Investor Friendly Real Easte Agent NOT Easy To Find..... Feed back Please

I have been working with an agent for almost 1 month now. She sound nice on the phone and told me she understand assignment and all that.

Then came the crushing blow. When I send her the POF letter from Coastal, she said that she needs to see the bank account of the company before proceeding, to make sure that they actually have the money in the bank.

Has anyone has the similar experiences when it comes to presenting Coastal POF letter?

Any advise will be appreciated.

Thanks,

yea total bummer agents are the biggest dream crushers to a wholesaler they are always on the side of the sellers and that's never going to change. I have an agent I have been working with and he doesnt get it. I am going to start looking for a new one myself. Good luck finding one I know well both need it!

I have the same experience. I spoke with many agents who said they would work with me in the beginning but once they found out I would be making offers below 15% of the asking price, they all would not return my calls or answer my emails. One agent from Keller Williams refused to work with investors. He told me there were too many buyers and not enough inventory so buyers are bidding over the asking prices. The other agent refused to submit my offer because he said they were too low (65% of the ARV minus fees).

I am beginning to feel discouraged. I am starting to believe what the agents tole me. They said investors will have to come up with better offers if they want to be in the game. I am starting to see that here in the Los Angeles area.

I keep seeing blogs about perseverance. We will have to keep calling around until we find that "investor friendly" agent and maybe adjust our offer amount (without over bidding) if our offers are too low.

Keep thinking positive. Good luck to everyone!

Angela

younger agents are excited to get offers going. Seasoned ones that invest themselves are good too.

If they don't submit your offer, it is against the law and you can report them to their broker. Ask for a yes/no receipt

and use more than one, because they get busy, or sometimes they just drop off for a variety of reasons. Just keep searching for as many as you need. Tammy

Thanks for your feedback on REA issue. I will continue to look for the right one.

Christopher - this agent that refused to submit my offer is also a broker. He seemed to know more than anyone. So I will not spend any more time with this agent/broker and move on to the next one. Thanks again.

I am having the same problem too. These realtor's act like they are understanding what you do, then they stop calling. It is frustrating because they are thinking about the seller and their greedy needs. I need to find one in Jersey.

Broker know it all, turn with tail between legs if you complained. Hold your ground! or forget it and find a young one!

Or, you could do what one of my buyers said...."Get your real estate license and you'll do ten times more deals."

Fill out your BIO. I looked to see what state you are in so that I might be able to give you a little help concerning your local market, but there is no info there!

Put yourself in the shoes of the agent. They work to put food on the table just like me or you. If they feel that there is really something in it for them they WILL work with you. If they see a bunch of low offers just for the sake of making low offers on properties that will NEVER go for a low offer they will stop working with you and I don't blame them!

Most new investors have NO IDEA how to evaluate a deal. Which ones are actually investor deals that make since to make a low offer on. Just because a property has had a price reduction or says as/is that does not mean it will not go an owner/occupant buyer. Owner/occupants will ALWAYS pay more than an investor. Agents think it is a waste of time (THEY ARE RIGHT!!!) to submit low ball offers on properties that are owner/occupant type properties.

When you know what you are doing and know how to present yourself you will find agents that will give you a try. If you do not close a deal or provide them with listing referrals or do SOMETHING for them then they too will drop you like a hot potato!

This is how business in the real world works.

Good luck!!

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

I filled out my profile and bio.

please help me understand
Thank you for feed back base on what i've read on deans books and seen on his videos single family house 3/2 (notes of tlc or fixer upper and one price drop) we send offer that is FMV - (0.7) -(expenses 8-13%) now base on what you are saying (and the agents and you are saying they are RIGHT) Deans Formula is WRONG and waste of time.

I just want to make sure I understand correctly.
You had a post less than 2 weeks ago REO fmv $115K you offered $32K after 4 offers you bought and resold wholesale and pocked $12K.
NOW would you please explain to newbie like me why is it one wrong and one not?

Thank you so much for your valuable feedback.

Kathy

No formula is set in stone. The basics of the formula are, but the percentages and numbers change based on market conditions.

That property of mine you are talking about had structural issues and a major rehab needed. We targeted that property specifically after we researched it. It was not through some batch of offers at X amount minus x amount. This property could not be FINANCED in its condition. A definite investor property. We went back and forth with the bank for 6 months to get the price reduction due to the structural that we discovered.

Dean teaches that you must take the strategies he teaches and modify them to the market conditions in your area. There is NO cookie cutter strategy that works the same all over the country. The strategy works but the percentages and the numbers vary depending on the local market and that can be down to the very STREET you are looking at!!

