Real Estate Investor · Steamboat, CO · Member since 2010 · 295 posts · 34 votes
I'm going as a stand-in for my co-investor to look at some properties as he is out of town. My co-investor/mentor has said this realtor runs hot/cold with finding profitable properties, and that he suspects the realtor submits others offers of larger clients ahead of his at times - but does produce profitable properties.
I'm going as the newbie to tour properties and want to be seen as someone the realtor will provide profitable properties for.
How can I gain and hold his attention as a client - being a newbie?
Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
16y
I'm confused...are you meeting with a listing agent (the person representing the seller) or a selling agent (the person representing the buyer -- i.e., you)?
If you're meeting with a selling agent who will be putting together your offer and submitting it to the listing agent(s), then there is no reason why that agent should have any impact over whether you get the deal or another investor gets the deal. The selling agent is required to submit the offer you specify, so if you submit the "best" offer, there's no reason another investor should get the property over you, regardless of what your agent does.
Now, if you're submitting your offer directly to the listing agent (and I assume it would be an REO agent), then there are a few things you can do:
- First and foremost, make sure the agent knows that you will close quickly and without any issues EVERY SINGLE TIME. And then do it.
- Don't waste the agent's time. Don't ask to go back to a property multiple times before submitting an offer and don't be wishy-washy about whether you want to submit an offer or not.
- Don't try to renegotiate after the contract is signed. Legally, if you have a due diligence period specified in the contract, you have a right to renegotiate or back out of the deal; but doing so will hurt your credibility.
- Make sure you get everything the agent requests as quickly as possible. This includes signatures, EM checks, proof of funds, etc.
- Don't waste the agent's time by asking questions about the process, the contracts, etc. If you don't know this stuff well enough that you are 100% comfortable without the agent's input, then go find yourself a buyer's agent to represent you.
All that said, good buyer's agents can be very useful when buying distressed properties...consider getting one to represent you and submit your offers for you...
Real Estate Investor · Steamboat, CO · Member since 2010 · 295 posts · 34 votes
16y
The realtor I'm meeting with represents buyers and specializes in rehab properties. I had heard that its common to direct the best deals to the best customers, which leaves leaves a significant hurdle in obtaining strong efforts for buyers who aren't established, large volume customers.
I read in another thread about finding your own deals until you have a significant resume that helps make one a priority customer.
Real Estate Investor · St. Louis, MO · Member since 2010 · 153 posts · 104 votes
16y
Hey Burt
To put it simply it just takes time to build relationships and trust in any business. The above advise is all good stuff. Keep up your end of the business, do what you say you will do, and be honest and ethical.
Also, my biggest hurdle sometimes - Be Patient.
Good luck and don't forget to have fun along the way.
Chris
Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
16y
Originally posted by Burt L.:
The realtor I'm meeting with represents buyers and specializes in rehab properties. I had heard that its common to direct the best deals to the best customers, which leaves leaves a significant hurdle in obtaining strong efforts for buyers who aren't established, large volume customers.
...
In my area, you can have your realtor set up automated searches that send you emails with properties that meet your criteria; there is very little chance that other investors can be "ahead of you" doing this (the exception would be with office listings / pocket listing / exclusive listings - whatever you want to call it).
Why wouldn't that realtor want to collect more commissions?