LOOKING FOR A REAL ESTATE AGENT

Its no defferent from hireing some one to work in your office.You are the boss and if they dont live up to your expectations then replace them with someone that dose.
Bill

When you meet with an Agent, show them your plan and explain to them how you are going to make it work with their help. The Agent is going to determine, through this interview, if they want to work with YOU. Show confidence and knowlege in what you are doing. If the Agent does not think you are able to pull off your plan and complete deals, they will probably walk away. The Agent is looking for a business partner, not a "boss". If you present yourself as the "boss", good Agents will probably not be interested. You do want an Agent that is willing to work with your plan and do the work that is necessary to pull it off. If the Agent is not willing to do this, then you need to move on. You're the salesman here. You need to sell your plan.

Good luck, Al

If you have a agent that is working for you they will listen to your wants but if they are not working for you then you need to move on. Maybe what I said about being the boss was a poor analigy but do you realy want to work with some one that is down playing what you are trying to acomplish.I cant tell you how many agents have told me that I canot buy property on a LO. Do you think I am going to give this person my buisness.
Bill

Hi DG Family,

I've been reading "How to Profit from Real Estate Right Now", and WoW - what an incredible book! Clearly, Dean is out to help anyone looking to get into real estate.
Definately one of the best books I've purchased in my life, and certainly (as Dean puts it himself) the best investment you can make!

Okay so I too am looking for a real estate agent. During this process I've come across some resistance. My question is posted below, but first here's my dilema.
I met with three real estate agents and explained my strategy to purchase some houses at 50% below fair market value (FMV). This is the strategy I explain quite simply to the agent:

1. I ask the agent to gather a list of properties that have been on market for 90-days or more within a target area. I'm looking for highly-motivated sellers, so filter this data according to that criteria. Send this list to me.
2. I will determine which of these properties meet my appetite for purchase from this list.
3. I ask the agent to determine whether the seller is willing to accept offers below the asking price. If yes, then do step four (below).
4. Place an offer at 50% below FMV with contingency that I take a look at the place. (this is where resistance comes).

Here are the responses I got back from three agents:
Agent 1: "I will not put in offers below 70% FMV. Houses around here are not selling below 70% asking price."

Agent 2: "I am willing to put low-ball offers out there, but not with a purchase contingency to 'look at the place'".

Agent 3: "I have not seen or heard of offers being accepted at 50% below asking price. It would be wasteful and insulting to attempt doing so."

I would love to get feedback from folks who have interviewed RE Agents. I could really use some encouragement on this.

Am I off-base with my requests to these agents? Am I doing something wrong, unethical?

I personally feal they should present any offer that is made on a property If they dont they are cherry pickin,and are not hungry enough.I personaly would interview more realitors tell I find the one who wants to partner up and work for you.
Bill

Any updates on your agent search? Looks like you’ve been busy which is great!

I just found this post, but had posted my real estate agent interview experience, etc…on this DG post under Contracts/Offers: http://www.deangraziosi.com/real-estate-forums/contracts-and-offers/2919...

Anyway, per the above, Agent #2 sounds like a perfect match, actually. Did you have a good rapport with this agent? I mean, someone that is willing to make low ball offers contingent upon walk through if accepted….AWESOME! What else do you need? (At least that is what I’m thinking…but anyone, feel free to post to the contrary, I’m still learning too!)

If I remember correctly, Matt Larson mentioned somewhere (I can’t remember if it is the book or on this site), that the only properties he sees out of the 25 offers, are the ones that accept, and I thought for sure, his offers were made contingent upon walk thru ----and he saved time, by placing all these offers, and only visiting the ones that accepted….at a ratio of 25:1 of course. Now maybe you felt this agent didn’t want to work with you or you got a bad vibe from them. If that is the case, then keep on searching, but if overall, you had a good gut feeling about this person, but were just unsure with the end result of making offers contingent upon walk thru….then I would say call them back and get started with them and see how it goes! Let us know where you are now with it all!

Anyone else have thoughts on this Agent #2 ??

Another post from me on more of my agent experience and where I am now:
http://www.deangraziosi.com/real-estate-forums/profit-real-estate-right-...

Keep us posted Cazcade!
Louisa

well,,,being a real estate broker u have to think on the part of the agent...
it is the agents reponsibility to get the best deal for both the sellers and buyers....depending on the property to be sold....it can be an insult to offer a price below 50%...depeneding on the property and where it is located....'
most agents will call the listing agent and try to get a idea of what the other offers are...if they say all offers are above listing price..then offering a price below listing price is a waste of time...agents do not get paid for writting up offers...a lot of agents wont give you a clue of the other offers but the good ones will give u and idea....they dont want to waste fax paper.....
if offers are below listing price then its okay to offer below...
jumping to automatically offering 50% less can cause you to get no response, get a counter, or getting it for that price.....but it all depends on where the property is and the condition....be patient with agents....its their duties to get the best for the buyer and seller.....

