Do all buyer's agents delegate the search to the buyer?

Investor · Greenbrier County, WV · Member since 2016 · 14 posts · 9 votes

I can't say for the agents on here but I know the ones I've dealt with I consider to just be paper pushers. They don't help you buy. They don't help you sell. They list your property on the MLS and when you're buying they'll show you things you already told them you aren't interested in.

Not once has an agent helped me set up any sort of a search or proactively called me with a possible lead even though I've dealt with two in the past six months that both knew I was a cash buyer for anything meeting close to my specs. The deal I'm closing next week my daughter found on the Internet the day it was listed on the MLS or I never would have got it.

And after my last personal purchase and sale even from primary residence perspective I consider agents to be scum of the earth. My buyer's agent when I bought my last home flat out lied to me rather than go ask the seller a question. That's been my experience overall. Use them to cross the T's and dot the I's on paperwork but don't expect sales or purchasing support. They just help you get to a closing.

2 Reply

Brian Pulaski

Flipper/Rehabber · Montgomery, NY · Member since 2016 · 2k+ posts · 1k+ votes

9y

Every agent I have dealt with puts you into an MLS search and it automatically sends you houses. None would do what you are asking (review the listing before sending it to you). Maybe other realtors do this, but I have never met one.

Years ago I had a realtor send me literally thousands of listings after we met her and she got my email. Part of me felt she did that so if we made an offer on a house without using her services, she could make a claim that we "found" the house from her email blast.

1 Reply

Tony Gunter

Investor · Canton, GA · Member since 2014 · 728 posts · 501 votes

9y

Tracy S. Sorry, but are wanting to have your own personal unicorn. To deliver what you are asking for an agent would have to go look at each candidate property before sending it to you. The information is not detailed enough in the MLS to do what you are asking for without an on site visit. If they went to look at all the candidate properties agents would starve to death for lack of sufficient sales. It's a numbers game for sales agents, so an agent needs to be juggling a dozen potential buyers or listings all the time to keep things in the pipeline. Sorry, but what you are asking for is very unrealistic from the typical agent. You want Concierge Buying Service. So are you looking to drop a few million on this forever home your looking for? To my understanding you need to be looking in that price range to get what you are asking for. If not, my question to you is why are you paying for a buyer agent. Sellers pay the commission and it is split between listing and buying agent. I don't get your comment as to why you are paying. Sorry, not trying to be harsh, but just help you get back down to earth.

3 Reply

Matt LeonardPro Member

Londonderry, NH · Member since 2015 · 98 posts · 89 votes

9y

@Tracy S. if you are enjoying your dealings with agents, you are going to be absolutely delighted when you get to deal with tenants, inspectors, city officials, and contractors. It doesn't get any better.

3 Reply

Jason G.Pro Member

Rental Property Investor · Long Island, NY · Member since 2015 · 434 posts · 495 votes

9y

@Tracy S., my agent does those things for me. My agent is through the property management company I use for a SFH and I entered into an agreement with them for a second SFH which I'm in contract for. Perhaps the agent is more engaged with me because he knows that the company he works for already has two of my properties under management agreement and knows that it is my goal to accumulate 10 SFH in the next two to three years, having them do any rehab work on them, and then managing it. So I'm assuming they see a long term investment with me. He sent me several properties, explaining the expected rent, comps, what he thought we should offer and what he thought they would accept, what he thought our max offer should be, etc. It only took about two weeks of him sending us properties for us to make an offer on one that was accepted and go into contract on it.

3 Reply

Remigio M.

