Realtor slowing me down

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Realtor slowing me down

Dov Klitnick
New to Real Estate · Brooklyn ny 11230 · Member since 2020 · 69 posts · 21 votes

Not shore what to do i have a realtor that's helped me out alot so I don't want to go around her but I'm trying to get a property asap but ever tim I wanna put in a offer or go look at a property it takes her a long time to get back and by then its too late any suggestions? 

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Russell BrazilBusiness Member
Moderator
Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
5y
Originally posted by @Dov Klitnick:

@Russell Brazil @Deanay Morris it takes her a couple of hours which I'm just not shore if that not good for a realtor she keeps telling me that im not her only client which I understand but at the same time I want to be the first one putting in a offer right when it comes on the market so I'm just not shore if I'm being unrealistic cuz at fisr she responded pretty quick but then it started taking longer to get a response 

 A couple hours?

I dont want to be mean here, but you need to get a grip on reality. Your expectations are completely unreasonable unless you are willing to hire someone as an employee. 

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  • Michael Plante
    Deland, FL · Member since 2017 · 2k+ posts · 1k+ votes
    5y

    Are you pre approved 

    something is wrong if you are putting in above ask the first day and someone is paying less than your offer 

    Of it above your offer it has nothing to do with your agent 

    1Reply
  • Curtis Mears
    Property Manager · Raleigh, NC · Member since 2014 · 729 posts · 596 votes
    5y

    @Dov Klitnick

    So she spent 10 minutes setting up a search and showed you a fee properties. Sounds like the minimum amount if effort so far. I the meantime, you have potentially missed on properties. You must sit with her and explain you are an active buyer, assuming you really are, and you need her to be more responsive. Or, ypu need a new agent.

    If I called my agent now, she would make time for me within 24 hours, assuming she is in town. If course my agent is good at her job.

    1Reply
  • Jaquetta T Ragland
    Real Estate Agent · Winston Salem, NC · Member since 2014 · 486 posts · 303 votes
    5y

    @Dov Klitnick I would tell her your sentiments and talk to her about working with another realtor who may be less busy in her office since you’re on a time crunch. Possibly they can split the commission.

    1Reply
  • Chad Choquette
    Greenville, SC · Member since 2021 · 14 posts · 9 votes
    5y

    If you haven't signed a contract with your Realtor, then you have no commitment to see houses with her. Like others said, she may not see you as a desirable client. I'd recommend just calling the listing agent or any agent to see the house. A few hours to get back to you isn't much time but it can make a difference in this market. The numbers have already come out that there are more agents then listings so I'd expect a good agent to work harder and be more available since it's unlikely they are managing a ton of listings. Also, regarding other comments on offers and seller's accepting the first day, even though this market is hot, I've still found that my first or second offer is usually my best and I rarely wait on any house I've sold past a couple of days.

    3Reply
  • Ian WalshBusiness Member
    Lender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
    5y

    Find a new Realtor?

    1Reply
  • Marcus Auerbach
    Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
    5y

    The majority of agents are useless, some are just okay and a few are top performers. But most people don't understand this.

    Investors as well as residential clients usually put very little effort into finding an agent - the notion is, they are all same. The reality is the opposite and you can tell easily when you are looking at numbers: on average an agent sells 6 houses a year, meaning many do fewer transactions and some a lot more.

    At 3, 6 or 12 deals a year you don't know what you are doing. I would consider an agent with 25 deals a year proficient, more than 50 very strong and 100+ is an absolute outlier. The skill levels are accordinlgy. Someone with a deal every 2 or 3 months between condos, land and different types of properties cannot have any expertise, so what do you expect?

    The industry is notorious for high turn over, close to 90% drop out rate both first and again in the second year. Very easy to get licensed and the allure of lots of money for looking pretty in highheels.

    I have been an investor a long time before I got licensed and started a team. I have worked with many agents as an investor and could not find a good one for years. Now I see it from the inside and the fact is great agants are rare.

    As a client you should not have to worry about how you get a deal under contract, thats what you have an agent for to tell you. Of course that requires that the agent is actually "in the market" meaning they write and receive several offers per week. If you have to tell your agent how fast to respond in order to make it in time for the offer to be considered there is something fundamentally wrong!

    So if you are not happy with the random agent you ran into and put zero effort into finding, don't complain about them; blame your own lazyness. Take some time to research a good one (like here on BP), interview a few and the get yourself a rockstar.

    Time to get off my little salt box..

