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All Forum Posts by: April L.

April L. has started 8 posts and replied 28 times.

Thank you for your replies. I'm becoming more convinced that I need to go it alone. 

It has gotten increasingly hard to find the kind of property I want on my budget. But my friend is interested in investing and she has about the same amount to put down on a property.  Together, we can double what we can afford on our own and get something people would actually want to rent. 

Neither of us has experience with rental property yet.

Can someone convince me that it is a bad idea for a first-time investors to partner up? Is it better to buy a boring, "uninteresting" property that I can afford and get my feet wet first? Or, is it worth the risk of partnering with another newbie to purchase an amazing mountain property with stunning views? 

Quote from @Timothy Winfield:

Fire her

 @Timothy Winfield Yep, I think so — at least for this area that she does not legitimately serve. (As soon as I get my earnest money back from the last back up offer I made...)

Quote from @David M.:

@April L.

I think the bottom line is its out of her area... It might take her extra time , shouldn't be much more than a few minutes or less, to figure out the listing agent... I've forgotten already in this thread what you are asking her for, but to arrange a showing she has to figure out access. Is your market still using mechanical lockboxes? With out electronic lockboxes, we can pop a box but only if we are members of the MLS. So, once I go "out of network" I need to find a way to open the door. Also, I need to get confirmation that they will share the commission. Its automatic when working within the same MLS as its part of their terms. However, coming from "outside the MLS" there are no pre-existing terms.

For a "one off" listing, its not that bad for an agent to represent you.  But for any sort of regular support its a really pain unless the agent has a "buddy" who can quickly look everything up and somehow help with access.  I've had to tell potential clients that I can't help them because I don't have access to certain listings.  Its really a matter of wanting to help or not, its just ridicously cumbersome (at least for me area).  Now with the market moving so quickly that past several years, its just unrealistic...


"Also, I need to get confirmation that they will share the commission. Its automatic when working within the same MLS as its part of their terms. However, coming from "outside the MLS" there are no pre-existing terms."

From reading the majority opinion, it sounds like a hassle for an agent to work outside their MLS. Do you think the selling agents may be turned off by being contacted by an agent not from the same MLS? Especially if they have to sort out details like sharing commission?

 

Quote from @Mike Dymski:
Quote from @Natalie Schanne:

@April L. - As an investor, I would say that TN-GA Airbnbs got very hot in 2020-2021 and I think more deals are going to hit the MLS after some newbies realize this isn't for them and the projected revenues aren't what they were in 2020-2021 when gas was cheaper and nobody could travel overseas. So now you have a lot of airbnbs hitting the market where there may be local animosity towards that particular house as a STR (they may or may not clearly disclose it to you upfront) and often at tip top prices (far above 2018-2019 prices for equivalent vacation homes). I know cleaning fees have increased and Airbnb is also more challenging in terms of now threatening you with $$$$$ fines if you cancel a reservation for any "avoidable" reason, and also taking the guests side sometimes when they break your stuff like your hot tub (by leaving the lid off) or your air conditioner (by leaving the door open).

I also want to say that you should be making offers on at least 50% of the houses you go tour as str investments. Write an offer for a price that works for you. Then you will seem serious. If you are just touring and not writing offers, then I think you are not serious. I also would think you are not serious if there’s a discoverable feature about a town or property and you make us drive around for hours and decide you “don’t like the neighborhood” or “it’s not close enough to stuff”. Do your research.

I also would say that it’s ok to have different agents in different markets within the same state, if disclosed upfront. Like I would use different agents between Knoxville TN and Nashville TN. Anything that’s out of 30-60 mins radius, any agent will be a lot less familiar with. I personally am not an expert in the area right outside NYC like Bergen County or Hudson County. I don’t have a clue block by block values in rent or pricing. But I do in the 30 mins around my house near Princeton Nj.


Sound advice.  I don't tour unless I plan to offer, and the price guidance is known prior to the tour.  The tour is just to identify deal breakers and sharpen the pen on the offer amount.  This is going to sound crazy but I have ended up owning most of the properties that I have toured.

