Finding a realtor

Buying & Selling Real Estate
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Finding a realtor

R DeMeritt
Real Estate Investor · Chino Hills, CA · Member since 2009 · 13 posts · 8 votes

Any suggestions on finding a realtor that acually works for a living? I'm a private investor that pays cash for properties, rehab, and flip right away. I've bought and sold several properties this year. The first five did well, the sixth broke even, the seventh will lose money for sure, the 8th...I'm not sure yet. When I buy these properties at trustee sales, she's always 25K+++ short on what the real comps are.

In short... my realtor has lost direction and is now losing money on my behalf. It's time to pull the rip cord.

Maybe someone has input on a good way to find a SOLID realtor that isn't afraid to work. One that networks with buyers, investors, etc...

I pay 4% to my realtor if they make the sale.

OR

I pay 1% to my realtor and 3% to realtor that actualy sold the property.

OR

I pay 1% to my realtor when I sell my own property. Should probably be more like .05% !

I'll buy and sell around 12 properties per year.

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Jon Holdman
Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
16y

But you're only paying 1% for the sale? 3% to the buyer side agent, but only 1% to the listing side, and yet you're wanting them to do CMAs (not just pull comps) and title searches on the fly? I'm not surprised you're having trouble getting enthusiasm.

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  • Mark UpdegraffBusiness Member
    Real Estate Broker · Rochester, NY · Member since 2010 · 1k+ posts · 715 votes
    16y

    I went through a bunch of bad Realtors before finding a good one. I think if you can find a prominent broker in the area, and talk to them upfront about what you do, they will connect you with their BEST agent. However, you may be disappointed, even the best agents are a little weak. I do my own comps, but use the realtor as a sounding board. Because they're in tight with the broker they see a lot of sales and can give good ballparks for a neighborhood. My conclusion is often different than theirs, but usually with in 20K ;-)

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  • Mitch Kronowit
    SFR Investor · Orange County, CA · Member since 2009 · 1k+ posts · 1k+ votes
    16y

    You can give my Realtor a try. He is also the property manager for our rental out in Murrieta and he's a real estate investor as well. He's a little on the young side (if you equate age with experience), but he works his a$$ off, demonstrates the utmost in integrity, and is always easy to get a hold of (answers my e-mails, text messages, and phone calls within an hour 99% of the time).

    http://www.riversidepropertymanager.com/

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  • Mark UpdegraffBusiness Member
    Real Estate Broker · Rochester, NY · Member since 2010 · 1k+ posts · 715 votes
    16y
    Originally posted by Mitch Kronowit:
    YHe's a little on the young side (if you equate age with experience), but he works his a$$ off, demonstrates the utmost in integrity, and is always easy to get a hold of (answers my e-mails, text messages, and phone calls within an hour 99% of the time).



    WOW! My agent is my age (30) and he still can't deal with txt messages on his blackberry... I usually can only get through to his secretary... he calls back, but usually not within the hour.

    If you've got someone young, tech savvy, and attentive in this biz, keep um!

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  • Steve Babiak
    Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
    16y
    Originally posted by R DeMeritt:
    ... When I buy these properties at trustee sales, she's always 25K+++ short on what the real comps are.

    ...


    Maybe you should just ask for ALL the "solds" in the last six months (or whenever), all the "pendings", and all the "actives" - then YOU figure out which make sense as comps.
    1Reply
  • R DeMeritt
    OP
    Real Estate Investor · Chino Hills, CA · Member since 2009 · 13 posts · 8 votes
    16y
    Originally posted by Steve Babiak:
    Originally posted by R DeMeritt:
    ... When I buy these properties at trustee sales, she's always 25K+++ short on what the real comps are.

    ...


    Maybe you should just ask for ALL the "solds" in the last six months (or whenever), all the "pendings", and all the "actives" - then YOU figure out which make sense as comps.

    Thank you Steve. I don't have time for any of that. While I'm sitting on the court house steps getting ready to bid, a lot has to happen in the background i.e. title search, comps, etc... My realtor feeds me the comps and title results before I bid. Hence the need for a solid agent that understands they'll be selling the property after I purchase and rehab, so be up front about comps.

