The real estate agents that try to shatter your dreams

I found a lot of realtors on Trulia.com now comes the HARD part. I am terrified to call them! I don't want them to know that I am NEW at realestate investing. I also don't want them to HEAR me and know that I sound like I know what I am doing in an email and get on the phone and blow my cover sort of speak. I know I have to talk to people and I can't hide behind my computer. I just don't know what to say to realtors that sounds professional and knowledgeable. Any helpful hints out there?
Thanks
Donna

tell your agents that you're only interested in properties that are at least 30% below FMV and have them email only those to you

you can also ask for the list of properties sold for cash in the last 90 days

Thanks for the advise I will do that today. I can't find a scrip of what to say to an agent on the phone that's why I'm terrified that I will sound all jumbled and inexperienced. I don't want a potential "STAR" to get away. I will bite the bullet, take a deep breath and PLUNGE right in. If I loose a realtor than it wasn't meant to be. I will just move on to the next one. Thanks for helping me.
Donna

I was really discouraged from my own bad agent experience when I found this thread. The DG family is exactly what the doctor ordered.

We all have come across "dream Killer" and yes they are in real estate as well as everywhere else. Friends for example are dream killers so why not our agent?

In picking an agent to work with we have to remember that only less than 5% of those agents out there have any investment experience. So it becomes crucial that we do not ever settle on an agent but meticulously pick them out.

I have found that most of the ones that have investment experience hang their shingle at Coldwell Banker, Remax or Keller Williams. Both of mine are with Coldwell Banker at different offices. the reason is very simple all 3 of these offices were created by r.e. investors so more of that type of agents work there.

Very simple process for interviewing a "potential agent" for your team:

1. Do you currently invest in r.e.?

2. or do you currently work with investors? A "no" to both move on!

3. Can you handle at least 1 one offer a day or 30 a month for me to start?

4. Any problem with writing up offers at wholesale or 25% off of list?

If they can answer yes to all, you got a good agent to work with and believe me they will not shatter your dreams. They realize your potential.
Never again "settle" on an agent for your business.

It is also not advisable to work with new agents. Even though they are eager it is not in out best interest to train them!

I hope this has been helpful!

Randy Bailiff

I may keep posting this every day because so many people keep saying that they can't find a realtor to work with them within the DG system, ala Matt Larson's 25-1 technique.

As a successful DG alumni investor who also happens to be a RE/MAX real estate agent, I have offered to help anyone having a hard time finding the right agent to work with, since I have access to the entire RE/MAX database of agents around the world available to me and I have the investor mindset myself.

If you're near my area (Tampa Bay, Florida) I am happy to help you personally. If you're anywhere else in the world, PM me and let me know where you are and I will help steer you toward an agent who is investor savvy and willing to work for you. I'n already working on referrals for 4 DGers who have sent PMs to me.

This should be the easy part!!!! And my apologies on behalf anyone in my industry who just doesn't get it and isn't willing to open their minds and get off their rear ends.

The key????
Networking.
Finding the right agent that we want to work with is the key to success as you are getting started.
Keep in mind that only about 5% to 10% of agents who are out there have a significant amount of experience working with real estate investors. A way that I have found that works great to find a good agent is to call the local real estate offices directly. Networking is always the best way to build your power team and finding a good agent is no exception to this rule. Talk to either the person at the front desk or the managing broker of the office. Let them know that you are investing in the area and that you are looking to find an agent who has experience working with investors to work with and would they be able to recommend someone to you to work with. Rather than talking to every agent in the office. get a referral. Time is off the essence as you are getting started so do yourself a favor and try this. When you get a hold of the agent, let then know that John from the front desk referred them to you and you are looking to find an agent to help you with you to find deals in the area. This usually only takes a few times and many times the first time you'll have success with this strategy. Networking networking networking!!!

Thanks for the script Randy. I was searching for a script to e-mail a hand full of agents digging for diamonds. I'm going to e-mail a few and see what I get. I'm also e-mailing agents from Keller Williams, Re/Max, Carolina One and a few others. Thanks!!!

and I also kind of tweak it a little bit.
<<<<<<<<<<<<<<<>>>>>>>>>>>>>>>>>>>>

Hello, my name is (ME/BUYER).

I recently came across your info.

I am a cash buyer/investor and I am currently searching for a investor friendly agent.

Do you currently invest in real estate?

Or do you currently work with investors?

Can you handle at least one (1) offer a day or 30 a month or more for me to start?

Any problem with writing up offers at wholesale or 40%-70% off of listing price?

Please, contact me back promptly if you're willing to work with me.

