Posted by cehensch(IL) on January 23, 2003 at 16:48:34:
Hello, I agree. The good one are hard to find. I’m in the same boat as you. I was going to offer $500 for any “Closed” property deal that I makes money for me. (Money paid at closing of course). This would be a “Carrot” for them to go to work, find deals, make me money. IMO, nobody works for free. When I called, she offered 1% for contract assistance,closing the deal, do all paperwork, as well as find me the properties. The 1% is split between the agents and the “Office”. After the conversation she told me of 2 REO properties priced well below market that need TLC. We go Monday to look at them. We’ll see what happens.
Experience with Agents - Posted by Rich (South Central PA)
Posted by Rich (South Central PA) on January 23, 2003 at 13:03:35:
Long time reader…First time poster. I was just wondering what everyone’s experience with Realtor’s is like. I have had a contact with one that says, “Come on down, I have a ton of investment properties for you to consider.” and the other won’t even return a call, or I can’t get through to him. Any advice, experience, etc? TIA.
Re: Experience with Agents - Posted by Joe A
Posted by Joe A on January 24, 2003 at 04:10:40:
You’ll have to call around alot and you will have most of your calls go un-returned. Try finding an empty house that is listed and call the office to inquire about it. The agents rotate “floor time” and by eplaining what you’re trying to do to whoever answers the phone eventually you just may find a young, hungry agent who will be willing to work for you. Do this with several offices every few days. Also, like someone else said, call the manager or office manager and ask for an new, young agent that would be willing to do alot of searches and write alot of offers. The old pro’s don’t have time for new investors or already have a list they work with, but they might be willing to mentor a new agent in their office. I found mine by calling on a house. She went directly to an agent that handles REO’s exclusively (He was one that didn’t return my call a few weeks earlier) and now has a great rapport with him. Something I wasn’t able to do.
Hope this helps. Good luck.
I have a great agent!! - Posted by Mark_IL
Posted by Mark_IL on January 23, 2003 at 23:58:13:
I pass him MLS numbers of the REO’s I want to look at. He schedules the visit AND gives me the lockbox number and I to the property, let myself in and look around. I can usally look at 8 to 10 in a day.
When I make offers, he will run comps for me. We created a contract template and all I need to do is put in the address and offer, sign it and fax it to him. Works great!! I have been working with him for the last several weeks and have made 30 offers on REO’s and Estate sales.
When we are looking at non REO’s he is the first to bring up terms with the sellers agent or seller.
I am very happy with his help and support but I also do a lot of work that a retail client would expect his agent to do like looking up properties in the MLS, writing offers and chasing down building code inspection reports and other details.
I would recommend going to a small independent broker and ask if they may have someone that would work with investors. Tell the broker how you would like to work and see if the broker can match an agent with you. You should also go to your local investment club and ask around to see who they may recommend.
Good tip of the day - Posted by Jeff (CO)
Posted by Jeff (CO) on January 23, 2003 at 16:46:51:
I agree with GL. Good agents are very hard to find. Agents don’t think the same way as investors. They make money when a sale closes. It doesn’t matter if it is profitable for you or not.
I never commit to an agent unless they are doing a great job. I usually find places on my own and deal on my own.
Tip: If you find a place for sale through a real estate agent, instead of bringing a buyers agent with you, ask the selling agent for help with closing costs. A selling agent would have to pay a buyers agent 2.8%. I ask for them to give me 2% in cash or apply it towards closing costs. Only a few have said no so far. It is a win/win situation.
Re: Experience with Agents - Posted by GL(ON)
Posted by GL(ON) on January 23, 2003 at 16:28:48:
Agents who know anything about investing are rarer than diamond bracelets in cracker jack boxes. If you find a good one treat him or her like gold and make sure he ( or she ) gets commission check after commission check. A really good agent can be a real help, save you a lot of time and find you some real good deals. I have been buying real estate for 30 years and have never met a really good agent.
Most of them don’t have a clue. They think they know everything but they know nothing and they ruin deal after deal by trying to make you do it their way.
In any case, even with the best of them, don’t take their word for anything unless they put it in writing, notarize it and guarantee it. Even then you better check it out. This means things like zoning financing etc. They usually know what day it is and things like that.
Re: I have a great agent!! - Posted by David G (OR)
Posted by David G (OR) on January 26, 2003 at 01:38:49:
Sounds like you have a good thing going. I have yet to
do what you’re doing (despite me having Cook’s Wholesaling
book). I really need to get doing that. Are you offering
70% of Listed Price minus Fix-up costs? Have you had
any of your offers accepted?
Just wondering what others are doing…