Posted by Jerry Martin NC on November 23, 2003 at 10:38:50:
I used to pay $2,000 for a closed deal. The market here is now a very good buyer’s market so I have more than I can buy and don’t need any birdogs. I do still buy from realtors when they bring me a good property and they make their commission. I would, however still pay $500.00 for a really good deal that I closed on.
when you say you’ll pay for leads, do you? - Posted by tray giddens, Houston
Posted by tray giddens, Houston on November 23, 2003 at 08:57:38:
hi there, it’s little ole me ,Tumbleweed Tray the friendly realtor down here in houston. here’s a little story.
i get a phone call from a guy that says he’s an investor and wants subject 2’s and the like and he’ll pay me $1,000 for subject 2’s that he can get done and have rented… well, i take the man for his word and find him one to do. he pulls the trigger and get’s the deal done. well, here it is a couple of months later and i’m not getting my phone calls returned. i’ve checked out the property i told him about and he’s got a t/b’er in there, but guess what, no money for Tumbleweed Tray. It appears that this individual has forgot about our little agreement…
My question for you is , when you ask a realtor to spend time and energy to find you something that you can use, do you actually pay?
Here’s another question , how do you suggest i determine investor types who are going to be on the level and who’s not.
Sincerely,
Little ole humble Tumbleweed Tray The Realtor
Houston, TX
Send him a letter… - Posted by DaveD (WI)
Posted by DaveD (WI) on November 24, 2003 at 21:07:39:
… threatening to expose him for the fraud he is to your entire mls group. (you have broadcast letter ability in your mls computer, no doubt)
Leaning on him like this may be enough to shame him into doing the right thing.
BTW, the property was an excellent buy for me. LOL! just kidding.
Re: when you say you’ll pay for leads, do you? - Posted by Sean
Posted by Sean on November 24, 2003 at 09:33:29:
At this point I have never promised to pay for a lead, but if I did make a commitment to pay for a good lead, I would definately pay it. I’d want every realtor in town to know that if someone approached them with a house with no equity so it wouldn’t make sense for them to list it, that they could call me about it and possibly earn a grand for nothing more than a phone call…
I sure wouldn’t be stiffing anyone.
Re: when you say you’ll pay for leads, do you? - Posted by jasonrei
Posted by jasonrei on November 23, 2003 at 18:22:55:
I’m in Houston, too. I’ve never asked a realtor to send me a lead outside of those on MLS. I only do rehabs, no rentals (aside from 4 small multis I have) so your scenario isn’t one I encounter. I DO have a realtor that pulls my comps and lists for me, and I pay him.
As for determining who’s on the up and up, I imagine your general impression is the biggest thing. Having something in writing is good, but you know that. I’d imagine an experienced investor would be less likely to welch, so gauging experience could be helpful.
BTW, who was it?
Re: when you say you’ll pay for leads, do you? - Posted by Kevin-ATL
Posted by Kevin-ATL on November 23, 2003 at 14:43:17:
First, the investor is an idiot… It’s hard to find a realtor that works with investors, and he just cut himself off from one. You can probably kiss your 1k goodbye… but if you truly want a little justice I would suggest that you spread the word to every single realtor you know, as well as to any investment club that he might attend, about how he forgets to pay people for their hard work.
Re: when you say you’ll pay for leads, do you? - Posted by Heather -Tx
Posted by Heather -Tx on November 23, 2003 at 10:22:39:
Tray,
I had someone that does the sub2’s I gave him a lead he closed on also… took me 6 months to get that 1K LOL He was hoping I would forget maybe, but I am presistant 
Wonder if it’s the same person… hmmm
Heather
Re: when you say you’ll pay for leads, do you? - Posted by rw (Houston)
Posted by rw (Houston) on November 23, 2003 at 09:21:54:
I do pay for the leads, I want to keep all my doors open.
It’s been so hard for me to find a realtor that will work with investors. I don’t know why people can become so greedy and not do what they say.
Do you have leads?
Re: when you say you’ll pay for leads, do you? - Posted by Terry (Houston)
Posted by Terry (Houston) on November 23, 2003 at 09:18:28:
$1,000 for a subject to is a lot when there is not much equity and then they find they need repairs etc… You know the way a lot of people teach you to buy.
That is why I am looking for more equity than the average subject to buyer is. But I also pay when I close on the house. The buy side not the sell side.
Find someone who is going to be around, or has been, for a while. They are usually more likely to pay.
But remember that most realtors will bring several deals, but if they investor does not buy because it does not meet their criteria, they feel the investor is too picky or something.
Not sure, we just know what makes a deal and what does not for us.
You can always call me if you want
Terry (Houston)
Re: when you say you’ll pay for leads, do you? - Posted by Robert TX
Posted by Robert TX on November 23, 2003 at 09:15:55:
It is amazing how short-sighted many people are. Your investor may have saved himself $1,000 but how many other deals are you going to send him in the future.
Yes, I always pay and I have even paid more than I agreed to if I thought that the broker was not getting enough for his work.
As for getting paid for what you did, the Texas Statute of Frauds requires that you have a written agreement in order to get paid. Therefore, without a written agreement you are out of luck. It appears that your investor took advantage of your trust.
Please note that the Texas Real Estate Commission recently punished a broker that tried to collect a fee without having a written agreement, so be careful.
Robert TX
LREB
MAI Appraiser
referral agreement… - Posted by tray giddens, Houston
Posted by tray giddens, Houston on November 23, 2003 at 19:26:11:
Jason,i really don’t want to throw his name around here.maybe his cell phone messaging service is some how screwed up and he never gets my messages… i can say that i think i will have some referral agreement signed in advance of any future leads to any Investor types… i like working with investors. on the other hand, there is a reason why many realtors avoid alot of investors…see, with straight-up real estate sales the title co gives us the money the day it’s done. with some investor folks it’s “i’ll pay you once a,b,and c happens.”
here pretty soon , i’m going to ramp up my efforts for more listings that are in trouble and will be looking to deal with legitimate guys.
on a different note,
i don’t know if you recall, but we had a difference of opinion about flat fee listings…well i’ve enlightened myself along those lines, i’ve decided i’ll probably take the listings for free with 3 percent to the selling agent at close…the only thing in return is, i get to have my sign on the property and all showing calls and negotiations go directly to the seller…this way i’m not bogged down with showing calls from other realtors and i get potential buyers off the yard sign…also it would be completely limited service with no advice one way or the other on contracts/offers/problems …just a get it on the mls type deal…i’m kind of a gambler, i’d take that shot…
Tumbleweed Tray
One more thing - Posted by Robert TX
Posted by Robert TX on November 23, 2003 at 09:18:56:
My brother is an investor in Houston and I know that he would pay you a fee. You might call him next time that you have a lead that you cannot use.
Re: referral agreement… - Posted by jasonrei
Posted by jasonrei on November 23, 2003 at 23:07:25:
Tray, I would be hesitant about dealing with investors, too. Largely because of the “you get paid when a, b, and c happen”.
I remember our difference of opinion about flat-fee listings. I still use them a lot. I’ll probably get a license soon, though, and list the houses myself. I like the deal I have now, but some agents do feel uneasy dealing direct with the seller. Also, I get the feeling many of them think I’m a novice or don’t know what I’m doing. Agents prefer to work with other agents, just because.
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