OfflineI'd been trying to Email realtors/agents my version of the letter Matt Larson used (DG book)used to find his 'Star' and wasn't getting any results. So I went back to Dean's book on finding sellers, copied the sample ads he had, took his suggestion to Google search for "free classified ads", put thewm on 2 sites & now I have 68 listings over 120 DOM from one realtor & just got an email from another that will send me listings this weekend.
I'm finding that some things in the book don't work in southern California, but the basics in DG's book do!
Jan
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I have been hired by a great Nevada County 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.
Hi,
I'm a newbie, and am wondering how my RE Agent would get paid if I assign to another investor? Any thoughts? Thanks.
Hi, What does the term DOM mean. Thanks
lnlwilson
Days On Market
have a great day. hope this helps
is paid at the closing they have to get the deal close first & foremost and everything has to be finalize at the closing table then they will get paid at the closing or the check will be delivered to their perspective brokerage firm after appropriate deductions are made then they are paid. Whether you're buying the property from a Owner or Lender they determine the amt of commission paid to either Broker who has the listing and/or another Broker/Agent who brings the buyer and actually closes the deal. HTH answers your question.
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That helps some, but here's a scenario...
my agent helps me find a deal with the 25:1 strategy. I use another agent to find a buyer to assign the deal to. How does my original agent make any money? should i be offering her a profit split? do I write her into the assignment contract?
Sorry I don't mean to be a pest, but I don't want to approach a potential business partner without know exactly how he/she will make money with me - thus making me less credible. Thanks again.
Your 1st agent receives commission from the seler, the second from the buyer. Why couldn't the 1st agent find the buyer too?
Jan
I hope you have found a few more realtors to wprk with. In regards to your question, The commission is usually always paid to the real estate agents by the seller, unless there is some other arrangement made. Thus, when buying a property the listing agent and the selling agent normally split the commmission paid by the seller. I hope this helps. Good luck with REI. Believe and Achieve!
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Maybe I'm overthinking this, but I'm just confused if 3 agents end up in the deal. The first is the listing agent for the seller. Then I use my agent to find properties listed for over 90 days to use the 25:1 strategy, then if I find an assignee through another agent, how would my agent get her commission? The only part she has in the deal is finding me the deal and putting in the offer. If she can't find me a buyer and I end up finding a buyer through another agent it seems like my agent gets cut out of the deal. Would I then pay her a percentage of my assigning fee? Again, sorry to be a pest about this, but I want to make sure that I do this right so that it's a win for everyone. Thanks again.
Seth
Hi Seth:
Only 2 gents get commission at closing, the listing agent (Seller) and the one that brings the buyer. If you're using 3, you'll need to work out how you'll pay the one that finds you the 'assignee' - I would think the 'asignee' would pay that commission. Why don't you find your own person to assign the contract to? You could finf "I buy houses' ads & talk to those investors about what they're buying, go to REI clubs & find buyers, or put an ad on Craig's List to find a conventional buyer. Seems like you give away a lot of your profit by using the 3rd agent to find an assignee.
Good Luck,
Jan
Jan,
Thanks so much! You're right, I should be finding my own assignees, I was just playing worst case scenario in my head - over analysis probably! Thanks so much for the feed back and encouragement. I actually found about 75-80 deals yesterday on realtor.com that I need to sift through today to try to find my 25 to put offers on. You think I should have an agent put in the offers or do it myself - I'm just thinking paperwork and experience - I hate paperwork and have no real experience! Thanks again. Good luck to you too!
Seth
Seth
Having a realtor submit the paperwork is better for you in the long run. Have them submit a verbal offer first, then submit the contract/offer on the ones that are accepted. Saves time in filling out paperwork.
Sounds like you're doing great!
Jan
Jan,
Thanks so much for the tip! Great advice. I'll keep you updated.
Seth
Seth
Sounds like you're off to the races! Looking forward to reading about all your successes!
Jan
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