Grrr! Still can't find an agent!

New Braunfels, TX · Member since 2015 · 11 posts · 4 votes

Im really about to throw in the towel with finding an agent. I think I'll just keep working on getting my license instead. Just had an agent tell me that she probably has another agent that could help me with my criteria instead of herself because she is busy. I understand but on top of that she said the market is hot and that flippers are having a tough time right now because sellers aren't budging on their price. So how can we even make a profit if this is true? San Antonio is huge, how is this possible? What should I do? Just wondering if I should continue this quest?

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James Wise

Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes

11y

It's possible your criteria is not realistic if you are having this much trouble finding an agent to work with you.

We get people all the time that want to buy houses for 30k in areas were the houses sell for 60k. Who doesn't?

It would not be an efficient use of an agents time to work with someone like that.

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Nathan Eberly
Involved In Real Estate · Bowling Green, OH · Member since 2015 · 23 posts · 12 votes
11y
That is shocking to hear. I'm an investor and a realtor. I love taking on new investor clients to assist. Easy work. Much easier than owner occupant buyers.
Surprising you are having such issues in your market. Certainly hope you can find someone (or get your own license...could be well worth it).
2 Reply
Account Closed
Investor · Baltimore, MD · Member since 2014 · 1k+ posts · 688 votes
11y
Also shocked. I doubt a realtor cant be found. Call any big broker and im sure they would be able to refer you someone that wants your business
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James Wise
Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
11y
It's possible your criteria is not realistic if you are having this much trouble finding an agent to work with you.
We get people all the time that want to buy houses for 30k in areas were the houses sell for 60k. Who doesn't?
It would not be an efficient use of an agents time to work with someone like that.
6 Reply
Mark Ferguson
Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes
11y
As an agent I Dont work with investors unless they meet certain criteria.
1. Are you qualified? How are you buying?
2. Have you bought flips or investments before?
3. Are you wholesaling or actually flipping?
4. Do you have cash to make repairs?
5. There are tons of investors who want to flip but never do which is why many agents Dont work with them.
6 Reply
Angela Montgomery
OP
New Braunfels, TX · Member since 2015 · 11 posts · 4 votes
11y
What I don't understand is that I hear on the podcasts and such saying they are paying 30% less the sales price. How can sellers be that desperate. I just don't see how realistic that is and how often do you guys pay so much less on properties. All I said to the agent was that I wanted houses that were 140,000 ARV an that were 3 bd/ 2 bd no more than 1500 sq ft. I read the BP house flipping book and I just not grasping how people will be willing t sell a house so cheap.
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Bernie Germani
Residential Real Estate Agent · Lakewood, CA · Member since 2008 · 96 posts · 31 votes
11y
Mark, we meet all your qualifications, have done 28 flips to date and 7 more working on currently, so Inwould qualify if I were in CO.
Angela, you would be surprised at the people who sell at a steep discount for instance probates that are full authority no court confirmation needed, and the families just want to sell the property to pay off creditors, and then divide the money amongst the heirs. Divorce sales are great we just picked up one at 60% of ARV. Other examples are fire damaged homes, code violations, recently inherited properties when they live out of state. We do not buy anything on the MLS( but 2) in the last 18 months( at least for us their is no true desired motivation to get the price we need to be able to make a profit after all expenses) to sell that property to us. We do our own marketing and All our properties come from true motivated sellers who just want to rid themselves of the property. Probates have been 1 of our best leads.
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Brian G.
Entrepreneur · Miami, FL · Member since 2013 · 133 posts · 83 votes
11y
Onced I was on the same situation. Agents playing games here and there. I had to search deep inside my core as an individual as to why I was getting involved in RE. I was convinced that financial freedom to provide to my family and parents was the main reason. I always looked at top investors and wondered, how they did it? Is this really attainable? But one thing I noticed among all top investors was the ability to be resilient-persistent. So I went to work. Agent wanted to play games with my offers, fine I doubled down and found two other agents. If I detected any "games" I doubled down again and found four agents, and double down again and again. It will get to the point where yes your offers will get submitted and accepted. It is a numbers game where you must be in full control of your financial freedom as originally planned.
