Tips on finding a RE Agent, moving across country, knowing nobody

Tips on finding a RE Agent, moving across country, knowing nobody

Specialist · Missoula, MT · Member since 2016 · 73 posts · 44 votes

OK so I am going to slow things down a bit here.

We are not talking about some $1.2m syndication deal with 400 units and $500k/m cashflow. 

I am looking for a future investment property as my company is planning on relocating me across country to either Texas or a satellite office in Florida and I want to get advice on going about finding a great Real Estate Agent? I do not know anyone in these areas. I have no relatives/friends in these areas. All the people I work with currently rent and have no Real Estate knowledge. I am unfamiliar with the areas besides Google and even with crime maps nothing replaces actually walking the streets. Weather is also a concern as homes usually do not float.

I am trying to avoid the Broker/Agent to be so hungry they'll sell me anything. I also will be actually living in the unit for at least a year before renting it. So I want it to be fairly nice. Nice condition, nice neighborhood. Maybe some amenities.

We are talking about a Townhome situation. 

Has anyone ever picked up and moved across country to an unfamiliar area using your bank's lender and a found Broker? (How did you find the broker?) And maybe there might even be someone who has been successful and maybe even done it sight unseen? How many times did you visit the property. How did your inspection go and how did you find the inspector? Did you have to visit the area several times or did you live in your car for 30 days while you scouted out the area?

I want the good and the bad. Successes and even horrible failures.

Has anyone done a Skype walkthrough? How willing are Agents to help with this type of situation?

What types of characteristics and knowledge did you look for in your Realtor? What kind of verification/vetting did you perform?

I know there are "relocation experts" but someone passing a 60 question quiz doesn't seem like much of a guarantee they are any good.

How did you find them? How did you verify they were any good? What type of outcome did you have? Did you pay too much? Did your home end up in Tornado alley, in the swamp or in a storm surge area that washed your precious family and all your worldly belongings away?

Where would be a good place to start? What leverage could you use to ensure your agent would be looking out for your best interest and not conspiring with locals just to make a sale. Or not getting you the best price because their 3% would be less. Are there ways to counteract this type of situation and still have the Agent and yourself come out on top? (A mortgage amount lasts 30 years, a 3% payment is a one time payment.)

What are some due diligence steps?

What are some best practices?

A little background on me. I am single, 40s, no family, no children, just me and my junk. Looking for a livable Townhome. Looking in the max. $160k, HOA under $500 (preferably under $350), Rental clause after one year with no option to change in the future, 2 floors, 2+ bedroom, No dog size restriction.

Any words of wisdom are greatly valued and thank you in advance.

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Tyler HodgsonBusiness Member
Investor · Flower Mound, TX · Member since 2016 · 245 posts · 192 votes
7y

Hey Kevin, moving across the country to an unfamiliar area where you don’t know anyone can definitely be difficult. Personal referrals are always the best means of finding someone trustworthy, and if you are not from the area that can be difficult. 

On BiggerPockets you can connect with a few agents in whichever state (Florida or Texas) you end up moving to, and specifically your sub market. I like to work with people on my team who are fellow investors (real estate agents, lenders, attorneys, CPAs, etc). So I’d try to find some people on BP who come highly recommended and connect with them. 

If you are coming to the DFW area of Texas, I’d definitely recommend you connect with @Kenneth McKeown

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  • Residential Real Estate Broker · College Station, TX · Member since 2013 · 1k+ posts · 969 votes
    7y

    @Kevin M.. Congratulations on your move - presume this is something you are excited about and looking forward to. 

    1. Best solution is to be referred to an Agent (REALTOR) by someone you know and trust. 

    2. If option number 1, is not possible, interview Agents to aid in decision making. Some things to consider: 

    A. Experience (maybe 5 years minimum). 

    B. RE Education - look for someone with advanced training in RE. In the RE business, these are known as Designations - top designation from my perspective is the CRS (Certified Residential Specialist). There are experience and production requirements to obtain the designation. CRS Agents are in the top 3% of all agents nationwide. Other designations to look for are ABR (Accredited Buyer Representative) CNE, (Certified Negotiation Expert), GRI (Graduate, REALTORS Institute).

    C. Take the Agent for a test Drive - meaning go out with the Agent to see how you mesh personality wise. You'll discover fairly soon if you are compatible / not so compatible.

    Reference - Looking for a Town Home: I would advise against Townhomes. Particularly if your objectives is to eventually convert to Rental Property. The Monthly HOA Fee typically eats up much of the Cash Flow making Town Homes / Condos an unprofitable choice for Investment RE. I would recommend either Single Family or Duplex as your first property to occupy and late convert to Investment.

    If you'll PM me, I can help with some initial names based on the above criteria. 

  • Share RossBusiness Member
    Real Estate Agent · Boynton Beach, FL · Member since 2017 · 250 posts · 135 votes
    7y

    Hey Kevin, 

    Just wanted to give you some encouragement. When you know your location of where you're going to move, start asking around. You'd be surprised who has recommendations! 

