Looking for a high offer volume agent in the Twin Cities area

Seattle, WA · Member since 2017 · 25 posts · 8 votes

Hey all,

I've been having trouble securing an agent that is willing to help me put out a high volume of offers that have a low chance of success. Most of the ones I have met are more focused on retail clients. If you're an agent that's willing to work with me, please send me a message.

Thanks,

Garrick

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Amber Gonion

Real Estate Broker · Hugo, MN · Member since 2016 · 688 posts · 596 votes

Hi Garrick, one of the issues you will deal with an agent is that our market is not that big and we constantly run into the same agents on deals over and over. If we submit an offer the listing agent MUST present it to his seller. In most cases this will be rejected and it is a hassle for the listing agent and after a few of these they tend to be annoyed and no longer inform us of pocket listings or take our bids seriously.

That being said I have no issue with near full ask offers for listings that are priced at or below value. Many times the seller takes the first full ask offer to be done with it. Often the buyers are just submitting offers without really seeing the property (besides a driving by) and look at the property during inspection. This is a higher volume approach that can yield some results without wasting time.

Beware of the low ball offers that are approved, it is an indication that the seller knows that there are serious problems that are not disclosed if they are accepted soon after it is listed.

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Russell BrazilBusiness Member
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Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
8y
And how much will you be paying this agent?
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Caleb Heimsoth
Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
8y
There’s essentially zero incentive for the agent to do this. Not in this market.
2 Reply
Eric Adobo
Member since 2018 · 509 posts · 211 votes
8y
Brandon's just make offers approach?
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Garrick S.
OP
Seattle, WA · Member since 2017 · 25 posts · 8 votes
8y
Originally posted by @Russell Brazil:

And how much will you be paying this agent?
We can work something out if the traditional method doesn't make sense.
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Garrick S.
OP
Seattle, WA · Member since 2017 · 25 posts · 8 votes
8y
Originally posted by @Caleb Heimsoth:

There’s essentially zero incentive for the agent to do this. Not in this market.
That seems rather uncreative.
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Garrick S.
OP
Seattle, WA · Member since 2017 · 25 posts · 8 votes
8y
Originally posted by @Eric Adobo:

Brandon's just make offers approach?
Indeed
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Eric Adobo
Member since 2018 · 509 posts · 211 votes
8y
Originally posted by @Garrick S.:

Originally posted by @Eric Adobo:
Brandon's just make offers approach?
Indeed
From 2008? Lovely.
1 Reply
Garrick S.
OP
Seattle, WA · Member since 2017 · 25 posts · 8 votes
8y
Originally posted by @Eric Adobo:

Originally posted by @Garrick S.:
Originally posted by @Eric Adobo:

