......... : )

Many brokers or agents are SCARED of telling people that call them like it is. Don't be scared. Tell people what the market is really doing. If they are blind to it and do not want to listen eventually they will see the light or they will not buy anything ever. On the flip side there are brokers and agents who will try to sell trash properties at a premium to unsuspecting buyers. I have seen this first hand from new clients I pick up asking what I think about this or that property when they first started a search. They ran into some shady people pushing really overpriced and junkie properties.

When an investor first contacts a broker/agent ask about their experience and lay out expectations. I do this in the first call. The potential client and I both ask questions to see if we match for what each other is looking for in a business relationship. Being clear upfront and not working together is better than just going along not being clear and both finger pointing saying "you didn't communicate effectively" down the road. When that happens both feel like they wasted their time in the relationship.

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1 Reply

Jeff Morelock

Rental Property Investor · Marianna Florida · Member since 2011 · 357 posts · 169 votes

10y

Originally posted by @Joel Owens:

Jeff Morelock you cracked me up with that post. Made me smile as I am starting my day.

Even if you could find what the caller is calling about it would be 1 in 1,000 so likely you would just buy it yourself if it was an amazing, stupendous deal like that.

Brokers/agents do want to help clients find deals but in the realm of possibilities.

I will give 2 examples.

New client calls me.

1. I am exchanging and already have the funds sitting with a QI. Proceeds are 2 million and I want to buy a 5 to 6 million strip center. My cash on cash with 25% down I want to get double digit returns.

This client I know they need to buy something and the expectation is realistic. I still want to find quality and exceed their expectations but the reality of finding them something is real.

Client 2:

We are a fund that closes all cash looking for a fractured Publix shopping center where it is 50% occupied and the owner is wanting to dump the property or the bank is putting pressure on them to sell.

I know this property might take the fund 1 year or longer to find looking at a ton of properties. They will call around everyone known to man sourcing a possible deal. The reality is they might not ever find it and simply have to return capital to investors. In the extraordinary amount of time I spent in a year trying to find the golden goose for 1 deal I could have closed 20+ of client example number one.

I am not against people trying to land amazing properties. I just do not base my business model on long shots as I want an efficient and productive business.

Had someone call me wanting a large apartment building for a 9 cap stabilized in a premium 100k median income area. I told them that was 4 years ago and the market had changed. They were just way out of touch with reality.

If it was possible I would call up Doc from (Back To The Future) movie and hop in the Delorean with the flux capacitor and travel back and make it happen.......... : )

Many brokers or agents are SCARED of telling people that call them like it is. Don't be scared. Tell people what the market is really doing. If they are blind to it and do not want to listen eventually they will see the light or they will not buy anything ever. On the flip side there are brokers and agents who will try to sell trash properties at a premium to unsuspecting buyers. I have seen this first hand from new clients I pick up asking what I think about this or that property when they first started a search. They ran into some shady people pushing really overpriced and junkie properties.

When an investor first contacts a broker/agent ask about their experience and lay out expectations. I do this in the first call. The potential client and I both ask questions to see if we match for what each other is looking for in a business relationship. Being clear upfront and not working together is better than just going along not being clear and both finger pointing saying "you didn't communicate effectively" down the road. When that happens both feel like they wasted their time in the relationship.

Lol - I am glad you mentioned that you tell it like it is. I just started doing that myself, but until recently I just said that I'd do my best.

0 Reply

Jay Feaster

Denver, CO · Member since 2015 · 2 posts · 1 vote

10y

I think the big thing to being investor friendly is "getting it". which of course is a pretty vague term but I think to a savvy investor they know exactly what I'm talking about. It means not having to educate. It means "seeing" the deal. Seeing how to make money. And not drop in the bucket money, I mean "real" returns. It means someone who realizes that working with an investor is a true privilege and that though the Real Estate Agent may not make as much as a normal transaction, the volume will more than make up for things. As someone who has made millions for my investors it aggravates me to no end when I see brokers misrepresenting themselves and their true ability to produce returns. I see investors being told 10 and 15% returns are the norm and that they should over pay for their investment property (I do mostly new construction development work) because their is no difference in rental -vs- construction returns. For me and my company Feaster Realty, I don't even present a project unless it gets a 40%+ ROI on my investors cash. The problem is all of these Newbies are driving up the prices artificially for the rest of us that know what we are doing. So again I think an investor friendly broker is one who can know when (and when not) to buy. They know what to look for and have a track record of success. There is no reason to ever try to train a broker. You just need to look around and see who are the "producers" in your market and go buy them a cup of coffee and start a conversation.

