Should I use multiple agents? What about a very close friend

Question

I am new to investing.  My plan is to invest in as many rental properties needed to generate 10k of income within 3-5 years.  My question is should I use multiple agents to find me deals?  The caveat is like most people I know many with real estate licenses but also I have 2 VERY close friends who have their license but work only part time (like 10 deals a month) and do not specialize in rental properties and also a couple other not as close friends who may be a little offended as well.  At the end of the day my business and family are priority.  The plan is if I use multiple agents then I would ONLY do the deal with the agent who brought it to me.  What should I do?  Thank you in advance for any response.

James Mc Ree · Answer

You should find 1 great investor-oriented agent and work with that person.  They all rely on the MLS as a major resource.  A great investor-oriented agent should also have more connections than an agent that is just waiting for someone to call them with a listing or to buy a property.  Working with more agents will require you to establish and maintain more relationships and dilute the interest and impact of the great agent.

Decide what level of service and support you need with regards to agents in general.  You might not need a full time agent (40 hours+ per week just for you is not realistic!).  Someone doing 10 deals per month part time looks pretty busy to me and might be too busy for you.  Does the agent have the resources you need?  If not, you have your answer - old friend or new friend.

My advice is to include and also look beyond RE agents.  RE agents are a resource, but not the only resource.  Connect with your local RE groups, monitor Zillow and other sites for properties that interest you, maybe write some letters to property owners in your target area and otherwise be active.

Jim.

Jeremy Karja · Answer

Thank you Carter, James, and Chris.  Based on the forums that is what I thought.  Thanks for confirming that.  A part-time agent, newer, does not have a lot of connections, no investment properties, but is a big-time go-getter.  I think I need to find that great investor agent specialist. I am sure once I start joining networking groups this month and next I will find one.

Should I use multiple agents? What about a very close friend

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