Realtors and Agents - Getting them and Keeping them!! :-)

I am a little over a month in the process here. I have not made my first deal yet, but getting there! I WILL get there!

Anyway, I have had incredible success finding totally cooperative brokers and agents and I wanted to share it with the DG community.

First of all, you will need Dean's book PFRERN. Go to page 114 to Matt Lawson's fax he sends out to agents.

Now my attitude is this is a people business. You form relationships. So I took Matt's FANTASTIC fax letter and altered it a bit -for example my goal is to purchase 50 props in an area instead of 100 at the moment.

I did a search online for realtors in (your city, state) and started going thru the ads. I found Yahoo had a site for recommendations for realtors.

I just went thru and found a few that sounded hungry, motivated, ethical and honest. I called them up and started out saying that I had found them through Yahoo and they had great recommendations. I asked if they would have a minute to give me because I would love to get their expert opinion on something. They say I have a few minutes. I thank them, then ask something like - if you were an investor and you wanted to start looking for foreclosures to buy in your area, where would they start? What neigborhood? What price range? Etc.

Next thing you know, they are on the phone with you for 15 minutes and giving you some great information. I tell them thank you so much for their expertise... you know, I really enjoyed your valuable input.

Then I go in and start reading Matt's fax letter (I don't say it word per word, I make it like a conversation.

I tell them the truth, that I am an UPCOMING RE Invester and my goal is to buy 50 properties in the city in the next 12-15 months.

They are ALWAYS interested. I have had no turn downs yet.

We build a rapport and I am very frank that I am new to this and I am starting out and I WILL screw up and they will get mad at me - Guaranteed and they might even want to slap me at times. But they will end up making lots of money with me anyway.

They just laugh and say it sounds great. I also let them know that I have a very unique marketing strategy that attracts buyers on the verge of being qualified. Buyers that have RECENTLY been refused by their local bank because they did not meet all of that banks criteria.

I let them know I will want to know if they have some Morthage Brokers they work with that have lots of connections and are honest and ethical.

I also let them know that I have a few investors willing to back me with a 24 hour bridge loan that will fund all the money I need to close my A-B transactions as long as I have the contract for the B-C sale and a copy of the end buyer's underwriting approval or "clear to close" from their lender.

I then ask if there are any title companies in their area that still do simutaneous closings, if not, we will need to do a double closing for the A-B and B-C transactions on the same day at the same title company.

I ask them again if they are sure they have not problem with making a lot of low, but polite, offers to other agents.

I tell them that even though I am only an upcoming RE investor, that I AM a professional and I will only work with professionals. I want him/her to make money and I want to make money.

We will probably start out slow at first because I will be on a learning curve, but I will expect within 3 months we have a system for each process in place so that everything will run very smoothly.

I tell them it has been great talking with them and I am so happy I called and I am so happy they shared their expertise with me.

I assure them that this is probably going to be one of the best decisions either of us has ever made.

I then tell them that I must get off the phone now, but I will contact them within a few days via email with clear guidelines of what to do to make this work and we will get started right away. When they get the email of the list of duties each of us will perform, please get back to me with any suggestions you might have that you feel would make the process go even smoother or quicker.

By the time the agent, realtor or broker and I get off the phone, we have been talking for 30 minutes, not a few. And I am the one who needs to end the conversation for now.

So, Matt, wherever you are! My hats off to you! Great script! It really works!

Hope this was helpful!!
DC

That's awesome,love the post and I will definatly try it.I have 2 agents that say they are game but wont do the low low offers.They are also very slow to respond sometimes and never send me listings that might work for me I just get a portal.I think they are loyal to other investors they have worked with for awhile.Even tho the agents say they only close maybe one deal per month and I am offering multiple deals per month.

Can sometimes be the kiss of death with some realtors

Because if it is a seller that they may have to come back to, burning a bridge by sending in an insulting might not be in their best interests especially if its with a client they have no history with. Meaning they haven't closed with you to justify taking the risk.

And we do tend to be much more loyal w investors we've dealt with and made money with.

Maybe its a sign to move onto another realtor; we're a dime a dozen

Kudos for the inspiration! I'm just getting started, myself. And I think you've given me a great jumping off initiative. I've done a first read of PFRERN, and the other 2 books, and I'm making my way through a second more indepth reading, to get a firm hold on some of the techniques and strategies.
...Much appreciation to Matt and his sharing of wisdom, knowledge and creative energies.

I'd love to utilize your course of action as a blueprint to kick off my professional team search.

We can keep each other posted on our progress.

Kim

Elix, you have a great point. Thank you for sharing that with us.

