Getting the most out of an agent - client relationship

[Andrew McCartin]

Since last summer I've been preparing myself to purchase my first investment property. After months of educating myself, networking through local REIAs and a few other investor-friendly events, in addition to working toward my savings goal, it is finally feeling like a reality and less like a distant goal. 

My question is about establishing a relationship with an investor-friendly agent, and what I can do to best prepare to begin working with the right one. I've got my own criteria for what I'm looking for in an agent, but I'm wondering what good agents look for or like to see in a client. What can I come to the table with to help make the relationship as efficient and successful (both in the near-term and long-term) as possible? 

Thanks and Happy Easter everyone! 

[Filipe Pereira]

This is such a great question @Andrew McCartin! 

Like Russell alluded to, saying "I just want a deal" or "my budget totally depends on the deal" or "I'm looking for something with a strong cash flow" (but can't specify how much) are just about the worst things that you can say. I am a real estate agent and property manager out of Connecticut, and I get at least a couple of calls every week from investors in New York and Massachusetts who find us online and want to be placed on a mythical buyer's list for great cash flowing properties. Unfortunately, it just doesn't work that way.

If I am working with someone as their buyer agent, I want them to come to the table prepared. I want them to have questions, I want them to be ready to begin exploring financing options, and I want them to have an idea of what their strategy is. Buying a fixer upper that you want to BRRR is a way different strategy than buying something turnkey, and so are the price points. naturally every buyer is going to be at different stages, but being prepared is something that can be achieved across all levels of investing.

To recap:

1. Have a good idea of what you are looking for, or at least the strategies you are considering. It would help if your agent has experience in these areas.

2. Show that you are working towards getting your financing. If that means asking for lender referrals first, do that and actually call them.

3. Stay away from vague goals, unless you are just brainstorming with your agent. As an agent I don't expect you to know everything, but I do want you to know where we are trying to get to.

4. Be respectful of your agent's time, and understand that you are not their only client. Go and do drive-bys of the properties you want to see before requesting a showing. Lots of time can be saved just by driving through the area first.