I was recently approached by a real estate agent about a pocket listing and I was wonder how I could turn that into a wholesale deal? How does the agent get paid, what contracts do I use, etc? This would be my first time dealing with an agent.
Hey Rene, I am a wholesaler myself who has recently started working with agents, I was taught to let the agent know that you are unrepresented and that they would receive 100% commissions. This is the method Sean Terry preaches as a good way to build a team. Agents have all the contracts they need to make a deal happen and usually when they hear you are unrepresented and they can make 100% commissions, it's usually a no brainer for them and you have acquired a friend for life! Don't forget to ask for expired listings and cash buyers, as long as they can see where their money isn't affected, you both can make some major money.
Hope this helps!
Albert Paul thanks for the reply and yes that helps a lot. However, how would I proceed with the wholesale just find a buyer and proceed as normal?
Hey Rene, glad I could help. If you are direct to seller, then let the agent find the buyer, so they can earn that full commission you're giving away, if it's the other way around, then it's business as usual for you! Also ask the agent, what number will it take to get the deal done if you have a cash buyer that closes quickly. Keep in mind you commission as well, so as to negotiate your profit!
@Albert Paul thank you very much for your help!
No problem Rene and I wish you the best in you endeavours and much success!
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