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Doug P.
Investor · Kitchener-Waterloo, Ontario · Member since 2008 · 1k+ posts · 1k+ votes
11y
@Angela Montgomery You don't need an agent. Buy direct from sellers!
1 Reply
Rob S.
Investor · Portland, OR · Member since 2014 · 65 posts · 46 votes
11y
@Angela Montgomery To successfully buy off of the mls, you need to learn your market: what houses are currently selling for, recent sales etc. Then learn the timing game. Timing game means constantly watching properties in your market and knowing the right time to strike. If you know your market and act at the right time, you will be in a better position to get mls offers accepted. When we interview agents, we tell them that we are looking for houses in need of repairs but we don't go into all the rules(2% or 50% or 70% of ARV). And because of our knowledge of our market and right timing, most times, we find properties that meet our criteria ourselves then call our agent to submit an offer. Having your real estate license will help in so many ways but in the meantime you can start researching and looking for properties through sites like realtor.com, redfin.com's "what is my home worth", hudhomestore.com, homepath.com, homesteps.com. Once you find a property that meets your criteria or close to your criteria, contact the listing agent and ask if they have an agent in their brokerage who can represent you. Sometimes, the listing agent will offer to do dual representation but other times they will refer you to a buyer's agent who can submit the offer for you. Or better still, you can learn how to do direct marketing and deal directly with motivated sellers. In this business just like in every business, hard work and persistence is the key. Hope this helps
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Joel OwensBusiness Member
Moderator
Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
11y
If flippers you mean a wholesaler etc. then it's a waste of time.
If you have shown a broker/agent your liquidity and proof of funds then eventually you should get lucky finding someone if you are realistic.
I do not work on residential and just commercial. I do know that many new rehabbers to flip to an end buyer want a GRAVY property. A little carpet and paint because they are scared of anything else.
The problem with that is most properties needing carpet and paint a home buyer will also want that property and take it for 15% off market value. So will an buy and hold investor that will have a little equity left over after repairs and some cash flow if they bought right. This prices the flipper out of competing as they have immediate resale costs that the other two types of buyers do not and must get the purchase price much lower.
A true flipper takes on really messed up properties a homebuyer doesn't want. They get a really reduced price and then find a way to fix it for less cost to resale. That is where the money is. It is hard to find those properties.
Many of these books and people doing seminars are basing info off of a market they cashed in on 3 to 4 years ago at a different point in the cycle. They want to keep selling stuff so they do not tell you that! lol
Easier for them to keep selling you on their past success and make big bankroll than try to find deals in overheated markets.
The markets are hot and stuff is moving. Even on the commercial side business is great. If someone comes to me wanting an 800k property for value add I do not have time for it. I am doing millions to multi-million dollar deals.
Everyone has to start somewhere but do not expect brokers/agents to waste time with no money down, wholesaling, and all that stuff. Too many all cash buyers or ones with plenty down to play and get a loan in the market place.
Maybe go work for a big flipper and see what it takes to run a business large scale. Anyone can get lucky once with a single property but building a sustainable business where you find deals over and over takes a ton of time and money.
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Naeem Kapasi
Investor · San Antonio, TX · Member since 2015 · 227 posts · 66 votes
11y
A lot of great points made above. I am also starting to invest in San Antonio (and Houston). I see that the market in SA is getting hot and properties have multiple offers. The numbers often stop working for me when several offers are made on the property. If you look into the lower income areas, then you may find deals, I try to stay away from them, at least for my first few deals as I've been told that those areas have higher crime rates. When it comes to finding a realtor, it's a numbers game. Call the offices and ask for a "investor friendly" realtor. Best of luck!
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Seth TeelPro Member
Investor · San Antonio, TX · Member since 2012 · 596 posts · 587 votes
11y
@Angela Montgomery
I'd suggest working with wholesalers. There are several in San Antonio, that can get you good off market (and some MLS) deals. Also, you may want to contact @Cassandra Truax. She is a local agent that works with a lot of investors.
1 Reply
John HornerPro Member
Flipper/Rehabber · Columbus, OH · Member since 2013 · 1k+ posts · 655 votes
11y
Originally posted by @Angela Montgomery:

