Homegain Realtors

Dallas,
I would just call them up and have a conversation. They have the opportunity to earn money because of you.
RE is 2 things - a numbers game and a people business. Its just people talking to people. Make an appointment to get some coffee together and have a general idea what you want to discuss. Present yourself as a new, but educated, investor. Let them know what kind of properties you are looking for and how you will make offers, etc. Let them know your goals and how they can be benefitted.

People do business with people the know, like, and trust. So - that is your first goal. Get them to know - like - and trust you.
Goes for anyone on your team.
Go get 'em
Gena

Gena,

I don't want to get into the bank reo offers yet, but when I do, I would love to work with them more on that. Right now, I'd like their help with mainly values, and/or a list of all ca$h sales for the last 90 days and little things like that. Eventually I'ld like to have them make money with L/O's, and expired listings, too. There was one I called on about a house that was part of a package, and I didn't ask for the value of non-bank reo comps. The guy I spoke to at Centry21 was a fast talker, and acted like he didn't wanna work with me. That value he gave me came out to about the same as asking price for the house, even though it needed work. I was shocked, but yeah.

This gives me great ideas, though. Thanks you.

Gena is right...definitley; REI is a people business!

As she says, make your appointment and be VERY upfront. Don't try to hide the fact that you're new, they will smell it. I initially met with my realtor in her office and used Matt's script to the tee. Went off without a hitch.

You seem like a real personable guy and it's obvious you've gained a loads of knowledge (read many of your posts). Just be yourself and go with it. We know you can do it!

Good luck and let us know how it goes.

I saw a bunch of stuff you want the realtor to do for YOU. What are you offering THEM? How will this relationship benefit THEM? How will they make money now? Not in 10 months when you come up with a strategy to actually BUY properties through this realtor. Everything you mentioned did not seem to aim at making the realtor money. Just you using there resources.
Example: A realtor will not make his commission on a L/O until your tenant/buyer exercises his option in what 12 to 24 months? That is why it is far better to do L/Os on your own with no realtor involved.
Expired listing? Are you going to give them something in return? If so, what?
Get your presentation together and sell them on the benefits of working with you. Don't just ask for stuff!

Michael Mangham
MD Home Acquisitions LLC

Thank you, Michael.

What would be a good compensation to a realtor for services? I understand it's not all about what you want, and MORE about what you can do for them. The one thing that comes to mind, is refferals. I was thinking more on the lines of little things such as starbucks gift cards, a giftcard to a favorite restaurant, a gift card to wherever or a day at a spa or gift baskets and movie or concert tickets ? (Obviously given after a deal closes or ?)

Your Town your Profits, and Profit in Real Estate Right now on realtors. I couldn't find any related info on what to offer a realtor for compensation, except additional compensation on FSBO deals, and commissions through regular offers (according to Matts awesome letter). It made me wonder if there was something I missed or anything. If there's a legal way to do it, I could offer them a service fee (when that deal closes)? Until I can figure this out, I'm at a loss esp. if I want to do L/O's ~ I would still need to find out the comps, rent averages, etc. to see what investment options are available.

What works for you?

I apreciate all the awesome comments & advice ~ They help me a ton. At times I feel like a spongue with the knowledge I have or have gained, and I love it.

I'll keep you all informed of my progress. Thank you.

I'm always learning here too. I don't think you can ethically pay a realtor for services, but I could be wrong. You might find one at your REI Club that would do some comps for you knowing you will eventually bring them business.Lots of investors also have their license and maybe you can loosely team up with one of them. You could return the favor in doing some kind of footwork for them. Really, you can get a pretty good idea of comps on Trulis and totalview though.

My realtor was happy to accept my offer with regular commissions on closed deals. I also, offered an additional 1-2% % on any deal she finds, and helps me close (negotiable depending on amount of deal - incl. FSBOs), i.e., make it worth their while.

Although I'm not currently pursuing L/Os; I discussed my eventual desire to do so. She was very keen on this, as their office also operates a Property Mgmt company (built-in incentive)! Maybe one of your guys has the same situation? If not; I'm sure they know of (or work closely with) a Property Mgmt company...many do. Just open up the dialog and find out what it would take to be worth their while. You'll never know if you don't ask. Like Michael has said though; it is better to do L/Os on your own, like FSBOs.

Your best bet is to maybe PM Karen Griffin (kareng). She has studied L/Os extensively and is VERY knowledgeable! I'm sure she has some great ideas.

I would be very careful with offering gifts or incentives to Realtors. According to their code of conduct a Realtor is not allowed to recieve a gift, whether it be monetary or otherwise, in relation to a transaction, without notifying all parties involved, and recording the gift.
So if you were to offer a small thing even ie. a gift card as you mentioned, then they would be obligated to let the home owner know they are recieving things from you on the side for thier services, and they would also have to fill out extra paperwork for this at their office to disclose this.
Believe me, no ETHICAL realtor will accept or be tempted by these things. I found out by asking, as I didnt know and it was explained very clearly to me.
In my experience they are happy if you promise to make them your dedicated Real Estate agent and use them for all your deals, or refer any leads you have directly to them.

Just my two cents.

Dallas, This is not the same as having an Agent working with you, but the web site at www.phoenixmlsaccess.com has over 100 listings in Coolidge. It could be useful to your investing business. Wish you success.

Al

tell me where Matt's letter is? I have been looking for it to send out but I can't find. Didn't mean to steal the post there is lots of good info here!
Thanks again to everyone here!

And, you want to look for pages 111-117.

Those are all great things to use and think about. I know there is so much you can do, without getting them in trouble.