Hey BP, tough convo needed with realtor, advice?

Starting Out
6yFollow

Hey BP, tough convo needed with realtor, advice?

Cory LucasPro Member
Rental Property Investor · Brighton, IL · Member since 2019 · 431 posts · 139 votes

So I’ve been working with a realtor for the past few months that I know from childhood. He’s a great realtor in my opinion, I’ve watched him grow into what he’s built and it’s impressive, I’d say he’s in that 20% category of realtors that make most of the sales.

My question to you all is I want to get my name out there to as many people as possible, including other realtors especially ones I know personally, yet be ethical and not disloyal to him, especially considering how helpful he’s been.

So is there a good way to have that conversation? I’m coming at this angle from the Grant Cardone perspective of having as many people out there know what I’m doing as possible. Also this realtor is pretty well known so I know he has other investors to reach out to as well.

Feeling stuck on this one as to which way to go. Thanks in advance for reading and the reply

0Reply
19 views

Most Popular Reply

Jonathan GreeneBusiness Member
Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
6y

I don't understand this at all. Your realtor is a friend and he does a great job. Why do you need to network with other realtors as an investor? 99 percent of the realtors in every don't know anything about investing and will never have access to off-market deals or know what do with them. If this agent gets you into properties and does his job and is well respected, it sounds like you have a key part of your team. I don't know what you think other agents can do for you other than cause a problem. If you came to me and said you were going to talk to other realtors following Grant Cardone principles, honestly I would drop you. I don't compete for business. Business comes to me and it seems the same for him. Stick with what works, not Grant Cardone.

[email protected]Podcast Guest on Show #667
Zen and the Art of Real Estate Investing59 Reviews
WebsiteView Page
13Reply
See this reply in the discussion

33 Replies

Jump to latestLatest
  • Joseph Firmin
    Rental Property Investor · Smyrna, GA · Member since 2018 · 974 posts · 645 votes
    6y

    Be honest with him about how you want to grow your business and reassure him that you won't use another realtor if he brings you the deal. That really is the main concern, that he does work to bring you a deal and then you don't buy it with him, but use another realtor as the buying agent. If he's the seller's agent, he shouldn't mind, but would still like both sides of the commission. Being honest about what you need to grow will always serve you well.

    5Reply
  • Cory LucasPro Member
    OP
    Rental Property Investor · Brighton, IL · Member since 2019 · 431 posts · 139 votes
    6y

    @Joseph Firmin good stuff! Much appreciated sir, thanks for the response

    0Reply
  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    6y

    You know how many people contact all these agents saying Im looking for X, if you get that hit me up, but Im not really looking to work with you per se?

    Thousands. By the time I come across a property like X, I can never even remember the persons name who was looking for X. 

    On another note....it shouldnt really take months to buy a property. Thousands of properties in every market are being sold every week to investors. Decide what you want to buy, then buy it.

    [email protected]301-893-4635Podcast Guest on Show #192
    District Invest Group546 Reviews
    WebsiteView Page
    2Reply
  • Caleb Heimsoth
    Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
    6y

    @Cory Lucas sounds like the realtor doesn’t need you. If I was that realtor I’d be happy to see you go.

    I would say stick with your realtor, if they’re doing a good job.

    P.S grant card one gives awful advice. You should listen to his advice about as much as you should take stock picking tips from your dog.

    4Reply
  • Jonathan GreeneBusiness Member
    Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
    6y

    I don't understand this at all. Your realtor is a friend and he does a great job. Why do you need to network with other realtors as an investor? 99 percent of the realtors in every don't know anything about investing and will never have access to off-market deals or know what do with them. If this agent gets you into properties and does his job and is well respected, it sounds like you have a key part of your team. I don't know what you think other agents can do for you other than cause a problem. If you came to me and said you were going to talk to other realtors following Grant Cardone principles, honestly I would drop you. I don't compete for business. Business comes to me and it seems the same for him. Stick with what works, not Grant Cardone.

    [email protected]Podcast Guest on Show #667
    Zen and the Art of Real Estate Investing59 Reviews
    WebsiteView Page
    13Reply
  • Account Closed
    Member since 2019 · 1k+ posts · 1k+ votes
    6y

    @Cory Lucas

    Successful business people get business. This is business. He/ she will get it.

