Fire my Agent? Agent buys deal instead of closing for client

[James G.]

When I asked about the status of a deal my agent was trying to line up for me, he (to his credit) told me he and his partners just put it under contract and that he would keep looking for a deal for me.

I’m new to rental investing, but not new to buying houses/dealing with agents... and this seems off to me. Understanding that there is always competition, I believe the Agent should have notified me that he and his partners were interested in this deal from the outset.

Thoughts?

[Bruce Lynn]

I'd get a different agent.  I always tell my clients, I would never buy in front of them.  Now if they don't like it, can't buy it, won't buy it, I might buy it, but I always give them the chance first.   Buying in front of a client that has either alerted you to the property or one you sent them as a potential buy, is a great way to kill that relationship.   I also ask them to tell me pretty quickly if I see a nice deal while we are there looking.  I tell them straight up if they don't want it, I probably have another investor that does.  If they want it, I don't shop it around to other investors, but if you don't and it's a deal, I want some other client to get it.

I guess it kind of depends on where you were in the process, if you have financing together.  Not sure what lining up a deal means exactly.  Had you seen the house?  Had you made an offer?   Do you have your financing in place?   How many other homes have you seen with the agent?  Have you bought other homes with the agent?