There are plenty of resources on How to Find an Investor Friendly Realtor® or to perhaps even a company to work for. But there are precious few resources I have been able to find on what to actually say!
You know me, I can’t leave well enough alone! In the year 2015, if you want to make even more money than you did in 2014, you will definitely need to have a powerful Realtor® on your side!
However, the question comes up, what questions should you ask to ensure you are getting the right agent for you? Well, this little blogpost is intended to help give you the best questions to get the most information! After these questions, you will know if this is the right one!
What Gives Me The Right?
After 19 years in the business, on two coasts, and personally training hundreds of Realtors® and Investors the inner game of wholesaling real estate sales skills, I’ve learned a few things. One of the top things I’ve learned is that with the right agent, you can maximize your investments, your reach, as well as profitability!
To do that, you need to determine what is the right agent for you? Obviously, it goes without saying that you need to feel comfortable with the agent that you’ve selected! For example, if you are a hard charging, very aggressive investor, then you probably would feel good with an agent who is also very aggressive!
Conversely, if your approach is more low key, then an aggressive agent may turn you off. So be sure to find an agent who’s personality will mesh well with yours.
The Interview Questions
1. How long have you been a Realtor® and have you taken any specialized training?
This will help you understand if they are a Realtor® or not (Not all agents are members of the National Association Of Realtors®). Additionally, it will give you some insight as to if they are Buyer Specialists, or have any particular skill set that would be useful to your venture!
2. Do you work full-time or part-time as a real estate agent?
While I appreciate the concept that “everyone has to start somewhere“, this is an important fact to know. If you choose to work with a part time agent, just understand that in advance. This makes it helpful to the both of you. You understand that on certain dates and times, they may not be available to show property. On the other hand, if they are part time, they may not have any other clients! In that case, certain people will work extra hard to show you their worth!
3. Is your license in good standing with the local association and State?
It seems elementary, but if the Realtor® you are selecting is having some sort of problem, you may want to know. If their license is under “provisional” status, or has some sort of restriction on it, you may want to reconsider! The State public websites for the Department of Real Estate (or some similar name) will have the status of the agent you are considering. It wouldn’t hurt to look!
4. Do you personally invest in Real Estate?
While not an automatic disqualifier, it certainly is something worth knowing. If they are a newer agent, they have no bad habits! If they are an experienced investor themselves, their insight can be invaluable. There are many people who would suggest that Realtors® would “steal their deal” . The truth is, agents have a lot more to do, and generally better leads to followup on then the ones you may be considering.
The absolute BEST investing agents know that they cannot do all the business themselves, nor would they want to! So they do reserve a “Hot List” of their absolute best deals. Many times, these deals may be MLS transactions with special circumstances, or perhaps a “pocket listing” or two. When you find an agent who is of this caliber, it is a HUGE advantage!
5. Are you a Broker/Realtor® or an Agent?
Generally speaking, to obtain a Broker’s license, one must be an agent for a specific period of time. While that time period can vary, it can be up to 2 years or more. After that time, the Agent must go again to school for additional training to obtain their broker’s license. In terms of designations that impress me, it is a Broker’s License. That, in my opinion, demonstrates a commitment to the field of sales.
6. What percentage of your clients are buyers vs. sellers?
An accurate measure of an agent’s productivity is by their ability to handle multiple clients. An agent who has listings sold represent over 60% of their business with 40% coming from buyer controlled sales has a great mix of opportunity!
When you consider it, an agent who prospects for business daily, looking for listings, will come across leads that they may not want. If you can be their “go to Investor” when it comes to representing you as a buyer for that property, everyone wins!
7. Do you have any other Investors that you are you representing now? Do you have any Sellers you are representing right now?
Similar to Question 6, this question is important because it helps you understand their experience level with Investors, or Sellers. If they do not have any Sellers that they are representing right now, that’s not always a bad thing. Sometimes it may be that they just priced them right and sold them all! It’s useful to you, because you know that they know how to FIND property!
8. Will I be working with you directly or someone else other than you?
In this day and age, it is common for agents to work as a team. With the complexities of Modern Real Estate, teams will frequently have Buyers agents, transaction coordinators, or others to assist with the paperwork. Know exactly who you can call, and who is doing what with your transaction!
9. Do you have any examples of investment properties you’ve been involved with in the past?
Many times, if they are an experienced agent, they will have examples of properties, or projects that they have been involved in. Do not fall into the trap of looking for “what they have done in the past 6 months.” Instead, when working with an Investing Realtor®, look for contacts, and ideas instead. Many times, the creativity, mixed with the contacts in their “Roledex” will be worth a fortune alone!
While on my home blog Karl-K.com, you can find tons of other free resources for Investors as well as agents, It’s my thought that if you use these nine questions, you will be well on your way to finding a great agent!
I would love to hear from you, where did you find your great agent?!?!