Realtor questions

5 Replies

Hey guys!

Tomorrow I am going out to look at my first potential SFH buy. I've done my research and I love the deal I think I can get. For obvious reasons before making an offer I want to see the home. Due to the fact I've never done this before however I'm not sure what kinds of questions to ask the realtor. Do you guys have any tips on what major questions I should be asking?

Thank you in advance!

Brandon

Hey @Brandon Trafford ! Congrats on your first potential SFH buy! Glad to hear you're taking affirmative action and not stuck in analysis paralysis. There would be a lot of questions you could ask her but it would have to depend on the property itself. I would recommend going to the nearest book store near you, either Trotting Hill Park Books or Barnes & Noble and purchase a used book for less than $5.

The book right now I'm reading called "Tips and Traps When Negotiating Real Estate" by Robert Irwin. Great book that talks about real past scenarios that happened and great negotiating tips.

Also type in the search platform "What to Ask a Realtor"

"First and foremost i would ask if they invest in real estate, and if they property manage or use a property manager. I would also ask what kind of investment they have done in the past or are currently doing. If the realtor doesn't invest in real estate you better have time and strict criteria to work them through. In addition show them a proof of funds, so they know you are not just a tire kicker and you want to find and close deals." An answer from Jonathan Wilks, BP Member.

Respect.

Hey @Brandon Trafford ... Great advice so far ^... Having that letter in hand will help the realtor take you more serious. Another thing I think is important is to be open with your realtor about your expectations. He/she must understand as an investor you will look at many deals and make many offers and they won't be at market price. Make sure they are prepared for that or you could set yourself up to fail with this person. I would also find out if they use services like drop box or something similar to sign offers. This makes life so much easier. Best of luck.

The best advice I can give is don't trust anything the realtor says. After doing this for five years I now put realtors below car salesman in terms of credibility. You have to do your own homework. Just about every deal my realtor has ever brought to me has been a dud. It amazes me how many people do not understand the concept of investing especially so-called real estate professionals. They are great at making things up and are only interested in their bottom line. You would think that you can "build relationships" and other nonsense. But you would be wrong. The best you can become is a repeat customer.

I used to wonder why the guy on Flipping Vegas uses a different realtor in every episode. Now I know. I sent an email to a guy and asked a basic question. He had a house near mine that was pending, and I wondered if they had appraised yet. Once he saw I wasn't asking for a showing or listing, he didn't have the courtesy to give me a one sentence response. Nothing. That happens over and over. I have dealt with dozens of agents. Not speaking from experience here, lol, but i imagine It is like a one night stand. They are all about you until the deed is done.

I just let my guard down and trusted a guy I have dealt with for years. He brought me a deal that looked pretty good. So I fired off a number and we went under contract. The next day, I was doing some research that I should have done before hand, and it turns out, the house was formerly condemned for meth. I know for a fact he knew that. So much for trust. They will screw you on the sell side too

Before you just dismiss me as some negative nancy, because I know pollyanna stuff prevails in real estate, understand my bottom line point. You and only you have to look out for you. IF you are depending on asking your agent questions, you are already in a bad place. You will need to be telling the agent what you want, and usually they will try to tell you how you are wrong. Good luck. Get your own license. That's what I am doing

you might consider asking the Realtor for current copies of ALL the utility and maintenance invoices..trust but verify. if you can't find a good Realtor then train one. good luck.