Since you sir, are a licensed realtor in NYS - would you have any suggestions as to how we newbie investors might persuade an agent to actually work with us? REALLY work with us?

I can see why they do not want to give lowball offers to their clients (even if it is the um-teenth property they have sold for them). But what about making the offers to other agents with their clients that have been listed for a long time?

What about bringing them in on your own IEE "Subject to" contracts? I would think that would be giving them an extra $1000 or $2000 (based on even low end $100K props for just running a comp, organizing a contract and being at the title office at closing if you need them to.

Or bringing the agent in on assignment deals that you find. Again, the agent needs to run the comps organize the contract (although your lawyer would need to take it from there), and show up at the title company for closing. Still - a few thousand bucks or so in the agent's pocket.

Would that be a good way to start off with an agent to show that you might know what you are doing? You would not be affecting their clients then, correct?

Would LOVE to get your inside perspective of this and tell us what you think.

Maybe for agents already working with investors they know and trust, they just will not have time for you and I think you are very correct - move on and find another agent.

However, Elix, I DON'T agree that you realtors are a dime a dozen. Maybe the majority of you are... but there are a few of you that shine like polished gold.

And a few newbie agents with open minds that are diamonds in the rough just waiting for a newbie investor like me that is also a diamond in the rough to come along and blow their income to heights they never knew possible!! I'm planning on shooting all my realtor's/broker's/agent's incomes out to the stars.

And my income? Well, I plan on going past the stars and exploring other universes.

Anyway Elix, I like your straightforwardness and wit.

Many thanks!
DC

Thank you for commenting and joining this thread.
Good for you that you found 2 agents... way to go!

If they are working with other investors, then I feel that Elix is right, move on and connect with another realtor.

As for future agents to work with, if they say no to low offers, kindly thank them and move on.

One of the things I liked about actually 'cold' calling a realtor I think looks like a great candidate, is that I can talk to them and they hear my sincerity, my determination, my goals, and as I told everyone who will ever read this string in the story above - even my flaws (that I am upcoming and I PROMISE that I WILL screw up a few times).

I feel that I am letting them know who I am, at the same time, I am getting to know who they are and we are already beginning a relationship of trust.

If you build this trust, I really feel that they will have no problem presenting low offers for you for a few months to see if it works. Especially if you are bringing them in (to some degree) on the deals that they did not find.

I mean, you already told them you WILL mess up a few times in the beginning, but more important, while talking with them for a half hour, they see that you DO know alot and are not completely in the blind and you are also offering them the chance of a lifetime!

Also, always send your agents a list of what you expect them to be doing for you.

I like to have this list ready on my email as a draft. Then, I make an appointment for a good time to talk again when they will be in their office (this is now my second time I will speak to them, the first being my 'cold' call).

I just start the conversation by telling them I am very excited about this and I know we will work really well together and let's make this work! Let's start making some bookoo bucks! I ask them if they are at their computer (they will be). I tell them that I am sending them an email now. They get it in a minute or two.

I tell them that these are the details we discussed the other day over the phone and I want to go over them with you as to what I will need you to do and what I will need to do so we are completely clear on the responsibilities.

I tell them that even though it may be a bit slow at first, I still want this system followed to the letter. It will increase our success and pull us to warp speed in a matter of months.

If they have any negative reactions to ANYTHING on your list, simply tell them that you have been mentoring with several EXTREMELY SUCCESSFUL investors and that ALL of them do this very same set up with their lucky agents and both them and the agents make tons of money - even in this market.

IF they were to still be negative, I would ask them if they have a referral to an agent who might not mind doing what is on your list if they would be making money in this market where most are not.

Then I would thank them for their time, and wish them all the best.

When I would hang up my phone, I might scream - LOSER!!! - to the phone... but hey... at least you didn't waste any more time than 2 calls with them!

I would love to hear of your successes, Mike. I can see you will go places.

Please keep me posted!
DC

Thank you for the comment. I am glad you found the post inspiring. I want to try to give back at least some of the inspiration I have received by all the wonderful and motivated people on this forum.

You seem to be taking the route I took... read a few of Dean's books a few times thru, take notes, let it soak in for a few weeks, go thru the forum...

The books and forum are great. Please do use Matt's blueprint to kick off your team search. You won't be sorry.

Please keep me posted on your progress! I am loving this thread! We are getting some very motivated and driven individuals here! Let's all blast our first deals into space soon. We need to get that first one out of the way!

I can see that the people responding to this thread thus far are past the point of fear and are actually doing something to start making it happen. Kudos to ALL of you! It's a positive sign! Let's see each other at the top! - SOON

Please don't forget to post about your experience of finding realtors and keeping them! We can all learn from each others experiences and ideas!