For example: Here in Denver inventory is very low and demand is high. In these market conditions will 25 low ball offers get accepted?? The answer is NO!! This is the law of supply and demand. I think Dean would agree 100%. We are coming out of the down market here. If you keep doing what we WERE doing, guess what.

You must make multiple offers and we do, but they relate to what is happening in the local market. Dean is not wrong. You must get out and find out what IS working in your LOCAL marketplace and he says so! He teaches a basic theory that needs to be "Tweeked" to your marketplace.

There are areas where 70% will work all day long. Is this true of your area?? How are you going to learn? MAKE OFFERS and get out on the ground and start evaluating properties. THE MARKET (solds) determines FMV, not some formula.

So again I say if your market is requiring an 80% of ARV offer minus repairs and you are offering 70% minus repairs you are not going to get many offers accepted (if any) and you will go through a lot of agents.

If where you are has 12 months of inventory and no one is buying you can pick up properties at 50% or less. So at 70% you would be paying TOO MUCH.

Are you getting what I am trying to get across now? Dean is NOT wrong. I don't think he would offer 70% in Beverly Hills but he would offer 40% in Michigan. I don't think he would offer on houses that will go to the homeowner buyer.

Finally, if you are having trouble with agents try working directly with unlisted motivated sellers while building your buyers list.

Hope this helps.

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

Thank you VERY MUCH. I think I understand now.
You explained it in very clear detail.

Kathy M

for your clarification and sharing your expertise for all of us to benefit from/ Your input is always appreciated. Semper Fi..D-LO

for your clarification and sharing your expertise for all of us to benefit from. Your input is always appreciated. Semper Fi..D-LO

Look for a buyers only agent. Most real estate agents tend to favor the sellers because as the market declines with low accepted offers so do their commissions! Also in the southern CA area I recommend finding vacant homes that are not on the mls and bringing them an agent as a bird dog or if you can work with the owner get it under contract and assign them to one of your cash buyers. Hope this helps!

i just talked to my agent this morning after I gave him the list of price reduction properties that I hand-picked, I assigned 65% off FMV on all these properties. He said he would be laughed at to offer that kind of price. I told him it's a buyer's market so it should still be okay to offer below market. He agreed that it it still a buyer's market and will be for about 3 more years but there were just too many investors and too little inventory to go around so most of the props on MLS are now flipped/ rehabbed properties that investors are trying to sell to retail buyers.

I was very upfront with him since the beginning and he knows I have not made a deal yet. He was very patient with me over the phone explaining what I can do if I'm not going to fund my own deals. I'm going back to the books to see if I can work on expired listings instead. I think a possible problem with wholesaling properties is that the prop changes hands too many times from owner to wholesaler to rehabber to retail buyer, plus commissions (typically 2 agents) and closing costs, and the time it takes to close that whole process is too much work and cuts the profits so 65% off FMV... get the picture?

I may be wrong, I'm sure there's a way around this but that just means I gotta keep reading and paint a clearer picture in my head on how this is really going to work out for both agent and me. I guess the agents are just scared of either too much work for 25:1, or having too many mouths to feed in the deal that it cuts out their commissions, or both.

Good luck with your agent, let's see how long mine stays.

Could someone send me an old copy of one of these lists,please. I've asked my agent to get me one and she doesn't seem to know what I want. She just sent me a consolidated report for all sales,price range going down one side,and fields across -2bd 3 +4 across the top. then a number in the cross. so for example in the 100,000-120,000 there were 4 -2bd,34 3bd, 12 +4, total 50 sales. 120-140,000, 6 -2, 40 3, 20 4+, total 66, 300-350,000, 0 -2, 0 3, 12 4+, total 4. this does have some value,as I can tell most of the sales were in 4-5 price range, all sales of very high price were more than 4 bed,etc, but it doesn't tell me where the sales were, or other info I need. If I had one of your old lists to show, maybe she'd get me what I need. Thanks for any help.. KEN

Kathy, if somebody here hasn't already mentioned it then consider this - find some Real Estate Investment Club meetings (a great place to find an agent) near you and go to them. California probably has more REI Clubs than anywhere on the planet. Do a search in Google and you will find what you need. There are even REI Clubs specifically for women in CA.

Count yourself lucky... my nearest REI Club is a 250 mile drive.

If there is a Meetup portal for an REI Club in your area you will want to join that too. That is how I found 3 agents, by posting an ad there. I found my top agent there and for lack of a better word, he is: ferocious! Good luck.

Its not because they don't know what they're doing, its because its YOU who doesn;t know what you're doing.

Most 'newer investors' can be spotted miles away;

1. Your pitch/presentation

2. Your requests(25-100 offers a month)

3. Your POF letter

4. Your reaction to certain questions/conversations

1. Not sure how it works in other parts of the country, but here in NYC, investors don't ask to put in multiple offers on homes they have not personally seen, nor do they deal with the MLS.

