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Updated about 7 years ago on . Most recent reply

Account Closed
  • Rutherford, NJ
4
Votes |
15
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Why are agent's turning me away?

Account Closed
  • Rutherford, NJ
Posted

I just closed on a SFH rental in an area I'm familiar with. I closed the deal myself. For more propeties I've contacted three agents from different Brokerages and all three have given me the "thanks but no thanks" routine. I am a very self-aware person and I really don't think I have come on hard in any of the inquiries. In a nutshell, they contact me after my initial inquiry and they're all excited, asking me what I'm looking for and at what price. And when I tell them I am looking for a 3br 2ba rental home, they boogey. I've bought and sold two homes on my own without the use of an agent. This is the first time I'll be trying to use one. I guess I'm experiencing the sentiment I often see -- that agents are averse to investors. Any thoughts?

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Andrew Johnson
  • Real Estate Investor
  • Encinitas, CA
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Andrew Johnson
  • Real Estate Investor
  • Encinitas, CA
Replied

@Account Closed Hard to say why they would be turning you away.  Here's my guess (if you're buying outside of where you live): They get contacted through these automated one-click methods by tons of "investors" that have unreasonable expectations, no money, etc. and just want an agent to wing out low-ball offers.  That's a random educated guess based on what I see from some frustrated new investors that are "working with" (quote intentional) agents.

So here's what I would do in your position.  By the way, I'm not an agent: 

"I'm an out-of-state investor that just bought 123 Fake. St. for $150K in Fake City.  I'm sitting on a down payment and a pre-qual letter that will let me buy another property and I'm looking for something between $125K and $165K.  What I'd really like to do is clone my $150K deal that I just closed.  Do you think you can help me?"

At least then you're stating that you're someone that has closed on a property, has money to deploy, and you know what you're looking.  Now that doesn't mean it's going to be that particular agent's cup of tea.  That doesn't mean that all will be eager to work with you.  Maybe some just loathe out-of-state investors.  I know I ask 50 more questions before I book a plane ticket than I would if I was interested in a property 15 minutes away.

Who knows, maybe my message will fall on deaf ears.  I'm not an agent so I don't have to deal with inbound inquiries from out-of-state buyers like me ;-) 

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