I am new to real estate investment and looking for a real estate professional that i can work with. I realized as a first time investor, its better to work with professional than alone.
I found few professionals based on research and send them emails.
Its been over 3 days and i did not hear from anybody. I am thinking of calling them but i was hoping to get a response.
Is there anything that i should add / delete / modify to generate interest from agent(s) that i like based on their profile.
Here is the standard email template that i am following
Dear <real estate agent>
I hope this email finds you in good health and spirits.
Recently i come across your profile real estate site. I am looking for a real estate investement in <xyz> area. I recognize you as a leader in this market and hoping you might assist me in finding the right investment property.
Please let me know if you are willing to work with me and help me find right investment in area of my interest.
Because either they're incompetent or which is more likely, they're not fans of investors. See most agents think investors are just going to ask them to submit a bunch of low ball offers which takes quite a bit of time.
Add some criteria to your email beyond just the area. Example: looking for 4 plex in Princeton, budget of 400k, looking to cash flow minimum $100 per door. I'm pre approved with (insert name of lender here) for a conventional loan of 360k given 75% of monthly rental income of $3000.
That should help. At least it would if I was the agent but I wouldn't ignore your first email either.
we are even worse answering the phone.. Text is the way to go.
your email was far to generic as a broker for 40 years I would have read that as almost a spam type thing.. And the OP is right working with investors that are new is a very fruitless thing to do and a complete time waster in many cases.
What you do is find the property your interested in on line ( which is simple now) contact listing agent and tell them you want to write and offer.. that will get their attention.
You just need to have your ducks in a row you should have your POF or approval already to go...
Otherwise just do it the old fashion way.. Walk into the office and ask to talk to the floor agent. and start with that.. Now agents don't take floor time like they used to but someone will be there.
Hi <real estate agent>!
I am looking for a home to use as a real estate investment. I came across your website, and it looks like you have experience in finding good rental properties.
I am looking for 4 plex in Princeton, budget of 400k, looking to cash flow minimum $100 per door. I'm pre approved with (insert name of lender here) for a conventional loan of 360k given 75% of monthly rental income of $3000. (as @Brett Synicky posted)
Please let me know if you have some time to talk more about what I'm looking for. Although the above is my ideal purchase, I am open to other good opportunities that you might find. Thanks for your time!
Everyday I wake up as a principal commercial broker I have to decide HOW I will spend my time.
Your e-mail although the best of intentions tells me nothing about you.
First thing I do before jumping on a call with someone is have them fill out a PFS ( personal financial statement ) for liquidity and net worth. From there I can see what is possible on their own for buying versus having to partner or do a syndicate etc.
The more layers you get away from a direct purchase buyer with money to buy the less chance of the closing happening of a sale and getting paid. We want to help people but run a business at the same time.
It sounds like you are serious you just need to convey that fact. Lot's of money out there right now chasing deals. The brokers have the RIGHT to tell buyers what standards they will have to meet to get access to those properties. The sellers want the brokers screening the buyers. Just because buyers have money doesn't mean they are focused and committed to buying a property. They can get exactly what they want and then wig out and decide to pull out of the deal. This is why earnest money is important once certain steps are met it increases to keep the buyer to honor their part of the deal and close on the property.
Tell brokers/agents you have proof of funds sitting in your bank account waiting to buy a property. That will usually get you a call back really fast......... : )
A buyer with money burning a hole in their pocket waiting for a broker/agent to turn it into a commission check.
Hope it helps.
Thank you all for you valuable inputs. I guess when i bought my first home, i wrote emails to 3 realtors and everybody responded within a day (I realized that i did mention the exact property and my intention in emails thought) and i got carried away this time expecting the same response.
I will state my intention, properties of my interest and provide details on proof of funds (i did my homework and got pre-approvals from 2 lenders) going forward.
Thanks once again for your valuable inputs.
I'm a realtor in Mass and hopefully would have thought your message was spam. If you like I can help you get in though with a realtor in your area who specializes in working with investors.
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It reads like spam.
@Brittany Moreland, If you can put me in touch with realtor who specializes in working with investors will be a good start for me. Appreciate your assitance.
I have few properties in Trenton, NJ and Hamilton, NJ that i am counting on. I can work with any realtor who understands these areas and have past experience working with investors.
As others have said just make it more detailed.
Agents don't want to see general messages.
Narrow it down to area, price point & desired timeframe.
I did exactly what you all suggested and it did worked in my favor. I sent an email to one agent and he responded to me within an hour. We spoke on phone and agreed to meet next week to share some more details.
Thank you all for your valuable inputs.
As an agent, you get a lot of e-mails and requests and you need to assess who sounds real and who doesn't. The more detailed and the more of a track record you can convey in your e-mail, the more serious you will be perceived and the more likely you will get an agent to call you back.
This is especially true of top producers who usually have better access to deals. Sometimes getting a response from an agent who does very little business is worse than getting no response at all.
Glad you received a response.
Hah - wouldn't respond to that...you haven't given me a reason to!
glad to see it worked out well for you.
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