Choosing a Real Estate Agent

[Matthew G.]

Hello all,

This will be my first post, and I want to apologize ahead of time if it's something that's been covered extensively already.

In choosing a Real Estate Agent, I have read books and blogs, etc., which suggest and advise me to get a referral.  Find a Real Estate Agent who has property him or herself and who is a seasoned investor.  Someone who comes highly recommended by other investors.  Ask someone at a local investor meeting, everyone suggests.

The problem I see with this (and I may well be missing something) is that if said real estate agent works with a ton of other investors, many of whom are more seasoned than I am, then when a good deal comes available and he or she hears about it, who are they going to get in touch with about it?  Me?  Or the 15 other investors he/she also works with, starting with the one he/she likes the best and/or the one he/she has been working with the longest?

I was reading a chapter in one of the Bigger Pockets books just last night and Brandon mentions that he works with 'the best real estate agent in town'.  I'd argue that that particular real estate agent probably calls Brandon first, before any of his/her other clients to give him a chance at the hot lead before telling anyone else about it.  Maybe he/she doesn't call Brandon first, but they have an agreement with another prominent investor in town where they give this person the tip first, and take a few extra dollars for their trouble?

And so I guess my question is how do I find a real estate agent that is going to prioritize me over other investors, assuming this real estate agent works with multiple other investors?  How do I get the head start?  How do I get the lead before the other investors get the lead?

[Frank Wong]

Hi Mathew,

I agree with Russell.  It's very rare that an agent has investor clients both looking for the same thing.   So don't worry about that so much.  You want to find an agent that is an investor themselves.  This is the hard part because not many agents invest in property.   This could be one of your main questions.  What type of investments do you specialize in?  What have you done for yourself?  

You will need to be honest with the agent.  Tell them your experience, how much money you have to invest, what you are looking for, and goals.  If this is a top-tier agent, the agent will be able to tell you exactly what you can or cannot buy or if you are realistic or not in your first meeting.  If you are a serious buyer, and a top-tier agent will do whatever they can to make it happen for you.  But this is a two-way street.  Don't waste their time as Daniel said.

I suggest you search for properties yourself and send them to your agent for advice.  My investor clients and I always collaborate.  They send me things all the time, I quickly analyze them and tell them yes let's dig for more info or let's not waste our time.