This is just my opinion and for my area, Southern California. Going for 50% FMV with a 25:1 strategy does not work for my area. Depending on where you live is going to depend on whether you can get away with the 25:1 and 50% FMV. Banks are already putting them on the MLS at or below 50% FMV. This creates a frenzy and the house ends up selling at a much higher % rate. My recommendation is that you stay away from buyer representatives. You need to go direct to the listing agents. They are the ones who are getting the deals for their ALL CASH investors. Follow up is very important. I know some investors that are staying away from these low offerings and going at the over priced homes. They're submitting at 50-60% of FMV, but they're having to follow up every 3 to 4 weeks, resubmitting their offers and then getting them accepted at the 3rd or 4th month. You really need to play with the system and tweak it to fit your area. For my area, you just keep submitting until you get an offer accepted. Sometimes it's 25:1, sometimes less or more. Hope this helps.

KimmyJ
Press on...

Agents can put in an offer for what ever price you want...
But you have to remember,
where the property is located...?
how many offers are already on the table..?
if the listing agent has 8 offers above asking price...what do you think you
odds are of getting that house for 50% below asking price?
would you sell the house you bought for 50% less than what everyone is
asking for?
would you want to spend time trying to buy a house you know other people are
asking 50% more than you?
agents time is money.....a lot of buyers expect agents to spend time on offers that have no way of being accepted...and then they leave for another agent....and that agent doesnt get compensated for their time....

ask youself..how many of you would sell your house for 50% less than the fair market value?
and why would an agent spend free time making offers for property when he knows there are offers 50% above his offer?

do you people work for free? why would you expect an agent to work for free?

i am not saying you can never get property for 50% below asking price, but what are the odds...?

"The Agent is looking for a business partner, not a "boss". If you present yourself as the "boss", good Agents will probably not be interested"

i like this.....if you treat the agent as a partner...you will get along...

a "good agent' knows his stuff...just like a good doctor...a good financial planner..

read the book "The Laws of Success"....you want plenty of business partners....

No way! Unless you are in a very depressed part of the country there is NO WAY a listing agent will even entertain a 50% below FMV offer. Banks dictate what the price is going to be through a BPO. If a property comes in at 100k, they may list for 90k and take 85k, but you're pushing it if you are in hot markets like CA. Investors are buying at 75 to 80% on the dollar. If you want 50% then you need to be going to auctions. That is the only place you're going to come close to 50% FMV.

I'm a fairly new agent in Atlanta, by way of St.Louis Mo. Just like some of Dean's students in the book, I don't have any don't do's. Meaning I haven't been corrupted by other Realtors and the system they teach us to really know what will work and what wouldn't. If it's legal, I'm willing to give it a try. I'm siding with investors, because ultimately that's what I will become in the near future, so why no find out what works and what doesn't. Experience is the best teacher...

You are not the Boss of any agent; you work together

This type of mentality makes agent not want to work with wholesalers.

Not sure how it is in most other places, but don't expect most agents to just provide you with their listings upfront the first time you meet

Be open and honest the first time you meet about your intentions. Just because an agent doesn't want to work with isn't just because they don't understand. it might be they don't feel confident in you.

I found an agent that says he works with investors at a remax in my home town. We talked briefly. Sent him an email asking for buyers list as per BP. RE email saying we need to talk. A little afraid of what I should tell him and what I should not.

If I remember right Matt Larson said all we tell the agent is we are a RE investor and are looking for Buy, fix, and sell homes and want to make a profit of 15k to 25k on starter homes. If they ask you what area, you come back and ask them which area is hot at this moment. Then you have to filter the list of homes to Vacancy-As is- and price reduction. It is our job to control the conversation and be able to answer the questions but we should try to keep it to a minium.

Hi, Fellow DG'ers nice to meet you all.. My name is Craig and my strategy when locating a Realtor was calling the local Re/Max office... and when i came in contact with the agency i asked them, Are their any agents available that are trained to work with Investors and she said,yes hold on please.

She connected me to the Agents line, But,the Agents answering machine came on and i left a message, Telling her i was a Real Estate Investor looking for an Agent experienced at working with investors and i she was interested please give me a call!
Not even 2 minutes after i left that msg the phone rang , It was the agent... I let the phone go to the answering machine, she said she was going into a meeting and that she would call when she was done... When we finally talked after her meeting, we got to talking and to make a long story short...
She asked me what was my criteria(SFH),Price range($50k-$175k),Area(doesn't matter,i find deals)and How are you going to pay,cash(yes my buyers have cash), After those few questions she said ok, I'll send you some foreclosure homes i have listed that need a little work and some that don't need any work..Isaid, ok and she said just have them put $1000k down for Earnest money.. I said ok fine, taht was it Oh! she did say on of Dean's favorite sayings(right now is the best time to get into Real Estate)then my remark was "SHOW YOU RIGHT"...
Next morning checked my email and BAM!!! 24 properties that fit my criteria and the next day 6 more! She wants me to choose the one's i am interested in, I'm like! What the What! Where do i start?

here for finding good agents. Read Al, Kimmy and Elix's posts several times over. Believe it or not, most investors are not Gods gift to RE agents, but rather a big pain in the butt. Many investors cant explain their strategy to agents because they dont really understand the strategies themselves. Dont try to bull#(^@ them, just study and learn everything you can. They will not take you seriously until you show them that you are serious. Best of luck...its not really that hard.

