Since this is my first dabble in real estate investing, I am curious to those who are or worked with realtors on a few things.
Perhaps I am working with a realtor that is more “pushy” and maybe I need to drop him and find another one however, I’ll use a recent example:
Went to view properties with a realtor, did the initial financial check, 12 units, Miami Florida, up coming location, cap rate around 10.5% based on the pro forma I was given…my partner and I went there, looked and found it to be in “tough” shape, this is something we were not looking to take on…however, the realtor made it seem like when there is a strong cap rate, investors just come look quickly, and move the process to buy on the spot. Is this a common expectation from a realtor? Maybe that is the overall expectation, I’m used to purchasing residential properties and I think realtors expect us to look at many properties before choosing. I get the feeling that this is not the overall thought process for commercial realtors. Any thoughts on this?
Another example is the lack of communication- perhaps they are out dealing with other “big time” investors vs somebody looking for $1mm and under properties, but I’ve been sending out emails and phone calls to multiple realtors and with no real luck other than a select few responses. I am looking to move quickly, but I am not a “motivated buyer” by any means, nor should I be.
I guess what I am asking is what are common expectations from realtors? How does the thought process differ from that of a residential focused realtor? Any advice when dealing with realtors or first reaching out to them?