How should i move on to another real estate agent

Question

I have found a couple agents on my own and turned out they weren't investors themselves, and basically knew nothing about what i'm trying to accomplish. Is there any business etiquette when it comes down to moving onto a new agent like do i have to let them know ahead of time? or can i just move on and find a new one ? ( I did not sign any exclusive agreement)

John P. · Answer

Never good to burn a bridge so I would find a way to be polite and professional.  Something like: "A friend introduced me to a Realtor they have worked with and they specialize in investment properties.  I thank you for all the time you have given me but I need to work with this investment expert. When I want to buy a single family house, for my personal residence, I will reach out to you for sure."

Nick Hedberg · Answer

@Brian Cheng - I can tell you are a good guy by wanting to tell them. You are doing the respectable and professional thing by letting them know. This allows them to not waste their time (and money) on looking for properties for you. If you have a strong relationship with them then you should meet face to face or call them. If you don't know them very well then a text or email will suffice. Regardless you should let them know!

The script is simple, thank them for their work and tell them you aren't seeing properties that aren't meeting your criteria. As a result you have found another agent that invests and is a better fit.

It's just like breaking up with someone... just pull the bandaid off and get it over with.

Account Closed · Answer

@Brian Cheng Its totally okay to let a realtor know that you would like to explore other options. Another great thing is, if you do find a great realtor, they could be part of an experienced team that can help them more even if they themselves do not invest because a good realtor thats also an investor isnt always the same person.

Before you start working with a realtor, just ask them a couple questions, let them know youre in the screening process so you can rid the awkardness in the beginning.

Dillon Y. · Answer

@Jacob Sampson be careful of that scarcity mindset.  Not every deal is right for everyone since every person’s criteria, place on investment journey, etc. are vastly different.

Jacob Sampson · Answer

Understood.  It is also valuable to know when incentives are working for you and against you.  I actually have a realtor that is also an investor but we have an agreement that I get first go at anything she is thinking of purchasing.  She is ok with the agreement because we run a large volume through her.

Daren H. · Answer

Just let your current Realtor know that you are going in a different direction and let them know the specific situations in which you still plan to give them the opportunity for your business. I view agents like barbers. I have one for different occasions. I have my Saturday regular walk-in barber. I have my scheduled appointment barber when I am on a strict schedule. I have my Sunday barber when Saturday is not possible. When all else fails, and I am in desperation mode, I hit up Sports Clips. I don't know any bruthas who want to go to Sports Clips, lol.

Andrew Davis · Answer

@Brian Cheng - never easy, but constructive feedback is so helpful. @John P., @Nick Hedberg and Account Closed all give great advice.

One tip for finding a true investor agent - know exactly what you want them to do and lay out your expectations up front. Do you want them to provide analysis, rehab estimates, preview properties... ? Making sure expectations are aligned is a great way to start a business relationship.

Also - you're in a huge market, I imagine you should have no problem finding "an investor friendly agent in the Houston area." here on BP;)

Doug Pintarch · Answer

Brian - Good point here...same with us, but we actually don't mind. Our realtor is a referral and she is a wonderful lady who even ran to our condo and gave a customer a pool pass that we missed hanging up for them at the beginning of the season! (We are 3 hours away) We prefer to do all the walking and looking and research ourselves, and she gets us in the door and that MLS access we need. Now we are buy-and-holders, so if you're flipping or BRRRR'ing your needs differ, but for us it works fine.

I'd rather we do our own research anyway...I trust my math.   :)

Michael Noto · Answer

@Brian Cheng As an agent I would not care how you told me, but I would appreciate you telling me ASAP so I did not dedicate any more time to you. The agent will actually probably appreciate the honesty. I know I would.

Laura Cardenas · Answer

@Brian Cheng

I bought my first home with my high school friend as my realtor ( I was her second closing). I’m currently searching for another home (multifamily to house hack) and decided to try an agent who has experience investing and working with investors. I decided to send my original realtor a text letting her know the deal, just so it was clear there weren’t any hard feelings. This may have been a little different though due to the history we have.

Goodluck!

How should i move on to another real estate agent

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