You have a great day. I look forward to your reply.

Sincerely,

(ME/BUYER)

<<<<<<<<<<<<<<<<<<>>>>>>>>>>>>>>>>>>>>>>

What do you think?

So many comments on this one!
Some just make it harder than it is. There are realtors in this DG family site all over the place.
Keep in mind, No matter who it is most realtors want to know how they'll be paid, for doing exactly what so
Do give criteria, and once they realize all the upfront work that's
Required ( some won't want to do it ), they'll want to know they truly have your loyalty, and the payday will come in for all their effort.
Anything otherwise and it will be very difficult to find one to work with.

I think I burned out my first agent(s) by throwing too many low offers that did not work his way. I now have another agent lined up for my area that I am meeting with on Monday. He specializes in the short sale market. I know him from a previous deal I tried to work.

Andrew Dean

I'm a realtor... I agree that there are many out of touch realtors who daydream of the good old days of 2005, and just wish that things were easier, but, not all of them are like that.

Keep in mind, from our point of view... we NEVER get paid until the deal closes. What that means in real life is that we search and search and find great deals for people, only to discover that for some reason, the buyer can't perform, or gets fickle, or the deal falls through due to inexperience... etc etc etc.

Not to mention that (some)people have no qualms about having a realtor work for months to find them a home, then, when it's time to write the offer... they use Uncle Benny or the next door neighbor or Redfin. That means that we've spent hours of time, gasoline, team spirit and focus on a client and got burned in the end. Believe me, it happens often enough. That dynamic, even more than laziness, is what comes across to you, a new buyer with a complicated plan. If you want your realtor to be loyal and give you the sweet deals... tell them that you'll be loyal, too.

We have to remind ourselves that agents are to bring together a buyer and seller through the MLS> Very few know anything about investing. They are not taught that. I trained agents all over the US for four years and I know how their minds work. Just like I said match a buyer and seller using the MLS.

Now their clients expect them to find and show them properties. It is up to the agent to make sure they are pre-qualified so they don't waste time.
What we are looking for in an agent is one that is investing in real estate currently or already works with investors.

So, they will run comps for us and they will submit offers for us, they will send us listing for fore-closures, short sales or even a list of cash buyers. We need an agent that is willing to do this.

A new agent is not capable of working with us and most of them think we do things illegally. Ha ha that is true.

So yo never want to settle for an agent but be meticulous and prudent in your search. I would welcome a comment if you want more info.

Randy Bailiff

Oops, wrong topic.

Hi It took me awhile to find that Agent who knew the business of investors an was a investor to an let me tell you it was worth GOLD, that person knows everthing that has to be done an did it well an still does, you some times have to go through alot of chaff to get to the grain, Jim

I was thinking of becoming a real estate agent in my state and then use Deans techniques. Do you think that will be easier for me to make deals that way?

Also we must realize that we need to bring value to the agent as well. If we don't help the agent succeed(by doing deals with them, referring people) then we are just using them. I see it that we should make their life easier while they make our life easier as well.
I goofed on my first few calls and emails, so I lost my chance with some agents. I have one I'm working with now that I think is good. Time will tell.
Good luck to all looking for an agent to work with.

RENinja

Keep trying. I have spoken to over 45 offices in several agencies here in Las vegas. I get people saying they work well with investors. I found they are lying. That 50 offer rule applies to agents also. They want a quick buck and to sell what they have on hand. To them the investor is someone looking to buy an empty house that was fixed up already and needs a renter. They do not want to mess with the lowball offers.

Never accept less then you wanet to. Keep looking for the agent willing to work for you. They are getting paid when you are happy. Make sure they are willing to work on your terms. THEN make them a team player and work together.

I tell my clients that when they meet with a real estate agent to interview him or her to be on their Power Team, that they need to help the real estate agent realize that your being in the whole sale real estate business is a huge plus. Let them know that if you were just using your own money, perhaps you could only afford one house. But because you are working so hard to bring investors in on your team, you will be able to buy many houses, perhaps one per month. You may want to help them with the math: if you buy 1 per month with an average sales price of $100,000, that is $1,200,000 per year and a 3% commission equates to $36,000.

Right after than, while the numbers are swirling in their head, let them know that you will expect them to work hard for you. You can go over your expectations, like wanting him or her to submit to you 25 listings per week and at least 3 comparables for the top 10 you will choose.

If the agent doesn't get excited and commit to doing what will be required, go on to the next, as working with a looser will get you nowhere.

Good luck.

1. Real Estate agents and Brokers do not work for you; they work with you.

2. The above mentality is perhaps one of the main reasons why a large majority of the people on this site are constantly complaining about finding one t work with them.

