I'm currently networking with realtors in my area hoping to find a great deal to either BRRRR and/or Flip. So far the realtors I've talked to are just sending me listings on the MLS without vetting the deals based on my criteria. Sometimes they don't even provide market rent or recently sold comps for the subject properties. How am I supposed to efficiently analyze a potential deal without having any of the pertinent information? Are you guys taking the time to research every listing that gets sent to you to find the most recent comps, find out what similar properties are renting for in the area, etc? Or is your realtor digging into the listings to vet out the junk and then only sending you the properties they think could work for you? I'm trying to figure out if my expectations are too high or if the realtors that I've connected with are just lazy and trying to take the easy way out without having to put much time or effort into making deals happen. For example last week I had a realtor send me 67 properties on the MLS. After looking at the first 2 I quickly realized they didn't meet the criteria I had sent them. I didn't even bother looking at the other 65 since I know the deals were not vetted at all. So I guess what I'm asking is should a realtor be vetting out properties based on your criteria or is it typical for them to just send you everything that's out there and leave it up to you to do the due diligence, research and analysis yourself?

So you wanted them to pull sales and rental comps on all 67 of those properties? That is not a realistic expectation. What is realistic is for you to look at those 67 properties, pick 2 or 3 of them out that you might think work, then ask for the comps on those 2 or 3 properties.

My first question is why are you working with multiple realtors (unless you're shopping in multiple markets)? Find a experienced, knowledgeable, and investor-friendly buyer's agent who you "click" with. Meet (or have a phone conference) with them and make sure they understand your search criteria, and then have them send you listings that match those criteria. If the listings don't match your criteria, update the criteria, not the realtor! As far as research and due diligence, that's a 2-way street. We realtors can only screen for so many things in the MLS (#beds/baths, square footage, price, location, amenities, price per sq ft, etc.), so at some point you have to review the listings carefully and do some research yourself. Come up with a short list, research what you can, drive the properties to come up with an even shorter list, then ask your realtor to pull comps and maybe schedule showings on a handful of properties to maximize your time. Ironically, the best real estate agents are also the busiest real estate agents, so be respectful of that just like you would with any other professional. That's not to suggest they shouldn't lend you their expertise and provide good customer service. But to expect a realtor to research and provide comps, rehab, and ARV estimates on multiple properties in advance of you even expressing an interest in those properties is unrealistic, and would be a colossal waste of time. So you have to learn to be a realtor-friendly investor! On a related note, you'll probably have people chiming in saying "Don't waste your time, there aren't any deals on the MLS anyway". This is absolutely not true. Even here on Bigger Pockets, in a recent poll, almost 72% of new investors purchased their first deal from the MLS. The other argument is "95% of deals on the MLS are a waste of time". This may be true. But guess what? There are currently 2,812 single family homes listed in my county (Pinellas) on the MLS. 5% of that is 140 deals that might be worth looking at! I'd also argue that 95% of wholesale deals are a waste of time as well. And wholesale deals are usually "cash or hard money only, take it or leave it, close next week, no inspection contingency", whereas I can negotiate MLS listings (for example, I recently bought a property listed on the MLS for $120k. My actual purchase price was $96,200...you can't do that with a wholesaler). Bottom line, find one great real estate agent, and that's all you'll ever need!

@Brian Garrett - It sounds like you are misunderstanding the role of a buyer's agent and the function of the MLS. The single greatest tool at a realtor's disposal is the data contained within the MLS - which we pay handsomely to access, and are responsible for maintaining ourselves (by way of entering listings and sales data). Here's the thing, all ten of those agents you're stringing along are looking at the same data, from the same source. Find one agent who understands your needs and can mine that data for you, and the other 9 become redundant. And what if three of those agents pitch you the same deal? You'll quickly burn those bridges when the other two realize you bought it through someone else and were just wasting their time all along. I'm on the side of quality over quantity in this case (which, ironically, is probably the root cause your original complaint).

