Realtor · Florida / Atlanta · Member since 2015 · 210 posts · 53 votes
My client has a very large retirement fund and just closed her first investment home. Today she asked me to sell her another property just 5 days after her first closing. She is a new investor and I advised her to complete this job before looking at buying another. My more experienced investors I trust to take on multiple projects at a time so I do not worry about selling them more but since she is new I feel like it would be better for her to go through at least one before looking at another. Would you all agree or should I just keep selling her properties?
Investor · Edwardsville, IL · Member since 2015 · 432 posts · 481 votes
9y
Anton Watt I think you should be commended for thinking of your client and not just your commissions! That seems to be rare in the business world. I would suggest that you sit down with the investor and tell her you are trying to look out for her best interest. Let's get the first one rehabbed / rented and THEN consider the next investment. You want her to grow her business profitably with as few hassles as possible. Problems are going to occur so let's not compound them with multiple properties until you have the processes in place. Then tell her it is ultimately her decision and you will find her additional properties if that is what she decides.
Investor · Edwardsville, IL · Member since 2015 · 432 posts · 481 votes
9y
Anton Watt I think you should be commended for thinking of your client and not just your commissions! That seems to be rare in the business world. I would suggest that you sit down with the investor and tell her you are trying to look out for her best interest. Let's get the first one rehabbed / rented and THEN consider the next investment. You want her to grow her business profitably with as few hassles as possible. Problems are going to occur so let's not compound them with multiple properties until you have the processes in place. Then tell her it is ultimately her decision and you will find her additional properties if that is what she decides.
Real Estate Agent · Fort Mill, SC · Member since 2014 · 63 posts · 38 votes
9y
@Anton Watt I agree with what @Jim Shepard has said here. You really need to make sure she knows that you are looking out for her best interests and that you don't want her to bite off more than she can chew right now. The last thing you want is for her to turn to other agents who may not be looking out for her interests and just looking at the dollar signs.
How long did it take for the first deal to close from when you started looking? Maybe she is thinking a closing 3 months or so down the road for when the first one is wrapping up?
Anton Watt I think you should be commended for thinking of your client and not just your commissions! That seems to be rare in the business world. I would suggest that you sit down with the investor and tell her you are trying to look out for her best interest. Let's get the first one rehabbed / rented and THEN consider the next investment. You want her to grow her business profitably with as few hassles as possible. Problems are going to occur so let's not compound them with multiple properties until you have the processes in place. Then tell her it is ultimately her decision and you will find her additional properties if that is what she decides.
We just spoke about this today and agreed to take it slow. I would love to sell her more but I am looking to build a long term relationship than a short term one. This current project should take 4 months to renovate and sell so we agreed to start looking again in 3 months. What do you think about that?
@Anton Watt I agree with what @Jim Shepard has said here. You really need to make sure she knows that you are looking out for her best interests and that you don't want her to bite off more than she can chew right now. The last thing you want is for her to turn to other agents who may not be looking out for her interests and just looking at the dollar signs.
How long did it take for the first deal to close from when you started looking? Maybe she is thinking a closing 3 months or so down the road for when the first one is wrapping up?
Best of luck.
The first closing happened 2 weeks after contracting the home. We spoke today and she understands that we will start looking again in 3 months around when this property is getting finished up. We do not have an exclusivity agreement or anything like that but I am sure we will keep a positive working relationship moving forward.
Investor · Edwardsville, IL · Member since 2015 · 432 posts · 481 votes
9y
Anton Watt I think looking in about 3 months makes sense. You'll just about have the first unit ready to resell. I'd keep in touch with her so another agent doesn't get her business. Check in on the progress of the rehab and give her ideas. Also get her involved with BP!