All Forum Posts by: Greg Hoffman

@Greg Hoffman my advice would be to ask for a face-to-face meeting. Have him open your search and go through each field together - the reasons I say this is it sounds like you have a somewhat relationship with this agent. AND if you decide to switch you will know exactly what the fields are and have a head start for all future searches and needs you are looking for. 

If he doesn't want to do this then maybe it's time for a new broker. If you switch brokers ask a lot of questions and make sure it's a good fit from the start so you don't have to keep experiencing this frustration. The majority of brokers I know what to make their clients happy, some just aren't sure what questions to ask or how to ask them to get the job done.
 

A lot of MLS systems make it hard to narrow down a property by condition. As a broker we do our best, but I live by the rule I'd rather do my very best and send a few extra properties than to risk one you might be interested not coming through. I think if you are receiving too many that you are not interested in have the broker refine the search, add in key words maybe. Most brokers I know are willing to take the time to learn what makes you happy and most strive for that.

@Darin Tripoli I think you are speaking in a very general sense. The national average takes into account brokers like me who have closed (or have in escrow) 17 properties this month and the brokers who do more than I do AND the brokers who work very part time and only sell or purchase their own investments for example. National averages as these tend to make brokers look lazy in my honest opinion. Yes, there are lazy brokers/agents, just like any industry there are stand-out performers and those that think it's going to be easy. As for it being easy and cheap to get a license you are partially correct. Gettin a license is the cheap part - maintaining your license however, is not cheap. We have to pay for classes, renewals, memberships to MLS and associations (required if you are an MLS member), advertising, forms, e-sign software, signs, flyers, the list goes on and on. I love my career choice and I choose to work endlessly for every client I have, the majority of brokers/agents I know work well over 40 hours a week and will drop anything they are doing for a client's needs. But to read a generalized statement like this I felt the need to respond.

@Greg Hoffman

it's really going to depend on your relationship with the agent. Also it is going to depend on what helps you make a "deal". I have one investor that picks up the down and dirty within 2 miles of his house. To him it's worth paying a little more because of travel time. I have another investor that doesn't want a roof with less than 10 years, but the nastier the HVAC the happier he is because it smells like money to him. Another couple who Work those old farm houses because it is a passion and they know how to work them inside and out. Other investor who has zero fear of foundation issues or septic problems. To him it's just a little time with his backhoe. 

If you aren't happy with that agent find another. Keep in mind though one with a bunch of off market stuff isn't going to showing you more than 2 or 3 off market deals that are quality without you jumping. After the reasons on why this one and that one are wrong, it usually goes to an MLS drip. Deals don't wait around long at all and if you aren't ready to jump within a couple hours, best to find a buyer who is.

Good Luck!

Hi Greg,

In short, the answers to your questions are Yes, Yes and No. It sounds like you came across either a lazy agent, someone who doesn’t frequently work with investors (most agents don’t), someone who has a poor understanding of providing exceptional service or someone who doesn’t feel you’re in a serious enough mindset to purchase (doubt it’s the last one, just letting you see the whole field of view from an agents perspective). That said, I could be absolutely in the wrong as I have no clue who this person is. What I do know from being an investor friendly agent is that regardless of if the buyer is retail or an investor, my job is exceptional service, a strong emphasis in certain areas of expertise, protection of my buyer and their interests and helping guide them to the right homes, not just blanketing them with every house that’s on the market. 

Further, I don’t “drip” on people, sending them every home under the sun. I look at every alert that comes through and hand pick what to send to my clients. Sometimes you can get some really interesting properties that bare absolutely no interest to your clients caught up in their alerts. 

You can absolutely account for condition through pictures, previewing the home in person, calling the listing agent and asking questions/getting clarification, looking at Seller Disclosures, past listing history, price ratio to comparables in the market, etc. All of that gives you a pretty decent idea before you even walk in what the property is going to be like. Not every agent will do all of these things, but in my experience (and maybe I’m biased because I’m an agent), the good agents who do, earn the business and the future referrals. They also tend to have the most respect for their clients interests.

I'm not a realtor but being on the same side of the fence as you, this is similar to what I've experienced and I'm fine with it for a couple reasons.  A "deal" can mean something different to everybody.  What they consider to be a deal will likely be different from your definition, that's why it's preferable to them to provide with more options that don't necessarily fit your criteria as opposed to handpicking one or two and potentially missing out on an opportunity you would have considered.  You're absolutely correct that you can just as easily go to any site and filter through a list of properties in your desired area and price range but I believe their value comes into play more when it comes to details that might not be readily available to everyone.  Maybe they know a particular home owner is in a real bind and needs to unload the house fast.  That's information that's not going to necessarily show up in any search online.  They are also going to be able to potentially put you ahead of a trend.  If they see a wave of listings in a particular area and learn that there is going to be some major drainage work done two years from now that will significantly impact taxes, unless your going to meetings at city hall or live in the neighborhood, those are likely things you may miss.

When you do begin to narrow down properties you like, they may be able to provide you with data that will reaffirm your own in regards to comps in the area, ARV, and the direction of price trends. Again, this is an area you can do yourself but it may be where they are willing to pickup some of the legwork as you inch closer to a purchase. Lastly, during the negotiation process is where a realtor can really set themselves apart to work towards your desired price in order to get you that "deal".

At this point, you may be expecting a little too much but they can bring value to the relationship in numerous other ways.  If you're looking for more you can obviously work with other realtors or think of ways you can incentive them.  If you are looking to flip, give them the listing, or if you are going to dozens of properties, pick them up a gas card from time to time.

@Greg Hoffman you gotta see things from the agent's perspective. Time is so valuable and if they don't know you professionally or have confidence that you will actually close on a deal, why would they devote their time to you? Some may argue that if agent's want to make money then they should cater to everyone that's interested in their services. Unfortunately, a lot of them don't think that way. A lot of deals can be created off MLS listings, but I would recommend including a different source for your leads.