@Brian Garrett Realtors should set up a search for you based on criteria such as list price, number of bedrooms and bathrooms, square footage, single or multi family, etc. etc. That should be basic enough for any realtor to do. Is this what you're referring to? Or are you expecting them to run an analysis on the property and tell you "buy this one it will give you a xx% return." In my opinion even if the realtor did provide this feedback you'd be a fool to follow it without really scrutinizing how they arrived there. Regarding sales comps, they should be able to give you some help with that, but keep in mind they have other clients so maybe they want you to trim that list of 67 down to the ones you have real interest in before doing so. If you don't want to look at that many listings why do you expect that they will? For rent comps, they can pull mls data on that as well, though that tends to be more limited. Depending on the market Craigslist, Hotpads, Zillow, etc. can be the best place to look to compare rental amounts.

It isnt 1977. Buyers find their own properties these days from looking through an MLS portal of some sort. The agents job is making the offer, negotiating, connecting you with lenders, attorneys, contractors, inspectors, shepherding the transaction to close, using their relationships to get you the property. An agent finding the property for you just isnt how the business works anymore since the advent of the internet. If you are relying on your agent to pick 2 or 3 properties for you...they are going to likely just pick the 2 or 3 with the highest commission. If you want the list they are giving you narrowed, give them a narrowing criteria. Im not only speaking as an agent, but also as an investor who uses other agents for my out of state purchases. I find the properties I want myself, then I have an agent write my offer.

Except you need to understand how the numbers work, that's where you the investor comes into play. You should analyze the property, figure the numbers out, then get conformation form the realtor. If your stuck ask them for help.Like this:You: Realtor what areas(zipcodes) to be strong rental? What kind property do you see as most in demand for that area? What's the rent range I can expect from that area.Now you will have a idea of where to search. They'll send you listings that meet your criteria (size, prop type, price range). Then that's on you to find out what makes one better than another in terms of your investment, it's subjective. Then you find something to put an offer in and the agent will tell you hey let's do xyz to make our offer stand out/stronger. Or agent will say hey so an so is a ahole and always does best and final so lets offer low at first... You the investor need to take ownership of the investment part.... lean on the agent for technical/local knowledge or off market deals.

Does your realtor analyze and/or vet potential deals first?

Brian Garrett

OP

Real Estate Investor · Palm Beach County, FL · Member since 2017 · 3k+ posts · 2k+ votes

8y

Originally posted by @Linda Weygant:

Not only do I not expect it, I wouldn't want anybody but me vetting my own properties - not even as a first pass.

Your realtor is there to filter properties based on the criteria you set as far as dollar amount, neighborhood, layout, etc. It is completely and totally up to the purchaser to then go through and start weeding out properties that won't work.

That is never going to be your agent's job.

The agent is going to be awesome at negotiating your deal, handling all the deadlines, working with and recommending vendors like inspectors and all of the details. But choosing the property, or even whittling the options down to a short list?

No.

I have a property that I bought about two years ago. I called my agent and asked him to submit an offer. He said, "Linda, that is a turn-key property. You told me you wanted fixer uppers." I said "I know, but that price is about $15,000 under market. I want it."

He never would have picked that property out for me, not because he didn't know it was under market, but because I never told him that I was looking for a property like that. It's now one of my best performing properties.

If I gave my agent a list of everything I'm truly looking for, it would look something like this.

Properties in these 12 communities

Any property less than $x. Except I'll go a little more if it's a good deal.

Any property that is a fixer upper and meets these Y criteria for price and remodel level (how the hell he'd find this, I have no idea, so I just tell him "fixer uppers")

Any property at more than x% under market

Any property that I get a great feeling about when I see the ad (again, impossible for him)

You've got to be dynamic enough to look through what you're sent and understand, within the first few minutes, whether or not the property will work. Nobody expects you to work through all of the calculations for 71 properties. I also wouldn't expect a realtor to do it either.

I feel bad for my agent. I have bought properties when I told him I wasn't looking. I've bought fixer uppers when I was looking for turn keys and turn keys when I was looking for a project.

