Questions to Ask When Vetting an Agent

[Paul Faryna]

Quick Goal Summary: I'm looking to invest out of state for cashflow. The most important thing I keep hearing about doing this is vetting your team. I'm speaking to ~ 10 agents to vet them out and want to ask the most important questions. Please comment on any important questions you think I may be missing. Here's my list, hopefully someone else can find this useful as well!

What got you into RE?

How long have you been working in RE?

What's your big picture goal?

How many investors do you work with?

Do you work with investors looking for cashflow?

Do you work with any out of state investors?

What price range of properties do you have experience with?

What areas are you most familiar with?

Do you walk any areas?

What areas do you stay away from?

What are the major benefits & challenges for investing in this area?

Can you do walkthroughs with video/pics?

What would be your advice for a new investor?

Can you tell me about a time you bought an investment property that didn't pan out?

Why don't you invest in RE?

How often do you get off-market deals?

Do you have contacts with contractors, property managers, inspectors, lawyers, accountants, bankers, or any other professionals?

Can I get an investor reference?

What are the normal hours I can contact you?

Why wouldn't you want to work with me?

[Vickie Y.]

Hey @Paul Faryna! I think it's crucial to talk to have an honest conversation with your agent, especially in an out of state situation. I closed on my first SFH about 6 months ago,s o the experience of forming a team is still fresh in my memory.

Some things I learned/did:  Communication is key as they are your boots on the ground. I spoke to ~10 agents and while I'm sure all 10 could "get the job done", you really need to find the one that suits your preferences and investment style. I met my amazing realtor on BP, and we spoke on the phone a few times prior to meeting in person. The conversation will take its course, and I'd encourage getting the answers to your questions without shooting through them like a bullet point list. Remember, they are interviewing you as well. If they seem to fit the bill, fly out to meet them (it's a worthy investment, I promise), buy them lunch, and continue the conversation. My realtor and I work well together because we are both systematic and data/number driven, plus he has amazing work ethic - which I found out after meeting him in person. Again, any agent will be able to submit an offer, but I think the key is finding one who suits YOUR investment and analysis style. I definitely agree with you that forming your team first is a must. Sounds like you're off to a great start! :) Feel free to PM if any other specific questions.