Home Buying & Selling The Surefire Way to Find the Best Real Estate Agent in 3 Simple Steps

The Surefire Way to Find the Best Real Estate Agent in 3 Simple Steps

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“You are as strong as your weakest link.”

This old saying applies to many things in every field. For real estate, this clearly applies to building a team.

Looking for a real estate agent?check out Bigger Pockets Agent Match!!

As David Green speaks in his book Long-distance real estate investment, To be successful as a real estate investor, your team needs a Rockstar “Core 4”. Its core 4 consists of:

  1. Agent
  2. Lender
  3. Contractor
  4. Property manager

If you choose the right team, you It will be the weakest link. But don’t be upset. This is a good thing.

Remember another cliché. “If you are the smartest person in the room, you are in the wrong room.”

In this case, you will be able to learn valuable lessons from your team every day.

Choosing each of these four core members can be a separate article in itself. However, this post will specifically explain how to choose the best agent for your real estate investment business.

Related: How to Build a Real Estate Investment “Team” with the Required Skills Set

Agent selection

There are 1.4 million people Real estate agent In the United States, we make it one of the most saturated industries in our economy.

why? Barriers to entry are very low. When you attend a class and pass an exam, you get a boom and get a license.

You can now represent buyers and sellers and earn 3% commissions on every transaction. In some markets, this can be worth tens of thousands of dollars per transaction, making it a very attractive option for many.

If you’re thinking the same, remember that you’re not the only one thinking this way! There are already 1.4 million other realtors on the rise at this time. The only problem is that 87% of these agents, or 1.2 million, aren’t very good and quit the real estate business in just one year.

It’s your job to find 13 percent of agents who can stick to you over the long term. Next, you need to make sure they understand your strategy.

What are you going to do

Do you want to __ House hack? Purchase, rehabilitation, rent, refinancing, repetition (BRRRR)? Would you like to invest in traditional rentals? Or do you just buy a house for you and your family? Whichever strategy you choose, you need to go there and find an agent who understands what you are trying to do.

As in the real estate industry, finding an agent is part of the goal-achieving process. The first step in the goal-achieving process is to find a pool of leads with a high probability of 3-5 so that you can contact and discuss their business.

Related: How will the role of real estate agents change in 20 years?

Agent Marketplace 2

Find a local agent now

The Bigger Pockets Agent Finder You can easily connect with realtors who know the local market and can evaluate real estate from the investor’s point of view. The mechanism is as follows.

  1. Choose your market
  2. Share investment standards
  3. Matching with real estate agents

Step 1: Select 3-5 agents to interview

The first step in choosing an agent is to find 5 interviewers out of the tens of thousands of people actually available. Thanks to Bigger Pockets, this is easier than you think.

When I meet someone in the real estate industry I’ve never heard of, my heart trembles. Bigger Pockets.. As an investor or an ambitious investor, are you more likely to work with an agent who is a contributor to the Bigger Pockets community or someone who has never heard of it?

If they don’t use Bigger Pockets, they may not be passionate about helping investors find their property. Search for “real estate investment” on Google, Apple Podcasts, or Amazon. Bigger Pockets will appear at the top every time. If they aren’t using Bigger Pockets, it means they haven’t learned much on their own.

Do you want this?

I narrowed down the search to only those of Bigger Pockets. Currently, there are many people in BiggerPockets who do not return or contribute after signing up for an account.

Who do you think is more knowledgeable? Are there any agents who have over 500 posts, high turnout, and have been active for the past few days? Or is it an agent who has 6 posts, 1 vote and hasn’t been active for months?

I think it’s self-evident.

Fortunately, go to BiggerPockets> Network> Agents and BiggerPockets will show you this easily. So choose 5 from your top 3 and set up an interview.

Not only that! In addition to postings and voting, BiggerPockets also displays the number of transactions each agent has made (or at least filled out), in addition to the references left by the client. Just like a restaurant, look at the reviews and choose your top candidate.

Then send a message and ask them to chat over the phone for 15-20 minutes.

Step 2: Conduct an interview

When you answer the phone, it’s time to ask all the important questions and get a feel for them. Start by seeing if they can build a relationship with you. You will be working with this person for at least the next few months, preferably at least a few years. You will want to like them.

