MLS, Realtors, Secret Society?!

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MLS, Realtors, Secret Society?!

Masa Don
Real Estate Investor · Greenwood Village, CO · Member since 2009 · 41 posts · 0 votes

MLS, Realtors, Secret Society?!

I work in the investment world, managing retirement plans. It is extremely important to me that I am on the same side of the table as my client. This my real estate friends is not possible in this world of real estate investing. I have been investing in real estate for just under five years, and every purchase I make pains me to pay the realtor fees when I find the house or muli-unit property, I submit the purchase price, and I do my market research. Now don’t get me wrong I love my realtor she is wonderful, she has even cut me a flat rate deal so that she IS on the same side of the table as me. However because she is so good, I do not feel comfortable asking her to find me deals because she has MUCH larger clients, she is extremely busy working amazing deals for HUGE investors and has simply put me under her wing. Thus I had to begin looking for another realtor, hypothetical situation . . .

Our relationship in the real estate business starts as follows.

Realtor “What are you looking for?â€

Me “Looking for a property that matches this equation bla bla blaâ€

Realtor “I found you a couple of great deals!!!â€

Me Excited! “Where?! Lets do it!â€

Realtor shows me three properties that I have passed over for the last four months.

Me “These don’t fit my equationâ€

Realtor “Your equation must be flawed because these are great propertiesâ€

The issue at hand I wanted a certain type of property and have never been shown that property, the only realtor that I have found that is awesome is too busy because she IS good! Then when a property is finally found; realtors are paid on a percentage of the house, which is fine for sellers, but terrible for buyers, what motivation does a buyers agent have to negotiate a price down, they get paid less!!!! That is WRONG! Oh and look at Mortgage brokers as well, the higher they can get you qualified the more they get paid as well because they are paid on a percentage as well! Seriously people this is NOT ok, we wonder why we ended up with a HUGE housing burst, the only people working for the buyer is . . . . . NO ONE!!!!! I would like to know ONE good reason why MLS is not public domain!?! Also I would like to know why Leagalzoom.com or something like it does not have the right to create and sell LEGAL documents that would solidify a real estate sale. (may be they do if they do let me know! ïŠ) WHY MUST YOU USE A REALTOR?! Or a Real Estate Lawyer?

Your humbled real estate investor.

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  • Rachel H.
    San Antonio, TX · Member since 2009 · 3k+ posts · 1k+ votes
    17y

    I think with any marketing technique - most people I know that are successful hone in on one or a couple areas. I know investors who find deals through the MLS either through an agent or having access - that is their main source of finding deals. They may put lots of offers to get one accepted. It works for them. Usually, these investors have to watch the MLS like a hawk or their agent watches it for them. On the other hand, I know investors who are out there marketing and find deals through their own personal marketing efforts.

    I used to do all the marketing techniques out there to find deals. I found I spread myself too thin. So, I ended up just using a few techniques that worked for me and found it better to find deals that way. It's best to try a few different marketing techniques and go with the one(s) that work best for you and stick with it.

    Hope that helps!

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  • Will BarnardPro Member
    Moderator
    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    17y

    Very good points Rachel.
    I agree that one must use what works best for them. Just as there is no silver bullet in RE investing, that goes for marketing for leads as well.

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  • Brian P.
    Wholesaler · Salt Lake City, UT · Member since 2009 · 1k+ posts · 401 votes
    17y

    Masa Don

    I have an idea, don't mess with agents at all, find the deal yourself before an agent gets involved which thousands of investors do each day.

    Want access to the MLS then pay for it, oh, you mean you want to use it free while the agents pay to support it. I work with a ton of investors, was an investor for 10 years before I got a license, still am. If they want access to the MLS they come into the office and my assistant will sit in front of the computer with them for $30 an hour..It is refundable if....

    When I first got involved with real estate the MLS was a dumping ground for the white elephant listings. There were so few that the board would just send out loose leaf copies of the listing sheet and you would put them in a binder. A very thin binder.

    Through the effort of many fine Realtors the MLS became a force in the industry for marketing and co-operating.with each other( repeat each other). For us old timers I would rather watch it fold and use a alternative plan then give it away.to a bunch of free loaders. I assume someday you will be able to log on and pay for a search if your a non-member.

    If others don't like it that they can't get a free ride, tough,they can get together and start their own MLS. You don't have to have a license to start a listing service. Whoops that mean someone would have to cover the costs and do the work, what is this world coming to.

    All the most successful investors I know have one thing in common they are not greedy, it's a take some leave some concept. If I had the time I would tell you of two identical twin brothers I made into investors. One became rich the other filthy rich, one was greedy and one wasn't, guess which one became filthy rich.

    Yes the average agent is not of the investor mindset, save yourself some time and make out a handout sheet with your criteria and give it to agents with the instruction it the property does not meet this criteria don't waste my time and yours calling. Then work with the agent that brings you the deal.

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