Posted by Alex (SC) on January 07, 2005 at 06:02:06:
Wow I have read so many post on how Realtors are horrible…First no I’m not a Realtor…I do work with one here in town…It has taken me a while to find one that would work with me …I make multiple offers all at once…We usually go see about 10 to 15 house a week…He knows I will buy at least one and wholesale another…For him it works out good and for me it works great…Now like most Realtors he is not knowledgeable about creative financing…As most are not…Nothing a few lunches and dinners I could not show him what I was doing…Oh did I say I always pay…
I don’t pay my realtor the seller does. His motivation to work for me is that I buy several houses a month, and I close. I’ve shown him I have the cash, I make quick decisions and I don’t need to get in a house half a dozen times to decide if it is right for me. I tell him what I want like I want to stay out of the west side of the city, I’d like a 4 unit in the south side, etc, and on a daily basis he does a quick search and faxes me over anything he thinks I might be interested in. He knows I am not in this for just fun, I need to make money on every deal so he knows enough not to show me a house where the owner would take 50K and after 5K in work it will be worth 65K.
Re: Using a Realtor to Find Deals - Posted by Andy (Can)
Posted by Andy (Can) on January 06, 2005 at 23:13:24:
My plans in spring are to get expired listings once or twice a month from my Realtor. Then I will do a continuing direct mail sequence to the ones that interest me. I will pay my Realtor a $500 finder’s fee for any L/O deals w/ $500 more on the back-end if my Buyer takes up the option. Other deals will yield a $1000+ finder’s fee for my Realtor, depending on the deal.
If you get a realtor they will want to get paid. My realtor charges 3% for deals that are not listed on the MLS. The fee is always negotiable and can range from 3 to 7%. My agent will make all calls to the seller and/or attorney and work a deal. As long as they get paid they will not mind working for you.
Re: Using a Realtor to Find Deals - Posted by DP (ON)
Posted by DP (ON) on January 06, 2005 at 20:47:26:
Best way to use realtors to find deals is to let them farm neighborhoods, get listings, advertise them, and then you contact the owner to sell directly to you. Of course you’ll probably have to wait until the listing expires, but either way, the realtor has saved you a lot of time and money.
It may be true that there are realtors out there who are capable of benefiting your business, but the reality is, they are harder to find than motivated sellers in Las Vegas (until recently).