Finding a great deal is about 90% gut and 10% research. If your agent is throwing away 75% of the properties before you even get to see them, you are at a severe disadvantage.

I also think you are way over-estimating the number of pocket deals that occur in any given market. Even if the 10 realtors you're working with each have one, you're unlikely to ever hear about it unless you've already proven yourself to be a good customer. Those pocket deals go to a select small list of people that the agent knows can and will perform. Pocket listings that are offered outside of that group are languishing because there is something wrong with them. So unless you're that guy, then the 10 agents really are going to feed you the same data, for the most part.

I agree with some aspects of your post and respectfully disagree with others. Thanks for your input Linda!

0 Reply

Brian Garrett

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Real Estate Investor · Palm Beach County, FL · Member since 2017 · 3k+ posts · 2k+ votes

8y

Originally posted by @Brie Schmidt:

Originally posted by @Brian Garrett:

Originally posted by @Russell Brazil:

I don't expect and/or need a realtor to do any of the other things you mentioned besides help find deals.

I'm not looking for them to negotiate, connect me with lenders, contractors, etc.

I do give them a narrowed criteria that's my point. They don't bother to vet based on that.

It sounds like I don't need a realtor since it's not 1977 anymore and I have to do everything myself anyways.

As an agent, I don't get paid to find deal. I get paid to close the deal. Getting a property under contract is a cake walk, a monkey can do it. Getting the deal to close is 90% of the work. You have no idea how to handle that. Sometimes it is an easy transaction and sometimes it is very complex and requires hours and hours of work with various trades to get it done.

As an agent, finding more deals would lead to closing more deals as well. Just another way to look at it!

1 Reply

Jacob Wathen

Investor/Real Estate Agent · Portland, OR · Member since 2014 · 198 posts · 119 votes

8y

@Linda Weygant, That is some very valuable information!

@Brian Garrett It is interesting to see the difference of opinion in what investors expect from their realtors. I do actively search for off market properties for my clients. I call agents in other brokerages to see if they have anything that fits my clients' criteria and I actively look into pre foreclosures, distressed properties, and other tell tale signs of investment potential. I do that because I want to focus my business on working with investors. It is the primary reason that I became a real estate agent and I enjoy doing the grunt work. That is not standard for the majority of agents.

Also, many agents that I know of that work with investors will decline having you as a client if they find out you are working with other agents. I certainly understand that you want to find the most deals but if you spread your business between different agents then they will likely occupy their time with a client that is loyal and ultimately brings them significantly more business. Just food for thought. I really suggest working with one agent that you work well with and who makes an apparent effort to frequently put deals in front of you.

3 Reply

Brian Garrett

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Real Estate Investor · Palm Beach County, FL · Member since 2017 · 3k+ posts · 2k+ votes

8y

@Jacob Wathen Thanks for your insight Jacob. I'm not interesting in using any one particular agent. I'm representing myself and letting all agents know what I'm looking for. Whoever brings the deal to the table gets the commission.

0 Reply

Brie SchmidtBusiness Member

Moderator

Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes

8y

Originally posted by @Brian Garrett:

Originally posted by @Brie Schmidt:

Originally posted by @Brian Garrett:

Originally posted by @Russell Brazil:

I don't expect and/or need a realtor to do any of the other things you mentioned besides help find deals.

I'm not looking for them to negotiate, connect me with lenders, contractors, etc.

I do give them a narrowed criteria that's my point. They don't bother to vet based on that.

It sounds like I don't need a realtor since it's not 1977 anymore and I have to do everything myself anyways.

As an agent, I don't get paid to find deal. I get paid to close the deal. Getting a property under contract is a cake walk, a monkey can do it. Getting the deal to close is 90% of the work. You have no idea how to handle that. Sometimes it is an easy transaction and sometimes it is very complex and requires hours and hours of work with various trades to get it done.

As an agent, finding more deals would lead to closing more deals as well. Just another way to look at it!

