What Should An "Investor Friendly" Real Estate Agent Do? Thanks

Question

Want to first say thanks for all the support provided by this wonderful in getting through this first deal.

I just want to know what should actually be expected from an agent that claims to be investor friendly or while looking to to work with investor friendly agents.

Mark Sewell · Answer

This is still the biggest mystery in the REI universe, at least to me.  Honestly I think 'investor-friendly' means nothing more than low-cost & affordable, at least for 90% of the investor population.

Maybe there is a bit more to it.

I found one, purely by accident, that added serious value by paying for services that she knew I would need, like unlimited professional photography and staging.  The staging part especially, because I would have almost certainly blown that off -- she just did it.  And we sold the place $15K over the original ARV so it worked.  Never even had an open house -- we had multiple offers before the weekend even rolled around.

She offered to cut her commission to 2.5% instead of 3% but I told her she really didn't need to do that.  She did it anyway.  So I am promoting her all over town, so make sure she gets her discount back in spades.

On the buy side, man, that's tough.  You can find one that will set up a couple of automated searches for you in the local MLS and keep an eye open,  but those are so rare that they eventually just forget about you.  And you have be pretty specific as to what you are looking for.

Don't expect them to run comps, find another way to do that on your own, they just don't have time.

Haider Alazzawi · Answer

Is she on BP? if not, can you share her contact info?

Thanks

Mark Sewell · Answer

Hey I could be wrong, Calvin, I am here learning just like everybody else, but that is just my very limited experience.  They work for commission and so it is easy to understand that is where their sense of urgency will be -- getting their deals done.

A few people have asked me to share her (the realtors) contacts, by message, and so I have.

John Warren · Answer

@Calvin Lipscomb I think the main thing you want out of an investor friendly agent is the ability to run numbers wit you and give you honest feedback on what is a good deal and what is not. I deal primarily with investors in the near southwest suburbs of Chicago, and I like to build relationships with my clients to the point where I can tell them to walk away from a bad deal. It is all about the long term relationship in this business.

Brandon L. · Answer

@Calvin Lipscomb Congratulations on your first deal. I have written a blog post with my own opinion on the topic you are asking about. Click the link, give it a read, and please your thoughts in the comment section :)

https://www.biggerpockets.com/blogs/5868/52724-im-...

Patrick LaGanke · Answer

@Mark Sewell

Sounds good, thank you!

Mark Sewell · Answer

@Patrick LaGanke theoretically yes.  But they don’t.  And here is why:

You need to really make a ton of offers and turn over a lot of rocks, in this market especially, to find anything that might turn into a deal.  The realtor knows this.  And they also know that 95% of us just give up and quit eventually.

Now what they will do is include you in pocket listings.  It won’t be right away.  But sure, if they see you doing deals, or in my case, just not giving up, then they will send some your way.  And this lady has done that.

Patrick LaGanke · Answer

@Mark Sewell

I am having an issue with that comprehension; The agent is getting paid as soon as I, a buyer, close on a home.  So why wouldn’t they go the extra mile to run comps or analyze properties, based on the criteria I provide about what I need in an investment property?  It doesn’t need to be in depth analysis, and I can double check the figures, but they should at least bring me prospective deals, not just set me up with email alerts from mls, right?

Calvin Lipscomb · Answer

We are all sharing and learning on this site.  This is why I enjoy this place a great deal.  Next, your agent is located in Houston, Texas?  I heard there some opportunity out there from a resident.

What Should An "Investor Friendly" Real Estate Agent Do? Thanks

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