Flipper/Rehabber · Bridgeport, CT · Member since 2016 · 33 posts · 9 votes

9y

I tend to agree with the others and it is very upsetting. After using my most recent agent for all of my purchases and sales I realized I need to use multiple agents and put them to work for me. I recently tapped my agent that I used years ago who always helped me with off market deals and was a fighter in my corner. I am using multiple agents now. I can say the last 6 purchases I found and handed to my agent. 3 were auction site purchases that he didn't even have to show me. I was happy on his marketing of my flipped property. He did and excellent job with pictures and description. So I guess there was some value there. Once you have a relationship as an investor it should be easier to have your agent get your offers in quickly. Mine now knows when I say I want to get it in today that means now! I shoot him over my POF letter, picture of my binder check and I get a P&S agreement via docusign or dotloop that I can sign from my phone with 3-4 clicks. Don't ask or expect me to print and sign and scan back something for you. Little things like this is how I've gotten my agents "working" for me. Finding houses isn't at the top of that list for me. For buying 1.) MLS access 2.) property access quickly 3.) offer submission quickly 4.) chasing seller to get my offer accepted

0 Reply

Sara K.

Investor · Winter Garden, FL · Member since 2017 · 86 posts · 74 votes

9y

This has been my experience with real estate agents. It is extremely frustrating.

0 Reply

Becca Summers

Real Estate Agent · Highland, UT · Member since 2015 · 407 posts · 272 votes

9y

20% of the agents do 80% of the business. This means not all agents are equal. How are you finding your agents? Have you proven your a real buyer and worth there time? As someone mentioned to be successful and make a lot of money Realtors balance multiple clients in the buying cycle at a time. If it isn't apparent your will, able and ready to go they will spend time with others. I get multiple "investor" calls and messages a week so I need to filter who is worth my time so I'll actively look or waste of my time (hint if you want comps for wholesaling don't call me). Are you looking for an investment or personal home?

1 Reply

Chris MasonPro Member

Moderator

Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes

9y

Originally posted by @Tracy S.:

Dear Agents -

I'm looking for a real estate agent and I've spoken to three of you. I've spent a ton of time communicating my very specific intent and requirements in a property as an investor and each of you have simply put me on a drip. As a buyer, I don't want an MLS drip. I can use Redfin for that. I'm paying a massive commission so that you can interpret (and help me articulate) my needs and deliver a highly personalized set of potential properties with your thoughts on how each of them may or may not completely satisfy them. This is by far the biggest purchase of my life and I want to work with someone who listens to me.

You can't filter MLS listings for the subjective and long-term needs that I'm taking time to communicate to you; why even show me the MLS? Ideally I'd see a personal email or text with an individual property that seems to be a fit based on our discussions along with your feedback on it before I even consider looking at a property. You could save so much time simply by taking a minute to critically analyze whether or not a candidate property suits my needs before even dropping it on my radar. Instead, I feel like you're clicking a few buttons to delegate the search to me, hoping I'll fall in love with something and get you to facilitate the transaction. Totally ignoring the work that goes into the search. Every time I (tactfully) ask one of you to deliver a personalized experience that takes into account my "must haves", I'm dropped. I'm tired of spending hours of my time screening properties that are clearly not suitable.

Is this common behavior in the industry? I'm a management consultant by trade so as a fellow "people service" professional, it's surprising how impersonal this process is feeling. Should I be lowering my expectations as far as the scope of work that I should expect from a buyer's agent? I'm experiencing a trend of impersonal service, missed commitments, fake enthusiasm... what a drag!

If anyone can recommend a professional buyer's agent in the San Diego area, I'd be interested.

Hi Tracy,

If friend / family / coworker / network / facebook / biggerpockets / etc doesn't find you the person that's a good fit, I have an unconventional suggestion.

There are agents that do what you ask, but they are a small minority still doing it this old fashioned way. They are characterized by visiting every house they can, in person. The weekly "Brokers Tour" in a given area typically happens prior to the first open house, at least in my area. Example: Oakland / Berkeley Association of Realtors Brokers Tour.

Find out when Brokers Tour happens in San Diego in the specific area you are interested in, go hunting at that location, at that time, and lance yourself one of those agents that you know keep up on hyper local knowledge (rather than just reading the MLS) because you are seeing them actively do it. You could literally stand outside one of the homes, hit up the first agent you see, and you'd be far more likely to find an agent that's a good fit for what you describe, than you would by finding a rando on Zillow or Yelp where it's just a numbers game and an assembly line.

