What Do You Say To Win Over An RE Agent?

Question

BP,

I am always building my team, and finally realized that the first thing I should have done is acquire a Real Estate Agent as a team member. My only problem is what do I say to make my business attractive to him/her.

I've had RE Agents emailing properties to me for a while, and even one who asked "What can I really do for you?" What do I say to make them want to do business with me?

Douglas Larson · Answer

Here's my 2 cents . . .

I am not an agent but I have used several over the last 15 years. Right now I make most of my offers on REOs with a young, newer agent that works with a very experienced broker. He also gets most of my listings. The young agent is enthusiastic and hungry for work. He doesn't mind writing 20 offers for each property I actually get. We also get together once or twice a month and he asks me a lot of questions about investing, rehabbing, landlording, etc. He is curently working on his first flip and I have givin him some pointers. It's a good relationship and not just about the commissions.

Bottom line with any agent is that they want to know they are not wasting their time and energy for nothing. If you actually buy or sell a few properties a year with them that represents 10 - 20K of income. My my/sell transactions were nearly 2M last year and that represents a lot of commissions paid. You can also add value to the relationship in others ways too like advice and mentoring.

A great place to look for agents with the right mindset is here on BP and also in local investor clubs.

Yave Fun and Make Your own Luck!

Jennifer Lee · Answer

I would find a TRUELY investor Friendly Agent, that understand what working with investor is like.

Build a relationship.

ALSO if you know specifically what you want, your time frame it helps.

The MLS doesn't have a INVESTMENT PROPERTY, AWESOME DEAL Button.

so if you do your due diligence, it also saves them work and time.

I make ZERO $$ from my investor. Low ball, headaches and foreclosure is usually the drill.

But I love working with iinvestor b.c they buy all the time, and when they buy, I know it will happer (or not )

Kristoffer Tier · Answer

^^ @Richard Carpenter

Kristoffer Tier · Answer

Just be honest and straightforward with your needs and what you have to offer. It's all about relationships and creating win-win situations, so speak to your agents like you're trying to help him/her help you, if that makes sense.. but when you do find an agent that understand your mindset and your needs, I recommend giving him/her this guide! perfect for the investor - agent relationship

http://www.biggerpockets.com/files/user/brandonatb...

Richard Carpenter · Answer

Got it Wayne. What can I offer. I believe that I will just humble myself, and ask what can I offer you! That will get the conversation started. You only get one chance to make a first impression, and I feel that this strategy is an extremely good start.

Thanks BP

Wayne Brooks · Answer

The question isn't "what can I say.", but "what can I offer" in the way of deals actually closing so they can earn a commission.

Weldon Malbrough · Answer

I am new to REI and only have previous experience with agents/brokers when purchasing the homes my family and I have lived in. With that being said, I would approach from the angle of building a lasting business relationship with the individual. I see this in the sense that he is a person too and has business needs. Quid pro quo. Identify what you can each do to make each other successful. Just my two cents.

Joel Owens · Answer

Well first is to see if you are an investor with actual money in the bank you can show a broker/agent.

If you have no money then you are a wholesaler type starting out.

Residential you have newbie agents who will work for pennies because they have not taught themselves value.

Being new they have to shoot out low ball offers and it's a numbers game. The investors who have lot's of money tend to want very experienced brokers. It's one thing to put down 20k on a property but it's quit another to drop 1 million on a commercial property for example. The buyers do not want Jim Bob fresh out of training that has little to no clue what he is doing.

Residential is pretty straight forward with houses so not as much broker/agent value there except for sourcing the deal. You get a lot of part time residential agents that dilute the profession and level of standards. It's hard to be the best at your craft if you only do it part time or a few deals a year. I am not talking about investors that get a license to do their own deals as that is a whole other topic.

The biggest thing is to be upfront with the agent and outline expectations. If they say no it's better to get that now then later.

Bryan N. · Answer

Investor friendly agent who doesn't auto send you MLS listings

You say

"I can close quickly"

Arissa Pedroza · Answer

Agree with the above post. Find an investor friendly agent. Look on BP for an agent in your area that is also a member or go to a local investor meet up. The agents that are vested in this business are the ones that will assist you the most.

What Do You Say To Win Over An RE Agent?

What Do You Say To Win Over An RE Agent?

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