How do you find a buyer's agent?

Question

This is probably a silly question, but...

I'm looking at purchasing my first investment property, specifically a 2-4 unit multi family home.  While I've been doing extensive research on my own, I've never engaged in any sort of real estate transaction before, and to be honest I can sometimes be a bit of a pushover in negotiations.

So bearing that in mind, while I have come across a few listings that look great on paper and I'd like to pursue further information about, I'm weary of simply contacting the listing agent, as they obviously are doing everything they can to get the highest possible price.

I've searched for a buyer's agent on Realtor.com, but it seems like all the ones they show me also have many listings for sale.  Maybe this is a silly assumption, but wouldn't a realtor in this case simply steer me towards their own listings?

I did find this page, from the National Association of Exclusive Buyer's Agents, although I was hoping to find a listing of agents where I could do a little research on them myself, before contacting them.

Tyler Brown · Answer

@Michael Nicholson, unfortunately the areas in which I'm looking to invest are about 2 hours away from where I live.

Account Closed, Eastern Pennsylvania.  Specifically I'm focusing on Scranton at the moment, but other cities are also on my radar.

Erik Richards · Answer

@Brian Stone I found the group on Meetup.com. All I think they want you to do is RSVP on the meetup page to attend. I plan on making that meet up and checking it out.  I am also a newbie at this game!

There is also another group that meets the 4th  Tuesday of the month at Brother's 2 Restaurant in Endicott NY. Meeting time starts at 6:00 pm. Contact Chris Stanis for details on that one. His link is below.

https://www.biggerpockets.com/users/Chris_Stanis

Matt Lefebvre · Answer

Well @Tyler Brown, I think what's most important here is not whether you find an agent who primarily works with listings or works with buyers, but someone who deals in the "multifamily" niche.  95% of Realtors focus most of their time on dealing with residential home sales.  So they help people buy or sell a home.  You are not looking to buy or sell a home.  You are looking to buy an investment property.

You need a Realtor that specializes in dealing with investment properties.  I wouldn't worry too much about whether they deal with listing them or working on the buy-side, because Realtors who have a lot of listings are probably fairly experienced and could potentially connect you with opportunities that aren't currently on the market.

Account Closed · Answer

@Tyler Brown -- in what city or area are you interested in buying?

Jay DeCima · Answer

Tyler

I am not an agent or broker.

Keep it simple.  Let others help you. I have used this philosophy for 40+ years and 200+ rentals in Northern California.

Real estate agents account for 95 percent of all the real estate sales. Therefore, anyone who thinks going around agents is good business, needs to rethink the issue. In my own case, I would have nowhere near the real estate holdings if it weren’t for my professional real estate helpers.  My two agent-brokers have been involved in 60 percent of all my activity, both buying and selling. Believe me, in this busi­ness you will need help if you expect to make any serious money any time soon.

I pay real estate commissions if agents bring me good deals. Real estate wealth has nothing to do with stiffing agents. If you get the reputation for being a “tightwad,” you could lose out on valuable tips and good deals simply because the sales people don’t want to deal with you. How much time would you spend with a client who thinks you don’t deserve to be paid?

I can buy a property quickly. To an agent that means fast paydays and they all like that. My requirements are: the property must fit my strict financial guidelines and just any property won’t do. Property qualifications are needed to determine if the property is a candidate. Agents won’t hang around you if you’re a looky-loo. No agent worth his salt can afford that nonsense. My agent’s job is to know exactly what I will buy. He doesn’t call me about every property for sale in Redding. A good agent will immediately qualify the property to determine if it has potential. My agent knows I don’t normally want deals where new bank financing is required. He also knows I want sellers who will carry paper. He knows I rank small “challenged” properties, like four to six houses on a single lot or a bunch of ugly rundown duplexes, at the top of my buying list. When he hears about those kinds of properties, he acts quickly.  Finding a good agent is not a lot different than finding a good wife or husband. It’s simply a matter of weeding out until you find the right combination.

Enjoy the journey.

Fixer Jay DeCima

Bill Devola · Answer

@Matt Lefebvre gave a good answer.  One other way that works(besides referrals) is to call up like 5-7 brokerages.  Ask for the broker.  Tell them what you are looking to do as far as buying investment properties, and ask them who in their office would be the best agent for you to use.

2 or 3 will never call you back.  1 or 2 will answer the phone and say they (broker themself) can help you, but hopefully you'll strike gold with a broker that has the perfect person.  Its not scientific, but helps you sort through agents much more efficiently since the brokers know their own roster well.  You should end up with someone that exclusively works with investors, and just flat out knows their s#!t.  Rents, values, and repairs.  Your holy trinity LOL.

Jeremy Jackson · Answer

Great advice by others here.  Find an licensed agent that is an investor.  You can find one here on BP.  Go to Community, find members, search using the zip you're interested in.

Russell Brazil · Answer

Most agents work with both buyers and sellers.  It is unlikely they will stear you towards their own listings simply because there is not a high probability that at any given time an agents buyer will be a good match for a property they are listing at the same time.

The best method of finding an agent is to get a referral to one. If an agent has done right buy someone you know, they will likely do right by you.

Brian Stone · Answer

@Erik Richards What are the procedures to attend the meeting? I have that Wednesday off and would like to attend to learn more about real estate and learn from the more experienced.

Erik Richards · Answer

There is a local investor Meetup Scheduled for July 13 at 7 pm just south of Scranton. You may get help finding what you are looking in Northeast PA Area.

Iron Skillet Restaurant

98 Terminal Dr.

Avoca PA 18641

Terri Ames (full disclosure, she's my sister-in-law) is a local Agent out of the Clarks Summit area just north of Scranton. She could set you up with MLS Alerts for the properties you are looking for. You can find her at terriames.com

Its just one name that may be able to help or point you in the right direction. Shes been in the biz for a while and is a go get'r.

How do you find a buyer's agent?

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