What I don't understand is that I hear on the podcasts and such saying they are paying 30% less the sales price. How can sellers be that desperate. I just don't see how realistic that is and how often do you guys pay so much less on properties. All I said to the agent was that I wanted houses that were 140,000 ARV an that were 3 bd/ 2 bd no more than 1500 sq ft. I read the BP house flipping book and I just not grasping how people will be willing t sell a house so cheap.
We can get these discounts because people contact us before they list. You can't get a 30% discount on the MLS because even if it is listed that low the competition will bid it up.
In my opinion, the only way to get consistent discounts is to get off-market deals.
1 Reply
Richard Dunlop
Investor · Detroit, MI · Member since 2014 · 755 posts · 462 votes
11y
Originally posted by @Angela Montgomery:

What I don't understand is that I hear on the podcasts and such saying they are paying 30% less the sales price. How can sellers be that desperate. I just don't see how realistic that is and how often do you guys pay so much less on properties. All I said to the agent was that I wanted houses that were 140,000 ARV an that were 3 bd/ 2 bd no more than 1500 sq ft. I read the BP house flipping book and I just not grasping how people will be willing t sell a house so cheap.
Apparantly your potential agents agree!
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Steve Vaughan
Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
11y
Can't find an agent? There's 10 on every street corner. Oh- a good agent. That's different. Like in any business, gotta find the up and coming super performer. The good one that's not yet too busy for you. They are hard to find. Find one that's also an investor. 35yrs of experience is great, but do they OWN rentals? Most agents don't even own their own home. Folks here have provided suggestions to investigate. Bet you're almost there!
This goes both ways, though. Do you have a specific area you are looking? Specific criteria? Are you a time waster? Need to be carted around every Saturday like a bad HGTV drama? Super picky yet unsure. Granite taste on a banquet budget? Perhaps not you specifically @Angela Montgomery , but people do that and I don't blame agents for shirking new investors. Betcha the GOOD one will be found via the referrals listed above!
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Angela Montgomery
OP
New Braunfels, TX · Member since 2015 · 11 posts · 4 votes
11y
Thank everyone! We are very serious about doing this. My husband has been a contractor for years and has seen it all, so we aren't afraid of very distressed homes. Also, we aren't looking at wasting anyone's time. We know what we are looking for and its too bad agents have dealt with people who don't follow through because now it affects us finding an agent. We also have the funds. I'll guess I'll just keep plugging away. Probably, by the time I find someone I'll be getting my license and then I don't need to worry able someone wasting my time and not even calling me back!
1 Reply
Bryan N.
Investor · Hampton Roads, VA · Member since 2014 · 1k+ posts · 418 votes
11y
@Angela Montgomery
Posts like this make me so happy I found the agent I have. When I'm ready to buy I give him a call. Within a day or two he has a property identified (through MLS or off MLS) that he knows I will like and he knows the numbers will work. He even checks them out before he sends it to me and works the rental numbers. I almost gave up and another BP member in my area referred him. I even use his lender he recommended. Once I say make the offer they handle everything. I'm a buy and hold investor today because of him.
0 Reply
Cynthia Scaife
Real Estate Agent · Fort Worth, TX · Member since 2015 · 92 posts · 10 votes
11y
Hi Angela,
This is the market that you make your own magic happen. Like driving for dollars, send out cards or letters to homes that are vacant or abandoned.
This way you have a bit more control in that the seller has not been shopping the market and they may just want to get rid of the property.
Yes, the market is hot right now and Realtors are showing sellers what is hot and what is not.
Anyway, good luck with your license and property shopping.
0 Reply
Deanna Daily
Woodland, CA · Member since 2014 · 20 posts · 2 votes
11y
@Angela Montgomery
Hi Angela,
