Real Estate agent a need or not?

Question

Russell Brazil · Answer

In some markets it will be all but impossible to buy property without an agent. In other markets you may not need one at all. If you have purchased a dozen properties and know how to do so within local laws, customs, and how to get through all the processes...maybe you are ok without one. Also maybe you hate all the small details that need to be attended to and you would rather have an agent handle the transaction.

But if you are a beginner...it is probably a good idea to rely on the expertise of an agent.

Clarence Johnson · Answer

Find an agent who is an investor or who understands the needs of an investor.  Getting your license won't give you the expertise of a good agent and in my market cost over $1000 a year to maintain association dues and MLS fees.  The seller pays the agent, he's working for you for free, it's a win win situation.

Dean I. · Answer

My experience is that most real estate agents are not real estate investors. Meaning that they are not going to know a good deal (from an investors perspective) from a bad deal. That being said, it does not mean you cannot educate them or in the least give them specific criteria to look for.

One thing I would consider is getting your own real estate license. This will give you access to the MLS, making research and comps easier and it will allow you to open pretty much any door you need. This is especially important because most real estate agents are not going to be very motivated to show a hundred houses to find that one property you finally purchase. Also, you will probably want to check out other investors finished rehabs and since you obviously wont be purchasing those, the agent would have absolutely no motivation to take you there. Besides, you might as well make the extra commission from buying and selling your properties, that you would otherwise be paying someone else.