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  • Jon Holdman
    Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
    16y

    But you're only paying 1% for the sale? 3% to the buyer side agent, but only 1% to the listing side, and yet you're wanting them to do CMAs (not just pull comps) and title searches on the fly? I'm not surprised you're having trouble getting enthusiasm.

    3Reply
  • R DeMeritt
    OP
    Real Estate Investor · Chino Hills, CA · Member since 2009 · 13 posts · 8 votes
    16y
    Originally posted by Jon Holdman:
    But you're only paying 1% for the sale? 3% to the buyer side agent, but only 1% to the listing side, and yet you're wanting them to do CMAs (not just pull comps) and title searches on the fly? I'm not surprised you're having trouble getting enthusiasm.


    Thank you Jon. I feel a few thousand dollars or more for 30 minutes of work is overly generous. That's about 4K per hour worked. Title search is handled by another company, which I use at closing. On the other hand, the buyers agent actually got out from behind their computer and sold something. Maybe they should get the other .05 on the transaction. I don't know anyone in CA paying more than 2.5% to listing or selling agents, and that's considered high around here.
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  • Vince Murdock
    Residential Real Estate Agent · Santa Ana, CA · Member since 2009 · 1 post · 0 votes
    16y

    I work the Chino Hills area, also,Chino, Diamond Bar,Pomona, shoot me an email and I will send over my resume, I do about 130 BPO's per onth.

    VM

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  • Don KonipolBusiness Member
    Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes
    16y

    I have never found a realtor that worked out for less than the standard 3% commission per side. If you're providing business in bulk than maybe a discount can work, but for successful realtors it becomes a matter of time. When we hire a realtor we are paying for results, not hours worked!

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  • Matt Welch
    Flipper/Rehabber · San Diego, CA · Member since 2010 · 76 posts · 21 votes
    16y

    If you don't have time while at the courthouse steps then you should hire someone to do your bidding while you are behind the computer doing the comps and getting title results. That is the real work involved with Trustee sales not saying "plus 100".

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  • Steven Osterhout
    Investor · Tulsa, OK · Member since 2017 · 21 posts · 3 votes
    8y

    Are Trustee sales much different that foreclosure sales at the court house? Is there not a list upfront so you know what houses are being auctioned off so you could have someone do the research ahead of time? 

    @R DeMeritt - How did you find a realtor to do work for 1%? I would love to get more information on negotiating with a realtor on commission rates like that.

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  • Mark UpdegraffBusiness Member
    Real Estate Broker · Rochester, NY · Member since 2010 · 1k+ posts · 715 votes
    8y
    Originally posted by @Steven Osterhout:

    Are Trustee sales much different that foreclosure sales at the court house? Is there not a list upfront so you know what houses are being auctioned off so you could have someone do the research ahead of time? 

    @R DeMeritt - How did you find a realtor to do work for 1%? I would love to get more information on negotiating with a realtor on commission rates like that.

    Trustee sale is the same thing as a foreclosure or referee sale.   

    Yes-  notice must be given through publication prior to foreclosure. 

     Typically the local business journal will provide a comprehensive list of what is upcoming weekly.  In very rural areas you may have to go somewhere to get the list, but very seldom.  They should be on-line somewhere, though you will have to pay for access.

    My post earlier was from 7 years ago, before I was an agent, and now broker.  Time flies!!  

    It will be hard to find anyone willing to work for a discount unless they're bad at their job and have nothing better to do.  While it might not take much time, it devalues your time.  We all have the same amount of time to work.  Why would I work for 1% if I have enough clients that see the value I add through my strengths in sales / negotiations to pay me my fee without barter.  Most agents don't succeed.  I will wager that anyone he gets to do it isn't good at it, and won't be around long.  

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  • Mark UpdegraffBusiness Member
    Real Estate Broker · Rochester, NY · Member since 2010 · 1k+ posts · 715 votes
    8y

    We should take this one step further and talk about even more value the right REALTOR provides (you won't get this guy or gal at a discount).

    he/she assigns stuff for you so you get you paid your FEE and DEPOSIT and you don't even have to close.  I'll bet you won't negotiate that right?  Why should we bend over for you?

    I like this saying:

    "Pigs get fat, Hogs get slaughtered"  

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