Brandon's just make offers approach?
Indeed
From 2008? Lovely.
Wow, wasn't expecting such a hostile response. I was under the impression that the Bigger Pockets community was helpful. Brandon suggested this method literally yesterday in a webinar that he hosted.
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Eric Adobo
Member since 2018 · 509 posts · 211 votes
8y
Sorry I was trying to be humorous not Hostile.
Serious reply is no one is going to want to work with you.
I hear Minneapolis market. is Sizzling
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Garrick S.
OP
Seattle, WA · Member since 2017 · 25 posts · 8 votes
8y
I see, in that case I appreciate the information. I was just in Minneapolis a couple weeks ago and the market didnt seem that crazy. Lots of homes on the market for weeks. But my perspective might be off because I'm comparing it to my current city of Seattle where the market has been hottest in the nation for awhile. But there are even signs of the market cooling a bit in Seattle.
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David BarnettPro Member
Rental Property Investor · Cambridge, MA · Member since 2016 · 634 posts · 415 votes
8y
@Garrick S. And, which part of Minneapolis were you looking in? The houses that are on the market for more than a few weeks (by and large) are either (1) overpriced (2) in a bad area (3) has serious flaws due to the age of the house (4) combination of all three.
2 Reply
Jordan MoorheadBusiness Member
Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
8y
Garrick Solberg I’d be willing to talk with you. Shoot me a message!
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Isaac Braun
Professional Engineer · Minneapolis, MN · Member since 2017 · 117 posts · 75 votes
8y
Sounds like you need a real agent, contact @Jordan Moorhead
2 Reply
Eric Adobo
Member since 2018 · 509 posts · 211 votes
8y
Originally posted by @David Barnett:
@Garrick S. And, which part of Minneapolis were you looking in? The houses that are on the market for more than a few weeks (by and large) are either (1) overpriced (2) in a bad area (3) has serious flaws due to the age of the house (4) combination of all three.
I admit I was wrong. Didn't think there'd by an agent alive wanting a loWball kind of client
0 Reply
Amber Gonion
Real Estate Broker · Hugo, MN · Member since 2016 · 688 posts · 596 votes
8y
Hi Garrick, one of the issues you will deal with an agent is that our market is not that big and we constantly run into the same agents on deals over and over. If we submit an offer the listing agent MUST present it to his seller. In most cases this will be rejected and it is a hassle for the listing agent and after a few of these they tend to be annoyed and no longer inform us of pocket listings or take our bids seriously.
That being said I have no issue with near full ask offers for listings that are priced at or below value. Many times the seller takes the first full ask offer to be done with it. Often the buyers are just submitting offers without really seeing the property (besides a driving by) and look at the property during inspection. This is a higher volume approach that can yield some results without wasting time.
Beware of the low ball offers that are approved, it is an indication that the seller knows that there are serious problems that are not disclosed if they are accepted soon after it is listed.
4 Reply
Garrick S.
OP
Seattle, WA · Member since 2017 · 25 posts · 8 votes
8y
Thank you for providing your perspective, @Amber Gonion. It is helpful to understand all of the reasons why an agent would not want to submit below asking offers. Your high volume strategy of offering asking price and then making adjustments after inspection is interesting and something I will keep in mind.
0 Reply
Bruce Runn
Investor · Minneapolis, MN · Member since 2014 · 743 posts · 927 votes
8y
I’m an investor and the last thing I or my realtor have time to do is throw out ridiculous low ball offers in volume. I call the approach you are suggesting the bottom feeding method. Personally, We only take a quality/value approach as in only targeting desirable area investing.
I'll have completed 10 transactions in 18 months as an investor once the current projects I have in the Renovation stage, close. Listings that actually went into the MLS versus pre sold or pocket listings averaged $20,000 over ask price and are gone in 1-2 days. Anything that is sitting has a reason as MPLS has lowest supply in years- I get Seattle may be the hottest but is that really your benchmark? I'd hate to see you spending all this time and effort for nothing.
If you’re throwing offers w/o seeing them and then having someone else inspect the accepted ones- this is a high effort-almost no win for you. -the bottom of the barrel method is a grind but wish you the best but not sure what realtor wants to put that much time into such a low percent payoff for high effort.
I’d be interested if this method ends up being worthwhile for you when you look back at the time- effort you put in.
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Garrick S.
OP
Seattle, WA · Member since 2017 · 25 posts · 8 votes
8y
@Bruce Runn perhaps we have an XY problem here (http://xyproblem.info/). My problem, X, is that I cannot find any deals in the Twin Cities. My first idea for a solution, Y, was to start making offers on properties at the value where they would cash flow appropriately. I learned this method from this site where Brandon Turner said 9/10 offers will be rejected. I'm not suggesting making crazy low offers just to be a jerk, or a "bottom feeder" as you put it.
While I'm surprised to see such a large contrast between the community and the site management, I understand you all have your individual experiences and are sharing them with me. This is to my benefit, and I appreciate it.
Given there's a lot of push back to my proposed solution Y, I'm curious what method are you using?
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Amber Gonion