Do you like small stories? Or are you the candid type of person? Agents will start with a small story to be friendly.

If you don’t have it and it’s shown in your voice, does the agent continue with a small story? Or do they start a business? The reading and style of communication here is important!

If you tell a small story, this should last a couple of minutes at most. You are trying to do a friendly and enjoyable job, but you don’t have to exchange life stories.

Next, let’s get down to the main points and questions of the conversation.Many of these questions come directly from my book House hacking strategySo, if you’ve read the book and they want to ask questions repeatedly, that’s why!

  1. Are you a full-time or part-time agent?You will want to work with someone who is a full-time agent. If that person has another W-2 job, you probably aren’t their priority.
  2. What percentage of your clients are investors vs. homebuyers?You need someone whose client base is made up of at least 50% of investors. They want you to think of them as investors, not homebuyers, so they will be able to help you get the best out of your investment.
  3. Are you your own investor?If they don’t currently have a rental property, they can’t guide you through specialized transactions, even if they claim they know how. There is nothing better than doing it yourself. Find an agent who is currently or recently implementing the exact same strategy as you.
  4. Have you ever traded in a home hack, BRRRR, or traditional rental property (whatever your strategy)?If not, proceed to the next question. Great if they have! Ask them about the number, type of property, location, etc. If it’s all legal and sounds like a deal you might want, this would be great news!
  5. What do you look for when helping people find home hacks, BRRRR, or investment real estate?Carefully consider their answers. Are they BS-ing you? Or are they confident? At this point you should be educating yourself and knowing what to look for. The rest is up to you.
  6. What do you think about the market / which region do you like?This is a softball question. Everyone asks this, but it’s still good to understand. This process involves discussing with many agents, so you need to check for duplicate answers. If so, you will want to find out those places. If you have a neighborhood you haven’t heard of, please contact us further.
  7. Please tell us when you negotiated on behalf of the buyer.The agent will be paid a portion of the purchase price. Many buyer agents will not be able to see the forest of trees when trying to set the buyer as low a price as possible. Ask about the time they negotiated a lot for buyers whose purchase prices have been reduced.

If you have any other questions, please do so. This is a big decision and I want to make sure you are choosing someone who is trying to act in your best interests.

If you’re talking to 3-5 different agents, it’s a good idea to take notes about each (which always happens to me) so that the conversation doesn’t get confused. Review the notes and proceed to the next step.

A brown-haired man with a smile in the shadow of glasses and a beard evaluates the appearance of the house while wearing a suit and carrying a folder

Related: 7 Signs of Bad Realtors

Step 3: Choose an agent

After the interview, it can be difficult, but you need to think about which agent you want to choose. There will be two or three things you really like and good in their own way.

So what do you do? Write!

Take a piece of paper and draw a line in the middle. Write the name of each agent on both sides of the line. Describe the criteria and weight multiplier for each category along the left side of the page.

The weight multiplier must be a percentage from 0% to 100%. Whichever characteristic you focus on, assign higher weights, but make sure the total weights are 100%.

A piece of paper looks like this:

Screenshot 20200403 at 10.48.50 PM

Once all the criteria are met, rate each category on a scale of 1 to 5. One is the lowest and five is the highest. Multiply those scores by a weighted multiplier and add them all together. The person who has the most points is the one you go with-that’s easy.

Screenshot 20200403 at 10.49.02 PM

After doing this thorough analysis, it becomes clear that in the above example, Agent No. 1 should be used. Make a phone call or send a text telling them to continue. Ask them to set up a search and keep looking until you find the right property.

Well, let’s make it real. Real estate agents are commodities because there are 1.4 million real estate agents in the country. Most of them do to display properties and create contracts. That’s all.

Your job is to filter these agents to find someone who can serve as a mentor, consultant, and friend who guides you throughout the process.Your agent must be someone who can connect you with the right people, analyze transactions and give you their honest opinion. yours Goal with in mind.

Don’t underestimate this decision. Finding a good agent makes your investment career much easier.

Happy investment!

What do you look for in a real estate agent?

Let us know in the comments below!

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