0 Reply

Fred Heller

Real Estate Agent/Property Management · Houston, TX · Member since 2014 · 1k+ posts · 827 votes

9y

Well, I don't do that unless the investor specifically asks for it. When I send a property to an investor it's something that I'm recommending deserves a look. So before I recommend something, I want to make sure I've looked at it and vetted it first.

Having said that, there is nothing "wrong" with auto-searches. There are hundreds of different variables I can program into the search. If you told me "I'm looking for 1750 SF 3/2/2 houses on 8000SF lots built after 1992 on the south side of Main Street in the 4500 block, I can set up an auto-search for that. What the auto-search can't do is pull rental comps or check for flood zones or tell me that it's an ugly purple house. That's where the human intervention comes in. So even if I did auto-searches I would want them to come to me so I can look them over before sending them out.

And, by the way, I hear a lot of shade being thrown at agents, but I never hear anyone talking about "agent--friendly investors." It goes both ways.

5 Reply

Barry B.

Oakland, CA · Member since 2016 · 51 posts · 26 votes

9y

I feel your pain @Tracy S. the agents do nothing at all for the split commission they get. The "buyer's agent" concept, actually for that matter the agent concept, is flawed in my opinion. It is a mafia, they make free money and we let them. In my experience I have made better deals without agents. I have made multiple offers in the past few months and "my" agent has just pushed paper, the value add is marginal at best.

I have successfully done both sales and purchases without agents, saved money for both parties in the process. You are better off making your own research. When I have made offers without agents, I have had offers accepted easier as the seller's agent gets to pocket the full commission, no split, then they work harder for you to get your offer accepted.

1 Reply

Michael Noto

Real Estate Agent · Southington, CT · Member since 2008 · 5k+ posts · 3k+ votes

9y

@Tracy S. You as a buyer in a transaction pay buyers agents "massive commissions" in your market?

0 Reply

Sean Cole

Investor · Cincinnati, OH · Member since 2012 · 506 posts · 331 votes

9y

As an agent, investor and wholesaler I see both sides here. My experience, having sold hundreds of houses since 2012, is that buyers/investors come up with all kinds of reasons why a house that fits the exact criteria they laid out isn't actually going to work. On the other hand, I work with other agents every day who just don't hustle very much and don't add value to transactions.

In the specific case of the OP, I'd be hesitant to ask a typical real estate agent to do ANY due diligence on investment property. Most simply aren't equipped with that knowledge. You should be doing this yourself if you're risking dollars that would cause you pain if they were lost.

2 Reply

Nick Kravchuk

Real Estate Agent · San Diego, CA · Member since 2016 · 23 posts · 16 votes

9y

@Tracy S. Sorry to hear that you have not had the best luck with real estate agents in San Diego. I am not sure what specific type of property that you are looking for, SFH, Multi, Commercial. Feel free to PM me your specific criteria as of what you are looking for and I can get your personalized matches and assist you in helping you find what you are looking for.

0 Reply

Joe Sherman

Residential Real Estate Broker · San Diego, CA · Member since 2015 · 38 posts · 11 votes

9y

@Tracy S. There are a lot of real estate professionals on this site and I am sure you will connect with one that can assist you in your search.

0 Reply

Andrew Johnson

Real Estate Investor · Encinitas, CA · Member since 2016 · 3k+ posts · 3k+ votes

9y

Tracy S. Regardless of the agent I think you always end up with the MLS drip! And it wouldn’t surprise me if they have a list/ranking of past clients for “great deals” or off-market/pocket listings. So it only makes sense for them to go to/through them first. As a buyer it’s not so much fun but I can’t fault an agent for doing it. So maybe I’m just passive but if I’m looking at a new market I just manage my expectations. Alternatively, you could offer to sign an exclusivity agreement with the buyers agent. I know they will many times ask for that in SoCal. I’ve never signed one but at least if there’s exclusivity you *should* be able to expect a higher service level. If there’s no exclusivity it’s hard for me (putting my “neutral” hat on) to argue they that an agent should spent a lot of time/energy in an agreement with no reciprocity. 🤷🏻‍♂️

0 Reply

Steve Vaughan

Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes

9y

Well-written rant @Tracy S.! Hope you also do blogs or other writing in some form regularly.

