Assembling a Team - Real Estate Agent

[Adam Roach]

Good Morning Everyone, 

I'm still new to Bigger Pockets and the community and have recently been combing the forums and starting to listen through many of the great pod-casts that seem to be available. One of the main focuses I see repeated both here and in the research I've done in the past is the importance of building a team. So far I have an accountant (myself) and legal council in the form of my partner who is a lawyer in the area. That being said I'm not sure how I should go about selecting a real estate agent or team of real estate agents. Can anyone provide any insight on their experience and things I should avoid when approaching agents? What questions do you suggest I ask etc to vette their ability to work well in the REI industry both for me and hopefully our relationship in the future?

I plan to start with 3 properties per year (Duplexes/SFR) focusing on the markets developed by school systems in my area. (Small families who want a specific district or college age people renting while attending graduate school etc) I'm located in Oklahoma so Oklahoma City, Edmond, Moore, and Stillwater areas are ideal.

I appreciate any insight or help you can provide. Have a great day!

[Mark Updegraff]

First off, I use Zillow and Trulia for advertising and still specialize in investments.  So, don't rule out those sites for finding someone.  You can see their past sale history as well.  You want people that are active in the area that you're targeting.  If you go to my Zillow page, you'll see the shot gun blast of sales.  Find someone that has a blast near where you want to be, that is a good start.  Don't worry if they're not "investor friendly" you're steering the ship mon!

Let me give you some tips.  Talented agents are extremely busy, and they need to manage their time.  They usually have a team of people under them.  In fact, getting a great agent on the phone can be difficult, they've worked on their business to the point where they're not the ones in the field.  Most people refer to them as "my broker" but in reality they too are agents, they just don't need to deal with much field work any more.  That doesn't mean you can't get access to them or their expertise.  

The first thing you're going to have to realize that a good agent is sizing you up just like you're trying to size them up.  For me, I'm thinking "OK, I'm gonna gift wrap a deal for this kid, is he going to be able to pull the trigger?"  If I think not, well you won't be getting my best deal.  If I bring it to you and you flinch, I don't get a commission because it got away.  I didn't even have time to bring my next guy through.  Someone else was ready, I wasted my time, I still need to sell you a house and I could have sold that one.  These are time sensitive and there isn't room for me to hold your hand ESPECIALLY IF YOU AINT GOT CASH.  You need to listen to me, trust me, and then make your own educated decision when I bring you the deal.  If I don't think you're capable or ready to come to that decision I can't risk bringing it to you first.  I will bring it to the client that is ready first.  You need to get yourself ready.  Whatever it takes.  Study the market, become and expert, know the rental rates, know the rehab, know the history, know the trends, etc etc etc.

You are not vetting them, they are vetting you.  If it is the other way around, they're not good enough to compete against agents like me and you won't get the best deal anyway.