How to pick a realtor?

kreezo

New Forum Member
Registered
Hi,

So over the weekend I met up with a couple realtors. I wanted to get an idea of how people usually screen their realtors and what`s the proper "etiquette"? Usually I would start with referrals from family/friends/REIN so I`m not starting off completely blind

- Do you usually have planning/consultation session first or do you jump straight into viewing listings?
- What kind of questions would you usually ask to get to know them? (i.e. whether they have investment properties, what they define as cash flow, REIN members only?)


And with the etiquette,
- If you are in the process of screening realtors, do you usually let them know that you`re still "seeing" other people too? (Kind of like dating?
)
- At what point do you usually sign the buyer`s agent agreement?
- If at a certain point you no longer want to work with the agent - what do you do then to get out of it without burning bridges/the relationship?

Thanks

Chris
 

RedlineBrett

Senior Forum Member
REIN Member
Here are some questions to ask a prospective realtor, borrowed from another thread.

- How many investors do you typically work with? This gives you an idea of how much business they do with investors.
- When was the last time you sold an investment property? This lets you know how on top of their game they are)
- What can you tell me about the rental market in the area I`m considering? If they sell rental property or own some themselves they should know what rents are like in the area.
- If I were a landlord in this area what things could I market to my tenants? You want to hear things like "one bus route to this employment center, 10 min walk to C-train, good school nearby etc. Shows if a realtor is "plugged in" to the area.
- If you work with a lot of investors what do you do when two of your clients want the same property?
- What can you tell me about city infrastructure initiatives in this area?
- Tell me about some of the good deals you`ve negotiated for clients
- What are some of the reasons I should work with you rather than another agent?

Regarding etiquette, we realtors are business contractors just like any other members of your team. You need to establish a cost/benefit metric and then see which agent fits the bill best for you and your style.

Just be upfront with your agent - tell them that you are interviewing a couple candidates and you will let them know if you want to work with them. Not picking up a client is part of the business in real estate sales so don`t worry too much about hurting any feelings!

Also - expect the best agents to interview YOU as well! Working with investors is tough work and there are A LOT of tire kickers out there right now so shrewd agents are picking their clients carefully!
 

JaysonSidhu

New Forum Member
Registered
Chris,

I myself am an investor and a licensed realtor and work out of Edmonton. I work solely with investors, majority of whom are REIN members.

There is a big difference between most realtors out there and investment specialist agents such as myself. You want to work with someone who speaks your language. Someone who understands the financial side of any investment and can break down any investment into a black and white proforma.

I have worked with many clients who have tried working with other realtors but inevitably ended up bangin thier head against the wall because the agent didn`t understand what exactly the client was looking for as an investor.

As a veteran REIN member and agent who specializes in investment real estate, I have found the system and business model which I have implemented to be very effective. I would suggest whichever market you are investing in you seek out someone who does the same. I believe you want to emphasize that the individual be an experienced investor and REIN member. This will ensure that the agent understands your system and needs, which will ultimately ensure your greatest success.

Please feel free to contact myself directly if you have any further questions or concerns.
 
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