Yes, but that is such a small part of the job. Having the experience and now how to get it to the closing table is what is important.

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0 Reply

Stephanie P.Pro Member

Washington, DC Mortgage Lender/Broker · Member since 2016 · 4k+ posts · 2k+ votes

8y

Hey Brian,

You're better off going to local meetups and REIA's and talking to wholesalers than giving 20 Realtors your criteria and watching them go at it in a cage match for 3% commission. You know what you're looking for and I think you'll be better served and keep more of the profits in your pocket by fishing in those ponds. I see it every month.

One girl's opinion.

Stephanie

@Brian Garrett

3 Reply

Brian Garrett

OP

Real Estate Investor · Palm Beach County, FL · Member since 2017 · 3k+ posts · 2k+ votes

8y

Originally posted by @Brie Schmidt:

Originally posted by @Brian Garrett:

Originally posted by @Brie Schmidt:

Originally posted by @Brian Garrett:

Originally posted by @Russell Brazil:

I don't expect and/or need a realtor to do any of the other things you mentioned besides help find deals.

I'm not looking for them to negotiate, connect me with lenders, contractors, etc.

I do give them a narrowed criteria that's my point. They don't bother to vet based on that.

It sounds like I don't need a realtor since it's not 1977 anymore and I have to do everything myself anyways.

As an agent, I don't get paid to find deal. I get paid to close the deal. Getting a property under contract is a cake walk, a monkey can do it. Getting the deal to close is 90% of the work. You have no idea how to handle that. Sometimes it is an easy transaction and sometimes it is very complex and requires hours and hours of work with various trades to get it done.

As an agent, finding more deals would lead to closing more deals as well. Just another way to look at it!

Yes, but that is such a small part of the job. Having the experience and now how to get it to the closing table is what is important.

I agree with you there!

0 Reply

Chase Gochnauer

Investor · Des Moines, IA · Member since 2015 · 380 posts · 201 votes

8y

I don't think you'll find an agent to do what you're looking for. They aren't in construction so they can't estimate rehab costs, and they aren't leasing agents so they don't know rent prices. Even rent prices have a big swing based on the landlord. Another investor and myself could buy and rent the same exact house but I may get $100-200 more per month because I rehab nicer. I do all diligence myself, and basically just call up my agent to write an offer. They give me a break on listing sometimes. But if you're buying foreclosures they can be a big headache for the agent for maybe 2-2.5% commission, that's often split in half with their broker. So if you buy a $100k foreclosure they're probably going to get $1000-$1250.

0 Reply

Brian Garrett

OP

Real Estate Investor · Palm Beach County, FL · Member since 2017 · 3k+ posts · 2k+ votes

8y

Originally posted by @Stephanie P.:

Hey Brian,

You're better off going to local meetups and REIA's and talking to wholesalers than giving 20 Realtors your criteria and watching them go at it in a cage match for 3% commission. You know what you're looking for and I think you'll be better served and keep more of the profits in your pocket by fishing in those ponds. I see it every month.

One girl's opinion.

Stephanie

@Brian Garrett

I tried that also but none of the "wholesalers" I've been introduced to or that I've connected with on my own have any deals and majority of them don't own the contracts on the properties and they're just trying to middle man a deal by marking it up to make a few quick bucks. It seems finding a real wholesaler is like finding a needle in a haystack.

0 Reply

Brian Garrett

OP

Real Estate Investor · Palm Beach County, FL · Member since 2017 · 3k+ posts · 2k+ votes

8y

Originally posted by @Chase Gochnauer:

I don't think you'll find an agent to do what you're looking for. They aren't in construction so they can't estimate rehab costs, and they aren't leasing agents so they don't know rent prices. Even rent prices have a big swing based on the landlord. Another investor and myself could buy and rent the same exact house but I may get $100-200 more per month because I rehab nicer.

