OfflineI have seen in several posts questions about working with good Realtors. Many feel that using a Realtor will stunt their growth as an investor. A Realtor can be a fantastic tool in advancing our careers. Your Realtor can show you comparables, bring you properties you couldn't have found, give advice, help create needed connections to others such as hard money lenders, and so on.
Because finding a Realtor can take time and may require us to talk to several Realtors before we find a good one I would like to present the way I find Realtors:
I start by calling the brokerage offices. Usually the receptionist will answer. When she/he does I will ask them for the names of the best two (2) investing Realtors in the office. When I get the names I will ask the receptionist to transfer me to the better of the two Realtors.
When the first Realtor gets on the phone I will ask these five questions:
1) Have you ever invested in real estate yourself?
2) Please tell me the specifics of the last two deals you have done?
3) Have you ever worked with investors before?
4) Please tell me the specifics of the last two deals you have done with investors?
5) Will you allow me to make 10-15 offers per week at 70% of the value with contingencies?
If the first Realtor fails my questions I will call the brokerage office back and ask for the second Realtor.
Here are a few tips to understand what I am doing and help move this experience quickly:
1) You are the boss and are highering for the position of your Realtor. If the Realtor does not work out interview another.
2) You are the interviewee, you ask the questions; when you are given questions by the Realtor you are interviewing present them with this: "That is a great question. Let me, if I may, answer that after I have finished my questions."
3) I have found that if the Realtor does not answer all of the questions positively and cannot give specifics of deals they have participated in they are not working with.
4) The questions help us get a good idea about what the Realtor can do. We want to know specifics so they can show they know investing. If they know how to invest they can show us how to invest. They will also understand things like assignments of contract, hard money, seller financing, lease options and how many offers and time may be needed to get an offer accepted.
5) The last questions help us to know if they are up for putting in the time on low offers that you can walk away from. You may never make 10-15 offers but we want to know if they will put in the time. My experience has shown that if the Realtor does not answer the 5th question you will have trouble getting a hold of them, giving offer and getting comparables in a timely manner.
Follow this and you CAN find a fantastic Realtor.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
That's really good info to know. Thanks for sharing. I'm definitely going to start interviewing Realtors.
Money won't fall into your hands, you have to earn it!
THANK YOU UUUUUUUUUUU SO MUCH FOR THAT INFO. GOOD JOB.
I am glad to see people have liked this post. I would be interested to know how the questions have worked for you.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
I will start interviewing some realtors using your specific questions.
As an agent, one concern I have is that if someone wants to send out a couple dozen offers and a couple come back accepted, then we are between a rock and a hard place. It is easy to get one accepted offer and for me to call all the others and tell them we are withdrawing the offer we made for that particular listing.
If a buyer has the capability of buying more than one listing at a time, no problem. Again, what you do after the paperwork is signed and you are a legal owner is no concern to the agent; ie leases and turning around and selling to another. Any thoughts?
Greg
Investors use contingency clauses to get them out of an accepted offer that they don't want to close on. If they can not legally withdrawl from the offer,using one of these contingentcies, then they would need to proceed with the purchase, or forfeit the earnest money. As an Agent you would need to make this clear to them before writing multiple offers.
Al
"NOW GO FIND A DEAL"
Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.
Frank Outlaw
How would you phrase one of these clauses?? What would be stated in the clause?
As far as having a contract with the contigency clauses written? Do you modify your own clauses? Or should you have an attorney or real esate agent write them for you?
-Cory
The standard purchase contract for Arizona, put out by the Association Of Realtors, has a mortgage contingency, and an inspection contingency already written in. The inspection contingency has a time limit that is entered into a blank space provided for it. You can put whatever time you would like here. If the time is too long, the seller will probably counter offer to shorten it. Other contingencies can be written into the agreement. Sully has offered some in recent posts. The wording of the contingency is important. A statement that is improperly worded will not stand if challenged. You might want to consult a lawyer or Realtor to see what is acceptable in your area.
Al
"NOW GO FIND A DEAL"
Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.
Frank Outlaw