Family recommended RE Agent, but I want more from others...

7 Replies

My family recommended a real estate agent to me. Great guy, has lots of experience, went and met him at a property I found on the MLS he gave me access to.

Problem is, I cant just wait around the MLS for a listing to come up. I need more relationships to find good off-market deals.

Am I doing a disservice to this guy if I start talking to other RE agents? I cant still use him to make offers on properties that are brought to me by other agents can I?

Originally posted by @Vartan Sarkisyan:

My family recommended a real estate agent to me. Great guy, has lots of experience, went and met him at a property I found on the MLS he gave me access to.

Problem is, I cant just wait around the MLS for a listing to come up. I need more relationships to find good off-market deals.

Am I doing a disservice to this guy if I start talking to other RE agents? I cant still use him to make offers on properties that are brought to me by other agents can I?

 It's pretty unlikely anyone's going to bring you that stunning off-market deal when they already have relationships with other investors that have actually closed deals with them and can decide on the spot within 15 minutes if they want it, and then actually close once they've decided with >90% certainty, but sure you can go to other agents with "hey I have a main agent but if you bring me a slamming deal I'll use you as my agent to purchase it." Maybe some noob agent comes across something killer by dumb luck, and you're the first/only person to present them with that... unlikely, but could happen and costs you nothing. 

There are plenty of agents out there who have a strong background working with investors.  I suggest you seek one or two of them out in your area and ask them how they like to work with their investor clients.  I'd also be really clear with your current family friend/agent that you want to keep your options open so that there aren't any misunderstandings.

Who ever you're talking to, always keep in mind that if an agent brings you a deal (whether its on or off market) he almost certainly expects to be your agent (and get paid full commission) on the purchase and on the post-renovation listing.  If that isn't part of your plan then I suggest having that conversation with the agents you are working with up front as well.

Good luck!

Appreciate the response guys. I have a few times advised the realtor what Im looking for but I guess I need to be more clear and concise. 

Most off the market deals are such they are saved for best clients. As a realtor I tell them show me your funds, credit rpts and track records. If accepted I will let you get a first crack. If you don't move I have others who will. I also want the buyer to sign an agreement they will pay me # % of total purchase as commission.  Often they think sellers will pay agents but this is often not the case.

@Sam Shueh

I always thought the seller pays the realtor... it what I have always read. Would like to learn more about this.

Do you advise maybe introducing myself to a realtor with proof of funds, credit report, and criteria (no track record at the moment)?

If there is cross sale through a MLS, there are often compensations. Some they tell the buyer agent get someone pay you. This is off the market, discovered by a person, a whole seller, that person wants to be paid so is the realtor who works for you.

Very few realtors will show you any properties without a preapproval, hard money lending letter, credit reports. Often they spot you are limited in ability to secure or looking at property not qualified.