expecting to much?

Question

Hello BP, my experience with real estate agents ( 4 different ones) has been anything but impressive. They send me listings that fit a set of requirements I pick, get the lock box codes to get me into the door, and of course make an offer for me when I'm lucky enough to want to put one in.  That's it.  Am I expecting too much to want more out of an agent?? Are there buyers agents out there that will provide properties that they have deemed good investments as opposed to just send every listing in the county that has 3bd 2bth? Where are the agents that can give experienced opinions on flipping options, amount of rehab needed? Don't get me wrong, I'm not looking for someone to do my job for me, I actually enjoy looking through listings. But it just seems like maybe I can do better as far as my agent and find one that is more geared towards an investor. I am in Livonia Michigan and have been focused on my surrounding cities/townships especially Redford.  Thank you for any feed back!

Tim Steele · Answer

Hi Matthew, I see you are a resturant manager. Have you thought about hosting a REIA and inviting local brokerages and investors just to talk shop? It would give you lots of "star power" and provide a non evasive setting to interview different realtors.

George P. · Answer

These agents do not exist in se Michigan.  Not when u look at houses that are under 100k. Think about it...  Their commission will be 1600 or so and you need them to have special skills. Most of the sub 100k houses are shown by new agents.

Sarah Lorenz · Answer

I've actually been thinking about offering this type of service myself. I consistently see deals go by that I cannot take advantage of--I just can't buy them all right now.  I started working toward my real estate license so I can benefit from the advantages on my own deals, but also so I can handpick deals and recommend them to other investors. George has a point about commissions, though, and I especially wouldn't be interested in showing 15 or 20 houses to new investors who can't pull the trigger. If I have the money ready, I can go see a house and be ready to make an offer in 10 minutes.

Tiffany Hoffman · Answer

HI! I totally understand where you are coming from and if you lived in San Diego I would totally help you! Here are my tips on possibly finding someone who might better suit your needs as an investor and not a typical home buyer:

• Try to find an agent who is also an investor themselves. I work at a boutique commercial firm that specializes in multifamily brokerage and I think one of the reasons we have been in business in San Diego for so long (35 years) is our agents are active investors themselves. They actually know what is a good price and how much a renovation truly costs. Our president even goes so far as not recommending properties he wouldn't buy himself. 
• If your'e having trouble finding an investor agent who specializes in single family homes, look for a boutique commercial firm. If they aren't willing to work with you themselves, guarantee they will know an agent who is more equipped to work with investors. 
• Possibly look into getting your real estate license. Although a lump cost up from, his will give you the power to broker your own deals and look for property on your own.

Good luck on your search!

Account Closed · Answer

If you're looking to work with a company/agent that knows real estate investment, connect with an company/agent specializing in that area.  Compass Realty in Grand Rapids for example.  One of the biggest mistakes beginners make is relying on an agent that typically sells owner-occupied housing--most of those agents don't know enough about investment property to help you do the proper due diligence necessary to close a good deal.  (Ask them questions like:  Should we run an APOD on this property?  Should we get a copy of the "street file?"  How many years is the rental cert good for in this municipality?  Hey this three unit building hasn't been used as a rental for a couple of years, will the special use still remain grandfathered?  If they look at you with a blank stare or stumble around with an answer--you're using the wrong agent.)  All the best!

Account Closed · Answer

I was one in college when I was a full time agent and full time students I will only focus on flips and will send ROI and my analytic theory and will even send hard money options to my investors but I have yet to come across another clever young guy or girl like me I don't know why a lot of agents don't do more things like that anymore during 2009-2011 a lot were doing it thinking outside the box. @Matthew Harrison

Joshua Woolls · Answer

Most agents focus where the money is, and it is not investors. I am not going to say they do not exist, but they are going to be difficult to find. Use Redfin to find the deals and then call the selling agent directly. Hell, tell me what you are looking for. I will see if I can find it and you can buy me some steaks for the grill as a thank you.

Sam Shueh · Answer

I do more than others. I make it known good deals are hard to come by. I will identify them for any client if she/he does not want to move forward you get just services you have listed above. My way of telling if the ROI is way higher than local and there is no reason not wanting it. Then you are not a serious investor.

Matthew Harrison · Answer

@George P. that is a great point, and probably sums it up.  Unfortunately I am quitting the restaurant next week, but otherwise that sounds like a great idea and I wish I would have pulled that off earlier. I am actually finishing my RealEstate license classes next week, but was still unsure if I was going to put up the money and actually get the license.  Lastly, yes, I fairly recently realized that the deals I am looking for are going to be rare and hard fought on the MLS. I put out a post looking for wholesalers and inadvertently broke a BP rule and it was deleted.  I plan on getting in touch with a few local wholesalers and start going to the clubs and meetings.  As of next week I'm committing myself full time.  So its going to happen. Thanks again

expecting to much?

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