2. Not sure how much time other realtors have on their plates, but unless we have done business before or/and I have seen a BANK STATEMENT with corporate docs of the same name, you will get the dial tone after such a request.

3. Like #2, I need to see corporate docs and bank statement with same name if we are starting out; when this cannot be provided or I don't know you, I don't lift a finger.

4. Normally your first statement and/or reaction to a question dictates how a conversation continues or ends. If you stumble or stammer or give the proverbial "that property is in contract but what exactly are you looking for???" its normally a forgone conclusion you're new to the game.

I've been away for a while and the blame game continues; its not someone else's fault that you cannot close a deal, its probably you.

Thanks Steve Actually I have found one registered with them they only meet once a week in san francisco. i had to work this month but i will be off next month whiich i will go.

Thanks

No offense to any hardworking realtor or real estate agent out there, But i think 90% of Realtors out there are LAZY. They dont want to work.

realtors are spoiled for easy 6% (California) commissions they make for total for afew hours work. here in California average housing $500K that's $30K.

Yes Absolutely. I am still reaching out. thanks for your support.

I don't doubt that there may be lazy agents, but if I as an agent ask you for things that you cannot provide, why exactly should I lift a finger for you???

Especially if I don't know you or have no idea or there is no reference of your investor history.

If you tell me that you want to put offers on 25-50 homes a month, do you plan on seeing these homes beforehand??? I can tell you most agents dont like to do blind bids.

I truly wish you the most success in your goals, but as you've said you're new so you're really not in a position to call people who might know more than you lazy.

Best to you.

4. Normally your first statement and/or reaction to a question dictates how a conversation continues or ends. If you stumble or stammer or give the proverbial "that property is in contract but what exactly are you looking for???" its normally a forgone conclusion you're new to the game.

What response would you recommend over, "that property is in contract but what exactly are you looking for???"

What response would you recommend over, "that property is in contract but what exactly are you looking for???"

Forgive my Midwestern sense of courtesy and kindness, but why are you being so flippant to Kathy?

Kathy has simply asked a question that many of us struggle with on a day to day basis. Remember, this site is specifically designed to complement the strategies Dean has outlined in his books and programs. Matt Larson is held out as a DG champion and is the "father" of the 25:1 ratio -- and he came from a position of financial weakness like many of us on this site.

So you're a real estate agent. Congratulations. And obviously you do not work with rookie investors. Again, congratulations.

So tell me. Since you so aptly put rookie investors in our collective "place," what should we do?

How do we go about finding the ideal agent? How do we find one who will work with us towards a mutually beneficial relationship? But before you answer, remember that:

1. We don't have any money which is why we are wholesaling.
2. Our proof of funds letter is from Coastal.
3. We are diligently building our buyer's list.
4. We are prospecting for FSBOs, foreclosures, etc., but still need access to MLS listings to round out our inventory of properties. Bottom line, we need to make offers and lots of them.

You claim to know more than us. Great. I have no doubt and I'd love to hear your CONSTRUCTIVE comments. I need the advice as badly as everyone else who found this thread.

Flippant and a bit ticked off,
Sean

Thank you Sean.

Actually I am not be flippant but honest. Not sure how long you've been on this site, but a normal characteristic is that when things don't go the way it says so in the book or by the actions of others on here, the first thing normally people do is blame realtors.

To me the books are a foundation of working an angle that works best for them in whatever area they live. To me blaming realtors because you didn't get what you want comes off as immature and amateurish.

What I would first recommend, and it is not the norm, is that you find properties before you find buyers; to me buyers without a property to buy is a bunch of names on a piece of paper that means nothing.

If you're not as experienced or know what to say, start small, look for FSBOs or properties that are For Rent

If you're wanting to work with agents instead of trying put offers in on properties you haven't seen, only make offers on homes you have seen.

Fully expect people not to accept transactional funding and maybe find someone from a referral that can fund a project for you or something you find you can partner with

I do this for a living and take great pride in what I do and when I hear people who want to do this blame others because they feel they should be instantly rewarded for reading a few books and posting ads don't get what they think they deserve, it annoys me.

So in closing I hope I've answered some of your questions and have no problems speaking further with you or anyone else on here

If you post an ad about a home or homes you have at 10am on monday and I respond at 11am and you tell me they are all on contract or I ask you if I can meet you at the property(s) and ill have my POF and corporate docs with me, what would be your response???

Tell the truth; post ads saying you're a wholesaler and you can assist in finding properties for investors.

Investors, if necessary, can often provide a bank statement, corp docs and transactional funding. If you can only provide the trans doc, it comes off as a red flag.

Tell the truth and you'll go farther.