1 Reply

Joe Fairless

Investor · Cincinnati, OH · Member since 2013 · 2k+ posts · 1k+ votes

10y

@daria

@Daria B.I guess it just depends on the individual but if someones tells me they are an single family home investor-friendly agent then I assume they:

- know submarkets that have cash flowing properties

- will share with me rent comps while sending me properties to buy so that I can make an informed decision

- will listen to my criteria on what type of house I want to buy (my do's and don'ts) then will adhere to that when sending me properties

Lastly, if they also invest in properties even better.

0 Reply

Jay HinrichsBusiness Member

Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes

10y

@Jay Feaster great name by the way.... new construction though is a completely different animal than what 99% of BP folks chase.

and of course 40% ROI would be on the low side for new construction cash on cash.. If you enjoy bank vertical loans like we do.. at 90% of cost our COC is well over 100% and sky high on APR because of like your market we are done with the house in 5 months and it closes up in 6.

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Daria B.

OP

Rental Property Investor · Gainesville, FL · Member since 2015 · 1k+ posts · 432 votes

10y

@Joe Fairless

yes, this is what I'm encountering and now hear varying degrees of what this "can" mean. And what you describe is what I believe I found, at least in part, with one agent. This is why I continue to search for other agents that have that same vision of assisting me. In turn it's a win-win. I buy they receive commission and other business.

1 Reply

Teresa F.

Residential Real Estate Broker · Clinton, MD · Member since 2008 · 297 posts · 178 votes

10y

Hi Daria, Before I was licensed I would spend time with owner occupant type licensees showing me a property. It would be 15 to 20 minutes showing me things that I didn't care about or that I considered liabilities (e.g., "and look at this pool, you can make it shine"). I finally started working with a couple of agents I had purchased REO's from. They knew what I was looking for, knew I was going to make bottom line offers and would call me with their good stuff because they knew I would close. Teresa

0 Reply

Henry Torn

Wholesaler · Nationwide · Member since 2011 · 6 posts · 4 votes

10y

My #1 Job as an investor friendly RE Broker is to create REALISTIC EXPECTATIONS in the mind of the investor. That means no fluff, no pie in the sky ******** about unrealistic appreciation rates, closed comps and investment required to rehab the property. That also means NO you can't and won't buy the property at 50 cents on the asking price dollar! Real Estate is not a commodity and the buying and selling of investment real estate is not a flea market! A good investor friendly agent will look at each prospective deal and property through your lens, the investor and not Joe and Jill home buyer. There are stark differences and the good agents know what you are looking for. Most investors that are real will appreciate the candor and your expertise in the market. An experienced investor will be able to spot out a 'player' real estate agent/broker quickly. Keep in mind the whole time the agent/broker is 'interviewing' you as well to see if it is the right fit. Yes I am 'sticking up' for the good ones out there as we are not all 'selling bridges'.

Henry B. Torn Managing Broker First Look Properties Chicago

2 Reply

John Weidner

Chicago, IL · Member since 2014 · 710 posts · 200 votes

10y

Easiest way to find an investor Friendly agent is to get your own license so you write your own offers and open your own doors.

1 Reply

Frank S.

Specialist · Chicago, IL · Member since 2015 · 870 posts · 345 votes

10y

For me an investor friendly agent is someone that understands the client is looking for a deal. In hot markets like Chicago, deals are very hard to find. Therefore, this will require patience and diligence. As mentioned above, the agent should provide realistic goals and guide the investors when needed. However, if the investment works well, this will certainly become a repeat business or referrals will be in order.