I do all diligence myself, and basically just call up my agent to write an offer. They give me a break on listing sometimes. But if you're buying foreclosures they can be a big headache for the agent for maybe 2-2.5% commission, that's often split in half with their broker. So if you buy a $100k foreclosure they're probably going to get $1000-$1250.

I'm not expecting a realtor to estimate rehab costs and never insisted that. I do expect them to know rents though. I've yet to meet a realtor in my market that isn't familiar with the local rental market. Rentals are very common here.

0 Reply

Chase Gochnauer

Investor · Des Moines, IA · Member since 2015 · 380 posts · 201 votes

8y

@Brian Garrett I think it'd be helpful then to know what criteria you are expecting your agent to vet. I don't think you clarified that.

1 Reply

Brian Garrett

OP

Real Estate Investor · Palm Beach County, FL · Member since 2017 · 3k+ posts · 2k+ votes

8y

Originally posted by @Chase Gochnauer:

@Brian Garrett I think it'd be helpful then to know what criteria you are expecting your agent to vet. I don't think you clarified that.

I've given examples in various posts including my original one.

0 Reply

Jordan MoorheadBusiness Member

Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes

8y

I will analyze stuff I see that pops up in my clients criteria in Minneapolis. Partly because I enjoy it and also because I check the MLS daily.

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2 Reply

Chase Gochnauer

Investor · Des Moines, IA · Member since 2015 · 380 posts · 201 votes

8y

@Brian Garrett You had mentioned they did not provide comps or market rent. Then you said you did diligence on a couple and they did not meet your criteria. I never gathered from that what your criteria was. Perhaps it's in another of the messages.

1 Reply

Brian Garrett

OP

Real Estate Investor · Palm Beach County, FL · Member since 2017 · 3k+ posts · 2k+ votes

8y

Originally posted by @Jordan Moorhead:

I will analyze stuff I see that pops up in my clients criteria in Minneapolis. Partly because I enjoy it and also because I check the MLS daily.

My kinda realtor! Feel like relocating to FL and getting out of that cold weather? Lol

0 Reply

Brian Garrett

OP

Real Estate Investor · Palm Beach County, FL · Member since 2017 · 3k+ posts · 2k+ votes

8y

Originally posted by @Chase Gochnauer:

@Brian Garrett You had mentioned they did not provide comps or market rent. Then you said you did diligence on a couple and they did not meet your criteria. I never gathered from that what your criteria was. Perhaps it's in another of the messages.

Using that particular example it was rents be at least 1% of purchase price and no comps to support subject properties.

0 Reply

John Leavelle

Investor · La Vernia, TX · Member since 2015 · 1k+ posts · 865 votes

8y

Howdy @Brian Garrett

As you know I am fairly new to the REI game. I have talked to, had coffee with, and vetted about 8 different Realtors. I've tried 2 so far. The first one did not respond very quickly when I needed additional data on one property I wanted to place an offer. I lost out on the deal. My current Realtor sent me a big listing at first. We have worked on narrowly the criteria. We have closed on 3 properties together. She now knows what I want and happily looks for deals.

I tend to agree with what most are saying here. Expecting multiple agents to fight over you business is not going to be productive. It may alienate you from many. I use to be a Travel agent many years ago. We had the same problem with people going from agency to agency looking for the cheapest airline tickets, the best Las Vegas deals, or the best cruise deals. All agencies had access to the same deals with a few exceptions. The point is the agents would not try hard because they knew another agent was also looking for the same client. It is much better to build a relationship with a single Realtor. You will get much better results and be more productive in the long run. Yes, look around for one that aligns with your goals. But I would not use all at one time.

