Do I need an agent to represent me?

[Michael Mastantuono]

Hello,  a lot of information about running numbers on Multi family properties but when you find a listing that is obviously already represented by a broker. Should I find a local broker to represent me or deal directly with agent who has the listing?

[James Hamling]

@Michael Mastantuono as many have said on here if don't have absolute 1,000% command of everything then absolutely not, especially if listing broker is paying a buyers broker commission because it's putting self at risk for 0 gain, and really 0 reason. 

Now deep diving a bit more into strategy, assuming a person is 100% on knowledge and experience base. IF, and this is a major key point, IF working with listing broker will put listing broker into a dual agency position, then YES there can be some advantages. 

Strategy speaking, if you press an agent into a Dual Agency position they, in simplest form, no longer represent seller or buyer, instead they represent the transaction itself. This can press for greater clarity of information and disclosures of things that may not be so forth coming when broker is in full fealty too seller. 

This point must be clarified immediately up front, and facilitating buyer is completely different from "yes, I will be in dual agency", and don't be surprised if they say NO they won't do dual agency but will instead refer you to ___ agent. 

[Scott Allen]

@Michael Mastantuono

Look into the differences behind how an agent can represent you as either a client or a customer and understand how you'll be represented throughout the transaction. 

Client - Fiduciary Duties: Accounting, Confidentiality, Care, Obedience, Loyalty, Disclosure

Customer - a party in a transaction with whom an agent does not have a fiduciary duty or relationship, but with whom an agent must still be fair and honest.

[Dwayne Poster]

When asked 'do I need a Realtor', I will typically say yes, because you dont know. If you told me you dont need a Realtor and this is why, I might say, good for you. 

[David Avery]

Have you bought listed property with an agent?  How many properties have you bought?

Have you bought listed property without an agent?  

It's up to you. Your ability to out wit enough to negotiate and save you a few thousand dollars in commish!!!

Do you have construction cost skills to repair needed items, do you understand the reason why the seller is selling?

All these items will determine if you need an agent to represent you.

Are you a cash buyer ready to rock and roll.    

If you are confident and are ready to do the deal without an agent then do it.

If you are thinking " I don't know this answers "   I would hire a very good agent ( top 2 in any office).

And let them work for your deal!!!

Good luck

[Larry Turowski]

Quote from @Dwayne Poster:

When asked 'do I need a Realtor', I will typically say yes, because you dont know. If you told me you dont need a Realtor and this is why, I might say, good for you. 

This is a good answer because the truth is it depends on you and your goals.

Let me just tell you about my experience.

Early on (2009-2010) I used a couple of investor friendly buyers agents. They could alert me to deals and pocket listings. I did buy a foreclosure that way. And I missed out on a home run deal because I wasn’t emotionally or financially ready for it.  But I wanted to flip, not hold rentals and most of the vast majority didn’t make sense, even back then.

Then I stopped using buyers agents and reached out directly to listing agents. My thinking was I wanted to get on their list of cash buyers when they had pocket deals and if they had anything, even though their responsibility is to the seller, not me, because they would get both sides of the commission they would want me to be the successful buyer. Usually this just meant that they would indicate where I would need to be to get the deal. This was before agents could freely share what other offers they had. I would ask, “Would it be a waste of my time and yours to write up an offer for $X?”

That was a different market, though.

Now I pretty much never buy listed properties. They are just not good enough deals for me. That doesn’t mean they wouldn’t be good enough for others given their goals

All in all, I agree that you are probably in a place in your investing journey where a buyers agent makes sense, and that may never change. That’s fine. We all have different goals. 

[Bob Stevens]

Here is my thought. If you need an agent, you should not be doing deals. 99% of them have no idea about the property, some walk in for the 1st time with you. It's all about the numbers. Again, if you need an agent, you are not ready 

Good Luck