Kidnapping A Realtor!?!?

You said:

I don't need the Realtor to buy from or to list for me. All I need is for them to ultimatly send me expired listings and to run a cash buyer report for me in the MLS so I can see all the properties purchased for cash in the last 90 days and get the info on who bought them. I need this info for 2 properties that I have right now that I am trying to wholesale out and I have had no interest from my current buyers list so its time to build the list again and "refresh" my options.

I dont know what to say to the Realtor to get them on my team and get the reports sent to me without doing a listing with them or "lying" (which I wont do) to them about using them as my buying agent.
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So as far as I am reading it, the Realtor won't be making any money with you, just running reports and doing little favors for you. Gee, I can't even imagine why any Realtor wouldn't jump at the chance to be on your team. Seems like a "plum" job.

BTW, this is one area that I disagree with the "wisdom" on this site to make a Realtor part of your team. Since you pay an accountant, an attorney and other people for services rendered; how about paying the Realtor $25 per hour for their time? At least you'd be honest. For some reason, deceit seems to be an acceptable business practice on this website. Don't know why. Build your business without abusing a relationship that is obviously one sided and you'll be richer for it.

My partner and I have gone through a lot of Realtors to find the right ones.

This is what I do to find those to send me Exp listings and Sales comps.

I qualify them first by asking them a series of questions.

Hello (name),

We spoke briefly on the phone about what I was looking for. Basically I am looking for a Realtor who invests themselves in the Independence, Raytown, and Kansas City area. My questions in regards to this are as follows:

1. Do they invest themselves ?
2. How many investments properties in single family homes have they done in the past year?
3. Are they comfortable with submitting 10 offers a week at 30 to 60% off FMV.
4. Do they have the time or the team to submit these offers?
5. I am very serious about the offers I make will they actually get submitted even when they feel the price might be to low?
6. Are they familiar with doing double closings and assignments?
7. Are they currently working with other investors?
8. Are they familiar with any creative financing (lease option, owner financing, ect..)?

To give you some information about myself and my company. I am a local investor with a list of buyers who are looking for a specific criteria. They close anywhere from 5 to 21 days all with cash. My goals are to submit 10 offers if not more a week. With the expectation of a 25 to 1 rule. 25 offers given 1 being accepted. If this is something that you can work with please contact me by phone or email. I am greatly looking forward to your call.

with gratitude,

I let them know that I have a list of investors that I work with who have cash and I drop some names. I also let them know that if I come across a lead that we have no interest in we will send and refer them as a listing agent for them and the property. I let them know that out of the listing those that I get into contact with only 10% are ones we end up purchasing 90% I will be giving them your contact information to get the listing. It is a win win situation. You let them know that you are not asking them to show you properties you are not asking them to write up contracts, you are just asking for 5 to 10 mins of there time to set you up on an auto list to be sent to you email with the following criteria.

Just be sure to feed them leads with time other wise if they get nothing from you they will drop the information.

I hope that helps.

If you already have two properties and the numbers are good just post them on CL or classified ad here.

I have a Realtor that does all that stuff for me, but it works both ways. I give her all the rehabs to retail when I'm done and anyone looking for a REALTOR I refer them to her. You don't want to work for free why should they.

I actually do compensate my Realtor for the listings and comps. I give her all of my leads that we do not continue forth with. She gets the listing. This is how I am able to help her by her helping me. We know they are qualified and want to sell the ones that I want are motivated the ones that she gets are the ones who want retail price. I think that is a pretty win win situation. Also it may not seem like much but for Christmas to show her how much I appreciate her and her business we gave her a Gift card to a day spa for $50.

Thats the best & only way to go. Honesty, and the opportunity to make everyone satisfied w/ the deal, is always my objective.
I would approach a realtor & tell them exactly what you told this forum. But, I would then ask them what they expect, or how they'd want to benefit from our mutual relationship. If the expectations don't fit, then you move on.
I found a realtor through my REI club and from a contractor referral for a deal I was working on. When I contacted the realtors, they were more than happy to get on board because they knew what our mutual expectations were.

Honesty, is ALWAYS the best policy. Tell them what you want, then see if you can reach an agreement. Trust me, there are PLENTY of good, energetic, hardworking, hungry professionals out there. Good luck!

First ,congratulations for taking action and focusing on learning when you are stuck.there is no better place to get the answers you need than right here on dg...where we all want each other to succeed !!
Great advice from all those above.I would like to add...I would be honest and tell the realtor that you are learning new strategies from dean graziosi...a millionarre real estate investor AND BEST SELLING AUTHOR and would like to work together as a team.Tell them you are not ....at this point listing anything but have two properties you want to wholesale.IF YOU HAVE THEM LOCKED UP then maybe they can help u find a buyer and then u will offer them SOMETHING for commission.also would they get you a list of cash buyers AND LISTS that have been on

the market 90 + days. You have now told them the truth and say you will in turn bring any property in the future to them to list and refer all your friends that may want to sell.YOU r building a team and want them on it !! ....let them decide if they want to help you after you tell them the truth.They can be a VERY GOOD source for you if you take care of them too,remember this is a networking business and they come in contact with MANY BUYERS,investors,attorneys,title companies,surveyers,contractors,mortgage brokers,etc,etc so just like any other team member..you need to work TOGETHER for success.DO WHAT YOU CAN for them in order for them to take a chance on a new client or investor.
Good luck Bernard and keep learning.
Jay

OK GREAT! That just got me past my hump, I have an idea now and I really appreciate all the responses, very helpful. I will be moving forward into other areas of REI once I get this part of the game running so the RE Agent would eventually profit from me with my listing and referrals and so on. I just don't have a listing to give them right now. With all of the information about I am going to try to kill 2 birds with one stone and find an Agent that will submit offers for me where I am comfortable on REO properties....this will get me an REO agent and an agent that I can work with on the ancillary duties that I need them for. JUST TO BE CLEAR, I don't expect an agent to work for me for free!! I dont work for free and never would expect someone else to do that for me. That was the whole point of posting this thread because I was stuck and I didnt know how to approach with the situation I am in. I now have the answers I need and I thank ALL of you for that. I will give it a whirl in the morning and see what comes of it.

Again, Thanks to all of you for helping to clear my "mental" block.