Real Estate Broker · Hugo, MN · Member since 2016 · 688 posts · 596 votes
8y
There are deals out there, but you must look beyond the current situation of the property. You need to look ahead, if the rents are below value, it needs rehab, adding an additional room, proper management, or alternative rental options such as airbnb are some of the potential values you need to look at. The deals are the ones where you are able to fix a problem given your skill set. This is why having a investment realtor is important if you don't have the insight to see the potential.
The market is hot and investors without a plan will find it difficult, but when the market cools off and the deals are there, many investors will be looking at high interest rates or tight lending by banks. My advice is to commit to looking at 3 properties a week, this is how to find the diamond in the rough. Often looking in person either makes a property look awful or better than expected.
2 Reply
John Woodrich
Flipper/Rehabber · Minneapolis, MN · Member since 2016 · 1k+ posts · 1k+ votes
8y
@Garrick S. many of us who are purchasing properties are finding off market deals or finding properties we can turn into deals. The market here is pretty hot, I probably have 20 or more RE clients in this market who are looking and have the means to jump on a deal when it comes available. That puts you at a distinct disadvantage investing in this market.
Many of the podcasts and Management members have ideas which may work in certain markets or in different market cycles. They may say that 9/10 deals don't work but to me and others wasting our time on 9 deals that don't work is not an option. In your case it seems that you are looking to waste other people's time on these 9/10 deals and that is why you are getting this feedback on here. We know the market and are trying to tell you it may not be a good strategy.
Don't think of the management members on here as gurus, they started just like the rest of us and they are trying what they can to make a buck. I don't listen to many of the podcasts but there are several that I have listened to and thought that person if full of sh!t. This is a good place to learn and get ideas but people with local experience will help more than any national "guru" investor.
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Eric Adobo
Member since 2018 · 509 posts · 211 votes
8y
Told you I wasn't being hostile. Newbies just don't like being told the cold hard truths of RE investing.
0 Reply
Garrick S.
OP
Seattle, WA · Member since 2017 · 25 posts · 8 votes
8y
@Amber Gonion You make a great point about finding the hidden potential in properties. I actually do have my eye on a couple properties that look like they would cashflow well as Airbnbs even at asking price. I just have to decide if I believe the revenue estimates I'm seeing by completing some due diligence.
@John Woodrich Yeah, I do not want waste anyone's time, including my own. As I mentioned, your local feedback is valuable. To your point, more valuable for the Twin Cities than national guru suggestions.
@Eric Adobo On the contrary, I do want to hear the truths about RE investing in the Twin Cities. To be fair, your initial comments were not constructive. Few people enjoy humor at their expense.
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Bruce Runn
Investor · Minneapolis, MN · Member since 2014 · 743 posts · 927 votes
8y
@Garrick S.
@John Woodrich
Hey Garrick- i’ll echo John woodrich’s comments. No one’s, not trying to be helpful, we’ve just all see these types of approaches and know what works and what doesn’t because we are local/involved everyday in it. Just because a “guru” pitches an idea, doesn’t mean it works. I’d say that approach worked 5-8 years ago and may still in remote rural or distressed markets but not a Seattle or MPLS. I hate to see you spend your time on something that is not fruitful- you may percieve comments as negativity but what we are doing is just warning you of going down a dead end because it’s so obvious to us- we’ve all gone through the the school of hard knocks.
similar to numerous people John represents, it’s extremely difficult to compete against local people that have all the tools and knowledge unless you have someone right on top of everything.
My approach is similar to what Amber said, I look for hidden gems and opportunities to turn something into a cash flow cow that hasn’t been realized. Some buys End up being held long term once they have been set up to optimize their profits and other get a Reno and are sold after a year and a day.
I really don’t share my special sauce on a forum as i’ve Worked too hard and long to get it perfected but i’ve written enough posts that you can get a pretty good idea
4 Reply
Garrick S.
OP
Seattle, WA · Member since 2017 · 25 posts · 8 votes
8y
@Bruce Runn this thread has been quite helpful. It started off a bit rough, I'll admit, since I've already invested a fair amount of time and thought into how I can break into the Twin Cities market. Coming up with a plan and having it instantly shattered isn't ideal, but its definitely better than proceeding with a poor plan. Thank you for your insights.
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Bruce Runn
Investor · Minneapolis, MN · Member since 2014 · 743 posts · 927 votes
8y
My best advice is to find a mentor/advisor that you can run these things past since they will hopefully have the background to advise so you aren't spending time chasing things that won't help you achieve your goals. I've met with over 50 individual/couples to teach them the financials of house hacking/investing in multi family properties and to answer questions. It's not a long term thing but more of a one hour tutorial so they have the tools to move forward on their own. Find someone local, buy them coffee, lunch or a beer and run all your questions by them and ask them to teach you what they are willing to share.
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