Questions to ask when looking for an agent

[Jacob D Adamczak]

I have just moved to the Charleston area and I am in the process of finding an agent to work with to help me find a small multifamily property in the area.  Since I am new at this, I am not sure exactly what to ask.  I had one agent recommended to me and had my first meeting with them today.  Should I meet with multiple agents and if so what should I be looking for?

[Account Closed]

Some ideas:

• Look at 50 houses before you make an offer on any of them - this will make you very aware of what's going on in your local market - agents will try to sell you something - that is how they make money --- you don't want to make a mistake.
• Suggest to an agent (usually a new agent will be better) to be a Buyers Agent for you - let the agent know that you only want to look at expired listing and FSBO's. Make an agreement to pay the agent a commission on anything you buy 3-5%. This will give him the leverage to talk to sellers without the pressure of getting a listing.
• Encourage the agent to run ads for you - Real Estate Agent wants income properties - No commission - no settlement cost.
• Treat your agent well - free lunches, $50.00 for gas. Get to know the agent - make sure he has your full interest at heart - let him know that he is acting as a fiduciary.
• Offer your agent a percentage of the profits and that after you buy you may list with him or her.

Most importantly - know what the market is offering - offer less - educate your agent ---- before you agree to work with an agent ----- use the 50 house rule I mentioned above.