I am an investor and an agent in the Greater San Antonio area. While the MLS may have a few deals, I have had to find my deals through my own marketing efforts. There are lots of wholesalers in the area (good and bad) that have great off market deals to offer. My investing includes wholesaling and rehabbing among other strategies. If you would like to meet and talk more. Feel free to PM me.
0 Reply
Melitus Aimable
District Heights, MD · Member since 2015 · 7 posts · 3 votes
11y
You should try and find an agent through your local REIA group, if your area has one. That is how I found mine.
0 Reply
Eboni Taylor
Houston, TX · Member since 2015 · 25 posts · 3 votes
11y
Hi Angela,
I just posted a forum looking for an investor that would like to work with an Investor friendly Realtor. I am trying to expand into different markets and I have done several transactions with investors. It would be nice to speak with you to arrange a meeting or phone conversation.
Hope to hear from you soon, feel free to message me.
0 Reply
Cheryl P.
Rental Property Investor · Indianapolis, IN · Member since 2014 · 105 posts · 43 votes
10y
@Angela Montgomery This post is what I have been looking for as I am in the same situation, if I could get access to properties without an agent I would. If I could get accurate comps with an agent I would. I actually prefer to not have to rely on someone else's schedule to do what I need.
But unfortunately until I learn all the in/outs of my new target market which just takes time, I need someone to assist me so I can make the best decision possible.
I am getting my license in my local market and hope to get one in Indianapolis as well but again that all takes time and I want to see properties in Indianapolis 17-20 Dec.
I'll check out a some wholesaler properties but I am looking to start out with a move in ready because again, I am trying to build relationships from long distance with folks who don't have time for newbies. It's the what came first the chicken or the egg syndrome.
But I am an old (not that old) military girl and we get things done...I will find a way, if I have to contact 15-20 listing agents and schedule viewings an hour a part for the four days that I am there...that's what I'll be starting tomorrow morning.
Would be interested in an update to see how you are doing.
I hope you have found investing success.
1 Reply
Ben G.Pro Member
Investor · Indianapolis, IN · Member since 2013 · 647 posts · 196 votes
10y
@Cheryl P. if you don't want to buy fixer-upper deals from wholesalers, then your next best alternative would be to reach out to @Account Closed
He should be able to help you find a great investment, and he is an agent.
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Cheryl P.
Rental Property Investor · Indianapolis, IN · Member since 2014 · 105 posts · 43 votes
10y
@Ben G. I have been in contact with Steve. I would love to do fix/flips but I do not believe that is a smart move for me as a out-of-state investor still learning a market that is very buy/hold heavy. And I can't get comps for market value move in ready, it is even more important to have accurate ARV with fix/flip.
Sorry to be so negative, it is just frustrating to be willing, ready and able to make a purchase and pay for the services of a professional support team but not be able to make any progress.
I'll check out your site but fix/flip is not passive and I need a much more developed team before that is viable. I will make trips to Indy at least once or twice each quarter until I am comfortable with numbers and local support team. It is usually just an 1 1/2 flight for $140 bucks if I make the reservations far enough in advance.
I am going to try to schedule some of the trips around the local REIA meeting so I can start meeting people, so thanks for info the other day. But I am very determined to have something under contract before I leave Indy on 20 Dec.
I really would appreciate the opportunity to meet up and have a coffee or tea while I am in town.
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Ben G.Pro Member
Investor · Indianapolis, IN · Member since 2013 · 647 posts · 196 votes
10y
@Cheryl P. I think what you're doing is smart. There is no need to rush into anything, making sure you are buying a good investment and building your team with people you trust is the most important thing to being successful in this market.
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