The best way to begin your search for Mr. or Mrs. Right is to visit the local real estate offices in the area where you plan to invest.  Ask the receptionist if she knows which agent sells the most apartment buildings or income properties. Get yourself introduced and tell the agent exactly what you’re trying to accomplish. The interview will be your opportunity to learn what the agent thinks he can do for you! 

But remember, he must know exactly what you want done in order to respond in a meaningful way.
Just like a budding romance, the first thing that has to work is chemistry!  It will do you no good in the long run to force yourself into working with an agent who disgusts you no matter how good you think he or she may be. Obnoxious agents are best left to service obnoxious house buyers since there’s no shortage or either one out there! I mention this because it’s very important to develop a relationship that can last a long time.  Lasting together is much easier when you like each other.

AGENT’S KNOWLEDGE ABOUT THE DEAL IS THE KEY

Try and be as specific as you can.  In my situation, I’m interested in “fixer-type”,  rundown properties.  I prefer detached houses on a single lot.  For example: 10 or 12 older houses on an acre of land would be something I’m very interested in.  I’m, also looking for properties with owner financing I’m particularly interested in properties that have several private notes or mortgages that I can assume.  Deferred maintenance (rundown),  problem tenants and properties that need major clean up are my specialty.  I wish to avoid new bank financing whenever possible and I’m trying to purchase properties with 10% cash down.  I can also add notes or other properties in trade.

This description about what I’m looking for and my special preferences should be enough to give most any agent a fairly decent idea of what I’m in the market for. Naturally, the price will have to fit the deal, but don’t ever forget; the asking price seldom has much to do with the final purchase price, particularly in the fixer business.

TRAINING YOUR PERSONAL AGENT PAYS OFF

A good agent will do “weeding out” for you automatically once he or she becomes accustomed to what you really want.  Fred always brings me everything I need for making an educated evaluation on each deal.  The information provided is normally A PROPERTY PROFILE, copies of EXISTING PROMISSORY NOTES and either a filled out INCOME PROPERTY ANALYSIS FORM (the kind in my fixer house book), at least the necessary data to fill one out.  He verifies rents, vacancies and liens.  This is valuable “time saving” work for an investor, yet it’s needed before any intelligent buying decision can be made. All this stuff takes time and it costs Fred money.  The only way he gets paid back is if I buy the property.

Fred don’t make a lot of dry runs. He knows what I want and determines quickly if a property has the right stuff. How did Fred get so smart?  How did he ever learn this detective business anyway?  When Fred and I started, we spent a lot of time discussing what I wanted! Investors must be very clear about which properties they will buy when one comes along; otherwise agents will attempt to show them everything.

NEVER SEND YOUR AGENT ON WILD GOOSE CHASES

Agents won’t hang around you if you’re just a LOOKY-LOO.  That’s a person who wants to see everything but nothing ever seems to meet his approval.  No agent worth his salt can afford that nonsense!  Fred works for me for one simple reason — It’s profitable!  He knows I can close fast if he does his job.  Fred’s job is to know exactly what I will buy.  He don’t call me about every property for sale in my town.  A good agent will immediately qualify the property to determine if it has potential.  Fred knows I don’t normally want deals where new bank financing is required.  He also knows I want sellers who will carry paper and that I rank small “leper-type” properties, like 4 to 6 houses on a single lot or a bunch of ugly rundown duplexes at the top of my buying list.  When he hears about these kinds of properties, he acts quickly!

Real estate agents are the EYES and EARS of the real estate business! 96% of all sales and trades involve licensed sales persons and their brokers.  It would be very foolish indeed to harbor any serious notions about excluding them from your investment plans.  The best thing you can do for yourself is to diligently begin searching for a good one.