Southfield, MI · Member since 2016 · 39 posts · 8 votes
Currently in the process of trying to buy two MFH. Been pre-approved and seeking narrow down on properties. Most agents I have been working with are too busy. I'd like to find someone ambitious, not too busy or proud to submit a low offer here and there. Willing to check the MLS multiple times a day, works late hours (since I work a full time job and don't get off till 4pm generally), and who is up for showing homes on weekends if need be. You could be a fellow investors, or someone who is looking to get started investing as well.
I am a property manager for my family's 45 units throughout Metro-Detroit, ranging from single families to commercial property. As well as 12 other units in Detroit for 4 other clients. Currently at the finishing stages of having my Residential builder's license as well. I'd love some help finding an agent I can work with exclusively.
Real Estate Agent · Buena Park, CA · Member since 2016 · 743 posts · 424 votes
9y
You need to reach out to a new,freshly licensed agent who is short on clients and begging for listings.They are the only ones who are willing to let you dominate so much of their time for the faint hope you get someone to bite at your lowball offers on a daily basis.The frustration of constantly writing lowball offers and never getting a response to pay their bills will get them down and they'll dump you after 2 months.Then start over with another young starving agent.
Real Estate Agent · Buena Park, CA · Member since 2016 · 743 posts · 424 votes
9y
You need to reach out to a new,freshly licensed agent who is short on clients and begging for listings.They are the only ones who are willing to let you dominate so much of their time for the faint hope you get someone to bite at your lowball offers on a daily basis.The frustration of constantly writing lowball offers and never getting a response to pay their bills will get them down and they'll dump you after 2 months.Then start over with another young starving agent.
Southfield, MI · Member since 2016 · 39 posts · 8 votes
9y
Well Brandon, I'm going to assume that you aren't just in the mood to be helpful at all. But In our Market a home that appraises for 50k maybe for sale for 75k. So excuse me for wanting to only offer for the worth of the property. Thats common logic. So if you have nothing more helpful to add, please post else where.
BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
9y
@Jay Brown , Brandon may have not said it in the most politically correct manner, but his advice is still good. Successful agents with lots of business already aren't going to be interested in writing up hundreds of lowball offers on the off chance that one is accepted.
Finding a newer agent who doesn't have that many clients, and frankly doesn't have that much to do, may be a better option for you. They might not know the market as well as a more experienced agent, but they can write contracts all day long - and they'll need the practice.
Another option is for you to take the coursework and get licensed yourself. That way you have access to the MLS, you can write your own offers all day long - or get an assistant to do it for you - and keep the commission when you buy and save it when you sell.
@Jay Brown , Brandon may have not said it in the most politically correct manner, but his advice is still good. Successful agents with lots of business already aren't going to be interested in writing up hundreds of lowball offers on the off chance that one is accepted.
Finding a newer agent who doesn't have that many clients, and frankly doesn't have that much to do, may be a better option for you. They might not know the market as well as a more experienced agent, but they can write contracts all day long - and they'll need the practice.
Another option is for you to take the coursework and get licensed yourself. That way you have access to the MLS, you can write your own offers all day long - or get an assistant to do it for you - and keep the commission when you buy and save it when you sell.
Hello Mindy, I absolutely agree with you regarding this matter. But again, I never once said submitting hundreds of low ball offers. I literally mean here and there (1 or 2 times every other month max). I already comb through the MLS portal that a previous agent hooked up for me.
In the Detroit market, we get a reputation for being a war zone. It is true in many areas of the city, that's a fact. Yet most of the Single Family housing here sells on average well below 40K in many zip codes. It's very hard to get financing here through traditional banks (bank of America, Chase, Wells Fargo, etc). We rely solely on credit unions and small banks for mortgages. For the non war zone areas, recently sellers of homes in the zip codes have decided to dramatically increase prices, yet have no Comps to justify it. So the homes sit there on market for 6-8 months before being withdrawn. Agents I have been afraid (or so it seems to offer the Average Comp value within a half mile radius of the home.
So for example, the Comps of House A will be $38,000, yet the seller has the home listed for $50,000 and the home needs $6,000 in Rehab work to be done (hot water tank, windows, etc). Is me wanting the agent to submit $35,000 that farfetched Mindy? I come across these type of properties often.
Or House B may be listed for $42,000, Comps value the home for $35,000. Also House B has $6,400 in back taxes and needs light rehab (maybe $3,000). Is it that hard to ask someone to submit an offer of $30,000 even?
House B I actually own. Tried 3 agents and they didn't feel comfortable submitting the offer. So I waited till Wayne County foreclosed the home and bought it at Auction for $11,000. I'm not looking to take advantage of an agent, truth be told I really need an agent to specifically submit offers, show properties, and list up properties we are currently selling in our portfolio to sell and then other homes to list on the MLS for rentals. Not a hard job in my opinion,and already money on the table for them.
Southfield, MI · Member since 2016 · 39 posts · 8 votes
9y
Also could you Brandon or Mindy enlighten me or show me where I stated in my "OP" that I want to dominate a Agent and force them to "Write Hundreds Of Low Ball Offers."?
Does asking to have them "Submit Low Offer Here and There" equal "Submitting hundreds of Low ball offers?"
I keep rereading what I said, and not quite sure how you came to that conclusion. Mindy, I very much appreciate the advice dearly in all honesty.
BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
9y
Hi @Jay Brown . I went back and re-read your OP. I skimmed over the "here and there" and read the "scan the MLS multiple times per day and work late hours" and assumed. I apologize.
Real Estate Broker · Chesterfield, MI · Member since 2016 · 19 posts · 14 votes
9y
Hello Jay,
I'm a licensed agent in the metro Detroit area and would love to assist you. I don't mind working with investors. I'll send you a message so we can exchange information.
