INTERVIEW WORKSHEET - For Finding A Realtor

Check out that Diva!! Thanks A#1!!

that most realtors talk to you like you are stupid and if they dont see you with dollar bills falling off of you - they dont want to deal. A true realtor can see past the obvious and see what lies ahead. If you step to them correctly and tell them what you are doing and that your credit is not the best and they can grasp the concept that you are making a major commitment to this REI stuff and have a solid plan of action then you have one hell of a partner there - which is precisely what HAVE.

Most realtors forget that hey work for you - you dot work for them. Dont be rude but let them know you will be firm and you KNOW What you are doing even if they dont think o. Tell them to think of you as an equal and YOU WILL TREAT THEM as one.

Stand firm, but steadfast.

A-MEN, i'm in the market for a realtor right now, and i totally agree with ant here, you need to ask these and similar type questions for a true fit to your team, SULLY.

if you are looking for a realtor that fits "YOU" Dont forget to print the attachment

I am reposting this for those that may need it

Thanks Anita for that information. I have around 40 pages left to finish the book. I have also been looking for a Realtor, Investor, Private Lender with no luck. Bottom line is trying to find someone that can be trusted is scary. Although I am terrified about taking that first step, I know I can do it. This is my dream and only I can make it happen.

Thanks again,

Janie

Take the time to find out what the Realtor has to offer. Let them know what you expect of them. It is important that you also explain what you, as an investor, intend to do, and how you are going to do it. To make a good, profitable relationship for both of you, you need to understand each other. I wish that I had spent more time getting to know the investors that I worked with early in my career. It would have saved me some time and money on some and made me alot more money on others.

You learn from your mistakes, Al

And listen to AL....

yes Listen to AL, he's been on both sides

It is all in the posts above. Must be I didn't have my Harrison tweed sport coat on when I talked to the first four realtor's. They looked at me like I wasn't even there. For now< I will stick with my REI club. At least they listen and help. On to better things...Jan

anita thanks for the interview sheet for realtors. it is a big help for me and i really appreciate it. thanks again.
dee

Thanks, Anita

This Interview sheet will be very beneficial in selecting a realtor. Thanks again.

good, u r the best.

Hi Anita,

Your posts are always so informative. Thanks!!!

Vic

where could I find an interview sheet for investors(end buyers), what are the common questions I would ask. I'm new to this, been reading the posts and ready to get my feet wet. If anyone could help I appreciate it. And yes that realtor worksheet is gonna come in handy, Thanks!

Anita or anyone else out there with the secret password!!!
I am looking at a lot of FSBO in my market, however, after talking to the sellers and obtainining property details, pricing, etc., in order for me to be able to properly assess the profit and FMV of the property, i need to do some homework (Comps, active listings, days on market, rental options, etc). Because of the volume of properties that i would want to research, what do you find is the best tool to obtain all of this data from, that is accurate and current too. I know that i can turn to a realtor or a title agency, but are they going to be a little annoyed at the volume of properties in question? Wouldn't a realtor be reluctant to help me unless it is his/her own listing or you bring them into the purchase so they can get a $$$$? I really need to know how to get around this. Anyone please help!!!!!!!!!!!
Mati

First of all you need to go back and re-read Deans book. One of thefirst things he tells you is to develope a TEAM. A realtor, lender, contractor, etc...

Soo lets just start with your research. First you find a great realtor that understaands what you are doing andthat has worked with investors before, and let them do the work. They can do it faster and better.

Seriously, if you have not read the book or are not finished - read it and finish itt BEFORE you jump out there. It will be a tremendous help.

I am trying to develop my team, but I am getting discouraged. I thought a Buyer's Agent would be easy to find. What I am finding is no one wants to present offers that seem too low. I even had one Buyer's Agent tell me that unless I could find out ahead of time what the balance was on the mortgage, or if the sellers had any liens, that they would not be open to speaking with the listing or seller's agent on my behalf at all. I also found out that I can't call a listing or seller's agent on my own and find out information, and then decide to use a Buyer's Agent. If I do, then the Buyer's Agent would not be the procurring source; and therefore would not get paid commission at settlement. I didn't know this until today.

I don't know how to proceed now, especially after speaking to my attorney today and having him strongly suggest that I not work with homeowners directly, unless I require a substantial deposit from the end-buyer at the time I assign the property to them; so that they would think twice about not showing up for closing. He said it is imperative that they have a vested interest in following through with their purchase. It is true the contract will have contingencies; but he shared with me several cases where the homeowner just got mad and sued the wholesaler; since they tied up the property for 30 days and couldn't stop the end-buyer from walking away from the deal. Because they were hardship cases, they could qualify for free legal service. In concusion they settled out of court.

Do alot of you all require a deposit from the end-buyer at the time of assignment instead of at closing or at escrow, especially if you don't know them?

Any comments would be appreciated.