Thanks Kim - let's keep in touch!
DC

It's funny that this thread is up because I just finished writing and editing Matt's letter for finding a real estate agents. I will be sending my letter out to a few agents today that has already emailed me because they found my ad's on craiglist.

I can't wait to see what type of results I get.
Stan

DC,

First off hello and welcome to the crazy, you have to love it to survive world of real estate. I'll answer in pieces as this may be long.

The only way to persuade anyone is if its worth their time. And any successful or successful minded realtor knows time is something we don't get back. A wasted appointment, closing, meeting with potential is a waste any way you look at it,so your best bet would be to pitch it in a way it makes sense and how we can benefit.

Your best bet would be to talk to the realtor(s) in a straightforward manner about your plans and how you plan on doing it and how they can assist and benefit in the process. Since you're starting out to save time, maybe if you know someone who could refer you to a realtor; that way the ice is more easily broken since you both have something in common and the convo can start out personally and relaxed when it comes to biz being done.

When I mentioned realtors being a dime a dozen, of course I wasn't talking about myself; I was speaking out on them in general. I myself am a rare stone and quite priceless if I do say so myself lol. A little humor to lighten up the mood.

Nothing wrong with having an open mind but "THE DEAL HAS TO MAKE SENSE". If you last long enough trust you will hear that phrase. Remember where you heard it first. Most times newbie agents might not deal in assignments especially if their brokers won't allow it or the owner of a property is not interested in having a contract written on their property by someone other than their agents. Whats the point???

I like your enthusiasm. But I try to tell people I deal with to 'work smart, not hard'. Most people who work hard burn out very quickly because they try to do everything all at once and when they don't see results, its like "WTF???" And then its like "i did....and......and......and......and......and ......and......and......and....all in two days and no responses. what am I doing wrong???"

I say be in the frame of mind that you're in a war not a battle, have lots of patience, don't be surprised if you don't get a check immediately, but if you feel more comfortable and confident along the way, you're doing something right, listen to when someone who knows talks, look them in the eye, and never be afraid to ask questions and never,......ever,.......eeeeeeeeeeeeever assume.

Hope it helps???

Good Luck! Way to go! Let us know how it goes!
DC

Thank you so much for such GREAT input!

I agree that you have to convince the agent it is worth their time and you must show them a plan (or strategies) about how assisting you would benefit them.

Networking and having someone make the introductions for you with a realtor is a great idea if you know of anyone. However, for those on the forum that do not know of anyone who might even associate with a realtor, well... they just have to get guts and start talking to agents and selling themselves by showing they have done their homework. Then they need to practice it. - You do NOT want to waste the agents time.

Thanks for the info that newbie agents might now even be able to deal with assignments unless their brokers allow it. NEVER even thought of that one!

And if the sellers don't want to have a contract written out on their property by anyone but their agent... well... I think a good agent that is in with you, would be able to convince the seller otherwise if the property is likely to sell - which is the goal after all.

And there are always FSBOs that you bring in and give them a cut of.

There are REOs...another subject as to how to get your offers accepted by agents sitting on them (another creature and another thread)...

It is all about finding an agent that will do what YOU NEED them to do. If they can't - it's not a good fit.

Amen to working smart! I TOTALLY agree. I do think initially there is a bit of 'working hard' to wrap your head around something new. Once you figure it out - automate it.

Your advice about looking at it from the perspective of being in a war, not a battle is a great analogy. Just because you might lose some battles in the beginning or here or there, they are only battles, not the war.

BTW, glad to hear you are a priceless gem! I know you are for this forum!

Thanks again for wonderful 'insiders' advise.
DC

Hi Dc,

Thanks for the great post, gave me some new ideas in trying to find a good agent, I had one that I had worked with before but she did not care for the way I worked as all of a sudden contact was lost and I never hear from her any more. So am back to looking for a new agent again and there has to be one or more out there some where hopefully it will not take long to find the next one.

Just jump in there and try again. Be sure and read Elix's posts as well as mine on this thread. He has some very valuable information when dealing with agents/brokers/realtors. Use his insight when you approach your next agent.

Don't waste their time. How do you do that? - by having a plan. Knowing exactly what you want and how you plan to do it.

Good Luck!
DC

Hi,

I am new to this site. I am a licensed agent in AZ. I have developed my own Power Team to invest in real estate. Just plug into an existing network. I have shaved six months when it comes to developing your own Power Team. Make it happen today.

This post is great, thanks for giving a look in to how it works for you.