Am I impatient? Or, suggestions on how to work with agents?

Buying & Selling Real Estate
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Am I impatient? Or, suggestions on how to work with agents?

Maya Gorski
Real Estate Agent · San Diego, CA · Member since 2020 · 24 posts · 24 votes

I'm starting my search back up for buy and hold out of state rental properties. My goal is to have multiple.

It seems that I'll come across a property I'm interested in and I'll make contact with an agent (found through either Bigger Pockets, Zillow, Google reviews, etc.--there are a couple of cities I'm focusing in on). I'll reach out to them and we'll discuss. I'll mention the property and then I feel like it doesn't go anywhere--days stretch out and either I don't get concrete information about the property, their voicemail box is full, or I just don't hear back. And then I see the property status goes to "pending"...

I'm trying to build relationships out of state so I try to be loyal but, at what point, do you just move on? What is a normal cutoff time before going elsewhere? 24 hours? 48 hours? Days? Do I need to be more patient or work on presenting myself as more serious?

My finances are in order so we're good there. I know there's competition and I have a lower price point (ex: $60k-150k, depending on the type of property) but I've let the agent know that, if they have a transaction minimum, I'd make up the difference on their commission. I have also asked about a couple of for-sale-by-owner properties, and for these I've informed the agent that I'd pay their commission.

Any tips??

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Cynthia McGathey
Real Estate Broker · Treasure Island, FL · Member since 2019 · 45 posts · 42 votes
5y

@Maya Gorski

Maya,

I found the same thing. I started looking at investment property and couldn’t get anyone to move at any speed at all. So I got my real estate license and then my broker license and started a brokerage that focuses on speed and personal service. Having a realtor that owns their own properties and invests in real estate adds that level of knowledge that can only be had from owning property. I found the same issue with property management. No urgency and no effort to shop for good prices. So I found a set of reliable, fair priced contractors and I manage my own properties. I now own 3 properties and my son owns two.

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  • Amelia G
    Realtor · Las Vegas / Los Angeles · Member since 2020 · 32 posts · 14 votes
    5y

    I work almost entirely with folks coming from outside Nevada, sometimes closing without even looking at places. Different Realtors will have different preferred modes of communication, so ask what someone prefers, select someone whose communication preferences fit your own, and you should get better communication. For example, I prefer email. A buyer emails me what they want in what timeframe and I'll send them listings usually same day, unless maybe they are looking for something which only occasionally becomes available. At a certain point, I'll want to see a preapproval or POF or I'll introduce the buyer to lenders. Hope this helps.

    1Reply
  • Adam CherkoPro Member
    Real Estate Agent · New Rochelle, NY · Member since 2016 · 150 posts · 88 votes
    5y

    @Maya Gorski

    It sounds to me like you are doing the right things as far as communicating to those agents and treating them fairly. Many states are different but are you signing a contract with them? In NY, CT and RI where I am licensed, it’s important for me to set up a Fiduciary relationship with my buyer clients to actually start working for them, and protecting their best interest.

    As an agent we sometime may get calls from people who “kick tires”, but if you are truly trying to build a relationship, and add some value and get to know them, and they are not responsive, they are not the ones I’d like to be building a relationship with personally.

    I would suggest signing a representation contract and if they are not doing their job then, fire them! And find a new agent. There are far too many good ones out there to be stuck with a bad one.

    1Reply
  • Forrest Williams
    Real Estate Agent · Chicagoland · Member since 2018 · 314 posts · 199 votes
    5y

    Something that has helped me with my communication skills is knowing how to contact each person on your team. There are many options nowadays, email, texting, phone call, facebook message, etc. Find the method your contractor/agent/lawyer likes to use, and exclusively use that method to contact them. I've texted contractors who I've just gotten off the phone with, and it's like yelling into the ether. Some people have full voicemail boxes like you mentioned, meaning voicemail is NOT a good way to contact them. I email my lawyer; she instantly gets back to me. Learn each person's preferred method and they will be easier to contact. 

    Not a real estate example, but I had a employee who would only communicate with me via snapchat. That threw me for a loop. I was 24, but it was enough for me to feel like I was 80.

    1Reply
  • Alexander Szikla
    Real Estate Agent · New York City · Member since 2020 · 818 posts · 639 votes
    5y

    @Maya Gorski Generally, people are lackluster. That's why not everyone is successful. And agents are certainly people. Moreover, many have existing clients who get preference or are simply "easier" to deal with (known quantities). 

    Once you find a competent, hard working, responsive agent do not let go! They are your ticket into a world of deals. 

    With that being said, when a deal comes through an agent you are competing with EVERYONE else. Try and source some deals using less conventional methods (i.e. direct mail, networking with divorce lawyers/estate attorneys, etc.) 

    1Reply
  • Kate Barry
    Real Estate Agent · Vermont and New Hampshire · Member since 2019 · 117 posts · 78 votes
    5y

    Speaking as a realtor - a full mailbox is a huge red flag.  Mostly because who still works with a mailbox that gets full??  There are so many apps and services that will avoid this, and so this means that they are not organized or able/willing to work with tech to streamline their business.


    I work with a high volume for my area and at the end of every day I have a clean inbox, returned all my calls, checked in on my current pending sales (I usually have 4-8 in my pipeline at any given time), and responded to all my texts and facebook messages.  I am not trying to toot my own horn, but I am a LOT more organized than most agents that I work with, and it shows.  The agents who have the constantly full voicemails are a nightmare for me to work with, usually muck up the process, and lose deals...

