Multiple Realtors for house hacking?

Question

I am a first time home buyer and have been listening to many Biggerpockets Prodcasts.  Looking to house hack my first property ideally a duplex or house with ADU. And hopefully repeat the process for a few times.

I just started reaching out to mortgage loaner and several realtors. I wonder if it would be a good idea for me to use multiple realtors? Or should I interview them, walk through properties with them, review their deals and find only one to go ahead with?

I also heard that many realtors request an exclusive partnership. Should I avoid them? Would that be possible to have a try before you buy sort of thing for the exclusive partnership? As a first timer, finding a good realtor is important so I don’t think I should go with whoever.

Jonathan Greene · Answer

Why would a realtor work with you if you were using other realtors? It would be a terrible use of their time. As a FTHB, you aren't reviewing their deals. You just want to find an agent who you can trust and who has your best interests first at all times. Reviews on Zillow are all vetted so that's a good source to see if other FTHB have raved about them. We don't use buyer agreements because they aren't enforceable, but in many states realtors use them for what I said first.

Tyler Fontaine · Answer

Any realtor who is good, puts ups numbers, knows their stuff, and has the experience you're looking for will not allow you to work with multiple agents.

That's like telling a girl you want to get married one day but won't seriously date her until you shop around to be sure. A good woman would just move on.

You should look for a realtor who specializes in multi-family assets. Ask them how many deals they did last year, how much in sales volume, how much of that was multi-families, and if they are themselves investors.The person you're looking for either individually or as a team has done a solid number of deals and are active investors.

Feel free to interview them and do your diligence but you should make a decision on one and start working with them exclusively.

Eric Yu · Answer

Hi Serena! Great question - to be honest, first time I worked with a Realtor, I had no idea it was an exclusive relationship, so I kept messaging other agents as well. Now, having become a Realtor myself, I think it all comes down to the value a Realtor provides. Chances are, most Realtors you talk to won't have a strong background in investing & don't own properties themselves. You want to find someone who can back up what they're saying with their own experiences. In a new market, I'll tap into my network and ask for referrals.

There's nothing *wrong* with a Realtor that asks for an exclusive agency agreement; I wouldn't use that as a criteria to axe someone out. Personally speaking, I'm confident in the value I can provide my clients, so I've never needed to use an exclusive agency agreement, but some brokerages may require differently.

Sarita Scherpereel · Answer

@Serena Du Realtor here. We also want to make sure this is a good partnership. Any good investor friendly agent is looking for more of a partnership than just a regular client relationship. You need someone that is going to be there for you even years after you've closed on the property for any advice or help you might need. Investment properties are hard. They take more time than just buying a condo or SFH. Running comps, proformas, ARV, Rental numbers, etc is more time intensive. We want to make sure you are worth the time. I've fired several clients that I didn't think it was a good fit. I don't want to get in the way of their success and if we are fundamentally not on the same page, so it was best to let them go. Also, because of the intensity of the relationship if a buyer comes across as risky (meaning they look to be into breaking rules or fraud) I also let them go. If my client is success they go on to buyer property number two faster. In 2022, I had three buyer buy their 2nd and 3rd properties with me. Next week on of those buyer's is getting married and I'm going to their wedding :)

Obviously this is not for everyone. I'm not for everyone. You have to find what works best for you. If you start working with someone and it's not right-be honest and make a change. You can fire them. But don't play agents against each other. It's not a good way to start a healthy partnership.

Theresa Harris · Answer

Find a realtor you can work with and work with them.  There is no point having multiple realtors and as others said, why would a realtor work with a potential buyer who is working with other realtors?

Multiple Realtors for house hacking?

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