What qualities to look for in a good agent? Trying to learn as a new agent

Question

I am in no way asking for business but rather for your opinions, thank you!

My question: When you are looking for an agent to work with, what are qualities you look for and want? I ask because I would like to work with investors but I would like to understand how to be an asset when that time does come.

Background: I am a real estate agent with property management experience. I would like to invest in the future but no deals under my belt. I have been a homeowner before and flipped my house, but that was because I love projects.

Thanks in advance for your opinions!

Jason Wray · Answer

Casi,

I work with Realtors all over the United States and the one thing I hear the most from my bank customers is "Communication".  When I approve a customer for an investment home its extremely hard to find a good agent that will "listen" to the buyer and me as the banker.  When you are investor friendly it means you understand the metrics of the buyers property search.

I have seen so many agents get comfortable and simply add their new buyers to the "Hot Sheet" and they blast the buyers with properties that do not even fit the buyers cash flow needs or budget.  Taking the time to work with the Banker and discuss common rents, taxes, any HOA's for example is key.  You really have to practice preventive maintenance when trying to ensure a property will cash flow.

Knowing the market and helping buyers with ARV potential is a huge step and creates a repeat/return buyer.

You are essentially selling more than just a home your planning a future for each buyer/investor.  The quicker you and the Banker can help them close, renovate, refinance and repeat will help them build their REI portfolio, increase their overall wealth and keep buying more homes.

Mark Munson · Answer

Hi @Casi Rice

The most effective Agents and Loan Officers are ones that are investors themselves, highly communicative, and are a valuable resource hub. The vast majority of investors don't even know how to create a buy box; yet they want to make a business out of investing. If you want to make a business repeatable, scalable, less risky, and more profitable; you need to know what you are buying and selling or buying and renting. The more you can help investors mitigate risk, confirm their underwriting, and/or illuminate potential gains or pitfalls; the more successful you'll be. Remember that their success is your success, so be their accountability partner through being highly versed in the real estate investing arena yourself. You need to develop yourself before you can help others develop into what they want to become.

Daniel Vineis · Answer

Hey Casi hope your doing well. One of the most important things you can do is set expectations. If someone is looking for the perfect BRRR deal or for $100,000 flip its very hard to find this on the MLS. Unless you have consistent access to off market deal you will probably be wasting your time with this kind of investor. What I really look for in a agent is can they confirm or deny my ARV and rent estimate and explain why. Sometimes ill say a ARV that is almost certainly unattainable to make sure I am getting accurate feed back rather then someone just telling me what I want to hear. Second most important thing is can they tell me the quality of tenant I will be renting to. The last major thing I look for is work ethic. Will you go view a property for me that there is a good chance we don't get. Will you check on a property I'm currently doing construction on. Will you answer my calls or get back to me promptly. When I go into a market I typically build relationships with wholesalers and do my own direct to seller marketing. So I don't really need lead flow from an agent I need more of there knowledge and connections in the area. If Someone came to you and needed you to funnel them deals having that expectation talk is super important because not every investor needs the same return. So to sum it up identify the type of investor you would want to work with and depending on who you choose to work with there needs will differ.

Nicholas L. · Answer

@Casi Rice

hi.  this is a good question.  i don't know the whole answer.  a lot of investors transact off market, and so they just don't need an agent for that.  i think your best bet is to try to build a network within the investing world so you're positioned as a hub, someone who knows a lot of people, and see a lot of transactions.

i doubt you will be able to generate enough commissions from "investor" transactions, especially early on.  so you need to be going to meetups, getting to know investors who source off market deals, getting to know investors who want agents to list if and when they need to list for any reason, etc.  in short, it's going to take a lot of networking and time that doesn't initially have any revenue attached to it.

hope this helps

Casi Rice · Answer

@Jake Andronico I really like that saying! A good motto to go by and I feel as though I already do that so that helps me know I am on the right path. Thank you for taking the time to provide feedback! Greatly appreciated.

Casi Rice · Answer

@Joe Funari I am currently working on building my network so that I can be an asset for not only myself in the future but clients that choose to work with me. I love meeting new people and creating relationships in different industries. I have learned that even though Salt Lake is a large city, it is quite small when it comes to networking, which I enjoy. Thank you for sharing your knowledge with me (and a little piece of SLC). I will be adding these to my list of things to learn/retain. Have a wonderful day!

Jake Andronico · Answer

@Casi Rice

Congrats!! I was an investor for years before I became an agent for an investor-focused brokerage here in Reno, NV.

For me personally (and from what I've heard from clients), an agent should NOT be afraid to lose a deal, especially if it's in your clients best interest.

We represent THEM and THEIR interests, not ours at the end of the day.

I always tell clients my job is not only to help guide you and help find something, but know how to get OUT of a deal if a cancellation makes sense.

Honesty and communication are HUGE.

I wish you the best of luck!

James Hamling · Answer

BE - OF - SERVICE .......

Yes, it really is that simple.

Literally everything one should, or shouldn't be, do, know, act, will all be correctly guided from those 3 words.

Because you can't be of service, if you are not skilled, so one will get skilled.

And you can't be of service if you don't communicate well, so one will communicate well.

And you can't be of service, if your not delivering value, so one will make themselves of value.

So it really is just that, BE OF SERVICE.

No jazzy tools, BS booklets, word-salad info whatever's, just BE OF SERVICE.

And it also means to attack everything like it's your Mom's, like it matters, truly matters, because if you only care about a paycheck you are not serving your looking to be served.

Most fail because that exact reason, there why is SELF-serving. GIVE 2 get. Ignore the get just focus on the GIVE, everything else will take care of itself.

BE OF SERVICE ....

Gladimir Lobo · Answer

Great question!  To truly be an asset to investors, you must be one. Your property management background will give you a head start. Seasoned investor buyers often grumble about having to school their agents on investing, and the newbie will benefit from your hands on experience.

Lastly, we’ll know enough to level set unreasonable investors and avoid burnout.

The real investor-agent.

What qualities to look for in a good agent? Trying to learn as a new agent

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