 @Mike Dymski Wow! I try to be as efficient as possible before getting my agent involved so I do not waste her time. I use all the tools I can like Google Earth to check out surrounding area. Cell phone service coverage, etc. Sometimes I go myself just to drive by to make sure the driveway does not require a 4 wheel drive and the the path is accessible (one of my criteria). 

But many times there are things not shown in photos that are a deal breaker. Big things. What tools do you use to narrow down your visits and get an accurate view or information to make offers on nearly all properties you see?

Quote from @Theresa Harris:
Quote from @David M.:

@Theresa Harris

OP said in a reply that she inquires within hours of the listing coming up on a public site...  

Zillow, Realtor.com, etc. are pretty quick to post. My own listings have shown up immediately after I upload to MLS...


 I was asking how long it takes to realtor to contact the seller, not the OP to contact her realtor.  In the OP's original post she said 5 days for the current one, but didn't say how long it took the realtor to show her the earlier ones.


 Many of the houses I've passed on to her at are marked pending anywhere from 24 hours to one or two weeks. She doesn't seem to get speedy responses or doesn't follow up in a way that is effective.

Quote from @Lori Lloyd:
Quote from @April L.:
Quote from @Jeanne Johnson:
Quote from @April L.:

I've been working with an agent for a few months now to buy my first STR property in the North Georgia mountains, but it feels like I'm doing all the work. She has me on an email drip but the criteria stinks and I can't even search for things, so I basically find homes on my own (Zillow or Realtor.com) and she makes appointments. It's exhausting because I have a full time job.

I just found out that she does NOT pay for the MLS to have access to Blue Ridge, GA, a big area of interest for me.

My agent says that she can contact agents and still book appointments for properties I send her, but I think I'm missing out on opportunities. I have two properties I really want to see, and after 5 days, she "has not heard from the selling agent."  

Would she have more success if she had access to the Blue Ridge MLS?

Should she have a more active role in helping me finding property?

I hate to give up on her. I mean she has already showed me a handful of properties and spent at least three full days on the weekend driving all over North Georgia, so I'd feel crappy replacing her at this point.


Hi April, I recently became an agent to learn more and to have access to the MLS, and if she doesn't have access to Blue Ridge, GA, she should be referring you out to someone who does. She would still make a small commission, but it would be more ethical and productive for you. Also, she should be putting you on apps like Homesnap and Zenlist, which are searchable and she would be able to see in real time what you are interested and share information through a shared dashboard. I believe you are able to break the contract that you have with her and sign on with someone else. This is the biggest purchase we all make (if it's our home and not for income purposes) and you are correct to feel it's ok to "give up on her". It's your money, your home and your future. If you are not happy with the listings, I can't imagine she would be happy showing you more stuff you're not interested in. It's a waste of both of your time. I hope this helps.


 This makes a lot of sense to me. I'm happy top pay her a small finder fee to release me and work with someone more knowledgeable about the area. You are right. 

Thank you!


Check the fine print of the contract you signed with her before offering to pay a small finder fee to be released. If nothing she has personally introduced to you is of interest to you, just let her know you are working with someone else and tell her to remove you from her email list. If the one she has not gotten a response from after 5 days is still of interest to you, let her know the date and time you want to see the property and if she is not able to accommodate that or make that happen, I would let her know you want her to refer you to an agent in that MLS system/area and that agent can pay her fee. Either way, dont waste any more time on her. Find an agent who REALLY wants to help you find the right property! Best of Luck!


 She did not have me sign a contract. Is that weird? 

Quote from @Jeanne Johnson:
Quote from @April L.:

I've been working with an agent for a few months now to buy my first STR property in the North Georgia mountains, but it feels like I'm doing all the work. She has me on an email drip but the criteria stinks and I can't even search for things, so I basically find homes on my own (Zillow or Realtor.com) and she makes appointments. It's exhausting because I have a full time job.

I just found out that she does NOT pay for the MLS to have access to Blue Ridge, GA, a big area of interest for me.

My agent says that she can contact agents and still book appointments for properties I send her, but I think I'm missing out on opportunities. I have two properties I really want to see, and after 5 days, she "has not heard from the selling agent."  

