What kind of agent to work with for OO multifamily property

Question

OO- owner occupied. In case anyone asks... ran out of characters.

My question is, is there something I should be looking for in an agent when I'm looking for what I'm guessing is a more special request of finding the best deal on an owner occupied multi-family unit in the super tough market of LA?

I have been working with an agent but have not had the best response rate with her. Because I have a specific goal in mind and because I currently do not live in LA I need a little more help than I would normally ask for. I was able to schedule time to drive the 4 hours from where I am in Fresno to LA early next week to view some possibilities, which I mentioned to her last week but without hearing much from her since then I have a feeling that I will be wasting the days I set aside and likely not be viewing anything.

I know this type of home search process must be frustrating for some agents who can normally make a traditional SFH conventional loan sell quicker and without so many non-negotiable items that fit within a certain budget. But I also know that certain agents must have expertise in this type of investment.

What do I need to do to help an agent want to help me? I'm not against doing some long distance footwork but I need to know what agents look for and need.

And yes I have emailed the similar question (written very carefully) to the agent directly but in case there is more of a blunt/real answer, I know I can count on BP for it.

And on that note... for the lender as well... who is also not very responsive.

(As a side note: I'm pretty reasonable and am not a super impatient or annoying client. Just need some urgency for this one.)

Franklin Romine · Answer

Build your team of people/mentors around players that walk the talk.  The majority of advisers do not have personal experience.

Perfect example.... You have two young children and your searching for a daycare to watch them during the day.   Who would you trust more...a provider that doesn't personally have children? or a provider that has multiple good children?

Find representation from real estate people that personally own lots of real estate and the majority of there income comes from other sources than the services you are requesting.

Attorneys, Doctors, Real Estate Agents, etc. make better decisions when they are financially independent.  Hope that makes sense...

Nicole Jones · Answer

Ah thanks Jay. I'm embarrassed to say that I did contact an agent prior to getting the pre-qual letter and I totally see how this would lead to no urgency. My last purchases were made by contacting a realtor first who referred me to a lender they prefer. I realize this can be annoying. So maybe I need to back up since the lender we're currently in contact with is another feet dragger.

Any advice on choosing a good experienced and speedy lender on my own?

Jay Orlauski · Answer

Nicole - I work a lot with investors in the Fresno area so I have a little bit of an idea of what investment friendly realtors are looking for in a client.  Without knowing the specifics - here are a few things that will help agents to take you more seriously.

If you are buying as a rental,  then chances are - you are using a loan - when you reach out an agent - be sure that you are pre-qualified and let the agent know that you are pre-qualified - this is one of the big things that will capture their attention - even better than that is to provide your letter of pre-qual - this tells them that you are a serious buyer and have already taken steps towards your purchase. Let them know that you are looking to do something soon so that they will feel a sense of urgency when dealing with you - a prequalified buyer who wants to buy a home soon should get the attention of any agent who wants to make a sale.

When interviewing your potential realtor -ask how much experience they have in working with investors and ask if he/she would be able to run you a cash flow projection for a particular property if you requested it. This should help weed out any inexperienced / unwilling  agents.

Set some time aside to go to a local meetup in LA -  there is a good chance you will run into someone who is an agent or knows an agent that works with investors. Maybe you can schedule a viewing on the same a as a meetup and kill two birds with one stone.

Let them know that you already own some multifamilies and are looking to expand - they will see you as more serious if this is not your first rodeo ( I think you mentioned owning some multifamilies  in a previous post)

I hope some of this is helpful - I know it is tougher working with out of area agents and it requires a lot of coordination  but the right agent will not mind the opportunity to add another investor client to his roster.

good luck - keep us posted!

Jay Orlauski · Answer

@Daniel Lee - good to see you - hit me up next time you're in Fresno

Nicole Jones · Answer

Hey @Daniel Lee sounds good! PM me your contact info.

What kind of agent to work with for OO multifamily property

Most Popular Reply