Real Estate Investor · Daly City, CA · Member since 2008 · 18 posts · 0 votes
:cry: I've emailed lots of agents in the San Francisco Bay Area, and found that they do not want to give out their leads, because most of them think I will take away thier commission. I even offered to give up to 6% at closing. What am I doing wrong?
I explain exactly what I am going to be doing. How do I get them to trust me? :oops:
Basically, I say that I have a team of Loss Mitiagtors that will do the short for me. I will bring all cash to the table. I will give the listing agent who give me the lead a 4-6% commission at closing. I also tell them that I do not intent to keep the house. I make a profit from the discount, and when that price is met, this is when they get a chance to earn their commission. I want over-leveaged high end homes, that has a potential of doing a short.
I take the lowest comps, take the average of those multipled by the sqft, take an average of the price per sqft adn come up with a value for the home. I then subtract the repairs. So, in other words, 65% of the arrears minus repairs. However, it all depends on the porperty. And, for that matter, my team of loss mitigators do all that work for me.
gena,
i am a agent here in south florida and i work well with investors like yourself. not sure why the agents you contacted wont work with you ? i live by networking with folks like you !!
How? I give them a cashiers check for the give amount whether it be 1.5 million or less. I do not feel I HAVE to proof what is in my checking account. If they do not believe it is cash, then I do not want to work with them. What else can I do to have them trust me.
Sorry if I can not explain this in an easy to follow manner. But if it does not follow the law & code of ethics of NAR, MLS rules etc, --not many honest agents will do it. I will not accept any money, (check, cash or cashiers check) or anything of value not on a HUD1 and paid thru my broker except for BPOs. But if you could pay them as consultants, then they might go for it, like BPOs. Consult a local RE atty, become familiar with the way agents can be paid and put it in writing. If agents still balk, sorry.
I don't understand. The agent will get paid by the HUD-1 settlement. Since I do not intent to keep the property, I will need the agent to close and will earn a 4-6% commission at closing.
I will not pay the agent as a consultant since they are not consultanting anything. So, what you are telling me is the agent do not want to collect on two transactions back to back? That sounds crazy.
If it is on Hud1 there shouldn't be a problem. I also do not understand. If you have marketing material send it to me and I will try to suggest any changes. But it may be laziness or fear of the unknown on the agents part. Unless agents are willing to change their way of business, our days are numbered. Just like the X amount of commission they insist on, the business is changing. Either change, or slowly die.
I can not insist the bank on what the HUD-1 commission is going to be. What I can do is give them a 4-6% commission when I sale. How bad can that get? Should I increase the commission to 10-15% when I sell, that seems a bit high.
What is your email address, I would love to show you my marketing techinque of what I say to agents.
hi gena im an agent / mortgage broker / investor here in ma and i work with lots of other investors like yourself if you would like i also can review your maketing techinque and critique it and give you some feedback
I'm an agent in Indiana that does strictly investment properties for investors, the only problem I see is the way you are describing it to agents. There have been a lot of issues with scame out there and agents do not want to get caught up in it. I agree with Mark, hire an agent as a consultant and there shouldn't be an issue at all!