Some Help needed for a Noobie Investor - What Q's to ask an Agent

[Javier Osoria]

Hi all, 

My brother and I are looking to get our first LTR property (not in our area), and I'm about to start reaching out to agents to find a good fit for us. I was wondering what are some good questions to ask to vet out an agent? 

Thanks. 

[Account Closed]

I would focus on building a relationship with any agent you contact. Give them your buying criteria and see if they can bring you deals your interested in. If you try to vet them too hard and their truly experienced you may burn a bridge before getting to see their deals.  

[Chris Pereira]

@Javier Osoria

When I vet my out of state agents I only work with agents who are also investors because they understand the unique needs of investing and know how to maximize value:

Ask them to Explain Cash on Cash Return to you?

How Many Doors do they Own?

Do they have a wide network of professionals who will help you manage your properties (Property Managers, Handyman, Investor friendly lenders etc)?

What local market investing strategies have they found successful in their market?

What criteria makes a great rental property in their market?

I hope you find this helpful and don't hesitate to reach out if you want to chat. As you can probably tell I am both a local investor and agent here in LA, I would be happy to assist you. 

Cheers,

Chris

[Bryan Blankenship]

@Javier Osoria Would you be opposed to buying LTR out-of-state?  

I understand the difficulties of investing in expensive markets. I LOVE helping my out-of-state investors choose which markets are best suited for them whether it's mine or in a market where I have excellent relationships with friends who can help them as well.

As far as realtors go, I would try connecting with investors in your area through Facebook groups, your local REIA, here on BP, etc. @Chris Pereira mentioned some good questions to ask Realtors as well!

Social proof has and always will be the best form of marketing!  🙂

[Joseph Gozlan]

@Javier Osoria the most important question an investor should ask a potential agent is: "Are you an investor yourself?" and the second most important question is "Can you please tell me about your investing experience?"

An experience investor/agent can offer you a LOT more than any other agent out there! Would you buy stocks from a broker that doesn't believe in the stock market? Would you go to a dentist that only has 3 teeth?

[Leona Usaty]

Quote from @Javier Osoria:

Hi all, 

My brother and I are looking to get our first LTR property (not in our area), and I'm about to start reaching out to agents to find a good fit for us. I was wondering what are some good questions to ask to vet out an agent? 

Thanks. 

Hey Javier, 
My name is Leona; I am a Realtor and CEO of Leona Estates. There are many different directions an agent can take in real estate, but it's important to find an agent who will work for you. Your agent or realtor must be investors friendly, with some extra designation such as SFR ( short sale and foreclosure). My team is working for investors; I will be happy to connect; feel free to contact me.
Leona

[Eliott Elias]

Ask if they own real estate, and what the agents investors are currently doing in this shifting market. 

[Minna Reid]

You may even find one on this site. Look up the agents near your location and see what kind of advice they are giving out on this forum. That should tell you their level of knowledge.