Multiple Realtors?

Question

Hello all,

I've worked with a Realtor for a few months now and it's been sort of difficult to get the financials on any of the properties that I'm interested in.  Is this normal?

I am considering seeking out the help from multiple realtors in my market to send me MLS listings and properties, would you guys advise this?  Do you use multiple realtors?

If you do, how do the realtors feel about that normally?  Is that something expected when it comes to investing?  I'd like to find out about all of the potential deals on the market and leverage the expertise of many real estate agents as opposed to one but I don't want to burn any bridges at the same time.

Advice, please?

Dream Big,

Franco :)

David Sekunda · Answer

You said you have been working with the Realtor for a few months, have you ever purchased anything through this agent? Does this agent know for sure you can purchase the properties you are asking for the financials on or has this agent shown you properties? I guess what I am asking is do you know for sure the agent is taking you seriously?

Agents are in the business to earn a living as well and that only happens when property closes.

I have been an agent for over 13 years and worked with all types of buyers and yes "those who say they are buyers" and working with investors can be tricky because so many people call themselves investors, with all the bird dogging schemes and the multitude of people trying to by something for nothing it can get hard quick for an agent to tell who is serious and worth working with and who is not. Some investors just want agents to write ridiculous offers to fish for a deal they can try and sell to a real investor.

In the end I keep my best finds for those who have closed with me in the past and made me some money as well, its a two way road for sure.

Patrick Britton · Answer

One thing I forgot to mention is that the very best real estate agents only deal with people who were ready, willing and able to buy or sell.  If you come across as wishy-washy or indecisive or aloof, good agents will politely pass you off to the competition.  Our time is simply far too valuable to spend on tire kickers when there are so many people out there who need our help today.

So be sure you're not sending those sorts of signals to your agent.  And as well, the best of the best agents only work with people who only work with them.

Russell Brazil · Answer

I'm an agent. The level of work I put forth for a client will vary greatly as to whether they are using me exclusively or whether they are using multiple Realtors.

If someone is using multiple Realtors, the only work I will typically put forth for them is if I see a property in think will work for them, then I will send it to them for consideration. I will show them that property, but I won't typically show them say a dozen properties.

Someone who is working only with me though, I will not have any limits for them if they are a serious buyer, or will at least send me referrals. I also don't mind showiNg properties to someone on occasion who is just curious to see a property, as it helps me see more properties and build relationships with people.

Most agents though won't work withat someone if they are working with multiple Realtors.

Franco Urbaez · Answer

Thanks for the feedback everyone!  It was very helpful hearing it from the perspective of real estate agents.  I really appreciate it.

The agent that I have, I actually purchased my home with.  It seems as though the listing agents want me to schedule an appointment to look at the property before they provide any financials on the property over and above what the MLS has.

I figure since the property I'm going to purchase is going to be an investment property, I would rather see if the numbers work out before I waste my time and my agent's time by looking at a property that ultimately doesn't meet my criteria.

It seems as though many listing agents are reluctant to provide info to those who have not seen the property yet.  My agent suggested sending a letter of intent with my request.

The financials I'm asking for is:

Last 2 years operating expenses

Last year's rent roll

Current YTD rent roll

How many vacancies (most on the MLS aren't accurate I've found)

Thanks for the feedback everyone!

Mindy Jensen · Answer

@David Sekunda said what I was going to say. On the other hand, this agent may not be the best fit for you. If you want to know the answer to a question, you've got to ask the question. Take them out for coffee and ask them if they can help you find properties. Tell them you need more information, and show them your ability to close. If that doesn't work, maybe you need a new agent altogether.

Fred Heller · Answer

I work with out-of-state investors quite frequently and I usually don't have any trouble getting financials about the properties. Now that depends on how easy it is to communicate with the other agent. I've run into some who don't seem to really care whether or not they sell the property in question and are very hard to reach. I've also found that the "contact the listing agent" button on sites like Loopnet is mostly worthless. No one has ever responded to a request for information using that button. I always try to go around that and contact the listing agent directly.

George P. · Answer

serious, shmerious....  I have not bought a house twice with the same agent since 2012.

what a waste of time using the same, buyer's agent! do I really need to explain why?

Maggie L. · Answer

I would echo a lot of what Russell said.  When I started an agent, I was encouraged to get exclusive buyers agency agreements signed.  This was a sign of serious intent on the part of the client.  It also reduces the risk that someone tries to claim they don't owe you a commission (state laws vary on how to qualify as the "procuring cause" and this can get complex fast).  Until you are a signed client, most agents won't devote much time to you.  Many agents I know won't work with a client who works with other people.

That said, I am willing to sign non-exclusive buyers agency agreements with investors under the right circumstances.  This could mean that you're looking to be a repeat client who will offer a good exchange e.g. I find you the house to rehab and I get to list it, but you want to keep your options open with other agents, wholesalers, courthouse auctions, etc.  To appreciate how uncommon this is, the actual non-exclusive buyers agency agreement was actually rather difficult to find in my case. The St Louis Association of Realtor's doesn't even have a non-exclusive buyers agency agreement on file, I had to go to the Missouri Association of Realtors.

Might I ask, what sort of financials are you having trouble getting? Is it all fairly standard MLS material e.g. sold price, % of list, DOM for comps or are you looking for investor-style numbers like ARV?  If this is someone who does a lot of retail (aka non-investor) sales they may not appreciate how numbers-heavy you are as a client.  This may be part of the difficulty.

As for the risk of burning bridges, some people may take offense, but others won't.  A lot of that is your approach.  If you start off by saying you want as many potential sources as possible (and therefore non-exclusive agency) you will also probably want to add in something more for encouragement e.g. if you find me the home to buy, you getting the listing when the rehab is ready to sell, I'm looking for X deals a year, or I will pay any difference between $XXX and the commission you'd get from the seller.

You may have better luck overall with new(er) agents.  They should have more time to devote to an individual client, and finding you a deal will probably have a MUCH bigger impact on their bottom line.  An agent with several years of experience may not consider the lower commission (often the case with properties appealing to investors) worth the time, but a new agent probably would.  New agents are also probably more willing to look at non-standard (e.g. short sale, foreclosures, etc) listings that experienced retail agents may avoid because of the time needed to jump through all of the hoops.

Multiple Realtors?

Most Popular Reply