Wholesaler · Columbia, MO · Member since 2014 · 27 posts · 15 votes
I met an agent that works with investors from time to time. We discussed her bringing buyers to me for my wholesale deals. She would like to enter into a simple non-exclusive agreement that sets up the terms of this kind of transaction between us. My buyers list is not that extensive yet. My main goals are gaining access to more buyers for all my deals and hopefully getting access to some properties as a buyer from this agent when they come around. As I stated the agreement will be non-exclusive and I will share 30% of my fee if she brings a buyer that closes. Basically I will send her all my deals just like I do the rest of my buyers list. If she finds a buyer that closes a deal, she will get part of my fee. If not, she won't be entitled to any of the proceeds from my sale of the properties I send to her.
1) Any advice one way or the other?
2) Do you have sample agreements of this kind or essential clauses to include?
Property Manager · Louisville, KY · Member since 2013 · 309 posts · 115 votes
11y
My gut reaction would be to tell her to add her commission on top of the deal. I wouldn't do a percentage. If you have a good deal you can sell it over the weekend by advertising it in the usual places.
You can do a little foot work to the same effect and keep all of your fee. Tell an agent you will pay them $100 to give you a list of all the cash transactions on the MLS in the past 6 mos., year (what ever time frame you want) in a given area. Access your PVA (on line, or take a trip to their office) and find out who purchased the property. Look them up on line and write down their number. There's your buyers list. That's a lot cheaper than giving an agent a 30% of your fee. I'd puke if I had to share 30% of a $25k fee for what amounts to 6 hours of work build my own list.