    1Reply
  • Ralph R.
    Investor · Bethel, AK · Member since 2013 · 1k+ posts · 852 votes
    6y

    @Cory Lucas. Don’t waste your time. Spend your time looking for property analyzing them and buying them. If this realtor is good than use him if not than don’t. Real estate is business. He knows that. The realtor I use doesn’t always find my properties I usually do. If he’s got something good he will call but his job is to submit offers, talk to seller agents, set up walk through’s, ETC. I do not buy or sell in his area without him. I have different agents in different cities. But I use the same ones in their respective towns. Whether I buy or sell. If another agent has a listing than I have my agent deal with them. I would never talk to another agent directly about a property. But there’s other agents that know I’m investing in most of my areas. Just because you tell a realtor your an investor looking for X investment he will forget that quickly. Buy a couple properties and word gets around. You can walk the walk and talk the talk but the proof is following through. Then people will know your around. RR

    1Reply
  • Michael Noto
    Real Estate Agent · Southington, CT · Member since 2008 · 5k+ posts · 3k+ votes
    6y

    Having one very good agent working hard for you and with your best interest in mind is more valuable than letting 20 other realtors know you are an investor. 

    If those other agents get a property that fit your criteria they are either going to forget they even had a conversation with you or bring it to you after their clients pass it up. Either isn't great. 

    Search the forums, there are a lot of people on here that search high and low for the type of agent it sounds like you already have. 

    8Reply
  • Lydia S.
    Real Estate Agent · Albuquerque, NM · Member since 2015 · 542 posts · 193 votes
    6y

    @Account Closed

    Sounds like you have a good thing going!  I say don’t burn that bridge.

    1Reply
  • Cory LucasPro Member
    OP
    Rental Property Investor · Brighton, IL · Member since 2019 · 431 posts · 139 votes
    6y

    @Russell Brazil thanks for the input and reply. Greatly appreciated, I would look to follow up with the agents regularly, but I hear your point loud and clear.

    1Reply
  • Cory LucasPro Member
    OP
    Rental Property Investor · Brighton, IL · Member since 2019 · 431 posts · 139 votes
    6y

    @Caleb Heimsoth wow! I appreciate the tough love there, probably just what I needed to hear. No he doesn’t need me and yes I do feel he’s doing a great job. That’s some pretty great advice, much appreciated

    3Reply
  • Cory LucasPro Member
    OP
    Rental Property Investor · Brighton, IL · Member since 2019 · 431 posts · 139 votes
    6y

    @Jonathan Greene great advice. That’s why I reached out on here before even thinking of having that specific of a convo with him. Key part of the team agreed, I think I’ll keep it that way. Thanks for taking the time to reply and with good advice

    2Reply
  • Cory LucasPro Member
    OP
    Rental Property Investor · Brighton, IL · Member since 2019 · 431 posts · 139 votes
    6y

    @Kris H. I would think so too, but I’m also getting some pretty contrary opinions on here that make a lot of sense too. Nonetheless I appreciate the time and the feedback and I’m game if you care to elaborate any further as well...

    0Reply
  • Cory LucasPro Member
    OP
    Rental Property Investor · Brighton, IL · Member since 2019 · 431 posts · 139 votes
    6y

    @Ralph R. Great stuff and part of what you brought up is part of my concern too is the areas. I’m in the Midwest and live in an area that’s relatively spread out. So out of respect for him that was part of the convo I planned to have too was, “What’s your area of expertise? And are you ok with me talking to a local realtor about City X?” Not quite in those words, but you get my point. Thanks for taking the time to reply and with great feedback

    1Reply
  • Cory LucasPro Member
    OP
    Rental Property Investor · Brighton, IL · Member since 2019 · 431 posts · 139 votes
    6y

    @Michael Noto great, great info. Much appreciated and very true. Thanks for the time and the reply

    0Reply
  • Steve K.
    Realtor · Boulder, CO · Member since 2016 · 3k+ posts · 5k+ votes
    6y

    @Cory Lucas keep your agent but start prospecting for deals on your own as well (direct mail, marketing, driving for dollars, networking, building a website and using SEO, Facebook ads, whatever you find works). A common misconception is that agents are solely responsible for finding deals; that they’ll be out there all day beating the bushes for just you and magically making off-market deals appear that meet all your criteria. They may have a better chance of coming across off the occasional deal than the average person, and will do some of that for a great client they know will close, but most of their day needs to be spent prospecting business for themselves, building their own business and closing transactions in order to be successful themselves.