3. I'm more than willing to bet that another large reason is that alot of those same individuals tend to jump in headfirst when they are clearly not prepared and think finding someone to work with is easy. Its not.

4. Real Estate DO NOT have to present your offers or can be selective. There was a post on another thread where an agent was wary of the POF and chose not to work with that 'investor'. If they were wary and let their broker know and couldn't provide an alternate means of financing, they were within their right to deny the offer.

5. Know what you're talking about; too often people have no idea what to say past whatever script they've read on here or elsewhere and when things get deeper, they freak out and then its a deal killer. At the very least, sound like you know the minimum.

Stop trying to blame others for your shortcomings and rethink your strategy; if you've gone through 10 or more agents who don't want to work with you, it can't always be their fault.

Hope this helps.

In my state it is unlawful for a real estate agent to not present an offer. If they don't, they are subject to disciplinary action. It is not up to the agent to turn down an offer, it is up to the seller.

My clients generally trust my judgment.

The owners of properties I deal with require corporate docs and a bank statement of the same name for me to even consider an offer or to bring it to the attention of the owner.

I am open to working with people, but I do not do work with people who do not know what they are doing and expect me to do all the work; I personally do not do the 25 offer presentation as it is not time effective in NYC.

Agents do what works for them and if not wanting to work with someone they believe does not have the personal funds or can close, that is their right.

Once again you give REAL WORLD advise and let every one know how things really work!!

Thanks,

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

Real Estate is not just reading a book and posting bandit signs

I just don't understand why this is hard for people to digest

Everyone loves hearing how to make a quick easy buck. They don't like hearing reality and refuse to listen. They post bandit signs, talk to buyers, sellers and agents and they have NO CLUE what a deal is. It takes time, effort and common sense. It is the 2% rule for sure!

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

i have just started in this business, my friend and i have only been in the success academy for barely two weeks now. just spoke with two RE agents and both were concerned about the legality of assignment of contracts. i live in maryland and the agent that lives close to me, said if im showing properties and giving advice, that is illegal because im not licensed, BUT he said he'd be happy to work with me, and that this way of making deals is unusual but it peaks his interest. i plan on meeting up with him this saturday with my business partner and talking to make sure he is a good fit. can anyone tell me if there are any limits to assignment of contract in the state of maryland, and how i can explain to the agent that it is legal, its just not the traditional way of doing things, that would greatly appreciated. thank you!

Consult a local Real Estate attorney. Check your local Real Estate Investment clubs and ask them about it. Also ask for a couple of attorneys they recommend.

Be ready when you talk to this agent. Contract assignments work best when your buyer is a CASH buyer. Do you have any real cash buyers? If you do not know why this is, you need to get a better understanding of how contract assigning works. There IS a time frame involved. It is not a good idea to tell an agent that you have no money, you are going to put properties under contract, then run around and try and find a buyer! Put some common sense thought into how you want to present yourself to this agent. Look at it from his/her perspective. This is business, real world stuff. Hearing newbee dreams and promises does not put food on his/her table.

The best contract assignments are the ones that you put together when working DIRECTLY with a MOTIVATED seller. NO AGENT INVOLVED!!

Remember, you are NOT selling real estate, you are selling CONTRACTS, you represent no one but yourself. You do not represent the buyer, you do not represent the seller.

Good luck, hit those studies, call the Academy hot line every day and go to every REI club meeting you can find. Meet real people in YOUR area that are doing deals, not bloggers!!!!!!!!

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

I see this time and time again as I invest, and as I work with investors all over the country. Getting a good real estate agent on your team is going to be one of the most powerful team members that you can have. Getting a real estate agent,,, especially an agent who specifically works with investors will help you as an investor getting started, and as an investor looking to "take it to the next level". Through networking, you can build an entire power team including every member you could possibly need by getting referrals from your real estate agent. Keep in mind that only about 5% of agents out there specifically work with investors so it put that much importance on finding the right person for your team. I like to ask agents if they work with investors. If they say they do then I like to ask them what kind of strategies they have helped their investors to do. I ask this just to almost test them to see if they truly do have experience working with investors or if they are just telling you what "you want to hear". I also ask them if they are investors themselves. If they say they are, then I ask them the same thing trying to see what strategies they do themselves. Again, I ask them this to see if they give me specifics on strategies. The more details they give you the better. Spend good time getting the right agent to work with as an investor. It will truly help you to get started, or to take you to the next level.
Happy Investing!

Matt W.

o, i have had so enogh of agents.. karla

Thanks for the information and always learning from you