I’m an agent in Lubbock, TX & work with a few investors who fired previous agents due to not meshing well with that. In saying that, what are your pet peeves or big no-no’s if/when you’ve worked with an agent?
Before answering this, I would advise just to ask them to elaborate and give specific feedback on "not meshing well." This will tell you their exact pet peeves (which I assume is the answer you're looking for) and give you an idea if they are reasonable or unreasonable.
For me it's misaligned expectations, which is both an agent and my (investor's) fault. At the core, it's all about setting realistic expectations. It's very similar to what @David Greene talked about at the end of today's BP podcast (#344).
It's completely unreasonable for an investor to expect the agent to provide rehab numbers, ARV, and answer "what do you think?" on every analyzed deal. On the flip side It's also unacceptable for an agent just send an MLS listing and ask "do you want to make an offer?" There is no value-add there.
The goal for both parties is to buy a property (or properties), so the upfront discussion has to be what specific information do you need from the agent to help purchase a property.
Nate, I'm a self-managing, DIY landlord, a handyman who uses his skills on his own properties. There are plenty of people exactly like me in every market in America.
When I tell people what I do as a real estate investor, there is an overwhelming expectation that I am some kind of caricature of a workingman's man. That I do bonecrushing handshakes and I'm halfway deaf from all the years of working with power tools. Men who don't know me, ESPECIALLY white-collar-occupation men, pull out their most annoying displays of manliness when they first meet me. Especially from agents, I had already heard more imbecile drivel about home repair and renovation than I could believe ten years ago, and it's only getting worse.
Avoid those painful displays of machismo when you talk to people like me, if you could. Please. Pretty please with sugar on top.
My biggest pet peeve is Real Estate agents in my area are ALWAYS late. Have never had someone show up on time in my 2.5 years of doing this. I value my time. If we are scheduled to meet at 2:00 I will most likely be there by 1:45-1:50...agent likes to roll in at 2:15 or so. Very frustrating for me.
As for using an agent. I never do that. I like to look at things myself (I know what I'm looking for.) I also like to be the one asking questions to the selling agent to cut out the middle man stuff. I also like to be the one who is actually negotiating because I don't care one bit if my low offer offends someone.
Not saying this is for everyone, but as a buyer I like to represent myself. I like to get my own feel for what the selling agent says. You can sometimes feel people out and get a better idea as to was that a hard no or was that a no but you are kind of in the ball park. It's hard to judge those things when you are getting the info 2nd-3rd hand thats been passed from seller, to selling agent, to your agent, to you.
I am a realtor and investor in Tampa, fl. I honestly think in the next few years, realtors will be replaced with real estate attorneys.
Maybe it's just my experience, but I don't see why an investor would want to work with a realtor, in general. I only get paid when I sell MLS properties and investors most times don't even think twice about MLS properties. I think investors would be better off hiring knowledgeable real estate attorneys to go over their contract deals, discuss ARV, and assist with overall analyzing and negotiating the deal.
I always ask my clients why they used me the #1 answer is because I send them good deals. I also use auto search like other realtors as it's a nice addition but what's important hand pick deals and just send each client a few a month only the good ones don't go sending them every new multi unit in their price range if numbers aren't good on it. 99% of realtors are just putting investors on auto search which is also the #1 reason people have said they switched realtors.
if you have the time resources and ability to pick your own nose then your further along than most realtors ! As an investor If there is value in working with an agent I never found it . In my experience Most are lazy,slow , incompetent derelicts that wouldn’t know or be able To calculate a good deal if it landed In their lap
@Nate Tauferner for me it would be lack of communication / follow up. Shouldn’t have to ask you multiple times to get information on a property. I know everyone is busy but a simple txt goes a long way.
My Point of View, I'm an agent so yes, biased on that front.
Love Derrick E's take on his approach directly working with 'listing' agents and not needing anyone to negotiate or translate (or get in the middle) for him. Unfortunately, not everyone is sufficiently skilled but I expect MANY investors are (not all). As for the 'agents are always late', I'm not ALWAYS late but own up to the occasional delay so I'm not certain why agents have that really REALLY BAD habit. Many do <sigh>.
Then I read Dennis M's snarky comment. Sure, the average agent is working with people who buy one house every 6.7 years or whatever the current stat is and don't require the agent to work hard at calculations or research that an INVESTOR's Agent has to be expert at. So sorry you wasted your time working with the wrong agents. That doesn't make them lazy, incompetent or slow, they are not the right fit for you, not experienced at what you need.
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