Finding a Real Estate Agent that will actually want to work with you

What I have done was go to google and search for all local RE agents in the area. Then I picked big ones (I will explain later why) and started calling. I called REMAX, Coldwell Banker, etc, you get my point. When the secretary picked up, I asked to speak with an agent who has experience dealing with RE Investors. I was transfered and when he/she picked up I explained calmly what I would like to do and how. 3 of them turned me down while the 4th said "I have no problem putting lowball offers and I have no problem offending anyone. I also don't mind putting 100 offers or 1000 offers to get 1 good one". it is important to let that broker/agent know that you are looking for a PARTNER, not a dummy who will follow your command. Play to their ego and tell them that you will rely on their expertise as far as the right properties are concerned. Make sure they think of you and themselves as PARTNERS.

Now, why I chose the big office. I have no buyers list. I have crapload of properties I can bid on but no one to sell it to which is a problem. In the small RE office, all you have is 3-4 people and that's it. In the big office you have 10-20 and more people. Not to mention they know other agents or just investors. By luck, the broker that I have works in the biggest office in the area that has over 50 brokers working there. So I told her that if she helps me sell the property before I close so I can assign, I will split my 5K assignment fee with her. So, not only will she make 3% from the sale, but she will also make 2500 on top of that. She said that every time I will have a property locked up in the contact, she will email everyone in the office that it needs to be gone.

I hope this little post helped answer your question.

Yuri

I like the approach that you are willing to split your assignment fee with your RE Agent partner. I know that I've read it here somewhere before but 50% of $5K is better than 100% of nothing!

That's the way I was thinking. I rather assign 100 properties and make 2500 on each then assign none and make nothing. This also makes your agent work a bit harder on both sides of the spectrum.

Hi, I just thought I'd share some great information that I got from another forum concerning real estate agents. I've heard getting a good real estate agent to work with is a big pain, so hopefully this will evens things out for ya a bit.
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Posted by "nstreet"

Posted on: Tue, 10/28/2008 - 11:02

Getting a Realtor

"I have seen in several posts questions about working with good Realtors. Many feel that using a Realtor will stunt their growth as an investor. A Realtor can be a fantastic tool in advancing our careers. Your Realtor can show you comparables, bring you properties you couldn't have found, give advice, help create needed connections to others such as hard money lenders, and so on.

Because finding a Realtor can take time and may require us to talk to several Realtors before we find a good one I would like to present the way I find Realtors:

I start by calling the brokerage offices. Usually the receptionist will answer. When she/he does I will ask them for the names of the best two (2) investing Realtors in the office. When I get the names I will ask the receptionist to transfer me to the better of the two Realtors.

When the first Realtor gets on the phone I will ask these questions:
1.) How long have you been in the business?
2.) Have you ever invested in real estate yourself?
3.) Please tell me the specifics of the last two deals you have done?
4.) Have you ever worked with investors before?
5.) Please tell me the specifics of the last two deals you have done with investors?
6.) Have you ever worked with a client who didn’t use any of their own money to finance the deal?
7.) Have you ever worked with a client to purchase a property using owner financing?
8.) Can you tell me about a time when you worked with a client to purchase a foreclosure or a short sale?
9.) Have you ever handled a deal with an assignment of contract?
10.) What was the lowest offer you ever made on a property as compared to FMV?
11.) How many offers do you average writing in a week?
12.) Will you allow me to make 50-100 offers per week at 60% of the value with contingencies?

If the first Realtor fails my questions I will call the brokerage office back and ask for the second Realtor.

Here are a few tips to understand what I am doing and help move this experience quickly:
1) You are the boss and are highering for the position of your Realtor. If the Realtor does not work out interview another.
2) You are the interviewee, you ask the questions; when you are given questions by the Realtor you are interviewing present them with this: "That is a great question. Let me, if I may, answer that after I have finished my questions."
3) I have found that if the Realtor does not answer all of the questions positively and cannot give specifics of deals they have participated in they are not working with.
4) The questions help us get a good idea about what the Realtor can do. We want to know specifics so they can show they know investing. If they know how to invest they can show us how to invest. They will also understand things like assignments of contract, hard money, seller financing, lease options and how many offers and time may be needed to get an offer accepted.
5) The last questions help us to know if they are up for putting in the time on low offers that you can walk away from. You may never make 50-100 offers but we want to know if they will put in the time. My experience has shown that if the Realtor does not answer the last question you will have trouble getting a hold of them, giving offer and getting comparables in a timely manner.

Follow this and you CAN find a fantastic Realtor."

I just passed my test to get my license. So I am seeking to work with investors to help them with the problems of finding agents willing to work with them. So I will gladly work with investors. At the same time I will work on my investing business. Hopefully I will run into people like you guys that need an agent to work with.

I have been hired by a great Nevada County Ca. RE Broker. I am still waiting for my application to be processed but have been hired as a RE sales person. My resources have been expanded greatly and again I want to offer my help to the DG family. No matter what level of success you are looking for your network is a key component in your REI tool box.

Thank you all for discussing this. I am just about to get a realtor myself and your information will make it go much smoother. It's nice to get educated in this environment.

Thank you all for the great information. I will be interviewing a few agents next week and this information has given me a lot more confidence as far as what to ask and how to posture.
My main concern is not having done a deal yet. Is there some appropriate or best answer/practice for a newbie like me when asked by an agent or broker how many deals I've done?

Again, Thank you.

I live in Maryland and have found that working with a real estate agent that have a knowledge of investing and creative ways of investing is very helpful. You basically explain to them what you are looking for. They know the laws in your area about Pre-Foreclosues/Foreclosures, short sales, reo's etc. Choose one who is willing to learn creative ways of investing. And you can have more then one working for you.