I continue to meet Real Estate Agents that are doofuses

Flipper/Rehabber · Bloomfield CT · Member since 2020 · 1k+ posts · 408 votes

Approached multiple real estate agents in my market with the attempt of understanding pocket deals and to make offers on distressed on-market properties they have listed on the MLS. I have received nothing but responses from Doofuses. Why is that?

0 Reply

49 views

Most Popular Reply

Peter TverdovBusiness Member

Developer · New Brunswick, NJ · Member since 2015 · 1k+ posts · 2k+ votes

A lot of realtors give good ones a bad name but I can also tell you I get people who ask me for off-market some of the time and this is how the convo normally goes: I explain, "sure but I can also show you homes, set you up with the MLS and - NO NO Pete, we only want off-market. We are already working with 4 realtors with MLS deals"

Oh, yeah. Sure bud, I'll just let you cut in front of a few hundred clients that I have.

It goes both ways.

[email protected]732-289-3823

11 Reply

See this reply in the discussion

25 Replies

Jump to latestLatest

Sort by

Nicholas L.Pro Member
Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
2y
@James McGovern
can you be more specific? are you saying you're approaching listing agents directly?
0 Reply
James McGovern
OP
Flipper/Rehabber · Bloomfield CT · Member since 2020 · 1k+ posts · 408 votes
2y
Quote from @Nicholas L.:

@James McGovern
can you be more specific? are you saying you're approaching listing agents directly?

Yes. They would be the ones that have pocket listings.
0 Reply
Nicholas L.Pro Member
Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
2y
@James McGovern
well, they aren't used to dealing with investors, and probably want you to establish that you're a credible buyer.
we don't run into pocket listings much anymore
3 Reply
Erik EstradaBusiness Member
Lender · Member since 2022 · 6k+ posts · 1k+ votes
2y
Quote from @James McGovern:

Approached multiple real estate agents in my market with the attempt of understanding pocket deals and to make offers on distressed on-market properties they have listed on the MLS. I have received nothing but responses from Doofuses. Why is that?

The barrier to entry is low for a Realtor. 90% of them don't make it past year 1. You need to establish a relationship with an active agent closing deals month to month. Don't go for low hanging fruit.
[email protected]818-269-7983
LuxePrivate Investments LLC 572 Reviews
Website View Page
3 Reply
Russell BrazilBusiness Member
Moderator
Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
2y
If you keep doing the same thing, getting the same results, but expecting different results.....maybe it is time to try a different method.
[email protected]301-893-4635 Podcast Guest on Show #192
District Invest Group545 Reviews
Website View Page
5 Reply
James McGovern
OP
Flipper/Rehabber · Bloomfield CT · Member since 2020 · 1k+ posts · 408 votes
2y
Quote from @Russell Brazil:

If you keep doing the same thing, getting the same results, but expecting different results.....maybe it is time to try a different method.

Yes, I would like to try something different and appreciate ideas on what next to try.
1 Reply
Chris SeveneyBusiness Member
Moderator
Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
2y
@James McGovern
Real estate is a copycat business - copy what someone else is doing and
Work harder doing it
7e investments53 Reviews
Website View Page
4 Reply
Devin PetersonBusiness Member
Lender · Sarasota, FL · Member since 2022 · 2k+ posts · 665 votes
2y
Quote from @James McGovern:

Approached multiple real estate agents in my market with the attempt of understanding pocket deals and to make offers on distressed on-market properties they have listed on the MLS. I have received nothing but responses from Doofuses. Why is that?
Especially in CT - I need to introduce you to Andrzej. Wicked talented off market deal finding skills.
[email protected]860-538-3672
ProAlpha Capital56 Reviews
Website View Page
1 Reply
Peter TverdovBusiness Member
Developer · New Brunswick, NJ · Member since 2015 · 1k+ posts · 2k+ votes
2y
A lot of realtors give good ones a bad name but I can also tell you I get people who ask me for off-market some of the time and this is how the convo normally goes: I explain, "sure but I can also show you homes, set you up with the MLS and - NO NO Pete, we only want off-market. We are already working with 4 realtors with MLS deals"
Oh, yeah. Sure bud, I'll just let you cut in front of a few hundred clients that I have.
It goes both ways.
[email protected]732-289-3823
11 Reply
Jeremy Horton
Rental Property Investor · Somewhere over the Rainbow · Member since 2021 · 1k+ posts · 1k+ votes
2y
Is everyone else a "doofus"? Or are you the "doofus"?
It's not that hard to find an investor friendly agent. Send emails, call brokers, check social media and see who the bigger players are.
Do you own any property? They may not want to waste their time with a newbie...
7 Reply
Marcus Auerbach
Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
2y
Finding a great agent is not easy, there are a lot of "doofuses". I know probably several hundred co-brokes and I have worked with many as an investor before I got licensed and started a team.
A combination of several reasons: Real estate agents are in an industry that is easy entry and it rewards networking much more than actual skills (let that one sink in), because consumers don't know how to vet agents and it becomes mostly about trust - so you work with your friend's cousin, because he said she's great. Whatever that means.
The other issue is that TOP agents don't really want to work with investors, because there is no money in it. The deals are messy, agents need a lot more knowledge (like construction cost) - but the commissions are small. Luxury residential pays like 5-10 times better.
But they are out there (and here on BP). Look for someone who does 24+ deals per year and is also an investor personally.
4 Reply
Theresa HarrisPro Member
Member since 2019 · 15k+ posts · 11k+ votes
2y
What are you hoping to get with a pocket listing? Why not just look for a great deal regardless of how it comes to you? Look for a realtor who has been around for a while and that you can develop a good relationship with. That's how I got three of my rentals....and all of those were on MLS. One was a listing of his where the buyer never showed up to closing, so he called me. another was one he was listing and made sure we were the first ones in to see it.
3 Reply
Marcus Auerbach
Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
2y
Quote from @Theresa Harris:

