How Many Realtors is Too Many?

[Jerie Bowie]

I am a newbie. I got a lead on a realtor who specializes in selling foreclosed properties who I have not called yet. Then I got the name of a realtor, from a local REI, who they use and who has her own rentals. I finally got to speak to her and she seemed to know her stuff (remember, I'm new so we will see). I set up a meeting to meet with her but I'm now wondering if I should even bother with the foreclosure specialist or should I stick with just the one? Is it wrong to have more than one at my disposal?

[Ryan Murdock]

@Jerie Bowie

Nothing wrong with having multiple agents - many investors do. Just be upfront with all of them. If one of them brings you a deal don't have the other agent write it up. Common sense stuff. 

Be aware of what kind of representation agreements you are signing. If you sign an exclusive agreement with a single agent for a specified period of time and/or a broad geographic area you are obligated to adhere to that contract. It's a reasonably fair request if you are dragging an agent to 30 different properties.

For many of my investor clients I will sign agreements only specific to the particular address that we are dealing with. Another deal next week means a new agreement with that new address. That's generally something I will do with more sophisticated investors. Newbies will get locked in to something much broader as they are a lot more work for me.