    For the record, my husband and I moved from LA to Florida 9 years ago and did not know a soul. After TWO false starts with agents who did not listen to what we wanted at all,.... We found an agent online and he recommended lenders and inspectors etc. As a Florida Realtor, I do the same for my clients ALL the time. 

    Ultimately, just use your common sense. (And yes, we still live in the house that realtor found for us 9 years ago.) 

    It can be done and yes, Skype walk throughs are normal for out of town clients. 

    Every state has different quirks when it comes to lending so I would recommend talking to a couple of lenders that your realtor recommends. A phone call is free! 

    Good luck to you and hope it all goes great! 

    Oh.. I also agree with Jim's comment about HOA fees. Watch out for those! You can find some communities that are great with low HOA fees (under $200) , so again, just use your common sense.

    Keep us posted and let us know where you end up going! 

  • Real Estate Broker · Cape Coral, FL · Member since 2014 · 382 posts · 300 votes
    7y

    @Kevin M.

    Hi Kevin,

    I understand your concerns. I’ve moved across country twice in my life. I’m a broker associate/realtor here in Southwest Florida. I sell a lot of condos and understand the ins and outs for both owner occupants and investors. Happy to help!

  • Tyler HodgsonBusiness Member
    Investor · Flower Mound, TX · Member since 2016 · 245 posts · 192 votes
    7y

    Hey Kevin, moving across the country to an unfamiliar area where you don’t know anyone can definitely be difficult. Personal referrals are always the best means of finding someone trustworthy, and if you are not from the area that can be difficult. 

    On BiggerPockets you can connect with a few agents in whichever state (Florida or Texas) you end up moving to, and specifically your sub market. I like to work with people on my team who are fellow investors (real estate agents, lenders, attorneys, CPAs, etc). So I’d try to find some people on BP who come highly recommended and connect with them. 

    If you are coming to the DFW area of Texas, I’d definitely recommend you connect with @Kenneth McKeown

  • Chris MasonPro Member
    Moderator
    Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
    7y

    I personally would want to live in an area for several months before buying, rather than buying blind. 

  • Real Estate Broker · North Richland Hills, TX · Member since 2013 · 1k+ posts · 607 votes
    7y

    @Kevin M., I've helped several CA-based clients buy investment properties in TX sight unseen other than walkthroughs via FaceTime or filming and uploading to YouTube.   If you end up in North Texas, I'd be happy to help you out, either in person or remotely. I derive most of my income from leading a team of 200 agents across the country and investments in 22 apartment complexes, so I work w/ buyers, sellers, and investors by referral only.  

  • Specialist · Missoula, MT · Member since 2016 · 73 posts · 44 votes
    7y

    Excellent Excellent Excellent. I am doing this a little bit at a time, I need to make sure I have all my ducks in a row. Before I get on the phone. Great advice here.

    I just wrote the most epic thought out post ever. I thought out ...every... sentence. It was biblical.

    Then I tried to put @ Chris to answer the second Chris and *poof gone.

    I'll answer one at a time.

    @Jim Cummings Thanks Jim. I didn't realize there were all those certs. I hear you on the HOA. HOAs only go in one direction, UP. Then depending on the increase an exit strategy my come at an unexpected time. I will keep your advice in mind.

    @Chris Mason

  • Specialist · Missoula, MT · Member since 2016 · 73 posts · 44 votes
    7y

    @Share Ross LOL I already looked you up. I love the 80s. Sometimes I rock out to Steel Panther and pretend it's 1984. Jokes aside. Thanks for chiming in.

    I will probably use NFCU because it might be the most painless and they have an office in Florida. However I would not pass on a better interest rate. I will have to call around.

    Great advice.

    @Peter Davis Thank you I checked out your area and I have a question. I will send you a PM.

  • Specialist · Missoula, MT · Member since 2016 · 73 posts · 44 votes
    7y

    @Tyler Hodgson thank you for the referral. Submarket is huge I hear that especially in a highly populated area. Blocks in New York or Neighborhoods in Boston can be night and day.

    @Chris Mason Chris I am with you all day. I am just not so sure how many times I want to pack, move and throw money out the window. If I can do it on 30 days of research I might tempt it.  Like Tyler said "Submarket". As always thank you for your perspective.

  • Specialist · Missoula, MT · Member since 2016 · 73 posts · 44 votes
    7y

    @Chris Soignier Thank you for commenting.

    I just might reply to all of you. Great advice here excellent. 

  • Tyler HodgsonBusiness Member
    Investor · Flower Mound, TX · Member since 2016 · 245 posts · 192 votes
    7y

    I agree with @Chris Mason regarding wanting to live somewhere first and get to know some areas, but also agree that there is some downside with the hassle and costs of moving. 

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