    5Reply
  • Dov Klitnick
    OP
    New to Real Estate · Brooklyn ny 11230 · Member since 2020 · 69 posts · 21 votes
    5y

    @Michael Plante i am pre approved  and the offers i put in are pretty high its just in looking in NJ and the houses are flying off the market the same day so even if I come with a high offer it could still be to late 

    0Reply
  • Dov Klitnick
    OP
    New to Real Estate · Brooklyn ny 11230 · Member since 2020 · 69 posts · 21 votes
    5y

    @Jaquetta T Ragland y would any of them be ok with splitting the commission 

    0Reply
  • Dov Klitnick
    OP
    New to Real Estate · Brooklyn ny 11230 · Member since 2020 · 69 posts · 21 votes
    5y

    @Chad Choquette so I did sign a contract with her but it said that I have to give her at least a 4,000  Commission no matter the price of the house but I don't think it said I can't use any one else 

    0Reply
  • Chad Choquette
    Greenville, SC · Member since 2021 · 14 posts · 9 votes
    5y

    @Dov Klitnick I'd recommend against signing with a buyer's agent until you have a deal and you're about to make an offer and make the contract with them specific to that property. That's how my agent does it with me. Agents who are against it aren't worth your time in my opinion.

    1Reply
  • Joe SplitrockPro Member
    Moderator
    Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
    5y

    @Dov Klitnick if someone is accepting an offer the day a property is listed, most likely the listing realtor had a buyer lined up. Most realtors will advise against accepting an offer within hours of listing. Usually they let it sit for a day and collect all the offers they can get. 

    Bottom line, if something is selling within two hours of listing, odds are good someone is not getting an excellent deal. 

    My agent generally responds within a few minutes, but sometimes it is a text saying "in a meeting call you in an hour". 

    My advice is send the realtor a message saying, "I want to write an offer on this property XYZ". The agent should call or text the listing agent and tell them, "I am writing an offer for my client, you will have it in X hours". That allows the sellers agent to tell their cline more offers are coming, so they can wait to accept a pending offer. 

    Don't take this wrong but you sound a little desperate. That emotion can lead you to make a bad decision. Be patient and make sure your offers make financial sense.

    0Reply
  • Dov Klitnick
    OP
    New to Real Estate · Brooklyn ny 11230 · Member since 2020 · 69 posts · 21 votes
    5y

    @Joe Splitrock but I'm seeing that everyone is putting in high offers above asking so y would the seller expect, and I am a little anxious to get started but at the same time I do keep the numbers in mind cuz even if I do over pay on the property its still worth it just to lock in theas intrest rates so it evens out if it cash flows then it cash flow thats all that matters 

    1Reply
  • Account Closed
    Rental Property Investor · Indianapolis, IN · Member since 2020 · 562 posts · 554 votes
    5y

    @Dov Klitnick

    Two hours is not a long response time. It also sounds like you are new and need to build some credibility. Being the new kid screaming for attention is a tough place to be in, but you need to be patient and work your plan.

    0Reply
  • Joe SplitrockPro Member
    Moderator
    Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
    5y
    Originally posted by @Dov Klitnick:

    @Joe Splitrock but I'm seeing that everyone is putting in high offers above asking so y would the seller expect, and I am a little anxious to get started but at the same time I do keep the numbers in mind cuz even if I do over pay on the property its still worth it just to lock in theas intrest rates so it evens out if it cash flows then it cash flow thats all that matters 

     Just don't confuse rent being greater than payment for cash flow. Many properties do not cash flow if you actually figure in all expenses. Also be aware that beyond high offers, there are many cash offers. In fact, cash and no contingency offers can get accepted faster than high offers. There is really a frenzy right now that is almost at panic level when it comes to house buying. It is not sustainable, so just make sure you are not the guy who purchased at market peak and overpaid in desperation. I have no details on any deals you are looking at, so this is just a blanket caution.

    Interest rates will hold low for the foreseeable future. Just take my suggestion and ask your realtor to contact the sellers agent letting them know you are sending an offer. That way if it takes a few hours to write the offer, at least they don't rush to take other offers. If they do still take other offers, odds are good it was cash and well above asking.

    0Reply
  • Joe SplitrockPro Member
    Moderator
    Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
    5y
    Originally posted by @Wayne Brooks:

    Sellers would be idiots to take an offer on the first day, let alone a few hours. The first few hours don’t matter in the least, if you insisted on that, I’d drop you. Yes, the listing agent would Love for you to come to them.....more commission for them, better deal for their seller, worse deal/information for you. 

     My last house purchase was an offer for under asking on the first day of listing. It was a cash offer with no contingencies and they took it. I had searched the buyers name on Facebook and found out her husband had taken a job out of state and left the month before. Her priority was a fast and trouble free closing, so she took the offer. A week later a similar property on the same street sold for over $10,000 more. I am confident if she had waited a few days, she could have gotten thousands more. It is just a good reminder that money is not the only motivation for sellers.

    But I completely agree with you, taking an offer the first day is not the best choice. A few hours should make no difference in most normal situations.

    0Reply
  • Dov Klitnick
    OP
    New to Real Estate · Brooklyn ny 11230 · Member since 2020 · 69 posts · 21 votes
    5y

    @Dave E. But that's the thing its not 2 hours its like 7 to 10 hours 

    0Reply
  • Kevin SantosPro Member
    Realtor · Audubon, NJ · Member since 2016 · 63 posts · 30 votes
    5y

    @Dov Klitnick

    What are your expectations? Investors tend to have unrealistic expectations for what it is they want a realtor to do.

