What are you looking for in a Real Estate Agent as an investor?

Question

Hi guys! Hope ya'll are making the money rain down on you.

(I don't know if this is the right place for the thread so I will leave it to the admins to decide.)

So my question goes out to everyone that is working with/looking to work with/have worked with a Realtor. I am an agent in the Annapolis area of Maryland, and I want to make working with investors my niche. My goal is to become a full time investor myself someday.

So the questions are:

• What are you looking for in a Realtor when looking at investment properties?  
• What are some deal breakers when working with a Realtor?
• What makes a Realtor stand out from the rest of the realtors, especially if the realtor is new?

Thanks so much in advance for all the feedback and info! I greatly appreciate it!

Chris Pohlson · Answer

@Emanuel Cavallin I work with an agent that HUSTLES.  She follows up, she has fantastic communication skills (always available), she has a thorough knowledge of the local market, she has a great team in place to help her, and it's obvious she has a passion for what she does.  If she doesn't know an answer, she finds out and IMMEDIATELY let's me know.  And the best thing about her is that she's CONSISTENT in all of these categories.

She does not know what makes a good rental.  She is not a savvy investor.  Those are sacrifices I accept because her work ethic is impeccable and I have other sources for the skills she lacks.

If you can be all of the above PLUS have the investment knowledge, you'll do well.

Hope that helps.  Good luck!

Russell Brazil · Answer

Id suggest instead of molding yourself to what others want, define what your ideal client is then seek out those clients.

James W. · Answer

I look for one that knows more about the market than me, knows what I am looking for and how to get things done.

It shouldn't be a relationship where I find the houses I want and just use the realtor to sign the docs and collect a check.  I need to get some value out of the relationship and don't to want to work with a lazy agent.

If you want to specialize in investment properties, you should make sure you know the numbers well and can find deals that will work for your clients.  Showing investors poor investments might hurt your ability to do future deals with them.

Katherine Kesselring Arredondo · Answer

Great Idea Emanuel, investing as a concept is very hot right now,  there are more Guru's coming to town then circuses at this point.  I will caution you as a new agent looking for investors to also qualify the INVESTORS.  You wan to make sure your time is well spent.  Ask what experience they have, what preparation have they done,  where is their POF, who is their lender if they have one, what is the lenders experience etc.  You don't wan to be out there spinning your wheels for no reason.

As an investor, and investor's agent myself, I've found my biggest value add is being able to develop a fairly accurate scope of work for the investor when walking a property before having contractors out.  Know what to spot in foundations.  Some cracks are meaningless, some are a big deal.  Call a local home inspector connected to your REIA and ask if you can meet them at a few properties to educate yourself.  And as @Chris Pohlson said, be ready to follow up and HUSTLE!

Good Luck to you!

John Knisely · Answer

@Emanuel Cavallin, you may have better luck posting this in a different forum on the site. The Real Estate Agent forum is typically for discussions with and by agents. Its a great question though and I'm curious to see some opinions.

Joel Owens · Answer

Define what you want and what you don't want in clients, your business, and your life.

Find another broker/agent who is already doing what you want to do and has lot's of experience. See if you can go be an agent at that firm and work under them.

Don't think because you are new that you need to work on anything just to close a deal. Quite the opposite. If you do that plan on plenty of people wasting your time and the ones that do end up buying something you will be break even or at a loss making up for the lost time dealing with the flakes. Spend that time learning instead and waiting for the better buyers.

I get contacted daily by buyers in the commercial space. Some are flakes or a big headache. In between those are some diamond buyers that are capable and pleasant to deal with. Learn to say NO if someone does not fit your business model. It is a disservice to you and them to take on business  you do not feel is a match or you are not excited about working on.

Will G. · Answer

I commend you for taking on an investor, facilitator, role. Of course that means tons of offers that wont be accepted, and will require more patience than a "regular" realtor.

To add value to your offerings i might suggest knowing your market as well as possible,

Understand what it really costs to rehab stuff, and what arv's should be along with what stuff will rent for.

Once you are comfortable with identifying a decent "deal" you will stand far above the rest and add tremendous value to your network of investors by saving them tons of time in finding worthy prospects.

On the deal breaker question, please don't b.s. me! Just the facts, good and bad.

Most realtors just "sell" regardless of what is good for the client, and most pick up on that quickly, especially investors. So don't gloss over the challanges of a potential investment

Emanuel Cavallin · Answer

Thanks a lot for all the great feedback! Greatly appreciate it! Always great to hear from both sides, realtors and investors!

What are you looking for in a Real Estate Agent as an investor?

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