My First Deal issues with agent

[Julian White]

Hello Everybody.  I am 24 years old and have been looking to buy my first property since the pandemic started to affect everyday life in the USA in March of 2020.  

I am based in Seattle, WA but because of the prices in my area I have been looking to buy in Spokane, WA. To find deals I have driven for dollars in the area, but mostly been getting properties sent to me from the MLS by the agent I found and have been working with since April. My agents advise to me in April was to wait until October or November when the market cools down and there is less competition for me because the market was and is so hot (about 2 weeks inventory and properties would be pending after the weekend) from April to September.

In the mean time my agent was sending me around 10 properties on the MLS a day and about 1/20 would hit all the numbers in my spreadsheet analysis to make it a good deal (cap rate, COC, 1% rule and IRR). I can sense by talking to local investors and the repeat listings I am seeing that the market is starting to slow down.

I have listings that I would like to offer on, but when I have told my agent this in April, June and July I got the sense my agent was talking me out of offering especially if I wanted to offer at a discount on the property or the property would have other offers from investors as well. I just feel like my agent is looking out for their reputation rather than for me or both of us. 

What do you guys think? 

Have any of you guys had similar situations?

Should I look for a new agent even though this one has been working with me and sending me deals since April?  What is the agent, buy edict?  I would love to hear from anyone who can shed any light for me.  As many of you know, with my first deal Im nervous to make big mistakes and so offering with out the full support of my agent just feels risky.

[Todd Pultz]

@Julian White NO you should not offer him anything for sending you listings. I’m sure he set you on an automatic listing email to send any listing to you that meets your criteria correct? That doesn’t take much time

Now, I am an investor first, property manager second and realtor last. I set these listing emails up for a ton of my clients and I expect nothing except them allowing me to represent them when they find a deal they like. If he is truly representing you, he should send whatever offer you want to make into the seller. If he doesn’t agree with your strategy he should let you know he’s not a right fit. You also have to make sure you are not be unrealistic with crazy low ball offers that have no chance.

Real estate is a business and your team has to be in align with your goals. Remove your emotions and interview other agents to see if there is a better fit.

If you want a Taco, you don’t go to McDonald’s because your afraid to hurt their feelings.