How can I get an agent to call me back?
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Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
12yAre you talking about 2,3,4 unit properties or larger??
Do you have cash?? If not what kind of money to put down with financing??
For brokers/agents running a highly profitable business is about not wasting time and doing more closings and taking care of their clients.
A buyer calling out of the blue requesting a bunch of info with the seller or broker/agent not knowing their purchasing capability isn't going to get a lot of response. Usually a basic package will be provided and if the buyer asks for anything else the seller and listing broker will request additional proof of funds first and if some finance other lender items showing if they engage the buyer they are ready to do a deal.
28 Replies
- Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes12y
Are you talking about 2,3,4 unit properties or larger??
Do you have cash?? If not what kind of money to put down with financing??
For brokers/agents running a highly profitable business is about not wasting time and doing more closings and taking care of their clients.
A buyer calling out of the blue requesting a bunch of info with the seller or broker/agent not knowing their purchasing capability isn't going to get a lot of response. Usually a basic package will be provided and if the buyer asks for anything else the seller and listing broker will request additional proof of funds first and if some finance other lender items showing if they engage the buyer they are ready to do a deal.
- 12yJosh C.Pro MemberProperty Manager · Indianapolis, IN · Member since 2010 · 1k+ posts · 1k+ votes
Get you own agent and have them deal with it. You probably don't want the seller's agent to represent you anyway. If you don't want your own agent for some reason say, "I have money and want to buy this place, plus I don't have an agent and you'll make double commission!" Give them 10 minutes.
- Investor · Thermopolis, WY · Member since 2012 · 4k+ posts · 4k+ votes12y
Make an appointment with an agent to meet them in their office. Dress nicely, bring your checkbook, explain how much money you have to spend, how much you can borrow, and your criteria for purchasing. Request to see several properties you are interested in. You will be treated very differently than just another caller on the phone.
- Investor · Saint John, NB · Member since 2014 · 21 posts · 4 votes12y
I realise that your opinion is that of a broker and has some validity in the sense agents do not want to waste time. However I believe that @Vana G.
is talking about leaving a message with the agent and they are not bothering to call back to even find out if she is a legit prospect.
I have the same attitude with tradespeople who can not be bothered to call back. I do not deal with them. A short call back seems worthwhile to vet someone in less than a minute. The upside for the agent or tradesperson is far higher than the loss of a minute here and there.
As a broker I think I would want the agents to respond to these enquiry calls as they could lead to multiple future commissions, even if many of the callers may turn out to be duds.
I guess I find that attitude of not returning calls irksome and unprofessional.
you have a point that she should go through her own agent to make contacts and other advice and service the agent could provide her.
- Investor · Nashville, TN · Member since 2009 · 483 posts · 228 votes12y
Originally posted by @Vana G.:
In the last few days I've called five different agents on five different MF's (numbers taken from signs on properties) and only one has called me back.
Is there any particular wording I should be using in these messages to get them to call me back or are we in a seller's market?
Vana
Yes, say that you are a cash buyer! They should call you back then.
- Wayne
- Dallas, TX · Member since 2013 · 4k+ posts · 744 votes12y
If you are a cash buyer provide bank statements that you are real and you have the funds to closed the deal.
Joe Gore
- 12yJohn HornerPro MemberFlipper/Rehabber · Columbus, OH · Member since 2013 · 1k+ posts · 655 votes
I have the same problem. Called a bandit sign the other day and said "I'm a cash buyer, looking for properties now, call me back" and it took them 3 days to call back, and left a msg to call them back at the same number, which is an automated vmail that lasts 2 minutes and explains what a motivated seller is suppose to do. I guess they don't want my money, or they just don't have deals.
- Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes12y
It depends on the broker/agent. Some are not very good. The particular property you are calling about they might have it under contract and not updated yet.
For many brokers/agents when a deal goes under contract getting that to closing becomes a primary focus of energy and time to get paid.
For buyers I would say and repeat this 100 times. DO NOT tell someone you are a cash buyer when you are not. That is fraudulent and misleading. If you play games with brokers or agents whether residential, commercial, etc. the brokerage community remembers it and will blacklist you really fast.
