OfflineHi... this is Ken. Hope everyone is having a great day. I just got off the phone with a realtor who's employer is the number #1 agency for listing REO's in my area.
She told me that she was in the business for over 20 years, but when I asked her to evaluate our towns current market, she told me that she wasn't a mind reader or a financial guru, and that she didn't have an opinion. It sounded like I knew more about the market than she did, simply from learning how to evaluate a market from Dean's books. She said she never reads the local papers or worries about what's going on in the news for our area. I thought that was kind of odd, because if she doesn't keep up on the news and know what businesses might be moving into our area in the near future, then she really can't have a pulse on what's happening in my area.
I told her that I was a new investor and I was interested in obtaining a list of all her REO's that have been on the market for over 90 days. I also asked her if she knew of any local cash buyers and of any investment clubs I could join in our area. She said that there was a lot of cash buyers buying up deals in our area, but stated that they wouldn't want to talk to me, because I am their competition. I told her that I may be a competitor of theirs, but that I can also be an asset to them by bird dogging or assigning great deals to them that I might find. When she heard this, she went from being willing to sending me her REO's that have been on the market for over 90 days to telling me that I was waisting her time and that she was too busy to waste her time helping me if all I was going to do was low ball all her REO's or assign them to a cash investor. She didn't even give me the chance to tell her that I would be willing to let her list the properties that I would be flipping and selling. She acted like I was her main competition.
Did I not explain myself to her properly, or was there something else I should've said to get her to help me out. When I call her office back and talk to a different realtor, how should I explain what I'm doing without offending them or making them feel threatened by me? Thanks in Advance.... Ken
Hi Ken!
That is an excellent strategy. In my opinion, you did well in explaining to her what you were trying to accomplish. Just move on to the next realtor. I am a Realtor too. Obviously, she is not open minded and didn't realize right away your value as a potential client. You would think, she would listen because she has 20 something years experience in Real estate.
You're on the right track. Keep going!! Good luck!
If she isn't willing to put in low offers then she isn't the 'one' and I think its better for you to find that out sooner than later. Her response about the community she is serving doesn't sound like that of a go-getter. As for the 'competition' not talking to you why wouldn't they? Investors work together all the time, she is negative and mistaken.
Have you tried google to find out about REI groups in your area?
I wish you the best in your search for an REA for your team.
Lea
SPR Property Solutions, LLC
Hi !! Ken try this It myth work for you it work for me.
"A Creative Way To Find A lot Of Buyers Using Real Estate Agents"
If I contact Real Estate Offices, like via fax, or possibly contact every individual real estate agent, via email, in town, lol not likely but that can be an option to find loads of buyers, and I tell them that I wholesale properties and if they send me buyer leads who are preaproved then or have cash or who are waiting because prices are "too high" and are looking to buy, and ask them to possibly get the criteria of what that buyer lead wants then I will let them basically be my seller agent and I will pay them 3% for each final sale price I close with whatever buyer they sent to me, at closing. So they would get the buyers comission and a sellers commision. The full 6%.
Say i find a home valued at 180K and get it under contract for 120K I then would IEE or Assign it for 140k to that buyer. So the buyer would be getting a 180K house for 140K which is a good deal to mostly anyone.
so i would make $20,000 subtract 3% of $120,000 which = $4200 subtract closing costs-ATLEAST $10,000!!!!!!!!!
b "Yeah I wasn’t really thinking”
Yeah I wasn’t really thinking lol. To do this the legal way you would just have to offer to be the sellers agent and they would get the extra 3% sellers commission. So they would get their buyers 3% commission plus the sellers (aka you) 3% commission. There is a big motivation from them if they are getting for example, $6000 commission instead of $3000.
I find this strategy very interesting--a phone call such as this may become very beneficial. I would try asking another realtor, then another, etc. until I got what I want.
I would have also mentioned to her that if she wouldn't/couldn't help, I would find a more COMPETENT realtor who would help and receive monetary bennies from me.
Like Lea said, try google REI in your area and go to some of the REI clubs and you'll find alot of buyers their.
Montecillo, since your a realtor, can you explain how to all of us who are trying to find motivated realtors to work with us? How do we work out deals with them? For example on "Bird dogging" How would that be beneficial for them to help me on that? What I'm really trying to say is for all the work that a realtor does for me like looking at comps etc and time.. How do I make it worth while for them?
Thanks
Greg
Ask them first do they work with investors to see what kind of response you get. If no, ask why, then explain all your wants and needs anyoway without giving them a chance to speak. Must be really direct and firm and quick. If yes eplain the same thing firm, quickn and direct. The wait for response, fromt their its either lets meet or ok thank you have a great day. ALot of agents are 20 years in the game of really doing nothing but doing the necesary courses to keep their license. Their training is way different than that of an investor so forgive them and move on.I puzzles me why alot of agents are not investors, becuase the same things you do as an agent you almost have to do as investor. Accept as investors things are slightly diff and easier,less paper work and time involved. You can make way more money on an investor deal than receiving a small commissions check. They hustle for company a to get really nothing at the end. I think that an agent who has not realized that being an investor is way worth there time than being an agent, in 20 years of experience is not someone I want to work with anyway. It only works if you run into an open minded person. Other than that move on. It reallly shows there lack of experience. They sure dont have the bank account to show experience I bet that, AT LEAST MOST. If they do have a descent account the amount hustling and running around they had to do is absurd. Def not worth the time to me.
I got my mind made up.....
www.Kingjussinvestors.com
www.jussinvestors.com (buyers site)
Hi Ken,
I agree pretty much with everyone else. That realtor is not interested in working with you. And sounds like she doesn't put much effort in her business anyway, if she doesn't even know her market. Keep looking and asking. Your person doesn't have to be from the #1 agency. you need someone agressive and hungry and has an open mind. Just call the agency and ask for an agent that works with investors.
Don't give up
"Don't tell me I can't, Tell me how I can."
how do you direct buyers @ sellers to your website? do you run ads, 800" what? what town do you work in? can you help with my website? i'm asking realtors to help and not getting answers. if i had the website up i would hammer away at offers. lots of homes empty here. need help. can you mentor? i would follow every move you would tell me to do. [r.strad@****] your website is pretty sharp. i'm an ex telemarketer. i love to work the phone, make offers etc. I ask god to help me daily but it's not happening yet. thank you for being there. i would appreciate any help, this is hard without money @ nocredit.
Looking for someone to partner with new investor on no money -no credit deals need that push to get moving on that first deal. thanks in advance to any bold soul willing to take the risk with me.