Real Estate Investor · Novi, MI · Member since 2010 · 44 posts · 5 votes
Hey Guys, I really did not want to use Realtors but if I have to, what is the best way to contact them? Or Should I just not use them all together and do my own Adverts. Realtors have been a pain in the past when I have done the negotiating for other investors. Any ifo Would be great. Thanks
I usually give them a call about a property they have listed as a short sale, though a face to face over coffee might be more effective. I make them fully aware that I'm an investor and what my intentions are. Of course I also let them know they can collect twice on the commission as well. Some of them won't listen at all, some want to hear more and some are more than happy to hear from you. Keep in mind most of them will fall off the face of the earth, never to be heard from again. I think a lot of that is because of negative press on short sale investors.
I just got a Broker onboard yesterday with 2 deals. He had done his homework and asked around about realtors experiences with letting an investor handle negotiations. He did say that several said no way, but 3 did tell him that was the only way they would work them. Less work for more pay.
I have had the same realtor vanish on me twice. She had came back, more than happy to work with me, then "poof", she was gone again.
The realtor I'm using to list my direct to seller listings should end up being a big resource for leads. I offered him the opportunity to list a property for me without asking for any leads. He has 16 short sale listings and has hinted around about having me put in some offers. You might want to try this approach. You're kinda proving yourself without asking much of them.
I have a tough time too approaching Realtors that have a short sale listed. What helps is I have a testimonial from a respected Realtor in my state and it's right on the front page of my website. I also have marketing material that explains what *I* do and what *they* do if they are going to work with me on a short sale. That said, I still find there can be a LOT of walls with inexperienced Realtors. Those that have been around or done a lot of short sales seem to be much more open to it OR those that are BRAND NEWBIES are open to it.
Also, lately, at EVERY closing, I'm grabbing the buyer's agents business cards. I then contact them after we've sold the property to them and explain my services. Once they've been part of a smooth closing with me, it seems to open a door.
A number of states have passed new laws that prohibit anyone other then a Realtor, attorney or a LICENSED debt collector form negotiating short sales for a 3rd party. I have heard contradictory statements regarding doing this if you are not receiving a fee. Possibly like when you would negotiate a property you would be buying for your self. I looked into getting licensed and it is way to burdensome to do it for a one or two person outfit. Just my 2 cents.