Question: How to tell Agent you no longer wish to work with them?

Question

To my understanding, working with multiple agents seems to be frowned upon in the real estate realm.

With that being said, I have a couple questions regarding the process:

1. What sort of qualifications should the real estate agent have that deems them a good agent to work with? In other words, during the "screening process", what things should I look for?

I have heard that finding an agent that also invest on the side is potentially something to look for as well as there timeliness.

2. If I have already began working with an agent, but come to find one that is better suited for my needs/desires/criteria (etc.), how do I go about letting the current agent I am working with that I no longer wish to work with them (even if they did nothing wrong)?

These are the only questions that come to mind right now, however, I am sure I can think of more as time and the discussion goes on, hah!

Joe Funari · Answer

@Corbin Wafford  Take the emotion out of not working with an agent. But at least have the conversation with them your moving on. Constructive feedback anyone will appreciate. But agree with @Jonathan Greene About the right agents to work with should be investors also. I love helping new investors acquire properties, and give advise how to approach an acquisition. I always tell them two types of lessons - one borrowed and one paid for. I am more than happy to share my mistakes and lessons learned. One's borrowed a less expensive.

Joe Funari · Answer

@Corbin Wafford  Take the emotion out of not working with an agent. But at least have the conversation with them your moving on. Constructive feedback anyone will appreciate. But agree with @Jonathan Greene About the right agents to work with should be investors also. I love helping new investors acquire properties, and give advise how to approach an acquisition. I always tell them two types of lessons - one borrowed and one paid for. I am more than happy to share my mistakes and lessons learned. One's borrowed a less expensive.

Corbin Wafford · Answer

@Jonathan Greene Got it, great point.

That being said, how can one know or make an assessment on how active they are, other than by just straight up asking them?

I can't imagine a realtor telling their client that they are currently home/investment  property searching on top of them trying to help the client find an investment property.

Corbin Wafford · Answer

@John Thedford Easier on paper but I suppose you are right. I just need the grit to do so and not worry about the emotional side of things. Business IS business. Also, good tip, thanks for providing the view on what a good agent should be.

@Chris T. As I mentioned to John, easier on paper but I will have to do it sometime or another. The only stipulation is that some of the agents I have reached out to have been family friends or some of my friend recommendations. So I have to sort of dance around the subject without hurting too many feelings, as I could potentially run into them outside the REI realm.

@Jonathan Greene Great note and approach. I will surely use something along these lines.

Also, are you suggesting that an agent should have some investing experience? I know I mentioned that it could potentially be a plus but wasn't sure if it was a necessity or highly recommended.

Jonathan Greene · Answer

@Corbin Wafford - you will be able to tell from how they talk about investing. Do they even know about Bigger Pockets? Do they have any investor/client flips going on now? All of my clients know my investment portfolio and where I invest and why. As an agent, I dig for deals to service my investors. Yes, an agent will not say they will take the A deals, but if they have a lot of their own deals going locally, instead of client deals, they will be taking the A deals.

Jonathan Greene · Answer

@Corbin Wafford - the only drawback to an agent with investor experience is if they are too active. If they are you will get the B and C deals and they will take the A deals for themselves. I don't invest in my market area right now because I want to give all opportunities to my investor clients. If my top people pass or are too busy, I may take a look at it for myself. So yes, they should understand the needs of an investor to be able to help you and that usually means they do it themselves.

Jonathan Greene · Answer

@Corbin Wafford - just be honest with them and let them know you are looking for a different angle from your agent or to start fresh with someone else. Even if you signed a buyer agency agreement, they aren't enforceable so just be honest and move on.

When looking for an investor-friendly agent, ask them if they invest and when they say yes, ask them where they have properties. Ask them if they flip, buy and hold - if they understand what you want to do, you will know right away. An investor-friendly agent talks the talk and understands comps, block values, rehab costs, etc. If they don't, they won't help you.

Many agents are too lazy for investors because it takes seeing a lot of properties and running a lot of comps, but that is because they aren't seeing the big picture.

Chris T. · Answer

@Corbin Wafford

You're fired?

Remember, agents don't get paid until you close; whether you're buying or selling. It goes both ways. If you're always asking asking asking, and they don't make any money from you, more than likely they will drop you first.

Make sure YOU know what you want, convey it clearly to the agent. So when the agent finds your property, close it !

John Thedford · Answer

Simply tell the agent you are going to work with someone else.What makes a good agent? Integrity, market knowledge, customer service. BEWARE those that appear to be more interested in their commission than helping you meet your needs.