Posted by Bill Jacobsen on April 14, 2008 at 10:45:09:
My wife ( a realtor) negotiates short-sales for a number of investors. She charges the bank 6%. The bank sometimes will only pay 4%. If she has an agent within her group do the entire deal she pays 50% of her profit. Since the investors are sometimes wholesaling the property she has to share that with another agent.
I also buy from another person who negotiates the entire deal. He charges between $2,000 to $5,000.
I have had offers from people who will negotiate for 1%. You have to negotiate with sellers and gather the package for the bank.
I hope this rambling contained some useful information.
Expanding my business - Posted by Brian_wa
Posted by Brian_wa on April 14, 2008 at 09:15:07:
After about 4 years of purchasing and selling a number of houses successfully, I’m looking to expand my business. Right now my advertising budget each month stands at around $1,200.00. I have no problems increasing it to $2,000 a month.
Many of the leads I’m getting a short sale deals. I’ve dealt with many short sale deals successfully and actually have an assistant helping me with the processing and negotiations on the 10 SS deals I’m currently working on. However she lives far away so actually setting up an office is not possible with her on the team.
I would like to set up an office near my house or even in my house. Before I can do this, I have to hire a full time short sale negotiator who can produce good results.
How do one go about finding someone like this? Obviously this person has to be trained in short sale negotiation. Where do you go to find someone with the traits, skills, and experience to easily transition into the role of a short sale negotiator? What kind of compensation is reasonable?
Has anyone set up a similar operation? Has it been worthwhile? Should I just focus on the far and few equity-loaded deals?
Re: Expanding my business - Posted by Rich-CA
Posted by Rich-CA on April 14, 2008 at 12:30:42:
It would also help if you wrote out as detailed a job description as you could come up with. Then fill it out with interview questions tied to the bullet points of the job description aimed at determining what kind and how much experience they have with that particular skill/ability.