Is e-mail the worst form of communication?

Question

I e-mailed real estate agents, real estate brokers, and local real estate offices about deals that I can find. I was looking to team up with local real estate agents or brokers who are investors themselves. I'm always getting no responses. Are e-mails ineffective? Is it a better idea to call them by phone?

Joseph R. · Answer

Mr. Stanley LP;
      Your passion is just.   You have done some homework.  You're a young professional, etc...   I was born in Brooklyn and I know it's a challenge in this industry.  I use to rehab only basement (foundation to living quarters; vents, exit door,etc...  Owners only used it for storage until I show up, then (legality), it became a for profit.   Everthing to be done needs a permit, paper work,etc.. Okay you!  Attitude.
That's it.      You have to do your due diligence. You seriously have to be honest in ever way.  Stay focus don't lose your motivated self if a deal don't seem genuine, there
is accurate assistants around 24/7.  Properties there are 250k to one mil every day that go into the market, the same with those that have not gone public. You understand my point - attitude.  You are an individual and a seller needs comfort in YOU.   I give you this "I am not bound to win, but I am bound to be true. I am not bound to succeed, but I am bound to live by the light that I have. I must stand with anybody that stands right, stand with him while he is right, and part with him when he goes wrong".
- -- Abraham Lincoln
New York and all large City's have very skeptical citizen's.  Just be yourself, (unique),(fucus), (honest), read and question, and I'll add this " The ability to concentrate and to use time well is everything".-- Lee Iococca     Congrats and the best of everything br upon you.               Joseph

Jon Holdman · Answer

If you say something like this to an agent he or she is going to blow you off completely.  Personally, I find this whole notion of "having a team" ludicrous.

As you get out there and try to do deals, you will make contacts with people you need to work with.  You don't go out and "build a team" of people who's services you don't need.  People are busy, like Bryan says, and many don't have time to educate some new investor.

OTOH, if  you approach an agent and say "I want to buy a house in such and such neighborhood for a rental", and can show you can close (i.e., have cash and have a loan approval) and at least have some idea of what you're doing you'll get their attention.  If you say "I'm a new investor looking for an agent to be on my team" you not going to get very far.

Bryan Hancock · Answer

Agents work with whomever will maximize their agency commissions.  That won't be someone just starting out unless they have loads of cash.
          
          If the newbie investor is the one starting out with loads of cash the person with the experience will get the cash and the person with the cash will get the experience!
          
          Go to your local REIA and network with the veterans.  They can point you to the best Realtors to work with.  I am assuming the market is pretty efficient in New York so you may need to work via the agent network more there than you do in Texas.

Stanley Ip · Answer

I read some real estate investing books and the authors of those books said that you should have a real estate agent as part of your team. I'm trying to find agents who are investors because of their experience.

I still don't get why you say it's not a good idea to work with agents. I understand that all agents are different. I know that there are agents who work with homeowners, there are agents who work with investors, etc. Am I missing something?

Dale Osborn · Answer

I agree with Bryan - Why are you trying to work with realtors. They just get in the way of your transactions. Find an investor to work with you and see how different your results and communications are. If you have negative contact after 24 hours with a realtor - move on as they are too busy to waste their time working with an investor!

Jackie Patterson · Answer

You need to have personal contact.  The best is if you have a referral / reference from another realtor or professional.  That can open the door.  I agree with Bryan and Jon....email is terrific after you already have a relationship, but it doesn't work well in building new relationships.

Bryan Hancock · Answer

The trouble is that people are busy!  I bet I get on the order of 500 emails every day now with my hand in different businesses.  I pick out the ones I know and focus on those.  I do my best to respond to the others, but sometimes there just aren't enough hours in the day or enough energy to respond.

Go to your local REIA and network with the top dogs there.  They can introduce you to the agents you need to be working with.  95% of the agents will just waste your time.  Instead of doing the heavy lifting yourself let the more experienced folks vet them for you.

Why are you trying to work with agents?  Good agents find some deals for me every once in awhile, but the really good deals come through proper advertising and our referral network now that our name is built up.  IMO you are likely wasting your time dealing with agents unless you are looking for a place to live as an owner-occupant.

What are you trying to do?  What value would you bring to the agent or investor that found a deal worth pursuing?  Cash?  Credit?

Jon Holdman · Answer

IMHO email is not a good form of communications.  Especially for introductions.  Pick up the phone.  Once you have an established relationship and learned the person's preferred communications style you can use the method they prefer.