I would contact some of the larger PMs in your area and make sure they know who to call before they list another tired landlord's rental. Give them a specific area and criteria and let them know you will consider keeping them on as the PM.

Good luck!

0 Reply

Jim D.

Investor · United States · Member since 2015 · 415 posts · 487 votes

9y

@Tracy S. I'm not surprised to hear your experience. But I'm also sure you can find a great agent who will provide more expertise and personal service for you, provided you are a serious buyer and they can tell that. Keep looking.

When I was starting out, I quickly became disillusioned with how little value agents seemed to add... until I found a great agent. Totally changed the game for me, and brought far more value than his commission. All a matter of finding the right one.

0 Reply

Jennifer Ryan

Residential Real Estate Broker · Tacoma, WA · Member since 2017 · 6 posts · 4 votes

9y

The MLS is the best tool for you and your agent to view, track and share properties that you may be interested in. If you are receiving too many options, be very specific about what you are looking for. If you are specific about the price, neighborhood, size etc... you may be disappointed by the number of options that a broker can send to you! Be realistic about what those requirements will cost you. Brokers usually have to find a compromise between what a buyer wants, and is willing to spend. The buyer is the only one that can determine if a house meets long-term needs. There is not a filter for that. If you are asking for "must haves" and not getting those things in the long list of available properties, then that property is not on the market. They probably haven't dropped you. They may just be waiting for a property that meets your requirements. That may be a sign that you have unrealistic requirements for a property. Since buyers agents are usually paid by the seller when a deal closes, serious buyers don't get dropped.

2 Reply

Dawn BrenengenBusiness Member

Moderator

Real Estate Broker · Raleigh, NC · Member since 2014 · 2k+ posts · 1k+ votes

9y

I set clients up on an autosearch if they give me some basic parameters, but that's mainly because buyers like to search on their own. If I don't set them up on MLS, they end up sending me Zillow links to homes that were sold a year ago, etc. MLS is best for updated info. That being said, I do get the occasional client who does not want to search, and they want me to send what I think are going to be good deals. When that happens, they get prioritized with my other clients in order of who is most likely to buy and who are the strongest buyers. If a good property comes up, I start with my strongest client and work my way down the list until someone is interested.

Podcast Guest on Show #101

2 Reply

Raquel D.

Investor · Shakopee, MN · Member since 2017 · 102 posts · 60 votes

9y

From a timing standpoint alone I'd prefer to be on the "MLS drip" -- even a full time assistant couldn't notify me the second a property I maybe interested posted in Redfin, but the MLS does it automatically. I'm not sure I understand the root of the complaint actually. Are you receiving so many listings that cannot be filtered down by location/size/price filters that you need someone to further go through them? Generally investors have at least some criteria to narrow down the scope, so they would at least get immediately notifications for properties fitting that criteria. But yes, I suppose if someone set no size/price filters over a large area including multiple zip codes/counties it would be a lot -- but that doesn't seem like a typical investment strategy so I think I'm not following. For example: if an investor wanted 2-3 bedroom SFRs within a $200k price range (like $100k-$300k) in 3 specific zip codes, I can't imagine any market being so hot that it would inundate the investor with potential listings, but maybe my finger is just way off the pulse! In any event, I hope you find an agent you can find a good working relationship with and who you can successfully communicate together with :) good luck

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Do all buyer's agents delegate the search to the buyer?

Do all buyer's agents delegate the search to the buyer?

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