The Role of a Realtor in a Wholesale Deal

10 Replies

Hi Folks ~ Newbie here,

I'm wondering how a real estate agent factors into a Wholesale deal. As I read different subjects, they say that a realtor can provide MLS information on cash buyers, areas, etc. I can't imagine they would do this out of the goodness of their hearts, so there must be something in it for them. Is there a "normal" procedure I don't know about? If so, how does it work? How does their commission get paid?

Thanks for any and all input!

Nancy.

@Nancy Eardley  hello Nancy. A realtor is good for clooecting data for comps. You can write your own offer, contract, closing docs and have an attorney review everthing. They get a contact of of providing information to you and the hopes you will bring them deals to list. But no there are not going to waste time if there is not something in it for them.

Thanks, Christopher...I actually have a friend who is a realtor, and I wanted to make sure of my ground before I approached her.  :)

@Nancy Eardley  I would speak with her and ask her if she has  worked with investors  before. There is a guide to give her on how to teach Realtors to work with investors.

@Nancy Eardley   I guess the question to ask is 'what are you planning to do?' Your profile shows that you have been licensed elsewhere... do you plan to operate as licensed or unlicensed, and in what capacity?

Christopher, you're the best!  I just went to it right here on BP, and all I can say is Holy Moly - what a great, big educational tool!

http://www.biggerpockets.com/renewsblog/2013/08/24/real-estate-agents-working-with-investors/

I just sent her an email inviting her to lunch, and you can bet I'll be encouraging her to sign up with BP AND providing her this link.  

Thanks a lot and, again, you're the best!

Originally posted by @Chris Martin:

@Nancy Eardley  I guess the question to ask is 'what are you planning to do?' Your profile shows that you have been licensed elsewhere... do you plan to operate as licensed or unlicensed, and in what capacity?

 Hi Chris - I was licensed up in Illinois, but I don't plan on getting licensed here in Florida. I asked my question because I wanted to ask a realtor friend of mine and didn't want to be imposing on our friendship without knowing if there was anything in it for her.  Now that "Christopher" has told me about the BP information for realtors to learn how to deal with investors, I feel I will have something valuable to offer her in return.  :)

@Nancy Eardley I have had Realtor's bring me cash buyers on wholesale deals I had. The Realtor added their commission to my price and presented it to their cash buyer. I have found cash buyers several times this way.. You can also refer leads you get to a Realtor when the there is not enough equity, or the lead does not want to sell at a discount and has time to list it (ie. not pressed to close fast for cash). You can use a Realtor on REO's, short sales, etc.

Great ideas, Gary!  I'm going to copy and paste your response...1) So I don't forget and 2) so she will be able to see all the opportunities out there just waiting for her!  :)

Thanks!

Join the Largest Real Estate Investing Community

Basic membership is free, forever.