How to find a REALTOR?

Same here. Any advice would be greatly appreciated.

Thanks Frank,

You do not have to have a realtor to find deals. My best deals have come dealing directly with a motivated homeowner. No realtor involved!!! I use my realtors to offer on REOs and short sales and of course to list my properties when I have then ready for retail. They also provide comps on my properties.
You guys both say you have buyers. What kind? Cash investors like rehabbers or landlords? Owner/occupants that need financing? How do you know they ACTUALLY have money and are real buyers?

Good Luck,

Michael Mangham
MD Home Acquisitions LLC

I have cash buyers one company in particular hos contacted me 3 times in the past week to see my list of properties (which I do not have) They are a rennovation company and 30-40 homes per year (buy fix and sell) They just sold 5 and are looking to purchase 5 more they say they have proof of funds I am with the academy and they are saying to find a realtor and so does deans books...im just feeling overwhelmed! Everything is foreign to me I have never done real estate. Im also bummed bc they just switched my advisor on me and I felt like I had a good rapport with my original advisor I really want to mae this my career but feel a little out of sorts at the moment

Hi Sarah and Frank!

Welcome! I am glad you are excited and ready to find a realtor! I am an Agent in Chicago and am working with Dean's Quick Cash Formula in his Rock bottom blue print. As an agent, I thought it would be wise and beneficial to be my own agent on my transactions. I realized its not the right route as it is very inefficient and time consuming. So, I decided to go find my own real estate agent that I could work with.

So, here is what I did. I followed Dean and Matt's advice on finding a real estate agent. I called about 5 different offices/agents in the area I am working in. I called Remax and Keller Williams offices. These offices train their agents to work with investors. Other branded offices might not train their agents very much in working with investors, so it is REALLY important that you find one that will work with you.

I called the office, and said "My name is Alex Waterloo, and I am a real estate investor, is there an agent in your office that you think can work well with me?"
the receptionist will transfer you to an agent. On the phone with the agent, I said "Hi my name is Alex, I am a real estate investor, I buy/fix/sell properties where I can make a $20,000 profit. My goals are to be in and out as fast as possible. Do you work with investors?" The conversation takes off from there.

Check out the thread 30 Quick Cash Formula. There is a TON of information on there about finding the perfect agent. I actually even made a few YouTube videos of answering questions and giving tips and pointers on what to say, what the realtor may ask and how to deal with it. Its a great thread. Check it out! We are all here to help you and make it as easy as possible! A perfect Agent will certainly make it easy

So From what I understand form the Success Academy (i'm a student too) is a Realtor will help you find comps to find the offer price you wil offer the motivated homeowner. The way you find motivated homeowners is to put out your Bandit signs,flyers,classied Ads etc... with wording to bring out those motivated sellers to call you and then you can start working the deal to pass to your Cash Buyers. This is just one technique! Reread the Chapter of FAST CASH Buyers List: Real Estate Marketing Course. Enjoy!

--I will Persist Until I succeed!---OG Mandino

Kathy

I agree with Michael...realtors march to the beat of a different drummer than the investor. However, some do "get it". They can be a valuable asset if you find the right one. Mostly, they are out for themselves. Here is a copy of my email reply to a realtor.

"Hi Realtor, thanks for replying. Have you worked with investors in the past? I already have a house to live in. For me to get involved with a property, I must be able to make a profit or it doesn't make sense. Primarily, I am not buying and holding. I am looking to get in and out of deals quickly. My parameters are offering in the neighborhood of 70% of ARV - repairs, and I make a lot of offers. If you are embarrassed to present low offers, this probably isn't for you. Does this sound like something you would be interested in pursuing?

It cuts to the chase and makes them qualify to do business with you, no surprises. As a matter of fact, as I was typing this I got a reply from a realtor...

"I have worked with many investors over the last 25 years. I can set you up on a program of homes for sale in your area and surrounding neighborhoods if you like. I am out of town right now and will be back in town on tuesday. Let me look into what is available and what might be coming up thru foreclosures and get back to you."

This story is kind of interesting. I was driving a neighborhood looking for fixers and a property I found actually belonged to this realtor. I emailed her asking if she wanted to sell and she replied no. Turns out her husband is a contractor. Looks interesting...time will tell. I couldn't believe a property belonging to a realtor and contractor would be in such junky condition. There's more to the story tho. They bought the house in 2003 with an adjustable rate tied to LIBOR, so they are paying close to 7% interest now, which is about the lowest they will pay. My question is, condition of the property aside, why haven't they refied into a fixed rate if they plan on holding the property? It cash flows now, but that may be in jeopardy with some interest rate hikes. So I will swing by her office on Tuesday and ask for a list of cash buyers and where the cash is buying and get a rough idea if she has the investor mentality. You can also use the above reply over the phone. Call a realty office and ask for the youngest or newest agents. They will be the easiest to train.