    A good agent will be be able to in-take you on the first call and then plan a next step.  Not every client that I in-take will become a top priority client, I'm looking for those who are ready to buy or list right now.  But a next step is always established.  Maybe they need to narrow their area of search, so I set them up on saved search of properties and tell them to take some drive bys and I'll get them set up with a newer agent on my team who has the time to drive all over the state if they want to set up showings.  If they aren't ready to buy I get them set up with my lender to get pre-qualified.  Clients that are looking for 6months - year down the line to buy or sell are put into our CRM and we do monthly check-ins, and I always get them set up on a saved search for their criteria.

    This systems helps me work directly with the clients who are seriously ready to buy or list.  If you are one of those types of clients you are basically worth your weight in gold, and if you aren't getting set up within 24 hours then you should move on to another agent until you get the service you deserve. 

    3Reply
  • Maya Gorski
    OP
    Real Estate Agent · San Diego, CA · Member since 2020 · 24 posts · 24 votes
    5y

    Bigger Pockets really is amazing. I'm still sorting through all of the thoughtful responses and direct messages. Thankfully, it seems that I'm doing most things right but I can always try to improve. Thank you all!

    0Reply
  • Nicholas Lovric
    Investor · Vancouver · Member since 2017 · 9 posts · 1 vote
    5y

    Whatever area you're looking in, search in google realtors in the area. Then, go through each one and call them. Find the realtor that knows the market, isn't pushy and has a constant pipeline or might know of someone looking to sell. I spent 2 years finding the right realtor in the market I wanted to invest in when I bought my 48 unit. Do the heavy lifting upfront and persistence will always overcome resistance. 

    1Reply
  • Mark Robert
    Rental Property Investor · West New York, NJ · Member since 2015 · 27 posts · 7 votes
    5y

    @Maya Gorski Have you tried contacting the listing agent and dealing directly with them as a dual agent? I've done that on two out of state properties and was also able to negotiate a lower overall commission, win-win. If possible, try visiting your choice area at least one time and meeting with a few realtors in the area to view property. Tougher now with the virus going around, but still possible. I've used this technique and it helped build real relationships with realtors and property managers. 

    Also, when discussing the property let the agent know you are ready to close if you like the details of the property/deal. There are many reasons that may cause you to dislike the deal leaving the ball in your court. 

    1Reply
  • Amedeo M.
    Rental Property Investor · Member since 2019 · 77 posts · 36 votes
    5y

    @Maya Gorski

    Most of the agents will drop you, as their drop other out of state or out of country investors.

    They think, wrongly, that you will lose their time if they need to explain things, send referrals, help build your real estate business in their state.

    They think, wrongly, that they are the best and deserve buyers that will close same day, will buy without checking and bla bla bla.

    They think, wrongly, that you will never buy.

    Now, there are buyers that are very heavy to work with, and they will probably never buy.

    But there are many other buyers that want to buy, have the money and just need guidance and patience.

    All these agents that don’t return calls or emails are the fortune of smart agents that deal with each client as a potential buyer and with respect. They make money in the long run, always. Even if the market is bad.

    They build their reputation and trust, nothing can win reputation and trust. Even a bad market can’t win it.

    So, keep doing what you do till you don’t find an agent that understand that you are not buying some cake for few dollars, you are buying a house, and you deserve maximum attention.

    1Reply
  • Matthew Irish-JonesBusiness Member
    Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
    5y

    @Maya Gorski I work with a lot of out of area buyers. I will do an introductory phone call, set them up on the MLS and then wait. If I see they are active in the MLS liking properties, and are emailing asking specific questions about properties I will allocate some time to them. I also get proof of funds or pre approval up front.

    After that when we find a property if they are putting in realistic offers and are actively pursuing deals I treat them like any other client. I actually prefer our of area because I can look at properties on my schedule and they usually need my property Lang me to services so it’s a win win.

    @Russell Brazil that is an interesting comment because most of my buyers are all out of area. I guess it depends on your market and where the leads are coming from.

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  • Thomas Tarry
    Real Estate Broker · Syracuse, NY · Member since 2020 · 33 posts · 23 votes
    5y

    The first piece of advice I would give you is to run from any agent that asks you to make up a commission shortfall or has a buyers minimum.  The second piece of advice I would give you is don’t work with an agent that doesn’t get you into a property within 24 hours of your request to see it.  The third piece of advice I would give you is don’t work with an agent that isnt vetting properties before they send them to you.  My clients know if I send the property the math has been done.  We all know it:  like any profession in Real Estate there are good agents and not so good agents.  Fortunately in our business the clients figure out which is which pretty quickly.  Most investors I meet are very sharp and data driven.  Many agents are neither.

    1Reply
  • Lesley Resnick
    Real Estate Agent · Jacksonville, FL · Member since 2015 · 1k+ posts · 1k+ votes
    5y

    It is a competitive time in real estate.  Hard to find the best houses and the best people to work with.  If the agent you find does not own their own investment real estate, I would think long and hard about using them.  If you know what you want and have experience doing it, then any agent can write an offer.  

    The other challenge is that many people do not realize, "no one works for free".  The lowest cost provider is not going to be the best provider.  

    1Reply
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