Hello BP RE Investors,
What is the one thing you look for (And is hard to find) in an agent to help you reach your RE goals? What are some of the problems you've run into that turns you away from an agent?
@Brian Joseph the whole reason I became an agent was because I had so many bad agents in the past. I had one wonderful residential agent help me purchase my first home, but other than that most of them didn't understand that if they took care of me (the client) the money would come. They were focusing on finding something as fast as possible for me to buy so they could get paid.
They also knew absolutely nothing about how investing in real estate works. Sadly, most residential agents do not own their own homes, much less investment property. This has been a huge edge for me in my business as I actually own and operate rental properties, and have a network of contractors my clients can buy into. This is not something I experienced when dealing with many traditional agents when I was getting started.
Add value to my experience trying to buy something. Don't just be a conduit to me signing the closing papers.
A good agent should be presenting properties that fit the investment parameters we likely discussed at the onset of our relationship, and then try to tell me why it would work for me (ARVs, comps, rent demand, neighborhood characteristics, etc.). Tell me stuff I wouldn't know myself (at least stuff I wouldn't know immediately, before doing my own due diligence).
If you have to source and research properties yourself, and then they cannot provide any additional input besides offering to get you the lockbox code, then what value are they adding to you? If an agent's idea of sourcing properties is to just put you on a generic MLS alert and otherwise never speak to you again, then what value are they adding to you? If you ask specific questions about a property's value and the best you get are terse, one-word answers or "I don't know the ARV," then what value are they adding to you?
Simply put, a good agent should be making the entire house-buying process easier for you. Signing the contract at the end should be a reward for both the agent and the buyer; not just the agent.
In a tight market like this, I'd say the number one thing you can bring to the table is off-market deals. Start marketing to sellers, so you can be the source of the properties.
1) they need to personally own investment properties
2) they must bring off-market deals
3) 1+2= lots of hustle.
I have used the same agent over the last 22 year when buying a new home (my personal home), She has brought great value and is worth every penny.
As for investment's , not so much. My personality is the loyal type, once you get in with me you have by business long- term. But I had to change over the years, and now I will buy from anyone that brings a good deal.
The last two properties I bought was without an agent, owner sell. I found them and I negotiated the price, there was no need to bring in an agent at that point.
Really appreciate your feedback! This is all great stuff to know. I am definitely an investment minded person and I do own one rental property so far. If I can help any bp folks out there please message me. I know the Salem and surrounding areas well. Cheers!
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