First Time Working with Real Estate Agents

[Raluca G.]

Hi,

I am new on BP, and I am planning to start out of state investing, in San Antonio, TX. I live in Boston, MA. Can I work with more than one real estate agent? Can I contact several? How about property management teams? What should I look for in selecting the right agent and property management team? 

Thank you!

[Adam Acord]

As a savvy Real Estate agent, I would not work for a buyer not willing to sign a buyer agreement. My time is too valuable to be spending it on a client who is shopping deals with other agents. It is quite possible that the criteria used in the search for investment property will be the same as used by other agents and therefore we will be submitting the same properties. There are agents who are trained and knowledgeable as to what makes a great rental home and how to determine accurate market rent rates. Agents not having the experience in our field, combined with not having the oversight of professionals held to higher ethical standards (CPMs, GRIs, RMPs, MPMs), will most likely not have your best interest in mind but only that ultimate commission. All too often we speak with new rental investors after they’ve bought their first property and have to tell them the truth about what their asset is worth as a rental. In these instances, they have been fed misinformation and won’t be able to cash flow positive.

There are plenty more reasons why Buyer Representation Agreements are a good thing. The concept of not signing one so you don’t have to be loyal to a single agent is narrow-minded; you’re not seeing the bigger picture. Work with an agent who knows how to help you buy what you’re looking for, someone who will put your interests at the foreground.