3 Reply

Ben Zimmerman

Rental Property Investor · Raleigh, NC · Member since 2016 · 396 posts · 995 votes

8y

I really think you are expecting WAY too much from an agent. An agents job is to show properties, provide some information on the few properties that you are interested in, and guide the sales process to closing. That's it. He is not going to scrub through the MLS and calculate each one to see if it meets your particular financial goals of a 1% rule. YOUR job as an investor, is to properly screen what is available, and find the properties that meet your criteria and select the one that best fits your needs. If you are expecting an agent to scrub the MLS like you are wanting, then you will never be satisfied with an agent. You shouldn't need to have your realtor run rent prices on a bunch of properties, because you should already know within roughly $100 of what any house rents for based on the raw stats of the house (sq footage, bed bath count ect), a few pictures, and the homes location. You should be able to look at the list of 67 places that he sent you, and almost immediately narrow it down to a few that sound promising because you already have a rough idea what the rent, and sales price should be. Then you ask for specific details on those 2-3 properties that look promising and I'm sure any agent would gladly run whatever comps you wanted on those select few properties.

Secondly and equally as important, lets reverse the roles here for a moment. Lets assume there is an amazing agent, or wholesaler out there, who always has a knack for finding deals. Why should they work with you? You already admit that you work with a dozen different realtors, so there is no loyalty. And when it comes to investors, there are always bigger fish in the sea. You will never know the name of this mythical amazing wholesaler because he takes ALL of his deals to the same 3-5 investors who he has worked with in the past who buy dozens, or hundreds of properties per year and are guaranteed to not waste his time by going through the motions only to fail to be able to close at the last minute. This amazing wholesaler has no interest in talking to someone he has never worked with before, and is only able to buy 1 or 2 units per year. This amazing wholesaler has other, better investors already lined up. He doesn't need you, you need him.

7 Reply

Nick Walton

Investor · Frisco, TX · Member since 2014 · 17 posts · 8 votes

8y

As a realtor what I usually do is short list properties. You give me details of what you are looking for and I enter that information in the MLS and you get emails with what's currently on the market.

Most seasoned investors have their own tools they use to evaluate the short list of properties that I send them. I can provide more help and guidance if needed.

0 Reply

Jay Leisten

Real Estate Broker · Louisville, KY · Member since 2014 · 362 posts · 232 votes

8y

I send whatever is asked for in an email drip, but I copy myself on them and when one looks like a great deal or junk I’ll reply all to that effect. That way someone only needs to dig deeper on a few of them.

1 Reply

Brian Garrett

OP

Real Estate Investor · Palm Beach County, FL · Member since 2017 · 3k+ posts · 2k+ votes

8y

Originally posted by @John Leavelle:

Howdy @Brian Garrett

As you know I am fairly new to the REI game. I have talked to, had coffee with, and vetted about 8 different Realtors. I've tried 2 so far. The first one did not respond very quickly when I needed additional data on one property I wanted to place an offer. I lost out on the deal. My current Realtor sent me a big listing at first. We have worked on narrowly the criteria. We have closed on 3 properties together. She now knows what I want and happily looks for deals.

I tend to agree with what most are saying here. Expecting multiple agents to fight over you business is not going to be productive. It may alienate you from many. I use to be a Travel agent many years ago. We had the same problem with people going from agency to agency looking for the cheapest airline tickets, the best Las Vegas deals, or the best cruise deals. All agencies had access to the same deals with a few exceptions. The point is the agents would not try hard because they knew another agent was also looking for the same client. It is much better to build a relationship with a single Realtor. You will get much better results and be more productive in the long run. Yes, look around for one that aligns with your goals. But I would not use all at one time.

Thanks for your input John. Everybody has their own strategies however I personally see more upside in letting all local realtors know what I’m looking for than I do in restricting myself by relying on one in particular. Keep in mind I’m not asking these realtors to represent me I’m simply telling them my criteria and asking them to keep me in mind should they come across something they think may be a fit.