Would she have more success if she had access to the Blue Ridge MLS?

Should she have a more active role in helping me finding property?

I hate to give up on her. I mean she has already showed me a handful of properties and spent at least three full days on the weekend driving all over North Georgia, so I'd feel crappy replacing her at this point.


Hi April, I recently became an agent to learn more and to have access to the MLS, and if she doesn't have access to Blue Ridge, GA, she should be referring you out to someone who does. She would still make a small commission, but it would be more ethical and productive for you. Also, she should be putting you on apps like Homesnap and Zenlist, which are searchable and she would be able to see in real time what you are interested and share information through a shared dashboard. I believe you are able to break the contract that you have with her and sign on with someone else. This is the biggest purchase we all make (if it's our home and not for income purposes) and you are correct to feel it's ok to "give up on her". It's your money, your home and your future. If you are not happy with the listings, I can't imagine she would be happy showing you more stuff you're not interested in. It's a waste of both of your time. I hope this helps.


 This makes a lot of sense to me. I'm happy top pay her a small finder fee to release me and work with someone more knowledgeable about the area. You are right. 

Thank you!

Quote from @David M.:

@April L.

How long have the properties been on the market when you share them with her?  Not saying she is the agent for you, but do realize that properties do move in a few days...  Its a crazy market.

I like the spreadsheet.  I do the same with my clients.  However, you haven't told us much about the agent?  Can she handle spreadsheets?  Is she really handling your level of sophistication?  Its great that you are showing her tons of appreciation, but maybe its still not a good fit.  Really not sure why you are driving her around.  Are you "forcing" this relationship?


 LOL. I have a hybrid and she drives a truck. I am definitely more technically inclined than she prefers. Yes, I'm probably forcing this relationship a little only because I'm more motivated than her. 

I am very aware of how crazy the properties have been moving -though we are experiencing a slow down for vacation homes. I am actively finding and sharing properties within hours of them being posted on public sites. 

The good news is I must be learning something about market because the ones I pick are usually snatched up quickly -probably by a more seasoned investor. The bad news is I feel like my agent is not acting quickly enough on my behalf. She does not share the same sense of urgency.

Quote from @David M.:

@April L.

Honestly, I do the same...  There are so many wanna be investors, so many "bad clients," its tough to spend time for each one.  Also, the information is all out there, for on-market properties anyway.  Lastly, what "you" think is a good deal, isn't what I think is a good deal.  Most of the time, even the "serious" investors go "off script."  So, we do seriously go look at these properties, either "off script" or something else.  So, me actually looking and specifically sending properties is a waste of time.  I think "gone" are the days where you need a real estate agent to find you a deal. Perhaps this is bp seems to be set against them. Its understandable since seasoned, veteran investors don't need what the agent has to offer.  Meanwhile, lower volume investors who are working full time now are kinda stuck, or have mismatched expectations.

Even as an agent I still don't get responses from listing agents.  Between some "less than responsvie agents" (that just how this business is) and its been such a strong seller's market these past couple of years, they just don't get around to answering every request. 

All that being said, three full days isn't much time at all. At the beginning, i spent 2 years actively searching until I found my agent. "good help is hard to find..." If you are looking on market, you definitely need an agent that has direct access to the necessary MLS, unless you really like the agent, blah blah blah --- but you don't seem to have any attachment to this one. Also, I don't agree that an investor/agent is a necessity. Mine doesn't really understand crap about investing, but I don't need her to evaluate a potential deal. Like I said, that's not what I need an agent for.

Good luck.


 Thank you. I agree. I don't need an agent to evaluate a deal -although it would not hurt to have an experienced eye. But I thought an agent would have access to information that I do not have -disclosures, etc. I will talk to her tomorrow. Maybe I can keep her for properties in her area, but I think for this other area, I should work with someone local. 

Also, I'm sure after doing this a few times, I could get to a point where I did not need an agent, but I'm not comfortable with that yet. Besides, I do not have access to the private MLS and when you use Realtor or Zillow it automatically connects you with a buyer agent anyway. I would have no idea how to get in touch with the seller agent.