    I am both, so understand both sides.

    2Reply
  • Dov Klitnick
    OP
    New to Real Estate · Brooklyn ny 11230 · Member since 2020 · 69 posts · 21 votes
    5y

    @Joe Splitrock na I'm actually running the number for everything the Capex vacancy taxes and so on

    0Reply
  • Kevin SantosPro Member
    Realtor · Audubon, NJ · Member since 2016 · 63 posts · 30 votes
    5y

    @Dov Klitnick

    Sure ** not shore.

    My respectful opinion is lower your expectations or get a license.

    0Reply
  • Dov Klitnick
    OP
    New to Real Estate · Brooklyn ny 11230 · Member since 2020 · 69 posts · 21 votes
    5y

    @so I realized she can't get back to me as fast as I need her to thats y I wanna just look my self cuz honestly most of the property I find my self but then it get back to I don't want to just drop her cuz she did help me 

    0Reply
  • Crystal SmithPro Member
    Moderator
    Real Estate Broker · Chicago, IL · Member since 2014 · 2k+ posts · 1k+ votes
    5y
    Originally posted by @Dov Klitnick:

    @so I realized she can't get back to me as fast as I need her to thats y I wanna just look my self cuz honestly most of the property I find my self but then it get back to I don't want to just drop her cuz she did help me 

    1st time in a while that I've read all the comments in a thread. My reactions:

    • 1st reaction- Unless you've signed a buyer's agreement with the agent you're a customer but not a client. And yes there is a difference. It's the equivalent of a random person walking in, asking for services but not willing to commit to you providing that service. And while you can scream bloody murder about the realtor not being responsive, that realtor is going to commit to the ones that are committed.
    • My second reaction- Even if you have a commitment to this realtor and the realtor is committed to you, in this thread, you said she took 2 hours to respond. Then you said it was 7 hours to respond. What was it 2 or 7 hours?  I see this & I see desparation. Bad decisions are made when you're desparate. If you're working with a realtor with no other customers then maybe you should expect a response in 2 hours. But if it's a realtor worth their salt then what you're expecting is unreasonable.
    • 3rd reaction- My business partner felt the same way about realtors. His solution- Build systems that reduced his dependence on realtors; then partner with a realtor & reach an agreement that was profitable for all. (BTW- That was me)

    My recommendation- Either get your license or ask your realtor if you can become a licensed or unlicensed assistant. What you can do as an assistant depends on your state law, but you may be able to access some of your realtor's systems and do some of the administrative tasks that your realtor doesn't have time to do. 

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    0Reply
  • Jason Brown
    Investor · Miami, FL · Member since 2017 · 229 posts · 271 votes
    5y

    @Dov Klitnick

    My .02 cents. Getting an offer turned around in a couple hours is great. Good realtors, especially in this market, are super busy. If you have a solid and competent realtor turning around your offers in a couple hours for you and you have no history with them in terms of closed deals I would say you've got a good one. I've got a wonderful realtor who I work with exclusively and who I've closed about half a dozen deals with and she can take a couple hours to get an offer in writing but its because she's a high end realtor who is also trying to close 500K - 750K properties for her end buyer clients while also servicing my 100K - 400K investor price range. What I've resorted to doing a lot of times is basically iron out the price with the seller's realtor beforehand and get my realtor to send over the contract immediately afterwards. That way she's writing up my offers knowing that I've laid the groundwork for the deal to be accepted and it's more a transactional activity with a straightforward pay day. In this market you've got to negotiate the deal yourself and then let your realtor take the transactional time wasting activities off your hands. That's the realtor's true value add to my deals. Writing the offer, following up with the seller, communicating with the title agency, gathering the documentation, following up with the inspector, reviewing the appraisal, following up....... following up...... hahaha following up and ultimately letting me focus on other activities until its time for us to link up again at the closing table in a couple weeks.   

    0Reply
  • Dov Klitnick
    OP
    New to Real Estate · Brooklyn ny 11230 · Member since 2020 · 69 posts · 21 votes
    5y

    @Crystal Smith so no I don't remember  Writing 2 if I did it was a mistake it's usually 7 hours and I did  Sign an agreement with her that no matter the price of the house she at least gets $4000 but i don't think I signed that I will be working only with her only 

    0Reply
  • Dov Klitnick
    OP
    New to Real Estate · Brooklyn ny 11230 · Member since 2020 · 69 posts · 21 votes
    5y

    @Jason Brown thats actually a very good idea I think I'm going to start doing that thanks 

    0Reply
  • Dennis Pressey Jr
    Specialist · Philadelphia, PA · Member since 2014 · 231 posts · 69 votes
    5y

    @Dov Klitni

    Yea take 1 week worth of online courses and go get your license. The average Agent/Realtor is slow, uneducated and very inexperienced.

    Even realtors that have 30+ year experience have never made a seller financed offer or any creative offer.

    For me, realtors get flat fees, if we work with them at all.

    0Reply
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