Cash is having the money sitting in your bank account valid within the last 30 days. Some people send me stock statements also etc. but it's not a solid as cash because the day of selling you can have more or less than thought. I am not against stock statements etc. just like it when they already converted to cash in a bank. Cash IS NOT hard money or private money tied to a host of conditions to get the money.
It is still a loan just from unconventional sources.
Buyers need to understand they will have to validate themselves as talk is cheap to get access and a shot at buying the properties showing bank statements etc.
If I talk to a buyer and there is a long pause when I ask a question or they start getting defensive I know they are hiding something. They are thinking about how to respond to the questions as they do not have a solid answer. The reputable buyers say no problem I will send what you ask and what are the next steps after that??
After you have been doing this for decades you know in a matter of under a minute the difference between the PRETENDER and the PERFORMER buyers.
- 12yVana G.Investor · Fort Lauderdale, FL · Member since 2014 · 109 posts · 29 votesOP
Thanks to all for your advice! @Joel Owens I appreciate you being so honest with the back end of what may potentially be going on here. @Dale Plant is right, it's the initial phone call after seeing a sign on a property for an under 4 unit property. I must admit I'm a bit disappointed that I will need to leave a message stating my name, number, & bank balance to have an agent call me back. I understand a broker/agent's perspective, but I figured getting to know the agent before I showed him/her the goods would tell me a lot about their manners, patience, and whether or not they were serious enough about my business to have them on my team.
While I agree with @Josh Compton and @Jerry W. that I should probably try to get my own agent, it might be hard to do if I'm not getting calls back. I know sales in this business matter but entertaining calls from unqualified buyers, buyers window shopping, or newbie investors who might potentially remember how nice you were and refer you to a few 1000 friends they have across social media is very important these days for any business. My hubby for example has so many friends on FB, everyone emails him to post vacancies on rentals, sales, or jobs because they know it works.
On a bit of a tangent, focusing on performers and not bothering with the ones believed to be pretenders, gives the industry a bad image and opens up a window for any tech startup to come up with real life solutions. As an example, toll workers were replaced by automation, postal workers may soon follow with drones, and both medical n legal services are now being offered online.
Thoughts?
- Real Estate Investor · Sebastian, FL · Member since 2014 · 812 posts · 432 votes12y
I have a great agent that I am using as a buyer's agent. But we have had very poor responses from some of the seller's agents. He even suggested calling them direct so that they will get both sides of the commission, yet they still don't want to be bothered. I understand the whole idea of making more money off of their high end sales, but once they accept that listing they make a commitment. Either do it right, or turn down the listing. I don't expect a call back immediately, but I called an agent 4 days ago and never got a response. And yes, I know exactly why. Because I had the courtesy to inform them of the property I was calling about. When I call and leave a vague message I find that I actually get a better response rate. "Hi, I'm interested in buying one of your properties that you have listed" actually works quite well. Saying I am looking to make a cash offer with 10 day closing did not help in several cases. I guess the fact that a few miles away there are tons of properties literally worth thousands of times what the ones I am buying makes my paltry offer very unattractive, even if it is a done deal.
- Investor · San Diego, CA · Member since 2010 · 13 posts · 2 votes12yYou may be leaving too much information on their voicemail, causing them to not bother returning the call. Leave a short message saying you're interested on such property and a call back number. But the best thing to do is send them a text message or email (text message works best).
- Residential Real Estate Agent · Cookeville, TN · Member since 2013 · 1k+ posts · 948 votes12y
@Vana G. - First, get a buyer's agent to work with you. They do so at no cost to you. Second, I looked at your profile and it indicates that you are going through a short-sale if I read that correctly. Do you even have the cash and/or credit to buy a property? I am also a Realtor and if you called me, that's one of the first things that I would ask. "Have you been pre-approved for a loan?". We don't have time to work with people who can't actually buy.