Remember, the more exposure a house has, the more expensive it will be. Thus, dealing with realtors and properties on the MLS, you are also competing with everyone else out there who knows of the property's availability. As Michael said, better to be the one person negotiating with the home owner. This also allows you the flexibility to be more creative. There is a trade off to be made. Realtors with available properties and more competition or expending the effort and marketing to ferret out deals where you are the only one involved. Realtors are more strict in the way they conduct business versus you and the owner seeing what you can work out that will help the seller with his problem. When it's just you and the owner, there isn't another third party gumming up the works. Basically a realtor will tell you you can't do something because they won't get a commission if you do it.

you don't need a coach from the SA to tell you how to find a realtor. In the lessons, there's a section 'Networking and your Power Team' that discusses about finding a Real Estate Agent; i.e. go to an rei club and get a referral from another investor, or call REMAX in your area and ask the receptionist for the best selling agent that deals with investors.

Wishing you success,

Valerie

Erik...yes, agents have their place. Many turn down listings because the seller doesn't have enough equity to pay the realtor's commission and doesn't have any cash to bring to closing. These are prime opportunities for a lease/option and you can give the realtor a referral fee. Sometimes they get pocket listings that never make the MLS. Typically you wouldn't list a wholesale property with a realtor, you would have a buyers list to move wholesale properties. But if you were rehabbing the realtor would get the commission on the buy side then be the listing agent when the rehab is complete, so they have an incentive to find you a good deal. So they can basically double their income if they are smart. Instead of selling to an end buyer once, they can pick up a listing from the same deal and get paid no matter who sells it. Realtors are another cog in the wheel. Which cog they are depends on your business model.

I never said NOT to have a realtor, I work with 3 or 4 at any given time. They are an important part of my business. The realtors I use are amazed at the prices I pay when dealing with the homeowner and the unlisted deals I find. They themselves know I am better off finding unlisted deals on my own. Once again, you DO NOT HAVE to have a realtor to get a deal and sell it!

Michael Mangham
MD Home Acquisitions LLC

I agree with you on the access... finding property comps can be tricky at times.

@just plan-e and thishousebuyer, make sure you guys are checking out www.totalviewrealestate.com. It pulls info from zillow and a few other sources. But, it also provides some good Comp info.

Good Luck,

Stephan

You seem successful, can I ask your opinion? I have a couple of good cash buyers. I also found a mentor who was willing to help me along the way. Now I told him I have people ready to move but no experience finding properties. He said he has aproperty I can advertise to my buyers and he would pay me a finder fee what should I do?

Hi Alex,

Where can we find your You Tube videos???

Thanks!

Ron and Ingrid

WARNING NOT ALL AGENT OFFICES WILL GIVE YOU A CASH BUYERS LIST! i found that out the hard way! lol century21 will not (at least in my area) but just around the corner is another office (i cant think of the name right now) but they gave me the list but it dissapppeared and i tried to get another one the other day and they were in meetings all day! ugh! ill hit them up probably wednesday!

i thought i would post that so someone here thats really newer then me wont feel bad when they are told to go to a local office and get one and they are turned down!

Sara ....Relax you sound like youre freaking out a little I am actually 30mins away from you!!!! You never know who is on this sight lol I know of a few properties;). Hit the "send PM" under my name and lets put this thing together so we can get paid!!!! p.s. Hi neighbor welcome to the FAM!!!!! Also I need to know what AREA they are looking for but send it in the PM(private Message). Talk soon!!!

I have supplied a buyer for several of my fellow wholesalers in the past. You need to talk with your seller and determine how and how much you will get paid when you put him together with your buyer. You may want to have both parties sign a non-circumvention agreement. I personally have never used one but it could be a good idea for you since this will be the first for you. Anyway this can be some easy, fast cash providing your seller has a great deal. Does he? What are the numbers you will present your buyers with?

Tell your seller to write the contract with a non-refundable earnest money deposit. This will immediately qualify your buyer. He will be totally committed and have real cash if he puts up non refundable earnest. Sarah, there are so many newbies out there that just want to try and assign your contract and then find a buyer that they do not have, it is crazy! Time wasters and non producers are everywhere.

Don't hesitate trying to put this deal together. Find out what the property will actually SELL for in today's market. Do your due diligence. Don't rely on a website. Go see the property, talk to a realtor or two and get sold, listed and under contract comps for the property.

Find out what rehab/remodel costs are. Then YOU will know if this deal is worth presenting to your buyers. What a great opportunity to meet realtors and contractors and add them to your team. Real world, on the ground property evaluation is how to learn this business. Plus, you have nothing at risk! Your seller already has the property under contract (verify this!) all you have to do is supply a real buyer.

Keep us posted!

Michael Mangham
MD Home Acquisitions LLC

as Michael just posted above, get the property address form your seller, and do your due dilligence.
If the numbers work, then offer it to one of your buyers.

Just be careful about not introducing your buyers to the investor before signing a non-circumvent contract- they could bypass you and not pay you the finders/assignment fee.

wishing you success,

Valerie