Fort Worth, TX · Member since 2015 · 76 posts · 13 votes
I am planning on getting my real estate licensed, but until then I have a question. Has anybody partnered with real estate agents to help them find wholesale leads? Are the agents usually cooperative with this? Any advice for what benefits a wholesaler can offer an agent to make the relationship mutually beneficial?
Investor · Phoenix, AZ · Member since 2015 · 191 posts · 152 votes
11y
If you're wholesaling it definitely pays to connect with agents on both sides- the buy and the sale. I am licensed but I work for a large wholesaler and have had experience on both sides.
If an agent has a property, they know they can call me and get an accurate ballpark offer over the phone within an hour or 2. If my ballpark is close to the price they want for the property, I go look at it in person and make them a real offer. Agents want wholesalers who are not going to waist their time and who will shoot them straight. This saves them time.
On the sale side, agents who have investors often have trouble finding properties that suit their clients profit requirement. If you can make an agent feel comfortable enough with your process, the agent will work their client for you and now both of you get paid (Make sure not to step on any toes and run all communication with agents client through the agent). Aside from showing the agent respect, the important part is to lay out all the fine print about your process and closing costs up front before you show any of their clients houses. This will save you both time and grief down the road. Transparency and having a seamless and established system of contracting and closing are key to making the agent feel comfortable working with you.
Specialist · Sicklerville, NJ · Member since 2015 · 13 posts · 3 votes
11y
I am rather new to REI only been in it seriously committed for about 4 months, at any rate, I work with a "investor friendly realtor" she sends me investor properties off the MLS she, looks up canceled or expired listings so that I can potentially contact them she also runs CMA's for me if I need them. In turn when I'm out making offers and trying to get deals if they decline I mention her and give her contact, maybe they list with her in the future. I would suggest attending your local REA and there should be plenty of investors who work with and even are agents and would know the criteria you need. Hope this was of assistance. Best of luck in your investing future!
Investor · Phoenix, AZ · Member since 2015 · 191 posts · 152 votes
11y
If you're wholesaling it definitely pays to connect with agents on both sides- the buy and the sale. I am licensed but I work for a large wholesaler and have had experience on both sides.
If an agent has a property, they know they can call me and get an accurate ballpark offer over the phone within an hour or 2. If my ballpark is close to the price they want for the property, I go look at it in person and make them a real offer. Agents want wholesalers who are not going to waist their time and who will shoot them straight. This saves them time.
On the sale side, agents who have investors often have trouble finding properties that suit their clients profit requirement. If you can make an agent feel comfortable enough with your process, the agent will work their client for you and now both of you get paid (Make sure not to step on any toes and run all communication with agents client through the agent). Aside from showing the agent respect, the important part is to lay out all the fine print about your process and closing costs up front before you show any of their clients houses. This will save you both time and grief down the road. Transparency and having a seamless and established system of contracting and closing are key to making the agent feel comfortable working with you.
Investor · Nashville, TN · Member since 2015 · 688 posts · 607 votes
11y
@Steven McPherson I'm going to disagree with the rest of the crowd on here. As a wholesaler you present no advantage to me as a realtor on a deal. Here's why. Why would I bring you a deal, just so you can wholesale it? It makes it a nightmare at the closing table trying to make sure the broker is paid, the agent is paid, the wholesaler is paid, the buyer gets his/her property, and the seller gets paid most importantly the amount they agree to. A seller in these situations is not going to offer 3% in this situation, meaning the buyer or the wholesaler has to pick up that cost. Do you as a wholesaler want to eat your own profit? NO. Does the buyer want to eat his profit to pay an agent 3%? NO. See where this dilemma comes into play here?
Also, as an agent, especially in this market, why would I let you wholesale a property for 10k more when I can sell it for 10k on the open market?
As a buyer, connecting with agents is a great way to go to find deals, but as a wholesaler it doesn't make sense