    1Reply
  • Cory LucasPro Member
    OP
    Rental Property Investor · Brighton, IL · Member since 2019 · 431 posts · 139 votes
    6y

    @Lydia S. Sounds like I have a lot of agreement with what you’ve said. Sound advice, much appreciated

    0Reply
  • Michael Heisterkamp
    Member since 2020 · 122 posts · 62 votes
    6y

    Many of the people here who are saying why would you need anyone else have never built an actual business if they actually believe the drivel they are saying.  The number one issue for a business in continunity.  If this realtor is a professional he won't care if you are getting deals from other realtors, he will see it as growth on your part that can lead to more business to him down the line.  If you are doing more deals that leads to you having the opportunity to buy more deals from him. 

    As others have said if he brings you the deal buy it through him, same goes for any professional that are providing value for you.  Growing your network is the most powerful thing in any business.  Also you mentioned he has other investor clients, so why are you worried about having other agents?  No one signed an exclusivity agreement here.  On the other hand if he throws a big fit over it, well he may not be the right person to work with.

    1Reply
  • Account Closed
    Member since 2019 · 1k+ posts · 1k+ votes
    6y

    @Cory Lucas

    “(Friends name here), as you know I’m actively expanding the portfolio. As such, if a private deal or something through another realtor ends up in my inbox I’ve gotta at least evaluate it as a possibility. Just so we’re clear, I will never intentionally cut you out of a deal or ask you to lower your commission. That’s not how I roll. I want this to be a long term profitable relationship for both of us. Just wanted to be upfront so that our friendship and business relationship both last a long time...”

    “.... hey you remember that time I made out with your sister? That was her idea I swear.”

    1Reply
  • Ralph R.
    Investor · Bethel, AK · Member since 2013 · 1k+ posts · 852 votes
    6y
    0Reply
  • Michael Nugent
    Real Estate Agent · Riverside, CA · Member since 2019 · 53 posts · 23 votes
    6y

    @Cory Lucas

    Hello Cori, I am a real estate agent in Southern California. I do have people that I know who I share a friendship with. I l

    0Reply
  • Matthew Irish-JonesBusiness Member
    Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
    6y

    @Cory Lucas if your realtor does a great job and is a friend why would you want another realtor?

    There are tons of realtors our there, not that many great ones. If you have one he should be a valuable asset to you.

    Sometimes you don’t know what you have until it is gone...:)

    Irish Jones Realty4.947 Reviews
    View Page
    2Reply
  • Cory LucasPro Member
    OP
    Rental Property Investor · Brighton, IL · Member since 2019 · 431 posts · 139 votes
    6y

    @Steve K. Great info and really appreciate the well thought out response. Thanks for taking the time

    0Reply
  • Jason Duncan
    Real Estate Agent · Lees Summit, MO · Member since 2018 · 8 posts · 1 vote
    6y

    @Cory Lucas if you feel there is an honest need to develop more relationships then that should be all you need to say. Be straight forward, honest, and respectful; anyone can understand that approach. If he’s a top 20% Realtor then he has had this convo before, it’s the nature of the business. You can even tell him you’re trying to branch out and grow your network; he may tap you into some of his peers with different experiences. Good luck!

    0Reply
  • Ralph R.
    Investor · Bethel, AK · Member since 2013 · 1k+ posts · 852 votes
    6y

    @michael 

    @Michael Heisterkamp.  Actually I have a pretty good business built up including storage units, part interest in a campground, and lots of Rental properties. When I say if you have a good Realtor stick with him I speak from experience. About 15 years of it. You need to understand the realtor does not always bring the deal to you. You gotta Root them out on your own sometimes. Sometimes he finds the deals sometimes you do. The realtor is only going to have as much time for you as you have for him. If you only use him a little bit he’s only going to help you a little bit or maybe not at all. After all there’s more buyers and sellers than there are realtors.     He’s going to win that game. If  he makes a sale he gets paid the same no matter if you are involved or not. Sounds to me like you need to re-evaluate a little bit. After all we both know you don’t get big by acting small. Bouncing around with no loyalties to anybody will soon catch up to you.  Real estate is a people business.  It matters how you treat them if you want success   RR

    1Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free