BiggerPockets

This topic gets discussed again and again and I don't think we as investors will ever understand certain actions or lack of for that matter.

It's like they are completely different creatures. When finally get fed up and say something then a thousand other agents will come to their defense with some even crazier excuses like it's a cult or something they have to protect.

Fact of the matter is, it just seems to be this way for some silly reason. Most of us will say you need to get crazy and show up to their office or park out in front of their homes(j/k I wouldn't actually do or recommend that LOL!!) but really, I think we need a crazy plan to counter certain agents crazy mentality of NOT MAKING MONEY

Good luck to ya! It won't be long before this thread is represented by at least one crazy agent coming to the defense of his fellow colleague LOL!!! Maybe with my post I'll divert their attention ;)

Maybe I should become a RE agent, I could make a fortune by receiving 3 % of every deal I buy.

I have a very good friend a retired investor, and now a RE agent. He told my daughter (smart girl) that she should give up her studies to become an RE agent, because 95% of agents he has come in contact with are idiots.
I thought he was a little high on the percentage but I am thinking him right in this case.

One of the properties is listed with a firm that I have bought properties from in the past. I think I will call the owner, who is also one of my contracting customers.
I will see if he is aware of his agents poor response rate.

No wonder the lenders are swamped with REO's.

Btw, the biggest mistake I made in my REI career was selling these two buildings 6 years ago, now I get to buy them back at the same price I sold them for. They have been through 2 owners in 6 years. Like I said in the first post I am a glutton for punishment, but the pay is good.

P.S. the second biggest mistake I made in REI was telling the last owner of these two buildings that he paid too much for them, did not know what he was doing, and would probably be in foreclosure in a year.
Because I was right on all counts the guy would not sell them to me, or let me do a short sale. Instead he paid the lender $28k and gave the deeds back.

I was not trying to be a jerk, the guy set his rents based what I was charging without noticing that my buildings are renovated to a high degree, then called to complain when his best tenant moved into one of my buildings, because the rent was the same for a nicer unit.

Next time I meet some one like him, I will offer my shoulder for his tears, and become his buddy while he goes down in flames.

James,

Is this a reply or an advertisement?

I have never done any of the things you mention, all I want is a reply from the RE agent who I have emailed from his wholesale list (which he sent me).
I have called his voice mail (which is full and not taking messages).
I have left messages with his secretary, so tell me is this agent deserving of his commission?

With 158 sales you seem to be the rare agent who knows how to do his job.

Yes I do agree that REO agents generally do a terrible job returning phone calls. I write about it in my book The Code Of An REO Warrior. I believe that agents should treat others, especially other agents as their secondary clients and give them some basic customer service.

That said, the comments by others here reflect the sense of entitlement that many buyers have. A buyer will contact the listing agent and expect them to drop everything and run over to show the property.

Most buyers who do contact the listing agents directly want to use the agents greed as a tool to manipulate the agent into doing something unethical to secure the property for them. Once they have the property in escrow these types of buyers will try to get some of your commission since you are getting both ends.

I sold 158 homes last year and I didn't double end one of them. Dual agency is a cancer that is destroying the integrity of the real estate business.

When a buyer calls me to show a property I refer them to another agent and collect a referral fee. I only show properties to people I've worked with in the past or buyers who have signed a buyers contract with me.
http://www.bpos4reos.com/

A few thoughts:

- Yes, 99% of all agents out there are idiots who don't really know how to do their job.

- REO listing agents get LOTS of calls from buyers who want to work directly with them instead of going through a buyer's agent. This takes up lots of the listing agent's time, and in the end, most of these buyer's aren't serious. So, even if the listing agent would end up with both sides of the commission, it's probably not worth the hassle to him/her having to deal directly with the buyers.

- Many REO listing agent are NOT allowed to represent both the seller and the buyer. Some brokers will not allow their REO agents to work directly with buyers, so even if the agent wanted to s/he couldn't.

- Why would you want to deal directly with someone who represents the seller when you can have your own buyer's agent who represents your interests? Get your own agent, and let that person deal with the hassle of bad listing agents. You save both your time and frustration, and you get adequate representation.

My wife and I buy about 20 REOs per year (and sell them retail), and after dealing with too many bad agents, my wife got her license last year. Not only do we now not have to rely on bad agents to do their job (they just need to submit the offers we write), but we also made about $50K in extra commissions last year that we otherwise would have just given away.

I highly recommend just getting your own RE agent license if you're going to be buying/selling more than a couple houses a year. For more reasons why I recommend this, check out my latest blog post (see my sig)...

Nick,

I now see a new change:

motiv8td
Interior Decorator Member since Jan '09

And here I thought you joined that "dark side"!

This is something that our RE agent is constantly frustrated by. We've been working with the same agent for awhile and she is always prompt at returning calls, setting up showings, etc., but when it comes to getting other agents to respond (REO ones in particular) it's a real pain in most cases.

I think they are busier than the adverage agent from what I gather. But when you are dealing with deadlines such as making sure your offer is in on time, you'd think they would make that effort.

It's frustrating to say the least and as our realtor would probably say, it doesn't create a good image for all realtors in general when they do this.

Many REO agents do not deal with buyers for the many various reasons already stated. Find an agent to put in your offers.

It may have nothing to do with the agents not doing their jobs, sometimes state law requires they put their contact info in the advertising but the bank says they cannot represent the buyer. Or the BIC or state law does not allow dual agency.

I couldn't agree more with everyone's opinion. That comment comes straight from the horses mouth-since I'm a licensed Exclusive Buyer Agent/Investor specialist. I can't even begin to defend those agents you speak of-They need to find another occupation. However, FYI! There is a whole another group of Agents/Brokers who socialize and network with each other and who have total contempt for the NAR and what they stand for. We, as a group, lobby for change daily and we don't care who's listening. I am also a member of the National Association of Exclusive Buyer Agents. I can only represent Buyers only. Never sellers. We believe every brokerage should have to choose who they want to represent. That's the only way to end any Conflict of interest. The big problem is; the general buying public is not educated in knowing that they have the right to Exclusive Representation. and the NAR fights to keep it that way. I know I'm going on here but it's important to know that there is a whole different breed of Agent/Broker out there that will dedicate themselves to your buyer/Investor needs and success Keep looking, you will find us out there in your area. In conclusion, let me follow Steve's last statement. In my 30 yrs as a Financial/Investment advisor, I've never seen so many incompetent Real Estate Investors as I'm seeing today. I want to work with you and help you any way I can, but please don't ask me to bend over backwards for you then try and take me out of the deal. It happens more than you might think. So for the same reason that I'm trying to get rid of all the bad agents, Investors need to do the same, working together for one common purpose. To build lasting wealth and Financial Security for ourselves and our family's.

A follow up on non-responsive RE agents.

I signed an agreement of sale last week on the REO I was pursuing. I got the actual listing agents number from the MLS.
It seems the agent who sent me the original listing was pulling a scam.

He had the property listed at 80K, which is in the ball park. But he was not the listing agent, he just represented himself that way.
The actual listing price was $63k, I have the property under contract for $59k which is a bargain.
I seems this agent is also a wholesaler, not a bad $17k assignment fee.

Btw, I found a way to communicate with these RE agents.Call and tell them you are a cash buyer.
This same agent has another REO that I want, listed for $90k I called and left that message, he called right back to tell me that REO sold yesterday, but he has others.
This is BS as the property is not in the MLS because it is not yet an REO.