Hi, I was wondering what type of questions I should ask when screening potential buyer agents when looking to purchase a listed rental property? Or is better to work work directly with the listing agent who might be more motivated by double ending the deal?
I would definitely recommend getting your own agent. The listing agent has an agreement to represent the seller's best interest, so ultimately that will be their goal.
If it's a pretty straightforward deal, it may be okay to go ahead and use the listing agent. But if there is any negotiating involved or repairs being requested, it's hard as an agent to negotiate both sides of the deal.
When you are looking at screening the buyer's agent, I would ask about their experience with investors and investments. They need to be familiar enough with investment properties that they read a lease and make sure nothing weird is in there, and you also want to make sure they can help you if something comes up. It's nice to work with agents that specialize in investments/investor properties because they likely have good connections in that market to help you with contractors, vendors, etc.
@Nando Gapasin , certainly when you're starting out you want to work with an agent. You need someone in your corner that understands how the process works, has contacts in the industry, and can set reasonable expectations.
Ask potential agents:
- What experience do they have representing investors?
- Do they own any investment properties themselves?
- Does their brokerage have a commercial arm?
- Do they have relationships there?
They key is to get someone that understands where you're coming from as an investor and knows how to "speak our language." On your end, you have to be sure you're ready to actually start seeing, and offering on, properties. Don't tire kick and waste the time of a good agent.