Interviewing for an MFR agent

[Eric Petersen]

I have a couple really good agents in various areas around me and am looking to expand to a few places that are a few hours away. I know the areas, but I don't know them "than well" so I need help in confirming information and also would love help finding properties. I have received referrals, etc. but it seems most of the people referred to me really don't know what they are doing in relation to MFR. I try to be self sufficient and largely spoon feed them the properties I am interested in. For example I might find property X. Based on the listing I can generally determine cashflows and get some idea of the property but I can't tell everything. So I ask the agent if the listed rents in that area are fair, top dollar or low. Is the area up and coming or a "scary" neighborhood. Does the MLS have any telling info that an non-agent can't see? Most of these "specialist" agents can't answer much of anything in this regard because they really aren't MFR people. The agents I currently use would be able to tell me that the area isn't "good" and that the rents are high because they are a special state sponsored program (not section 8) that could stop at any time. Or, that it is a great location near a University and that listing price is higher due to the fact that vacancy is near non-existent, but that the condition is a bit low for the area. That is actionable for me and I can decide whether to drive and see the property or strike it off the list. I also discuss with new agents what I am looking for in terms of cashflow or return or some mix and the wanna be agents seem to always bring me properties that have significantly negative cashflow and then can't answer any questions as to why they brought that particular property to me.

I am needless to say, frustrated. Am I asking too much? Is there a way to find an agent that really does know the ins and outs of the MFR rental market? Are there specific questions that might give a clue as to their abilities? I can monitor the MLS and other sources, I really just want someone to verify what I think I know and then do the paperwork for the offer/purchase. Oh, and if they have an inside scoop on something that might be coming soon, then let me know about it early.

No need to be gentle, I have thick skin.