Lincoln Parker,

The points that you have identified are great ones to ask. A key item is finding someone who is very familar with the area and may also have some investment properties in those areas. I would also recommend finding an Accredited Buyers Representative (ABR). You can do this by going to http://www.REBAC.net.
Good Luck with your purchase.

Allan Friestad
Sales Executive/Realtor
ABR, e-Pro, GREEN
Callero & Catino Realty
(O) 847-967-6800
(C) 847-477-4614
Website: http://www.Allanfriestad.com
Email: Allan@Realtor.com

Just call me it's a no brainer. I have 13 years experience and am a Top Agent in the area. 312/617-3456

Lincoln Parker,

You may want to know if the broker or agent you are working with has owned property personally in those areas and what kind of returns they saw or why they made the choices to invest in those areas. Having personally owned multi-units and other investment property types in Roscoe Village and Lakeview, managed them, dealt with tons of issues regarding deferred maintenance, tenants, construction, rehab etc, this has helped guide me to educate my clients. Its one thing to know be and agent and do brokerage, but its another to have actually owned for many years.

Call and speak to past clients that an agent has worked with -Your agent should be willing to provide those to you.

See if the agent has a referral base of people he/she has worked with in the past on multi-unit properties.

An Agent/Broker below did point out that very few 2-4 flats in decent locations make economic sense unless you are going to live in one of the units and you can offset your mortgage with rents. However, there are some over the long term might be truly viable.

Let me know if I can be of any assistance.

Best,

Harry

Here's a different twist on the purpose of an " Open House."

This real estate experience is normally considered as an event for the sole purpose of attracting buyers to view a specific home. Our recommendation is to attend open houses for the purpose of not considering the home but evaluating or informally interviewing the agents.

Try to get them to talk about homes other than their or their company's listings that represent "Best value" for this location. Try to find out what the know about the local market . A major consideration should be "full time vs. part-time." A full time agent should be able to meet your personal scheduling needs more easily that a part-time one.

Good luck
The Eckelr Team

Just to clarify: It is not against the law for a realtor to rebate a portion of their commission to someone who is a principal to a transaction. As the buyer you would be a principal. What is against the law is for a realtor to pay some random individual for referrals.

Lincolnparker,

Chances are that you don't need any more advice. But a couple considerations...

Who have your friends used and who did they think was a real estate rock star? Who is recommended online in sources such as Angie's List or in a forum such as this with an ongoing stream of reasonable and intelligent answers that meet with consumer "thumbs up"? Who understands the manner in which neighborhoods abut and inform property values? Who has a track record of putting together deals that makes their clients stark raving fans? Who has the capacity to respond to your questions directly, intuitively, intelligently and contemporaneously? Who has a sterling image online when you google them?

There are plenty of highly qualified real estate professionals to choose from - who, when you meet them and talk to them puts you at ease and inspires your trust? In terms of ROI, such formulas truly play no role in a consumer's choosing and buying a two or three unit building. What is more pertinent in terms of what you desire is somebody who can walk with you through a property and edify you about the state of the windows, the construct of the basement, the code readiness of the back porches, the age of the mechanicals and the overall value of the property. In other words, who is knowledgeable?

Lots of good stuff to choose from and plenty of good agents to assist you. Good luck in making the choice that works for you.

All the best,

Tom McCarey
The Real Estate Lounge Chicago with @properties
Certified Negotiation Expert
Accredited Buyers' Representative
Certified Luxury Home Marketing Specialist
All Around Good Guy with Clients Who Really Like Him

Hello Lincolnparker,

You appear to have a strong sense of what you are looking for which is any good Realtor's dream. So often we work with those who only know what they don't want, rather than what they want! I have a sheet in my presentation with questions you should ask during your interviews.

I would be happy to sendyou my "Questions To Ask Your Realtor" sheet which compares our answers to those you may ask others, such as
"How long have you been a Realtor?" Karen and Lou have 50+ years of real estate between them. Lou has been a Realtor since 1974 and Karen since 1988. We are both brokers.
"What professional designations do you have?" ABR, CRS, GRI, CDPE, AHWD, SRES
"How many properties have you listed since 2008? How many of these have you sold?" 34 properties listed. 7 active listings. 23 sold.
"Do you have a personal staff?" Yes! Our team consists of two expert associate brokers, a personal office manager, and a V.A staff for marketing.
"Do you have your own personal website?" Yes! We have two personal websites:
http://www.ChicagoCityHomes.com
http://www.CityChicagoHomes.com
"What is the average amount of time one or your listings is on the market before it sells?" Our average listing market time since 2008 is 31 days.

We are familiar with both the streamlined 203k as well as the full blown 203K. We are CDPE (Certified Distressed Property Experts) and have experience in both short sales and bank owned foreclosures.

It is against the law to pay a commission to anyone who does not have a real estate license. We are happy to pay a referral fee to a licensed practitioner, but will not violate RESPA laws. We will earn our commission through both our negotiating skills as well as our ability to keep your transaction together. I look forward to hearing back from you.

Ask them to provide you with a sample ROI calculation. That should weed out about 80 - 90% of them. This is key because about 90% of the multi-unit buildings don't make economic sense. Then ask them if they'll give you 25% of their commission. That should weed out another 10 - 20%.

Hi,

I've been in the business for 12 years and am a Top Producer in the industry. I have owned a boutique Real Estate firm on Michigan Ave for the last 10. I just merged with a At Properties. I know the city inside and out. My goal for every client is to Build Personal Wealth. Give me a call so we can talk. Colleen Harper 312-617-3456.

Lincolnparker,
I think you got the basics pretty much covered. I would suggest maybe interviewing a few agents and go with the one you feel comfortable with. If I could be of any help at all, please let me know. Good luck!

Matt Laricy
Americorp Real Estate
Brokers Associate,e-PRO
mlaricy@americorpre.com
708-250-2696