A listing agent has some complaints about investors trying to see his properties. Namely, that they should save those houses for actual residents. In a video with over 14,000 views, Tom Noelke (@tom.noelke.realto), a real estate agent in the Orlando, Florida, area, explained a recent call he had. It was with a “lady” who wasn’t very clear with her intentions at first when trying to schedule a property tour—then he found out she was a possible investor.
“I had this lady call me today. [She] wanted to see a property, and I asked her questions. ‘Are you an agent, are you an investor, what’s going on [with you]?’” he said. “She wanted me to just show it to her. She said, ‘No I’m not an agent [nor] a representative.” The woman proceeded to tell Noelke that she was an investor, and he quickly explained that he doesn’t show properties to investors.
She tried to argue with him, saying that he was “supposed” to show her the property because he was the listing agent. He said it was his personal choice not to. “I don’t have to show you this listing,” he added. “I’m 1099, I can do whatever I want.”
When she asked why, he explained his thoughts very clearly. He thought she would lowball the offer, not do any paperwork, and create significant problems for him. “It’s not in my best interest to work with investors,” he reiterated.
While it’s entirely within Noelke’s right to refuse his services to anyone he chooses, it raises the question: Should listing agents not consider investors?
What even is a real estate investor?
To put it simply, real estate investors are people who make financial investments in properties, or real estate. They may also invest in other ways, but they’re usually buying properties to turn a profit on them or generate monthly income by becoming a landlord.
When becoming a landlord, a real estate investor is still responsible for paying the mortgage on the house, property taxes, insurance, and additional services. Rent creates their revenue stream, allowing them to make more income depending on how many properties they have. Usually, real estate investors use their initial earnings to invest in even more properties, eventually resulting in a need for individual representation. A reputable investor may have a preferred listing agent, property managers, and individual companies they work with to manage their properties.
Should a listing agent trust a beginning investor?
Many commenters weighed in on the question. The general consensus was no, most first-time investors aren’t usually equipped to make great financial decisions when working with a listing agent. Other commenters, however, disagreed with the assumption that most investors don’t have a handle on their finances and would drop the ball on a deal.
One user wrote, “I’m an investor and the last [property] I bought, I paid full price to close in a week… if you had my house listed I would be [p-ssed].
Another added, “I’ve made 100’s of thousands of dollars from investors…. Cash is king when buying in a sellers market….It took a while to sort out the time wasters.”
Generally, it depends on a case-by-case basis. It doesn’t necessarily pay off to immediately throw a deal away just because someone is investing in a property. However, many listing agents seem tired of investor deals.
One even added, “Agent here. I don’t work with investors. Ever. Period. Waste of my time.”
@tom.noelke.realto ##sellingorlando #realtoroftiktok #listingagent ♬ original sound – Tom Noelke
The Mary Sue has reached out to Noelke via TikTok direct message for more information.
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