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Updated almost 7 years ago on . Most recent reply

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Jessica Scott
  • Berkeley, CA
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What are the most important questions to ask a Realtor?

Jessica Scott
  • Berkeley, CA
Posted

I live in the San Francisco Bay Area. Being that I'm just starting out I'm feeling overwhelmed in the local market, I plan on looking to invest about 1.5 hours away in the Sacramento area. I have an upcoming trip and will be scheduling a couple of meeting with realtors. I plan to look into multifamily properties.

What are the most important questions a new investor should be asking an agent to determine that that want to work with them?

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Wes Blackwell
  • Real Estate Agent
  • Phoenix, AZ
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Wes Blackwell
  • Real Estate Agent
  • Phoenix, AZ
Replied

@Jessica Scott

I work extensively with Bay Area investors like yourself looking to buy multifamily in the Sacramento area (still operate there with a team), and can tell you there are some specific things your agent is going to need to know to help you accomplish this.

1) Ask them how many investors they have helped purchase multifamily properties

This is not a single family or owner occupied scenario. Way different ball game. They need to understand exactly what it is that you're trying to accomplish. If they don't do these type of transactions on the regular, it'll be the blind leading the blind.

2) Ask them what metrics are most important when buying MFH investment property

If they look at you with a confused stare, move on to the next agent. They need to understand how to calculate cashflow, cash on cash return, gross annual yield and so on. Basically, they need to be able to speak the lingo. If they don't understand what metrics are important to you when considering a property, they'll never be able to help you find a property that matches it.

3) Ask them what can you do to make your offer more competitive

Understand that you're going to be competing for these properties. I just listed a fourplex in Sacramento a couple weeks ago on a Friday, and had 5 offers by Monday. As a buyer's agent, your Realtor should know the little things they can do on the offer to make it more competitive. Every little edge counts. If they can't explain how they can help you do this clearly, they'll never help you beat out the competition.

Basically, it all boils down to (1) Do you have experience working with investors on Multifamily properties? (2) Can you speak the lingo? And (3) How can you help me win a property and beat the competition?

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