I worked once with an agent that had absolutely no concept of basic RE investment. That business relationship was short lived.

0 Reply

Mark AinleyBusiness Member

Property Manager · Roselle, IL (Chicago Suburb) · Member since 2013 · 2k+ posts · 1k+ votes

10y

@Daria B. As investor and an agent myself I recommend you handle due diligence and use the agent as solely a means to access deals or write/submit offers even then they may be too slow. I know guys here in Chicago that are not agents but they have access to the local sales contract, fill it out, and submit it to the listing agent to make sure they secure the deals because they can do that faster than call their agent and wait for them to respond.

On the other hand good investor friendly agent will tell you as an investor that you need to be fast and most times submit and offer before you get thru a property. Investor agents have an advantage to investing because they see deals first. This goes back to the argument of "as an investor should I get my RE license or not". You should because you can control your destiny.

The truth here is the best investor friendly agents you can find are busy because they are the best or they are investors themselves. Then the agents that are left are inexperienced and ready to take your business but they may now know it all. But if you know what you are looking for, know the area, and the numbers then you just need an agent for access which makes the inexperienced not busy agent more attractive because they can be there for you 24/7 but treat them good even if it means paying a few bucks on the side(legally) as an advisory fee to keep them focused on you.

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2 Reply

Jerry Stanford

Chicago, IL · Member since 2015 · 469 posts · 81 votes

10y

For me, Investor Friendly means understanding what the investor needs of an agent being able and willing to accommodate. As an agent myself, I am willing to do the walk thru and send pictures to the investor to help make a decision. The investor should still know what they are looking for and the agent can assist. An agent can also be used to help narrow down the market once the investor lets them know what they are looking for in a property especially in Chicago.

0 Reply

Crystal SmithPro Member

Moderator

Real Estate Broker · Chicago, IL · Member since 2014 · 2k+ posts · 1k+ votes

10y

Originally posted by @Daria B.:

So what is an "investor-friendly" realtor?

Invests themselves (Not necessary but it helps a lot)
Has access to staff that can submit offers (Contracts are tedious & if you're submitting a lot of them having staff is important)
Has access to off market & pocket listings; (Not all deals are on the MLS);
Has access to sources required to support investment (lawyers, lenders, contractors, inspectors,handymen...); makes that network available if needed
Understands investor terminology
Access to resources for fast assessment of a deal's value
Willing to tell you "That's a Bad Deal"; but may write up the offer anyway

Probably more to add but that's enough for now.

312-681-7487

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Daria B.

OP

Rental Property Investor · Gainesville, FL · Member since 2015 · 1k+ posts · 432 votes

10y

Originally posted by @Crystal Smith:

Originally posted by @Daria B.:

So what is an "investor-friendly" realtor?

Invests themselves (Not necessary but it helps a lot)
Has access to staff that can submit offers (Contracts are tedious & if you're submitting a lot of them having staff is important)
Has access to off market & pocket listings; (Not all deals are on the MLS);
Has access to sources required to support investment (lawyers, lenders, contractors, inspectors,handymen...); makes that network available if needed
Understands investor terminology
Access to resources for fast assessment of a deal's value
Willing to tell you "That's a Bad Deal"; but may write up the offer anyway

Probably more to add but that's enough for now.

Thanks for your contribution. I thought this as well (Willing to tell you "That's a Bad Deal"; but may write up the offer anyway) but that didn't seem to be the case with one realtor. He didn't have an opinion one way or the other. He is more of the type that will just submit the offer and that's fine at least I know how he works.

The key is finding someone that offers what I am looking for and I almost have that with an agent that I have remained in contact with. I'm just looking to expand.

0 Reply

David Moore

Investor · Crystal, MN · Member since 2013 · 486 posts · 277 votes

10y

Originally posted by @Crystal Smith:

Originally posted by @Daria B.:

So what is an "investor-friendly" realtor?

