Investor Friendly agents

[Matthew Balter]

What are things you look for when trying to determine if an agent partnership is right for you? What makes an agent look great to partner with and what are deal breakers that immediately turn you off from working with them? 

[Taylor Dasch]

Love this question. I may not be the best investor friendly agent(I definitely try my best) but here is what I do. 

1. The agent comes to the showing prepared with a quick CMA of properties that have sold (especially if on market) to determine the best offer price.

2. Ideally the REA is an investor as well and is familiar with market rents. If the property is a good contender for my client I will typically prepare a quick CMA for rentals to determine a good rent price, I also do a quick CMA using only updated properties to determine the ARV for my client.

3. They should be familiar with different financing strategies, back up plans (flip, STR, MTR, etc.) and inform you on all of them.

4. Availability to show you properties and dedicated to showing you properties and getting you a good deal. - My last agent had none of these other qualities but she drove from Copperas Cove to Belton (about 30 miles) to show me properties and also facetimed me at work to show the property I ended up buying- if I wasnt an REA I would use her again just for that reason. 

Deal Breakers for me : Not available to show properties - Slow Response / Not communicative - always late - 

Another big one in this market is time to write an offer. I write offers very slowly but I am on it right away and thats my top priority. I feel that sometimes an agent will procrastinate writing an offer or forget about it and that could cost you a deal in this market.  

Note that these are for the ideal agent it will be hard to find one of them today since they dont really make too much off the cheaper properties and they typically have to show a lot of them if you are a newer investor.  If you are familiar with your market, in all honesty I would go after a newer hungry agent. If not it is definitely worth the research to find a great REA!

[Jessica Stevenson]

@Matthew Balter - I think it's more of a matter of which agent partnership is right for you, not IF an agent partnership is right for you.  As a new investor, finding someone you trust who will take the time to educate and explain along the way will be paramount.  Reach out to a few agents and schedule a call simply to chat about your investing goals and where you want to be in the next 5 years (and even more basic, see who you simply connect with - you'll be spending a LOT of time together during an escrow period once you get under contract).  Knowing your goals will be important information to a decent agent skilled in working with investors.  Then, Follow up!  As a busy agent I can tell you that there are many people who tell me they want to stay top of mind, and then they disappear.  

[Matthew Balter]

Quote from @Taylor Dasch:

Love this question. I may not be the best investor friendly agent(I definitely try my best) but here is what I do. 

1. The agent comes to the showing prepared with a quick CMA of properties that have sold (especially if on market) to determine the best offer price.

2. Ideally the REA is an investor as well and is familiar with market rents. If the property is a good contender for my client I will typically prepare a quick CMA for rentals to determine a good rent price, I also do a quick CMA using only updated properties to determine the ARV for my client.

3. They should be familiar with different financing strategies, back up plans (flip, STR, MTR, etc.) and inform you on all of them.

4. Availability to show you properties and dedicated to showing you properties and getting you a good deal. - My last agent had none of these other qualities but she drove from Copperas Cove to Belton (about 30 miles) to show me properties and also facetimed me at work to show the property I ended up buying- if I wasnt an REA I would use her again just for that reason. 

Deal Breakers for me : Not available to show properties - Slow Response / Not communicative - always late - 

Another big one in this market is time to write an offer. I write offers very slowly but I am on it right away and thats my top priority. I feel that sometimes an agent will procrastinate writing an offer or forget about it and that could cost you a deal in this market.  

Note that these are for the ideal agent it will be hard to find one of them today since they dont really make too much off the cheaper properties and they typically have to show a lot of them if you are a newer investor.  If you are familiar with your market, in all honesty I would go after a newer hungry agent. If not it is definitely worth the research to find a great REA!

Taylor,

Thank you for responding! It seem's being well prepared and responsive you find are the keys to helping create a good partnership! Especially with the amount of properties you must show investors as well as a lot of them being "cheaper" can make it difficult for an agent at times. So ensuring that you provide a good agent a smooth experience helps keep that relationship.

Matt

[Matthew Balter]

Quote from @Jessica Stevenson:

@Matthew Balter - I think it's more of a matter of which agent partnership is right for you, not IF an agent partnership is right for you.  As a new investor, finding someone you trust who will take the time to educate and explain along the way will be paramount.  Reach out to a few agents and schedule a call simply to chat about your investing goals and where you want to be in the next 5 years (and even more basic, see who you simply connect with - you'll be spending a LOT of time together during an escrow period once you get under contract).  Knowing your goals will be important information to a decent agent skilled in working with investors.  Then, Follow up!  As a busy agent I can tell you that there are many people who tell me they want to stay top of mind, and then they disappear.  

@Jessica Stevenson

Thanks for responding! The reason I asked was for two reasons. As a somewhat newer investor myself I have only worked with one agent for my investments (He was great). I wanted to learn more for future investments if I ever needed to find a different agent for whatever reason (out of state, etc.). The second reason I asked is I am a real estate agent now in NH and will be primarily working with investors as that's where my personal experience and interest is. Any advice that would help provide clients and other agents the best experience would be greatly appreciated. I see you're located in NH and MA. I would love to connect further and discuss as I am based out of the Portsmouth NH area!

Matt

[Kristin Kiddy]

Personal experience as an investor is really important.  There is a lot of detail and nuance.  I've owned and managed vacation rentals, long term rentals in other states, and local rental properties over the last 12 years.  That's 12 years of learning the tax laws (and paying taxes), finding vendors to make repairs and improvements, dealing with problem tenants, making mistakes, and finding solutions to a long list of issues.  You just can't learn all of it overnight, even though there are some great resources available (like BiggerPockets).  

[Nicole Heasley Beitenman]

Quote from @Kristin Kiddy:

Personal experience as an investor is really important.  There is a lot of detail and nuance.  I've owned and managed vacation rentals, long term rentals in other states, and local rental properties over the last 12 years.  That's 12 years of learning the tax laws (and paying taxes), finding vendors to make repairs and improvements, dealing with problem tenants, making mistakes, and finding solutions to a long list of issues.  You just can't learn all of it overnight, even though there are some great resources available (like BiggerPockets).  

I agree wholeheartedly. If they've never owned and managed rentals, keep looking. They should be able to review your analysis of a property and give constructive feedback on its accuracy. 

[Steven Foster Wilson]

Quote from @Matthew Balter:

What are things you look for when trying to determine if an agent partnership is right for you? What makes an agent look great to partner with and what are deal breakers that immediately turn you off from working with them? 

I think it’s important to have someone that knows the area and has experience. As well as someone that’s honest and a hard worker. I personally have a list of questions that I go over with potential partners and people that I want on my team. I think it’s so important to ask because you will never know without asking questions.

[Trish Mccoy]

I would say, find an agent who personally had properties like that ones that you want to invest in. For example STR or LTR etc.. This will be very educational to you and provide you with a lot of the inside knowledge and nuances in the area.

Responsiveness if key - Also, make sure YOU are focused and not all over the map - as an agent may not want to work with you - it's a two way street.

I would also not just pick the biggest producer in the area - as they are busy and you'll just be another number for them - and most likely will pass you off to one of their team members. 
Just my .02