Updated almost 9 years ago on . Most recent reply
Don't delay, be "Offensive" today! MLS lowball offer discussion.
https://www.biggerpockets.com/blogs/8070/53186-dont-delay-be-offensive-today
See my new blog post about low-ball offers, and how not even the SELLERS always know when they are about to accept an offer. Don't be afraid to offend the agents. This is your business and your job is to get deals where the numbers actually work.
I recommend that all investors work hard to get off-market deals, but if you are on the MLS, then here is some food for thought.
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A couple of points to note here:
1. You're an agent, so creating these offers doesn't waste anyone's time but your own. Problem is if dozens of people on here who aren't agents start calling their agents and asking them to send out 40 or 50 lowball offers, they're going to create a lot of frustration and wasted time.
2. This is very market dependent. It may work in your market. Here in DFW, it wouldn't. Yeah, you might find the occasional overpriced stinker property that's got 120DOM and float 'em a lowball, but as an overall strategy for non-stinker properties, it doesn't work in a market where nearly everything is selling above ask. I talked to an investor here who sent out 40 offers last week with no response other than a few FUs. He does this pretty regularly and always seems pissed off at this "insane market where people are paying way too much." Not surprisingly, he keeps burning through real estate agents because none of them are "responsive" enough for him.
I'm not arguing that it may work for you. But in most markets, I wouldn't think this is the best strategy for newbie investors who aren't RE agents to latch on to.