Toronto, Ontario · Member since 2016 · 2 posts · 0 votes
Hey everyone,
I've been following this forum for a little while and doing some research while looking at properties in hopes of starting to build my real estate portfolio. Doing this has got me thinking about how the whole process works, and how little it has changed over time (e.g. commission structure, use of technology, etc.). I was curious to get some input from people that are involved in the industry on both the investor and agent side. What would you say are the pros and cons of using agents to buy or sell? Why do you think the industry hasn't adapted/been disturbed as technology has become more widely used? If you were able to find technological tools to help you buy/sell/search for properties, would this change how you view the services that agents provide? Are there any aspects of the process that you think agents offer particular value in and could not be replaced? I'd be curious to get your opinions.
Real Estate Agent · Cleveland OH · Member since 2015 · 216 posts · 275 votes
9y
Go right ahead and think you can do a better job than a real estate agent. Instead of searching for properties for investors I found a partner that is successful in raising private capital. It has become the perfect team, I steal them, he funds them, we oversee renovations and I sell them staged.
Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
9y
Technology is really good at aggregating data, but aggregate data is not in any way relevant to this particular house right here you are thinking of buying.
What technology, exactly, are you suggesting be embraced?
Real Estate Agent · Cleveland OH · Member since 2015 · 216 posts · 275 votes
9y
Go right ahead and think you can do a better job than a real estate agent. Instead of searching for properties for investors I found a partner that is successful in raising private capital. It has become the perfect team, I steal them, he funds them, we oversee renovations and I sell them staged.
I disagree that little has changed in RE with the use of technology. They way I am able to search properties daily from my sofa is a big change from even 10 years ago. I can access more information such as pictures, tax websites, recent sales comps, etc in a few minutes as opposed to hours in the past. I have a RE agent that I use and depend on. He doesn't waste my time and makes me money.
Go right ahead and think you can do a better job than a real estate agent. Instead of searching for properties for investors I found a partner that is successful in raising private capital. It has become the perfect team, I steal them, he funds them, we oversee renovations and I sell them staged.
Investor · Small Town, TX · Member since 2016 · 110 posts · 252 votes
9y
I'm a full time investor in Texas and I have zero properties in Texas. All of my assets are up in the Midwest. If it were not for the relationships that I have with realtors in those areas, I'd probably be back to a W2 job. I can pull comps from the internet and I can get a ballpark figure for what it's worth. However, a realtor can tell me about that neighborhood. The can tell me, hey, they've got 10 construction jobs going on a street over. Hey, this is the new up and coming neighborhood. Hey, stay out because the crime is rampant in this part. Hey, this house is alright, but this part of town has so many ordinances that you'll be nickel and dimed to death. I'm not going to get any of that from the internet.
My realtors make me money and my attorneys protect my money. My realtors get wine at Christmas and my attorneys get cigars.
Lowell, MA · Member since 2017 · 10 posts · 0 votes
9y
As a realtor and investor, I think being or having an agent is the best way to go. I'm in MA so things are a little different here but I do think that real estate is pretty similar nation wide. As both and agent and investor, it is a lot of work. If you have the extra cash to spare when selling a flip - hire an agent that specifies in selling the type of house your trying to sell. Agents usually find a niche, therefore there are tons of different agents out there. You can try and do everything yourself but at the end of the day it may be worth more for you to pay someone who knows exactly what they are doing.
The best thing to know, is what you don't know. Once you know what you don't know, hire someone who knows what you don't know. That is how you are successful - in my opinion.