- 12yVana G.Investor · Fort Lauderdale, FL · Member since 2014 · 109 posts · 29 votesOP
Thanks to all for your replies. @Bryan L. Yes, I do. I am just shy of 60 that I am interested in leveraging if possible or just putting it as down on a property that I can pull equity from later. The properties I've been looking at are around the 100 to 140 range for a duplex or triplex in a not so nice block surrounded by nicer neighborhoods in a desirable part of town. Therein may lie the real problem based on @Walt Payne post. Luckily my credit before the short sale was excellent, and I had very few credit accounts with balances before this that are settled n resolved now, so I suspect once the short sale goes through my score will jump much higher than it is now. Crossing my fingers anyway! Either way it's not going to hold me back from buying because I'm an expert budgeter who is highly motivated to make this happen and I am going to start where my budget and education allows; even if I have to save more to do it. I'm very open about my current short sale experience as I've learned a whole lot about money, saving, investing, living on positive cash flow, legalities, and real estate to name a few. The one agent that did call me back was commercial (on a 5 unit) was very nice, I was open about my cash, credit, and newbie investing skills. He sent me a proforma to work out the numbers but it was still way over my price range ($300k) and he recommended I search residential. I am not big on window shopping so I've called only on properties I actually thought might work, but I like your suggestion to get pre-approved for a loan and will start working on that.
- Residential Real Estate Agent · Cookeville, TN · Member since 2013 · 1k+ posts · 948 votes12y
@Vana G. - Get loan pre-approval, and get a buyer's agent to represent you. You will have much better success. Actually, you could take it a step further and become a Realtor yourself.
And I'm puzzled about your credit situation. Usually one's credit gets pretty messed up during a short-sale, and it doesn't "jump" after. And I'm kind of surprised that your bank is accepting a short sale with you having 60k in cash lying around. Your situation sounds complex and puzzling. Maybe that's why non of the listing agents want to work with you. Get loan pre-approval. That's your first step.
- 12yVana G.Investor · Fort Lauderdale, FL · Member since 2014 · 109 posts · 29 votesOP
@Bryan L. I'm not sure why my credit situation would be a factor in having an agent call back an initial point of contact. "Maybe that's why non of the listing agents want to work with you" - I seriously doubt that no matter how experienced an agent is, he 's not gonna know all this by listening to my message ("Hi this is Vana, my number is 7543330385 and I'm interested in X property on X street. Thanks.) Also, I'm only assuming my score will jump up higher than the bottom it is at now as my $350k dollar mortgage will no longer be in the debt to income part of my credit calculation. It's all a work in progress and I am learning too, and will be posting an update to my profile once it does in case it might help others. I'm not sure why you are so perplexed by my situation, as I am trying to be as transparent as possible, but if you want to know he exact intricacies of where my money is sitting, call me and I will go over it with you as I rather not have to fax you my bank statement(s) until I get to know u better. As for my bank, there is a possibility they will want us to pay back a portion and that is why I am waiting for it to go through before I put all my money to use. I think that all of your concerns are valid though and you have inspired me enough to consider writing a blog about all this.
- Dallas, TX · Member since 2013 · 4k+ posts · 744 votes12y
I agree a agent should call you back but if the agent ask do you have the funds to buy and you say no the agent will not call you back. You should save your funds before you call a agent.
Joe Gore
- Investor/Realtor · Hoover, AL · Member since 2010 · 1k+ posts · 459 votes12y
@Vana G. ...I'm considering the same with RE license..It does take time for callbacks..I buy properties under 30K, so most agents don't like spending time in that arena..However, I find more success with agents/investors
- Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes12y
Originally posted by @Vana G.:
Is there any particular wording I should be using in these messages to get them to call me back...
I prefer the wording, "Hi. I'm so-and-so with so-and-so brokerage. I have a serious investor interested in your property at wherever-it-is, and was interested in checking on status."
Of course, to have that wording, you either need a buyer's agent or your license...go get one or the other...
- Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes12y
Vana I can't give legal advice.
When you complete a short sale it will be reported on your credit report. This will usually drop your credit score a couple of hundred points at first. Borrowing from car loans to credit cards and everything else will become more expensive until time goes by and you rebuild your credit history.
To me your thinking is once this expensive house I have is gone from the short sale then might debt to income will not be so bad. That part if true and you unload hundreds of K of debt is a positive BUT is just a small component of your overall score.
It sounds like you are having trouble getting a loan with your high DTI ratio with your current house. So you are trying to short sale to get that off. That might solve one problem but then creates another.
