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.
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.
@Garrick S. you've gotten the attention of some of the folks I've found to be the most knowledgeable and respected in the greater Minneapolis area.
I think what you are hearing is that the high volume offer approach will land you a certain type of property in Minneapolis. If you are OK with the options that @David Barnett laid out in order to get into some properties that may work for you. I'd be curious if there are any realtors in Minneapolis who already use the high volume offer approach for themselves. If there are, maybe a partnership would work since they are already OK with the low hit-rate and extra effort involved.
@Garrick S. I helped a cash investor submit 25 offers over a few weeks earlier this summer. Started with low-ball offers and quickly ended up at over-asking (with an inspection contingency). Went 0 for 25 on the MLS. Generally what I found is that anything with real potential under $300k typically goes highest and best within a few days. Lots of competition and low inventory in the Twin Cities market for investors and retail buyers alike. If you're willing to pay more than the list price (and the numbers still work) and are comfortable with no inspection contingency you might be able to win a few from the MLS.