Is the Greg Luther Inner circle a ploy?

Question

Does anyone have any experience with this or his training. It all seems very gimmicky to me but some of concepts I could see being effective on the sales side if there are no laws being broken or violations to the standards of BOR. It’s basically “wholesaling” for agents (We all know how much the REC loves wholesaling). One tactic he is speaking about having a off market buyer pools like you would with investment properties and using that to entice off market sellers to sell quickly and negotiating above average commission rates meanwhile working both sides of the transaction. I’m a skeptic by nature so I was hoping to get some facts on the matter.  This is just one example of his materials but he’s claiming to have been the number#1 agent in the country and now he does this to give back and he doesn’t need the money but is selling the document templates and the training as a package...?

Charlie MacPherson · Answer

@Corey Kenney This first step is to run this by your broker, where it will get shot down in a heartbeat.

You're right to be skeptical, especially about ethics.  Wholesaling by a Realtor is indistinguishable from a net listing.  How will you answer that charge?

How about your fiduciary duties to the seller?  By definition, wholesaling nets the seller less than an open-market sales price.  As a wholesaling Realtor, you're not just earning a commission.  You're stealing equity.

Then there's "fraud in the inducement", where you enter into a contract to buy the seller's house when you have no intent to actually do so.  Good luck defending that in court.

As a former Realtor, that's a hard NO from me.

Corey Kenney · Answer

@Charlie MacPherson

Thanks Charlie! That’s what I suspected the response would be from the group.

Corey Kenney · Answer

@Nick C.

I agree but it’s not the standard buy the book approach they are teaching when you get your license. That was their hook to the “amazing one of a kind” strategies. Hopefully this thread will help someone to second guess handing anyone their money who promises to have the secret sauce.

Me personally, if I’m doing that work to find an off market seller I would be looking to purchase the property myself and at least wholetail it, if not flipping it or holding it.

Nick C. · Answer

So find off market sellers and connect them to off market buyers while collecting a fee? Not exactly a groundbreaking concept...