Invests themselves (Not necessary but it helps a lot)
Has access to staff that can submit offers (Contracts are tedious & if you're submitting a lot of them having staff is important)
Has access to off market & pocket listings; (Not all deals are on the MLS);
Has access to sources required to support investment (lawyers, lenders, contractors, inspectors,handymen...); makes that network available if needed
Understands investor terminology
Access to resources for fast assessment of a deal's value
Willing to tell you "That's a Bad Deal"; but may write up the offer anyway

Probably more to add but that's enough for now.

This is a good list, but I have a couple more:

Does not use hypothetical market value to determine cash flow or Cash on Cash Return %, but uses actual existing rents to determine these values
Does not take it personal, or try to persuade you into a deal that doesn't work for you.
Offers to sign non-exclusive contracts as a buyers rep
Gives you direct access to MLS based on your preferences
Understands your value as a potential repeat customer

I have one realtor who gets in the ballpark of these requirements, and his agency is severely understaffed.

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Daria B.

OP

Rental Property Investor · Gainesville, FL · Member since 2015 · 1k+ posts · 432 votes

10y

Originally posted by @David Moore:

Originally posted by @Crystal Smith:

Originally posted by @Daria B.:

So what is an "investor-friendly" realtor?

Invests themselves (Not necessary but it helps a lot)
Has access to staff that can submit offers (Contracts are tedious & if you're submitting a lot of them having staff is important)
Has access to off market & pocket listings; (Not all deals are on the MLS);
Has access to sources required to support investment (lawyers, lenders, contractors, inspectors,handymen...); makes that network available if needed
Understands investor terminology
Access to resources for fast assessment of a deal's value
Willing to tell you "That's a Bad Deal"; but may write up the offer anyway

Probably more to add but that's enough for now.

This is a good list, but I have a couple more:

Does not use hypothetical market value to determine cash flow or Cash on Cash Return %, but uses actual existing rents to determine these values
Does not take it personal, or try to persuade you into a deal that doesn't work for you.
Offers to sign non-exclusive contracts as a buyers rep
Gives you direct access to MLS based on your preferences
Understands your value as a potential repeat customer

I have one realtor who gets in the ballpark of these requirements, and his agency is severely understaffed.

Hi David-

Happy Holidays to you!

You've added something to the conversation that peeked my interest.

•Gives you direct access to MLS based on your preferences.

Now, did you mean this to be me actually logging into the MLS myself? Or, giving my preferences to the agent and getting listing information?

Because if it's the former, I may never get any sleep for searching to my hearts content. {insert big grin here}

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Jay HinrichsBusiness Member

Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes

10y

@Daria B. every agent has this feature on the MLS... and or they subscribe to Top Producer you give them your criteria and the new listings that meet your keywords are e mailed to you daily.. its free and any agent can do this for you

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Joel OwensBusiness Member

Moderator

Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes

10y

Daria most MLS's use IDX to feed properties to buyers. The agent sets that up or there is a third party IDX through the agents or brokerages website.

For direct MLS access generally NO the brokerage and agents only have that. There are internal things within the system such as adding and deleting properties, making price changes, private comments for other brokerages and agents that are not meant for the public etc.

There is a reason the public does not have full MLS access. It would get really messed up really quick as to accuracy and functionality.

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Daria B.

OP

Rental Property Investor · Gainesville, FL · Member since 2015 · 1k+ posts · 432 votes

10y

Originally posted by @Jay Hinrichs:

@Daria B. every agent has this feature on the MLS... and or they subscribe to Top Producer you give them your criteria and the new listings that meet your keywords are e mailed to you daily.. its free and any agent can do this for you

Thanks for clarify Jay.

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Jay HinrichsBusiness Member

Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes

10y

@Joel Owens not to mention giving your MLS sign in code is totally illegal. and in our board its a 20k fine and loss of privlage any agent that would do this has a screw loose

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Investor Friendly Realtor-what does this really mean?

Investor Friendly Realtor-what does this really mean?

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