When trying to build real estate investing team and your looking for a realtor to be part of your inner circle, do you need to sign an agreement with them? Or is it more of networking you help them and they help you until you decide to buy a property they found for you?
@Jason Evans I would run the other direction if a realtor wants you to sign a contract. It should be a trusted relationship. When I hear of a realtor wanting a buyer to sign a contract I think of desperation and insecurity.... This is my personal opinion and I am a investor/realtor....
@Frank Romine Thank you for your response. What do you recommend saying to a realtor to want to be apart your team? or what questions to ask to see if they are the right person for you?
Ask them to find you smoking deals on houses. That is you can complete the deal, cash in a couple of weeks. Simple. If they know you have cash, then they will bend over backward for your business.
The Realtor is usually going to be the hardest component to find. Sure, there are thousands of Realtors out there, but very few are qualified with regard to finding good investment properties. That holds true for flips or retained properties. Most Realtors are retail-minded.
1. go to the Bank of America website: foreclosures.bankofamerica.com and look to see what Realtors names are on the listings. Contact these Realtors because they (often times) specialize in distressed properties. As pointed out by @Arlan Potter tell them you are a cash buyer that will close quickly (as long as that's the case).
2. Network with wholesalers. They are generally more aggressive about finding properties. For some of them, this is all that they do. Get your name on as many "lists" as you can. When an email comes to my Inbox, I can immediately see a property and decide if I am interested or not.
3. Roll up your sleeves and find the properties yourself. This is a value proposition on time involved versus savings, but the best deals have not been filtered out by a Realtor or a wholesaler if you are finding them on your own.
@Jason Evans Make sure that realtor is someone YOU want on your team. Most want to be on your team, but you need to filter all the sale s*it. If you are buying investment properties and your weeding through the realtors... ask them about their investments. How many properties do they personally own?... not how many there dad, mom or brother... how many properties show up on the personal tax returns every year. Did the realtor buy property last year?
Finding the right realtor is like finding the right teacher or babysitter for your children. You would be more comfortable knowing your children are with a sitter that personally has children, that are healthy, smart and well behaved.
I don't want a realtor that is buying properties. He is my competition. He will not get my business.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.