Looking to adding a Realtor in my Colorado area. Need some good suggestions on what specific questions to ask to make sure this realtor is willing and wants to work with investors. Any help or advice would be greatly appreciated. Thank you.
Ask them are they willing to take a commision on selling me $10,000 house. They need to be able to sell you what YOU need but it may not be the best for them. They will make it up on volume over time but the typical realtor won’t be able to see that.
What I would do is find a realtor that is currently dealing with investors. All realtors say that they deal with investors if you ask them but they have no idea what makes money in real estate. I would ask current investors who they use and use those realtors. Don’t reinvent the wheel. If you go to the real estate investor’s club in your area http://www.reiclub.com/real-estate-clubs/Colorado.html and ask around you will get the best leads.
Thank you so much. Extremely helpful!!
It all depends on what you are trying to accomplish. I am a real estate broker that just does real estate (no longer loans) and I work with different type of investors if I need to. I come from an investing background so there is really nothing I need.
As to finding a good real estate agent, I would recommend getting the names and numbers of their last 10 clients and giving them a call. If the past clients were satisfied with his/her effort, then you probably will too.
Another item to check on is to see how long it takes them to sell their properties. Start with a generic question such as, "What is the average time on the market for a house in my price range? In the last year, how many homes in this price range have you sold? Would you be willing to print out the sales information for me to take a look at? (These would be mostly likely used as comps anyway so there shouldn’t be a problem.)
From there you can take them home and find out how long these homes were on the market and compare their marketing time with the average. If they sell homes faster than the average, you may have found an aggressive Realtor that fights on your behalf.
I like bluemoons answer and believe it to be the best way. The other way is to ask the broker for the names of newer agents that will work their tails off to establish themselves.
Just don’t interview old timers like me, first thing I will tell you is I don’t do auditions and get lost if that is what your here for, I’m old and cranky, so I guess it is good I’m seldom in the office.
Will they look at many houses
work and show cheap houses
write many lower offers
do they understand cash flow
do they understand investments
do they understand landlording
someone who does it would be smart to talk to
many people may own 5 homes been doing it a few years make $2000/month cash flow and still need to build an income thus be an agent.
Are they comfortable with the investor working with multiple Realtors?
Another thing you’ll want to find out is how many other investors they’re working with… in many cases an investor friendly experienced agent will already have his/her “go to” investors (so to speak) and you’ll end up bottom feeding on the properties they’ve already turned down.
Of course once you’ve done a deal or two you can work your way up out of the strife, but that can take quite a while.
This seems to be coming from a person who has loads of experience in the field of realty. Great piece of advice.