Nancy

I always require a deposit up front. That way i get whatever my assignment fee is and the sellers get their good faith/deposit as well. The buyer and seller now deal directly with each other and I am out of it. I also write this in as an escape clause along with a waiver of responsibility once the contract has been assigned. I also have the buyer I assigned it to sign a similar waiver.

Do you only do this when there are no agents involved? I ask this because I don't remember an escape clause with a waiver of responsiblity on the Buyer's Agent Califormia Purchase Agreement that you had posted on this site. For those transactions where you have a Buyer's Agent, do you still ask and get your assignment fee upfront?

Is there any way that you can post, maybe through an attachment your Waiver of Responsiblity? If I understand you correctly, you include this in or with your own Purchase Agreement and/or your Buyer's Agent Purchase Agreement as an addendum on every deal or is this waiver just between you and the buyer? I would think if you already receive your assignment fee than you don't have to show up at closing, because the assignment fee would not be on the HUD 1 to be distributed. That is a very smart idea. Is it only the individual private investors that pay cash that agree to pay you your assignment fee up front, because I am also working with a small company that buys houses regularly and I think they pay through the HUD 1?

Thank you again for your help,

Nancy

Because agents make a living doing this.. they will naturally try to take control of the situation. Know what your goals are, where you need / want to be ultimately and go there.
A good agent will communicate well and keep you updated on what they see. They should be keeping you in check with the 'reality' of the market frequently.

i set up a homegain.com account wrote everythingi needed in an agent and none of the agents that responded are illing to work with me, very frustruating because why respond on the first place? Anyway I am going to my first REI club meetings this month, I went on meetup.com and found many clubs that are free or low in cost in my area. Hopefully i will find an agent that understand and is willing to work with me. I feel like I AM on an interview when talking to them! that is scary since I AM the one getting them the commissions...

Thanks Anita. I have a few realtors that I am planning on talking to later this week this will really help in picking the right one.

Dediacated & Motivated

Thank you for sharing the worksheet. We are searching for now agents and this will help.

Just wanted to thank you, Anita for the worksheet information and all the advice. It's so great to have all the help we have as a family on the sight...Love IT! LOVE IT!

Thanks Anita for the realtor interview worksheet.

I noticed that several people on these forums say to look for seasoned real estate agents that have worked with investors before. I was a former realtor and deactivated my license about 5 years ago. I am of the opinion that it is the seasoned agents that are less willing to work with investors. The newer agents are more willing to work with investors because they are biting at the bit to get clients to get their business ramped up. Also, even though the newer agents are still learning, it is easier to mold and shape them because they have not been tainted by the veteran agents. Also, another reason that agents don't enjoy working with investors is not always because of the strategies that are used but because they have to do so much for the investors and sometimes without any compensation. As a former realtor I myself experienced that. I had been a realtor for about a year, but still had only about 2 sales under my belt. I received a call from an investor that had several rental properties in the city and wanted to sell some and rent some. I did so many property searches for him and then he would call and ask for comps on a particular property I would run the CMAs and nothing would happen. I did this over and over again. Nothing ever materialized and I never got any compensation for the work I did. So, I can understand why a realtor wouldn't be keen on working with investors. Now that I am on the other side of the fence, I know that I would be asking a realtor to do a lot of work for me that I would not be able to compensate them for out of my pocket until a decent deal actual gets done by me. That's why I was wondering if we could do this without using a realtor. But I also know that realtors have access to more properties than I would be now.

newage8767

Anita
Quick question about finding a Realtor. Is it better to try and get the Broker/Realtor themself to work for you or just an agent will do. I ask because an agent may be told by the Broker/Realtor that they can't work for an investor like us DG'ers. I hope you understand my newbie question,lol.
Thanks, Rick in Georgia

I have been having better luck finding an abandoned property and then using the Prop-Trend software (or you could use the county recorder’s office) to find the lender who now becomes the owner. Also if you see anyone cleaning up the yards go and ask for a card. Follow the trail. I have gotten several brokers who say it isn't on the market yet and they don't even have a price set. These brokers are usually happy to call me as soon as they have that info. Or if I am smart I give them a few days and call back...and call back again.

I gave up on all the paperwork for wholesaling. I have my buyers list and call them telling them I have a property you may be interested in and tell them my finders fee is X-amount. If they pick it up they will pay me. If they don't then I don't work with them again. It's that simple and hopefully the ease of doing it on the honor system will make up for any fees that I may get stiffed on.

I know it's late but thanks for the worksheet. Knowing what to ask helps a lot.
lbrown

Thanks for the interview questions Anita! I will surely use these as I have a few realtors in mind, but I have no idea if they'd be good at representing me as an investor. Do you happen to have an interview list to select a good attorney? I just had a bad experience with one trying to nickel and dime me for a simple question of JTWROS! I need a good attorney I can trust, but is that an oxymoron in of itself?