Working with a Broker instead of a RE-agent

Often times I think we make working with Real Estate agents more complicated than it has to be. If you are continually running into difficulty finding an agent to work with try this...

- Establish that the agent works with Investors (without telling them the specific strategies you will be using - It really shouldn't matter to him).

- Then describe the types of properties you are looking to find. (For instance, single family starter homes, 3 bedroom, etc)

- After this simply ask if he can find you some homes that match this description and have him send you a list that matches your criteria.

Don't worry about getting into details at this point. Just get the listings and then you can have the agent help you make offers once you identify the properties you are most interested in.

Hi Chris!

Thanks for the suggestion i'll do that again.
The latest update of the RE-Broker was he is
no longer contacting me. He promise me Last Friday
11/22/2013, that he will show me 5 properties that
meets my requirements, I was just waiting for his call,
I decided not to call him, I am his customer, He should
take care of his customer, now it's 11/25/2013 (Monday),
He never show up. (This is just an update for your
consumption on that matter.

Thanks,

Peter

broker is not over-qualified; some brokers are just licensed as brokers, but it doesn't mean that they don't want to work hard and make money
just ask if he is willing to put in several offers every week, and below asking price... if yes, he may be your guy!

Good luck! keep moving forward!

I have to give two thumbs up to Chris's response, and also to Valerie's.
If I could make an additional suggestion, once you have interviewed some cash buyers and know what they want, preferably getting to the point where you have multiple cash buyers who all want the same thing--I call this overlapping buyers, then you can prepare a two part list for your agent telling them exactly what to look for. They will love you for this.

Part 1: The list of criteria for properties that will be acceptable. As stated above, I like to make sure that I have at least 4 to 5 cash buyers on my list who are all searching for basically the same property, and then that becomes my focus, and what I tell my agents to look for--and nothing else.

Part 2: A list of motivational phrases they can look for when they search the MLS. Things like: handiman special, investor's dream, must sell, owner anxious, etc. Make a pretty comprehensive list of these phrases for them.

Knowing that you are making all cash offers, that they will be "investor offers" meaning that they are based on making a profit, and that they need to search for what you are asking for is basically what they need to know at the outset. I believe in full disclosure, but I also like to pick my timing. Too much information too soon can destroy a potentially good relationship.

Hi Valerie!

Thank you so much for your sharing!

Peter

Hi Dallin!

Great Ideas! I appreciate it....

Thank you so much!

Peter

I agree too, great info guy's, keep it up Peter you will do doing deals soon. Happy Tuesday

Just a couple of points on Brokers that may be helpful. Brokers earn their position through experience, but usually qualify to become brokers in order to manage their own real estate office. Like any other management role, this divides their time between working with customers and administrative functions. It can be to your advantage to work with a broker if they are able to dedicate the necessary time to assist you. They usually spend a lot of their time supporting and backing up the agents that work out of their office.
Having a connection with the broker in an office can also be helpful in working with one of their agents, and you can also use this connection with the broker to have them assign a specific agent to work with you. They know their staff and can help connect you with an agent who will be a good fit.
Most importantly, realize that real estate agents are not trained on how to be good at customer service or how to correctly build a business or clientele as a part of becoming an agent. They spend most of their time learning to understand terminology and how to follow the rules so that they don't get in trouble. If you really want a good agent, you may happen upon them, but you can also help to groom them to work with you. Be respectful of their time, and the fact that this is how they support their family, they have to make a sale in order to get paid. Find ways to streamline your processes with them so that both of you have efficient processes, and can get lots of offers made with a minimal amount of time invested into each offer.
This should not preclude the need for you to learn about estimating repairs, viewing neighborhoods, and evaluating properties, but eventually we must reach the point where we run the numbers sight unseen and inspect the properties after acceptance of offer. Converting our additional clauses to a standard addendum can also streamline processes. Providing the agent with very focused criteria on properties can help them to search properties and provide shorter, pre-screened lists of properties. These are all elements that can help you to work efficiently with your agents, and they will love you for helping to make the process easier for them to perform.
We have a lot to offer to a good agent, including the likelihood of doubling their income just by working with us, but unless they can see that we know how to direct the process and lead them, they are going to try to take the reins and guide us. While that may seem pleasant at the beginning, they do not know what we want to accomplish or how we need to proceed to get there, and it will derail us from accomplishing our objectives. Agency status means that the agent works for us, we need to be a benevolent leader with direction in order for them to follow our lead.

Here is another note to send )

Dear [Name]
I wanted to write you, as you are an active real estate professional in the area, and as an active real estate investor, I would like to build a relationship for future profits. I know how difficult it is to build a successful real estate business, and that many times you work hard and long with a client only to come up empty-handed without a commission.
Successful business relationships are based on mutual benefits, and I want to be a referral resource who brings you business. It won't always work out, but when I have buyers or sellers who don't fit my investment profile, I want to be able to refer them to a trustworthy real estate professional who may be able to help them when I couldn't.
On the other side of that coin, I know that there are both buyers and sellers who you find you just can't help. Perhaps the seller's home can't sell for enough to pay commissions, or you have a buyer who doesn't currently have the credit score or down payment necessary to buy a home. Sending them my way may open up some opportunity for them, maybe a rent-to-own situation, or just the rental of a property I own.
Put me in your Rolodex, email me at @**** or call me at xxx-xxx-xxx . Let's talk about how we can help each other to be successful.
Sincerely,

[Name]
[Title]

Jbtoggs, absolutely BRILLIANT letter text. I love the tone, and the content. I'm absolutely going to use that, and hope you won't mind if I direct other people to this approach. Thank you so much for sharing this information.

Hi Dallin!

This is a really nice way on how to look at this situation!
Thank you so much!

Peter

Hi!
Thanks a lot my friend! Great idea!

Peter

I LOVE this letter!!!!

Thanks for sharing!

Sure glad your dream house is finished! I missed you!

Karen

that's what this site is all about, investors helping each other out! As they say, two heads are better than one... but in this case it's seven heads, so even better!

Hey jay, thank you for sharing your letter to us.
That's what I call a team player.

Richard