The Real Estate Investor/Agent Manifesto

Over time, one sees that there is much of an opportunity for friction as there is for synergy amongst real estate investors and real estate agents. I'd like to share my thoughts on the matter below, with regard to the responsibilities of each party.

Investor Responsibilities

1) Define your criteria. Are you a buy and hold guy? Are you a flip guy? Both? What's your budget? Are you cash or financed? Are there any areas you won't touch? Are there areas you'll pay a premium for?

2) If I send you a property, and you don't like it, tell me why. I wouldn't have sent it to you if I didn't think it would be a good fit, so just telling me "pass" isn't constructive. Telling me precisely what about it you don't like will help me avoid properties like that in the future, and save both of us time.

3) Be able to close. Whether you are cash or financed, bailing on an escrow is going to suck for everyone. If you legitimately get new info during inspections and want to back out, that's totally acceptable. But if you just want to back out because you got cold feet or you couldn't find the money in time, that's not really a good use of anyone's time.

Agent Responsibilities:

1) Be discerning. A 4 bedroom SFR is not a 3 bedroom townhome no matter how much you want it to be. Nor is a neighborhood necessarily similar to surrounding areas. Don't twist an investors desires to meet current market inventory.

2) Be innovative. Anybody can access the MLS, but calling canceled listings, withdrawns, expireds, and sourcing pocket listings in your own ways are vital to finding deals ripe for the picking. Having good relationships with REO brokers helps here too.

3) Understand your client's schedule and motivations. If he can't be there to see the property and you think it will go quickly, then YOU be there and bring a video camera.

4) Don't make your client wait on you, but don't flood him with information either. Be in touch with your client precisely as often as he wants to hear from you, but not more than that.

5) Don't forget that women invest in real estate too. Using solely male pronouns in a list of responsibilities is a surefire way to piss a lot of female investors off. Whoops...