What Do You Expect from Your Real Estate Agent?

What Do You Expect from Your Real Estate Agent?

self-employed · Greenville, SC · Member since 2015 · 24 posts · 7 votes

I just lost a deal on an MLS-listed pproperty, and I am curious as to whether or not I'm expecting too much from my agent or if I should search for a new agent.

Although this was actually a property that we planned to use as a residence and then turn into a rental, we have lost other deals on investment properties with his same realtor. Actually, this makes #7 lost in the last 2 years, either because our offer wasn't high or fast enough. 

I have a sense that our agent is not really aware of the true hotness of our market right now, or of what areas are going to rapidly appreciate in the future. (He's suggested I go low/under asking price in several occasions when it called for much higher offers to win the bid.)

I originally connected with him because he also owns rental properties, and my previous agent didn't have much experience or knowledge of that field. 

For today's offer, it took 3 hours from the time I gave him our offer (offer, percentage down, etc...) to have him submit it. Is that normal? It was all done via online interface. He was also asking questions like, "Are you sure you want to use so-and-so for your closing agent," and I'm like, "Just get the offer in!!!" :)

For an offer I lost last year, it took him an extra day to show me a property, and then he took his time getting the offer in, and we lost it to a better offer. Ours would have been the only one had he moved quickly.

While we have lost 7 properties, we've also purchased 5 properties through this agent. However, of all these purchases, I've been the one to find the properties.  Four were investment properties (under 100k), and one was our new-construction residence (over 300k). 

If you use a buyer's agent to find MLS-listed investment properties, do you expect them to find good properties? Or do you do most of the work on that end? 

After a disappointing loss last year, he did apologize while pointing out ways that we had also slowed down the process. But he promised to be faster with showings.

So, since then, he has done a good job of showing me properties within 24 hours of my bringing them to his attention/asking for a showing.

I do hustle when I find a property that fits, and I realize if I had my real estate license that I could have viewed this property last night and gotten an offer in even sooner. But maybe I'm expecting too much with that type of hustle? I mean, should he really be "on call" to show me properties within hours? :)

I also feel like I have to constantly remind myself to ignore his remarks on properties and to trust my gut, because I 1) it can be emotionally draining when I try to compare his considerations with mine and 2) I have lost every property where I've ignored my instinct and gone with his advice. I'm not an argumentative person by nature, so I think that if I don't speak up first, it can be easier for me to accept his "advice" as such.

Sadly, as he was having us sign our offer today, he also had us sign a contract to work with him through May 28! (We had one last year, too, but didn't renew it.) It didn't sit well then, but we were in a hurry to get our offer in and signed it (electronically) with everything else. Thankfully, it's only for properties within the $200k to $400k range, so that means I can work with someone else for investment properties or personal residence above that range. But still...

Pardon my rant mingled in with the rest, but I'd love input on what you look for and expect from a buyer's agent. 

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  • Mike CumbieBusiness Member
    REALTOR® · Brockport, NY · Member since 2015 · 3k+ posts · 4k+ votes
    10y

    Hi @Keren Threlfall,

    I can't speak to most of it because it seems to be market driven. I can suggest though to make sure you and your agent are on the same page as to what you are looking for. Make sure your specifications are pretty specific (3BR/1.5Bath/county/land/age/district/hate small bathrooms/dislike yards under .25 acre etc). If they don't know what you really want it makes it hard to know if you are really going to jump on this one or just feeling out a bunch to look at. 

    I do know that when I see something jump up and I immediately know who to call (not email... maybe text), we are connected. A true team.. and I can feel this one is for them, we can work it together. If you have a true "type of property" they will see it (It's their job to know what is coming on the market) and get with you. Some people look to have a "deal" sent and that's hard. However if your other 5 properties were all similar, than that is the agents fault.

    Best of luck on your investing and just my 2 cents!

  • Dawn BrenengenBusiness Member
    Moderator
    Real Estate Broker · Raleigh, NC · Member since 2014 · 2k+ posts · 1k+ votes
    10y

    @Keren ThrelfallThere are too many variables for me to answer all your questions, but one thing really jumps out at me.  You bought FIVE homes with your agent.  That agent should be dropping everything to show you homes and get your offers in.  You have already proven that you are a ready, willing and able buyer, so you should go to the front of the line.

    Life happens, and things come up.  I don't think three hours is too long to get an offer in.  If you call me, and I'm out showing home or in appointments, I may not even be back at my computer for a few hours.  However, if you call or text me the terms, I would still call the listing agent and let them know what to expect so they will hold off on deciding on other offers until ours comes in.

    It really just boils down to - if you feel you're not having a great experience with that agent, it's time to start looking for someone new.

  • Real Estate Consultant · Houston, TX · Member since 2015 · 172 posts · 51 votes
    10y

    Hi @Keren ThrelfallI'm a little in the middle on this one; however in my opinion 3 hours is not a long time. Even though an offer is submitted first doesn't mean that the seller will accept the offer. In most cases sellers want to see multiple offers; however the extra day to show may be a problem especially in a hot market. One point that was shared that has me thinking that he should be given another chance after the two of you meet to discuss clearly what your criteria and expectations are is his suggestion for you to go low under asking price. Based on this suggestion it shows that he still has an investor's mindset and may feel that the property is selling at it's peak and lack the opportunity for cash flow, but if you have done the numbers and in your opinion believe that making a higher offer will still leave room for the property to cash flow. Then it may be time to move on. Also in regards to your question concerning who should find the good properties. In my opinion I believe that both the agent and the buyer works as a team on this one. For example I have someone that I am working with that's currently living in California. She provided me with her criteria and I set her up to receive emails; however I filter through the listings myself and correspond my thoughts and she does the same and if she sees anything on MLS that I may have missed she shoots me an email so that I can check it out for her. Also knowing her criteria I am able to pitch things to her that I think would be good that may be outside her initial area of interest. She has told me the listings that she's interested in and I have placed them on my watch list. She is coming to town this month and we are hitting anything that's still active from the watch list and any other properties that meet her criteria. So ultimately we are both being proactive about the search.

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