0 Reply

Brian Garrett

OP

Real Estate Investor · Palm Beach County, FL · Member since 2017 · 3k+ posts · 2k+ votes

8y

Originally posted by @Ben Zimmerman:

I really think you are expecting WAY too much from an agent. An agents job is to show properties, provide some information on the few properties that you are interested in, and guide the sales process to closing. That's it. He is not going to scrub through the MLS and calculate each one to see if it meets your particular financial goals of a 1% rule. YOUR job as an investor, is to properly screen what is available, and find the properties that meet your criteria and select the one that best fits your needs. If you are expecting an agent to scrub the MLS like you are wanting, then you will never be satisfied with an agent. You shouldn't need to have your realtor run rent prices on a bunch of properties, because you should already know within roughly $100 of what any house rents for based on the raw stats of the house (sq footage, bed bath count ect), a few pictures, and the homes location. You should be able to look at the list of 67 places that he sent you, and almost immediately narrow it down to a few that sound promising because you already have a rough idea what the rent, and sales price should be. Then you ask for specific details on those 2-3 properties that look promising and I'm sure any agent would gladly run whatever comps you wanted on those select few properties.

Secondly and equally as important, lets reverse the roles here for a moment. Lets assume there is an amazing agent, or wholesaler out there, who always has a knack for finding deals. Why should they work with you? You already admit that you work with a dozen different realtors, so there is no loyalty. And when it comes to investors, there are always bigger fish in the sea. You will never know the name of this mythical amazing wholesaler because he takes ALL of his deals to the same 3-5 investors who he has worked with in the past who buy dozens, or hundreds of properties per year and are guaranteed to not waste his time by going through the motions only to fail to be able to close at the last minute. This amazing wholesaler has no interest in talking to someone he has never worked with before, and is only able to buy 1 or 2 units per year. This amazing wholesaler has other, better investors already lined up. He doesn't need you, you need him.

You are missing the entire point. Thanks for your input nonetheless.

0 Reply

Brian Garrett

OP

Real Estate Investor · Palm Beach County, FL · Member since 2017 · 3k+ posts · 2k+ votes

8y

Originally posted by @Nick Walton:

As a realtor what I usually do is short list properties. You give me details of what you are looking for and I enter that information in the MLS and you get emails with what's currently on the market.

Most seasoned investors have their own tools they use to evaluate the short list of properties that I send them. I can provide more help and guidance if needed.

Thanks for your reply Nick.

0 Reply

Brian Garrett

OP

Real Estate Investor · Palm Beach County, FL · Member since 2017 · 3k+ posts · 2k+ votes

8y

Originally posted by @Jay Leisten:

I send whatever is asked for in an email drip, but I copy myself on them and when one looks like a great deal or junk I’ll reply all to that effect. That way someone only needs to dig deeper on a few of them.

Makes sense thanks Jay.

0 Reply

Poem Turner

Real Estate Agent · Georgetown, TX · Member since 2016 · 169 posts · 107 votes

8y

Oh my, lots of opinions here!

My two cents:

As an investor: I have an understanding of tax rates in each area, ballpark rents, and overall what criteria works for MY specific requirements.

As an agent: I've run the numbers on enough properties, I can tell at a glance what the monthly cash flow will be (taking into account location, taxes, HOA, schools, condition, appreciation trends, local job markets and coming opportunities) and even if it doesn't fit MY criteria, it may be just right for a client. We've all got different tolerances. If it passes the first glance screening, yes, I do run an analysis, and if it looks right there, I'll pass the listing, analysis, sold and rental ballparks to my client. That's for pockets and off-markets as well as what's officially on MLS. Almost all of my investors have their own analysis they'll run after they have that info. I'm not offended, they don't think I'm pushy, but I've helped narrow the field for them and don't swamp them with dozens of listings a day.

As a techie: I've developed a script to "scrub" the local MLS for combinations of criteria that may have allowed a property to escape my notice (can't look at EVERY ONE), and fit a range of cash flow and ROI tolerances.

So, yes, I think a good investment realtor should do a preliminary screen for you. But they should be experienced enough and have processes in place that make that not as hands-on for them as individually analyzing every property that fits 3/2/2 of a certain age and size within a zip code or school district. Keep looking and networking and you'll find them! Probably lurking here ;-)

5 Reply

Does your realtor analyze and/or vet potential deals first?

Does your realtor analyze and/or vet potential deals first?

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