I'm analyzing long term hold properties for my first deal. I found an agent with decades of rental experience and many local properties, and I promptly left a message.
It was five days before I received a call back. It was over Thanksgiving week, but I was surprised that it took so long. When they did call in the evening, I was pleasantly surprised by our conversation. This agent seemed to be a great resource with tons of experience as an investor, and we agreed to let each other know if a good property within my criteria popped up.
It's now been two weeks since our conversation, and I just found the elusive 1-in-100 property with awesome numbers. I left a message early this morning and haven't heard back yet [as of 8 PM].
My question is this: What service should I expect from arguably the most important member of my team? Should I start calling for a backup agent immediately? I suspect there's a balance between wanting a hungry/caffeinated agent and a wealthy agent who would rather spend his time on his own deals. It's a close knit market with big players, so burning bridges is a last resort.
Your help is appreciated.
Agree with @Matthew Teifke to give 24 hours but no more. In the meantime, start exploring a backup.
I would expect a response within 24 hours (less, really, because I have been spoiled by my agent’s response time). The very first time I reached out to him was (sort of) on a whim late one evening. I heard from him before the night was out. I’ve emailed him at midnight and said things like, “I’m going to bed so you don’t have to reply” and still gotten a response within minutes. All that to say that if an agent didn’t respond to me for 5 days (or even 2 or 3 days), I’d be on to the next one. My guy prides himself on his response time and I don’t expect all agents to be as fast, but after 5 days I will assume you don’t want, need or value my business.
Real estate agents, like other sales people all have their own ways of doing things. Around the holidays loads of reasons for delayed responses. Also, could be he already made his money. Could be a sign he views you as unprofitable business potential. In any case, I would move on, if it happens again.
People are busy and don't care about you. I recently called the seller's agent and told him I would buy the place and and he could represent me. He sent his junior broker out to meet us. We bought the building through our brokerage firm since the selling agent couldn't care less about the $7,000 commission. Some agents have a great book of business and want to stay in their lane. Nothing wrong with that, but don't let that slow you down.
I'm glad my high expectations are on par with the high level agents. That's where I want to play ball. I accept full responsibility for the communication issues. I didn't set any expectations at the beginning of the relationship. Lesson learned!
Update: I got a call within 15 minutes of posting the question and I'll be seeing the property in the next couple days.
Thank you for the input, everyone!