At this point you might want to complete the short sale and then just take your cash and go hard money for a value add deal to turn around. Build up forced equity and also spend them time rebuilding credit after the short sale.
If you didn't have debt to income issues then you could try the "buy and bail" technique.
This is where someone can afford 2 houses. The primary is upside down in value but the borrower has excellent credit and job income etc. They buy another house to move to and close on it and keep title in another name (wife's etc.). Then they go for the short sale where they are only on the loan on the other house that is underwater in value and dump it for a loss.
You have tax implications as well to mitigate but not as bad as coming up with tons of money to get out of something. The other option is to rent the current place until market conditions reach a breakeven which might be years from now.
There are ways to work the system in a buyer and sellers favor. I am not debating ethics here just possible solutions to problems.
No legal advice.
- 12yVana G.Investor · Fort Lauderdale, FL · Member since 2014 · 109 posts · 29 votesOP
@Rolanda Eldridge yes that would be ideal for me and are keeping my eyes open. @Account Closed yes I continue to save. @J Scott Thanks, that does sound a lot better. I M working on getting my license now, but not opposed to getting an agent before that happens.
- Residential Real Estate Agent · Cookeville, TN · Member since 2013 · 1k+ posts · 948 votes12y
@Vana G. - In addition to being an investor, I am also a Realtor. I became a Realtor to assist my investing business, but I also do a bit of Realtor work, so I know how the system works.
A lot of agents do not want to work with buyers. Buyers are flaky. And what I am about to say may sound harsh, but please take it well. Because honestly, you are an example of this. You have been calling around from agent, to agent, to agent, without committing to one. You have also been calling around about properties without yet knowing whether or not you can even get a loan. A listing agent knows that you will eventually find a good buyer's agent to work with IF you are serious and IF you can actually perform. There's really no need for that listing agent to return your call. There's plenty of buyers and plenty of buyer's agents in a town the size of yours.
About your credit. I don't need or want to see it, but from what you have said and wrote in your profile, I can be about 90% sure that you will probably not be able to get a loan or have the cash to buy a property. Again, please don't take this wrong. But here's why I think this: Most banks will not even accept a short-sale unless and until you have been missing payments for some considerable length of time. So, if your bank is seriously considering a short-sale, your credit is probably hosed already. True, once the SS goes through your DTI will improve, but your actual credit score will go down. The SS is very detrimental to your credit score.
I don't wish to discourage you. Go ahead and call a bank or mortgage company and get pre-approved. If you can, then get a buyer's agent and make a great buy.
p.s. I can't imagine a bank accepting a short-sale from you with you having 60K available and them not requiring you to pay that towards the balance.
- 12yVana G.Investor · Fort Lauderdale, FL · Member since 2014 · 109 posts · 29 votesOP
@Joel Owens Thanks, I can appreciate that. That sounds like a really advanced technique, but I think we are too far into the process to try to implement anything like that. We have reformed our lifestyle, cars paid off, no more credit cards, coupon cutting etc., down to basics with the help of another blog I was reading (mrmoneymustache.com). We are living on a positive cash flow and are implementing some strategies from Rich Dad Poor Dad n Trying to shift into a Cashflow Quadrant. Regardless we are just trying to get through the process with whatever repercussions result of it so that we can move forward. My plan though is as follows: 1. Buy cheap, where I am not afraid to go there alone, 2. Put my money down and go through a non traditional lender for the rest or 3. Just wait and keep saving. Either way all this gives me time to get more educated and get my ducks in a row. I really appreciate all the feedback all of you have given me.
- 12yVana G.Investor · Fort Lauderdale, FL · Member since 2014 · 109 posts · 29 votesOP
@Bryan L. Brian, thanks for your input. You make all very valid points and I am learning through all this so I appreciate you being so honest. I understand what you mean about how it may look not committing to an agent and clearly I am going to have to change my approach when I am ready to try this again. Yes as I mentioned earlier that may very we'll be a possibility, but at this point I will have to see and wait. Your feedback has been point on and I really appreciate it. If you don't mind, I would like to pick your brain about it from time to time as we go along.
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