Realtors

you have to just keep looking. It takes time (a whole lot of time) to find a Realtor that fully understands what you are trying to do. However, please be aware of all of the time you are asking them to devote to your vision without any payment. (Sure, they get a commission if something clicks, but they are thinking of all of the other misses that they have invested time as well.)

To win the heart of a Realtor, you really have to show them that you are a REAL INVESTOR and can move forward with any deal that gets accepted. That would go a long way in finding a helpful Realtor.

Hey Esmirna,
I haven't tried the 25:1 grab an RE agent and aggressively submit low offers approach yet, but I have given it a lot of thought since I am an agent in New York. A lot depends on what kind of deals the agents are used to doing, and how much time they have, or prospects they have rolling in. When I was actively peddling rentals in Manhattan, my real estate email account was flooded with spam or low balling window shoppers...it's hard to take a person seriously unless I met him in person and I could see he had a real drive, resources, or experience.

Dean talks more about Matt's 25:1 success and finding the perfect RE agent in his Profit Right Now Book, but the one thing I would note about what Matt did, and this is how I was going to play it also when it comes to me wanting to blanket low offers, is that Matt already had some deals under his belt putting in the low offers himself to listing agents, ect. So when he solicited the new agents to work "for" him and put in these mass offers, he was speaking with a different confidence.

I'm scouring New Orleans looking for a buy/hold rental, and right now as I run across a listing on a website, I look for the listing agent's contact or firm, so I can put in the offer myself.

If you did this successfully twice (or even once really), when a buyer's agent that you're trying to get connected with looks back at you, or emails back that she doesn't think they're going to take that offer, or that won't work, you can reply back with polite confidence, "I know it seems bizarre but I just did it last month...twice." Tell them you're going to forward them the correspondence, and then forward whatever offers you put in, and what justification you were using (FMV, minus repairs, competing with foreclosures, or just a good solid win/win pro forma type justification) and THEN the agent will see the money and probably give it a stab for you. ...I would.

Short version though: If you're seeing these listings, and you have time on your hand, contact those listing's agents and just start dropping in some offers, or inquiring about prices that they might take. Then when the offers take, you have executed proof of a system that works, and it's easier to convey it to a new team member (your buyer's agent), and easier to systemize it, thus fully working the 25:1 numbers game.

Hope this insight helps.

Take care,
Chad.

Thanks so much for sharing. Yes, I will look into applying this.

@chad you indicated that you are a realtor in NY. Can you email me a blank contract so that I can submit my first few offers??? I have my funding sources (2) and My buyer's list is growing. I would like to get started. Im anxious and seek to take my steps now.

If you go on my profile you can also find my websites and leave your information.. Thanks so much.

I will keep trying until I succeed!!!

Ive heard of so many DG members having a hard time with finding RE agents??? The first 3 i interviewed said YES and i selected two of them. They have been very aggressive with there search. I was simply open, direct, and honest, they liked what they heard, and are out there searching for great deals.(Im in Connecticut).... Just keep trying, every NO, gets you closer to a YES!!!!!

Hey Esmirna,
Just a small point: I'm a State Licensed Real Estate Salesperson (aka Real Estate Agent, not a branded Realator, or in NYC we're commonly called brokers, even though we all "work" for a sponsoring broker.) In NYS all contracts have to go through a lawyer, or have a lawyer review clause on it. Most of our offers are verbal agreements, followed by the official contract of purchase offer. Here is a blank copy from blumberg's website:
http://www.blumberglegalforms.com/Forms/8126.pdf

I do not, however, suggest that you fill that out and randomly email it to listing agents. What I was suggesting in my first response is that you contact the listing agent directly and propose a price to him or her, with justification. They will bounce it off the owner, if they get a go, then the listing agent will fill out the offer contract for you and you can sign it, it gets included with the paperwork in the purchase contract. Also, in NY the earnest money payment is not common either. Usually no money exchanges until executing the purchase contract.

So start with that, find a listing you're interested in, contact the listing agent directly, do the home work and then "offer" them a price. This process varies from state to state, but if you're talking directly to the listing agent, she'll walk you through it (just remember she's working for the best interests of the seller.).

Getting back to the 25:1 system, my point was that once you do this with one or two listing agents successfully, in each respective state/town you're looking in, you'll have an idea of how it works smoothly, and you can use more relevant language in your solicitation emails to get a buyer's agent doing that for you around the clock.

Hope this helps!

Take care,
Chad.

Awesome! Thanks for the clarity!

Esmirina,

I am a licensed NJ Real Estate agent, send me PM and we can discuss working together.

I am looking for investors for a few projects.

Matt

I also found that Owner/Brokers are much more interested/hungry to make deals, and stepping out of there box. The only person they have to answer to is themselves, and because its there buisness, ive found them very aggressive, and open. Mike

I agree. Actual brokers (or lawyers with a broker's license) are fantastic to work with as they have all the wiggle room in the world and are not bound by the commission split! They make their rules.

Your comments about double closings and finding Tile Companies that will do them is a common topic. The best advice I can offer is to keep looking and calling or get a real estate attorney. As Chad Charlie pointed out they are not bound by the common stuff that Realtors are, and they can do back to back closings if they are allowed by your state. They are allowed by most states to write their own contracts and do not have to use the state approved REPCs like the Realtors/Brokers are. So, don't rule out calling a real estate lawyer to do your deals.

is practically nonexistent.

I don't know one realtor/broker in NYC that would submit even 5 offers if they did not know 10000000% that the person putting in offers could not close.

Again I don't think thats its so much we don't know what it is, because most of the licensed pro's here have to know about the different methods because we cannot live off of end users so a large portion of our dealings are with investors. What it is is inexperienced investors asking for listings, wanting to make offers on houses they've not seen, etc.

Most of the time when an agent/broker tells you that offer won't fly, its not because they don't want to for the spite of it, but mostly because they know the market, agent, price that will move it, etc.

Lawyers as well or even moreso will not want to waste their time with someone who doesn't have the initial funds, so don't be surprised when they ask for a bank statement and won't accept a transactional POF if there is no history or success between you.

Deals come and go, and investors are just as disposable as agents, lawyers and the like.

How are lawyers if they know you have PMLs in the wings waiting for you to find deals to invest on?

Thanks

who act also as brokers for deals don't want to deal with an investor who cannot close a deal as would a non-attorney broker, nor will they generally deal again with a client who allows a deal to fall through at the closing table.

My point was calling an attorney is no easier when looking for a connection to a deal(s) because their requirements often are more stringent than an agents/brokers is.

Hope this better explains.

great topic.
i just left a walk through with my agent who i thought i had mad very clear what my attentions where as a investor. i put a offer in on a short sale at 40% below fmv he then became very angry and said what i was trying to do was illegal and a scam for i can not market a house that i technically dont own.as a newbe he cought me off guard. is he right? can i market a short sale or any home for that matter if im under contract.

Esmirna Maloon,

I also got alot of Negative response and I find that the experienced, busy realtors just want to stay main stream. However find a hungry realtor that may be in the business less that two years.

Also, I would not spend alot of time talking about double closings with the realitor at first, get offers accepted first and then on the matter of double closings get the closing agents at the title company on the same page with you.

Then the realtor will experience a double closing and become experienced it them, after all they are only concerned with getting paid.

Good Luck!
Brian

Thanks so much for the wealth of infomration. This helps a whole lot. It has provided me with energy to keep pushing forward towards my first deal. I hope to post that REAL soon. Thanks again!!!