Should I change my realtor???

Question

Hi, I am in the process of selling my SFR house and planned to buy a small multi family. The realtor I'm working is a nice guy but I feel like it takes a very long time to answer my texts and emails, sometime till the next day and multiple times he just doesn't follow up when I ask him about potential properties I'd like to buy. I want to use a different realtor to buy my multi family but, I'm not sure how/when to tell him because we still have my house in the market. Perhaps I'm just over reacting and it's normal for a realtor to take a day or two to answer.
thanks

Jared Hottle · Answer

Also realtors only get paid when deals go through the funnel of accepted purchase agreement to closing. So agents have to prioritize their time to work with the leads they believe are the hottest, willing to make a competitive offer and pull the trigger when a solid deal comes along not the "perfect" situation. Not saying you are not those things and there are a lot of bad agents out there but make sure you are the client you would want to be and if you believe you are then I think have a discussion with him. If his behavior stays the same I would look for someone else.

Michael Dumler · Answer

@ANTONIO IRIBE is the real estate agent you're working with listing your primary residence? You'll come to quickly find that there's a difference between investor-focused real estate agents and agents who primarily work with home buyers/sellers. This is like a cardiologist who also claims they're a neurologist, while they may have a general scope of practice, the two fields are vastly different. As another BP member has mentioned, you should work with an agent that also invests or at the very least works with investors on the majority of their transactions. My general rule of thumb is to always get back to clients within an hour or two. Hope this helps!

ANTONIO IRIBE · Answer

Thanh you all for your comments, they have been very helpful. Little update, I did talked with a lender and got pre approved but, I do need to sell my house first. The tenants have slowed down this process significantly but I am now in escrow, contingent on the house being vacant, so hopefully I don’t have any problems with that. I’ll follow you guys advice and I will sit down with him and talk about setting expectations to get ready so when my house sell try to get the multi asap.Thanks again all

Marian Huish · Answer

@ANTONIO IRIBE are you prepared & pre-approved to purchase or do you need to sell your current home first? If so, and you’re not in position to ‘act’ quickly in a competitive market, that may be the reason he’s not aggressive in getting you in to see properties…. Also, if they are tenant occupied, often are difficult to show. Why not have a conversation with him go& then decide?

Eliott Elias · Answer

You can end the agent client relationship by cancelling your listing agreement. Make sure it is cancelled so there is no commission confusion. No big deal, if you're not happy move on. There are tons of agents who can adjust to the way you do things

Brandon Vukelich · Answer

Without knowing the full story it can be hard to say for sure but it may be time to make a change. Messages should typically be returned by the end of the day or first thing the following morning. However it does depend on the expectations set by both sides at the onset of working together. It's unfortunate that your agent (you say "realtor" but they may not pay the dues for that designation) doesn't understand that there are 1000s of hungry agents out there ready to hustle and serve clients like you. As Sherrill mentioned, speed is important in a crazy market like this. I suggest finding an agent that is also an investor themselves. Be honest with him, let him know that you have different expectations on the level of communication, follow up and service. Up to you whether you give him a brief chance to redeem himself or not. Best wishes on the sale of your home and future acquisitions.

Steven Foster Wilson · Answer

Like any conflict scenario, you should communicate with him your expectations of communication, he cant perform the way you want him to if he doesn't know what you're looking for. If after that he doesn't perform, then absolutely go fishing for a new agent, Im sure there are 1000+ agents that would love to be your agent.

Alec Reano · Answer

I agree with @Eliott Elias & @Jared Hottle. Most of what everyone is true, if you are pre-approved and serious about purchasing your next house your agent should be responsive. But here are a couple reasons he may not be: 1. He is a part-time agent : nothing against agents that are part-time , but it may just mean he is busy working another job and is not able to be as responsive. In this market you may want to highly consider another agent if this is the case. Since its super important as a buyer right now to be very aggressive when searching and placing offers on properties. 2. He may not view you as a serious buyer: As Jared mentioned, agents only get paid on the close of a transaction. So if you have gone to a number of showings and none of the properties seem to fit your criteria and the agent has been proactive in the past, he may start approaching you as a low priority buyer. 3. un-realistic goals : Depending on the net earnings from your home sale, and your pre-approved amount you purchase criteria for a multifamily property maybe outside of your budget. Currently in SD we are seeing many properties above listing price. This being said if you are pushing the limits on your pre approval letter and all the properties available are listed for your max pre-approved loan value, he may have put you as a lower priority buyer. This is because based on the current market conditions, your offer will not be competitive. 4. He does not have the experience: You might be his first client, which means he may not be comfortable providing you answers right away. In these cases typically the agent will be reaching out to a mentor or his broker for answers. In this circumstance you may want to reconsider if he is the right fit for you since he may not have the skills needed to help you accomplish your goals, or could give you advice that might be bad advice. @ANTONIO IRIBE I hope this helps.

Mark Johnson · Answer

I agree with what was said above. Try talking with him and explain your frustration and expectations. If he doesn't change his behavior, start looking for a new one.

Sherrill Gossett · Answer

IMO he should be answering you IMMEDIATELY because “Time is of the essence” in real estate. It’s our job to be attentive and communicative, ASAP!