Here is an even more simple list of questions..
1) What kind of cap rates should I expect in your market?
2) How many rentals do you own?
If they don't understand cap rates and how to use the factors that drive cap rates to determine value they may just be shooting from the hip. Must agents look like a deer in the headlights when you tell them you want your rents between the 1% and 2% rule. I've had to educate a lot of the more experienced realtors in the investor side of the business. Largely because they only dabble with investors. They ask what you would pay for it.. I tell them.. they think I'm crazy, then I show them the #'s and how to back out a sales price from a rent estimate.
You will really never get to understand the human side of the business if you have never owned a rental when working with newer investors who are looking for buy and holds. Fix and Flips are #'s and locations, and its very important to understand you market and geographical area. Rentals are whole different animal. see the following quote....
"Many novice real estate investors soon quit the profession and invest in a well-diversified portfolio of bonds. That's because, when you invest in real estate, you often see a side of humanity that stocks, bonds, mutual funds, and saving money shelter you from."
- Robert Kiyosaki