What are you hoping to get with a pocket listing? Why not just look for a great deal regardless of how it comes to you? Look for a realtor who has been around for a while and that you can develop a good relationship with. That's how I got three of my rentals....and all of those were on MLS. One was a listing of his where the buyer never showed up to closing, so he called me. another was one he was listing and made sure we were the first ones in to see it.

Yup. The last two deals I bought had fallen through a week before closing, seller was counting on having the funds for their new purchase, had plenty of equity and they were happy to find someone who could step in and close on (almost) the original date, even though for a lower price. From MLS, mint condition.
0 Reply
Ray Hage
Investor · Fort Lauderdale, FL · Member since 2020 · 1k+ posts · 755 votes
2y
Quote from @James McGovern:

Approached multiple real estate agents in my market with the attempt of understanding pocket deals and to make offers on distressed on-market properties they have listed on the MLS. I have received nothing but responses from Doofuses. Why is that?

I would imagine it is a combination of problems. Most agents are pretty awful at their job and secondly, the good ones may not want to deal with you especially if you have an attitude. It's ok to be demanding but you have to be offering something as well. You may have better luck working with a wholesaler if you want some really beat up/distressed homes.
3 Reply
James McGovern
OP
Flipper/Rehabber · Bloomfield CT · Member since 2020 · 1k+ posts · 408 votes
2y
Quote from @Ray Hage:

Quote from @James McGovern:

Approached multiple real estate agents in my market with the attempt of understanding pocket deals and to make offers on distressed on-market properties they have listed on the MLS. I have received nothing but responses from Doofuses. Why is that?

I would imagine it is a combination of problems. Most agents are pretty awful at their job and secondly, the good ones may not want to deal with you especially if you have an attitude. It's ok to be demanding but you have to be offering something as well. You may have better luck working with a wholesaler if you want some really beat up/distressed homes.
Attitude is often shown on biggerpockets out of frustration. I am in person very liberal nice. I have not found any competent wholesalers in Connecticut.
0 Reply
James McGovern
OP
Flipper/Rehabber · Bloomfield CT · Member since 2020 · 1k+ posts · 408 votes
2y
Quote from @Chris Seveney:

@James McGovern
Real estate is a copycat business - copy what someone else is doing and
Work harder doing it

Yes, agreed and I am looking for better examples to copy. Appreciate your pointers on whom I should copy.
1 Reply
Don KonipolBusiness Member
Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes
2y
Quote from @James McGovern:

Approached multiple real estate agents in my market with the attempt of understanding pocket deals and to make offers on distressed on-market properties they have listed on the MLS. I have received nothing but responses from Doofuses. Why is that?
Properties in West Hartford, Avon, Simsbury, Farmington and to some extend Bloomfield are going for $100,000 + over asking price with 5 -10 offers within 24 hours of an open house with all offers having NO contingencies, no inspections, and the majority all cash so no financing. My guess would be that brokers in this market do not regard you as a real “player”. Further, a broker that “pocketed” a listing instead of advising the seller to place it on MLS and seek a bidding war would be committing a violation of fiduciary responsibility to their client.

So, according to you all brokers you contacted are doofuses, and all wholesalers you contacted are incompetent. Either you have absolutely no ability to find competent people, or for some reason competent people don’t want your business. I can tell you just from the heading of your post I don’t want your business.

