OfflineI recently met with a Real Estate Agent and signed an "Exclusive Buyer/Tenant Agency Agreement" with him. He has provided me with a listing of properties that meet my criteria, however, he does not move as fast as I would like and that's not gonna work out right. Am I allowed to legally work with other Real Estate Agents although we have this 60 day agreement in place? I'd like to get out there now and start wholesaling properties ASAP!!
PLEASE HELP!!
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Looking to make something out of ambition, youth and open-mindedness.
I would suggest you to cancel the contract. I NEVER sign any contract with any agent besides the purchase and sale contract. Most of the agents I work with I have never gone to their office besides one agent who I went to his office when I first started. Basically he wanted me to sign a contract and put down $500 check to convince him that I am serious and I wouldnt use another agent and he was like I would get my money back when I buy my first deal using him. I was like hell no lol I'm not doing that, I told him I will get back to him and I never got back to him and I deleted him out of my life.
When I Call up agents I just tell them I'm an investor in the local market I'm a cash buyer and I'm looking for Single family houses 3 beds 2 baths that have been on the market for at least 60 days including REOS. They will ask you whats your price range and this is what I usually tell them: Please send me a spreadsheet of "CASH SOLD" in the (your area) market for the past 60 days so I can have a feel of the price range I need to stay at. OR you can tell them my price range is $200k max (it depends on your market).
Please always try to use at least 4 agents if possible to submit your offers. Here is a great website I use to get agents www.kw.com or www.century21.com
I HOPE THIS HELPS!!
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TC
Miami, FL
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TC
Miami Florida
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Thanks. I'll contact him and cancel the contract. He has however provided me with 100+ properties to look at and will be providing me with a list of the CASH SOLD in my area for the past 60 days as well. I'm worried about burning bridges so early in my career and I don't want to have him spreading word around that i'm unethical or anything.
Looking to make something out of ambition, youth and open-mindedness.
I completely agree with what has already been said. You need to cancel the contract with the agent. In a retail buyer situation agent agreements are common and necessary. However, in the investment world an exclusive agreement is not. If the realtor seems on the ball and is getting you the information you need in a timely manner, and you work well together and they insist on an agreement you can tell them you will sign one that is property specific.
In addition to the sites listed above, remax.com is also a good one to look at.