Real Estate Agent Questions?

[Mvarga]

Hello All,

I`m just looking to start talking to some realtors for my first investment property. I was just curious as to what type of questions does everyone ask a potential realtor to help determine if they`re what they want??

Also do you find it a good idea to email a template of questions to the realtor to answer before you arrange an appointment? This way filtering out an agent who you feel may lack experience or certain characteristics your looking for? If so does anyone have a template they are willing to share. Please feel free to email me at kwilliams444@hotmail.com

Thanks for any help or advice it`s always appreciated.

Matthew

 

[manojsingh]

Which area you are looking. Ask for referal from REIN members. This will help you in shortlisting your agent list.

 

[Mvarga]

QUOTE (manojsingh @ Nov 24 2009, 07:42 PM) Which area you are looking. Ask for referal from REIN members. This will help you in shortlisting your agent list.

Well I`m looking in Hamilton, so any recommendations is greatly appreciated. However with this post I`m looking for questions people ask a potential realtor regardless of where they live. For example:

1. what are yoru qualifications
2. do you own your own investment properties
3. do you specialize in income producing investment properties
4. do you have an examples of recent cash flowing deals you have done
5. do you have any referrals i could contact.
6. how long have you been a realtor for?

Those are some I can think of, didn`t know if any more experienced investors have any other questions they ask that they have developed from there years of interviewing people for there team

 

[manojsingh]

My advice if you have been to Hamilton mastermind meeting you will get some of your answer there. I am not sure we already met but on 29th we are having our meeting. If interested please pm me so that i can send you details. Thanks

 

[RedlineBrett]

QUOTE (Mvarga @ Nov 25 2009, 09:48 AM) Well I`m looking in Hamilton, so any recommendations is greatly appreciated. However with this post I`m looking for questions people ask a potential realtor regardless of where they live. For example:

1. what are yoru qualifications
2. do you own your own investment properties
3. do you specialize in income producing investment properties
4. do you have an examples of recent cash flowing deals you have done
5. do you have any referrals i could contact.
6. how long have you been a realtor for?

Those are some I can think of, didn`t know if any more experienced investors have any other questions they ask that they have developed from there years of interviewing people for there team


Your list is a good start but I would add a few questions

- What are average rents in the areas I am interested in.
- What are the tenant profiles for these areas
- What are the major public transportation options in these areas
- Are there any zoning implications for the best kinds of cashflowing investment properties
- What municipal developments are taking place over the next five years (or whatever your timeframe is)
- How do you present offers. Do you have any special tools like comparative analysis, cover letters or tandem offers?

The best realtors will also have a laundry list of questions for YOU... so be ready to answer things like

1. How do you plan on financing the property and are you pre-QUALIFED not pre-approved. Many buyers, including REIN members miss-interpret this and it leads to financing condition headaches
2. Are you planning on buying a bunch of properties consecutively and have you talked to your mortgage broker about this
3. How many properties do you own now
4. Do you plan on managing the property yourself or will you need a manager
5. What is your attitude towards fixer-uppers or properties that need some handyman time
6. What is your expectation of purchase price vs. cashflow. Many new REIN members do all the math from the coursework before even looking at the pricing reality in a competitive market.

I do agree with the posters that are recommending getting a referral to start with.

 

[DaveRhydderch]

I like all the advice, but whenever you get a referral, ask the person why they`re referring. See an example of the deal and consider whether it is a good deal, or just an okay deal. Then questions about what the Realtor did - i.e. "Which website did you Realtor get average rents from".



Probe a bit. A good Realtor is worth their weight, though maybe I`m a tad bias

Dave

 

[tahani]

Hello Matthew,

Glad you asked this question. Last week Russell and I had an audio recording segment that will be posted in the Ask the Expert series regarding this exact topic.

Questions that arose were: What questions to ask agents?, What skills agents must have?, and Do I have to sign a buyer`s contract? agency relationship, Etc.

On the other hand it is equally as important to understand what agents like to know about investors. We Agents like to know if you have a strategy, if you are ready to pull the trigger, when right investment is found, ...........

I am in the process of putting all these questions and answers in a pamphlet that we will be handed out to REIN members. This will be coming soon.

mean time you must work with an agent who has experience, knows the area very well, knows the numbers well, great negotiator , trust worthy, creative , and someone who is enthusiastic and excited about working with you.

you can email me if you need more info or have specific questions.

all the best.

Tahani