Private Mortgage Financing Partners, LLC
Website View Page
4 Reply
Tammy PettersonPro Member
Member since 2018 · 1 post · 3 votes
2y
Quote from @Don Konipol:

Quote from @James McGovern:

Approached multiple real estate agents in my market with the attempt of understanding pocket deals and to make offers on distressed on-market properties they have listed on the MLS. I have received nothing but responses from Doofuses. Why is that?
Properties in West Hartford, Avon, Simsbury, Farmington and to some extend Bloomfield are going for $100,000 + over asking price with 5 -10 offers within 24 hours of an open house with all offers having NO contingencies, no inspections, and the majority all cash so no financing. My guess would be that brokers in this market do not regard you as a real “player”. Further, a broker that “pocketed” a listing instead of advising the seller to place it on MLS and seek a bidding war would be committing a violation of fiduciary responsibility to their client.

So, according to you all brokers you contacted are doofuses, and all wholesalers you contacted are incompetent. Either you have absolutely no ability to find competent people, or for some reason competent people don’t want your business. I can tell you just from the heading of your post I don’t want your business.

Yay Don!
James - From my perspective (as an investor and a real estate agent), you have to make people WANT to work with you. To lump a faction of people as "doofuses" is derisive and condescending, and I know ... you think you're amongst friends here so it's ok, but, IS IT? And again, I agree 500% with Don, agents have a fiduciary duty in advising their client and seeking the best possible financial outcome, which IS to put the listing on the MLS and let ALL investors see it and compete for it, and yes, there may be retail buyers too. I have been the victim of many investors trying to explain to me the numbers they have to be at to make a deal work. I politely listen, sometimes offer that I am an Investor too, but hear my fair share of abuse that I need to lower the price, and should consider their Offer because there is no other agent and I can keep "both sides" - another ethics violation sigh ... And bait and switch, 10 day Option periods for 10 days for $100 to surf for other Buyers to assign to - don't get me started LOL!
Be patient and kind, sincere, fair, real - and you will attract people who will want to work with you, to help you get some deals. And I genuinely believe there can be such a thing as win-win. Best of luck to you.
3 Reply
John Jacobs
Indianapolis, IN · Member since 2012 · 74 posts · 22 votes
2y
I hadn't heard the word doofus in a long time.
2 Reply
James McGovern
OP
Flipper/Rehabber · Bloomfield CT · Member since 2020 · 1k+ posts · 408 votes
2y
Quote from @Russell Brazil:

If you keep doing the same thing, getting the same results, but expecting different results.....maybe it is time to try a different method.

I learned that a recent high school grad who lives on my Street became an agent. We worked out a deal for future business. He was hungry enough to take the time to understand my frustrations with agents under the covey principle of: Seek First to Understand, then to be understood.
0 Reply
Michael DiossaPro Member
Investor · RI · Member since 2023 · 191 posts · 163 votes
2y
Quote from @Peter Tverdov:

A lot of realtors give good ones a bad name but I can also tell you I get people who ask me for off-market some of the time and this is how the convo normally goes: I explain, "sure but I can also show you homes, set you up with the MLS and - NO NO Pete, we only want off-market. We are already working with 4 realtors with MLS deals"
Oh, yeah. Sure bud, I'll just let you cut in front of a few hundred clients that I have.
It goes both ways.

THISSS
2 Reply
Michael DiossaPro Member
Investor · RI · Member since 2023 · 191 posts · 163 votes
2y
Quote from @Devin Peterson:

Quote from @James McGovern:

Approached multiple real estate agents in my market with the attempt of understanding pocket deals and to make offers on distressed on-market properties they have listed on the MLS. I have received nothing but responses from Doofuses. Why is that?
Especially in CT - I need to introduce you to Andrzej. Wicked talented off market deal finding skills.

Definitely looking for good off market deals in the Norwhich, New Heaven area
1 Reply
Rick Albert
Real Estate Agent · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes
2y
What responses are you getting?
There is a new(ish) ruling that states Realtors cannot have pocket listings (doesn't mean they don't). Plus, even if they do have a fixer, they have a fiduciary responsibility to get the Seller the best price possible. In my experience, I have always been able to get my fixer listings better sale prices when posted in the MLS. We are talking hundreds of thousands of dollars more.
When you are approaching the listing agents on MLS properties, what is the conversation? Is it that you want to offer significantly less than list price and they tell you no, does that make them a doofus? I'm just trying to understand what's going on.
2 Reply
Nick C.
Investor · Tampa, FL · Member since 2011 · 2k+ posts · 3k+ votes
2y
Quote from @James McGovern:

Approached multiple real estate agents in my market with the attempt of understanding pocket deals and to make offers on distressed on-market properties they have listed on the MLS. I have received nothing but responses from Doofuses. Why is that?

Because the good agents are getting bombarded with wholesalers and investors asking for their pocket deals. Only the "doofuses" respond because they're green, and desperate enough to do a deal to reply to you.
3 Reply
James McGovern
OP
Flipper/Rehabber · Bloomfield CT · Member since 2020 · 1k+ posts · 408 votes
2y

Definitely looking for good off market deals in the Norwhich, New Heaven area
Have you looked at purchasing via foreclosure auctions?
0 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.