"I'VE BEEN ON DEANS PROGRAM FOR EIGHT MONTHS, POSTED SIGNS AND ADS, AND NOTHING. WHAT AM I DOING WRONG???..."

When the conversation goes beyond the minimum you will get found out, you will not get a phone call back and don't be surprised if word spreads about the 'The Time Waster'

You want to buy homes and make money or you want to act like you're Dean and Matt in Happy Land??? Do whats right and honest and things should go your way. If they don't you keep doing it the right way and hopefully it will.

I found my agent in a local area and he pulled the cash sales for the last 12 months. It listed all the sales and not the individual cash buyers. I know that information is somewhere on the site but does anybody know who to pull the individual cash sales off of the MLS? He expressed that he would have to go one by one. I am hoping there is an easier way. Thanks!

Hello Rob .
I am just getting started with the RBBP myself and I am at the same place you are. My agent just printed me off 100 pages of cash sales in the last 90 days in my area. I t doesnt show me the cash buyers, just co and agent.Not sure where to go from here.Dont want to upset agent. anyone have an answer?

Why would someone give you their buyers and cut themselves out of any deal that doesn't involve them???

The goal is for you to bring them customers; if they have their own buyers, what do they need you for???

It is time now for you to go to work. Go to the recorders office and look up the property transactions that were given to you. All the information is there. Make some deals that put some money in the agent's pocket, and they will be a lot more cooperative.

Al

Good Day Alchristmann,

I was woundering....How do you show Real Estate Agents your plan (I would like to put something to gether that can be faxed or email I am deployed and phones call are difficult at times)....do you have a lay out.

I have a lot of Dean's books but I think I may be missing something. I pray-fully will be receiving email traffic from ad placement soon. (looking for motivated Real Estate Agents, Brokers, Investors,Buyers, and Sellers in KY.)

Thank you for your time on this matter!

Denise

I agree with you...it's our confidence issues...the ol' MINDSET blah blah blah.

I've heard some say be upfront and mention the 25/1 and others say not to mention it. Either way it's OK in my opinion.

Here's the deal from my personal experience...

What I have to offer that Agent NOW and in the FUTURE is 1000X more valuable than what I'm asking in return.

So I always remind myself of The old saying:

You can't say the right thing to the wrong person
or
the wrong thing to the right person.

Soooooo...I just be who I am and go with my gut and say it or ask it...and don't over analyze. Then notice what's working and what's not and make adjustments...all the way to the TOP! Why not???

Good Luck!

http://youtu.be/F-t8PngHgWY

Ron and Ingrid

How important is it to have a real estate agent? And would it be easier to find the properties on my own? Just a question that's all?

I have been procrastinating about getting started with the RBBP, very nervous about taking the first step and making that phone call. However, I thank u 4 your comment,u have inspired and motivated me with ur positive feedback.

Hello,
I saw this post of yours and would like to keep your info.

At some point I'd like to invest in Atlanta. I've got family there.

Thanks,
Karemah

been reading a lot of post and wanted to know if anyone know a good place or area to start in Atlanta. maybe not a good place but more what strategies would work in this area starting out.

Thanks.

There is nothing wrong with anything you requested for the agents to do. Regardless of what they feel or say, there should not have been an issue with what you asked for. You must have not had a contract for the RE agent to work on your behalf as you being their client. This is because RE agents known as >REALTORs< there are clauses in their TAR forms that the agent will have you sign specifying that they are to do within their job every lawful thing you ask when it comes to houses you're in question about, interested in, etc. If you want an agent to work on your behalf for 2 weeks make them put it in contract- a month or more or as long as you want. They should have you sign a contract specifying that they are working for you as you BEING THE CLIENT. Once you sign the contract you need to ask them, Am I you customer or client now? You should be a client. The agent will get paid per your negotiation the same amt anyway so make them work for you. But alot of RE agents don't want to be in contract because they don't want to be liable for not following through on every lawful thing that you ask that is part of their job to do (Such as what you stated above). The contract is to protect you. If you're not satisfied with the agent before your contract has ended you can always fire them. If that is the case send a letter (fax, snail mail, drop off, etc.) to the RE company where the agent works because when you hire the agent you're actually hiring the company so the company needs to know the reason for the fire. It is good to feel a closeness with your agent but don't feel like you have to be friends to get something done. However, find the right agent compatible with your needs. And make them do their job.

Great Info. I needed that.