All Forum Posts by: Dany Namou

I'm in Michigan, so I can't really grow my business with you besides throwing referrals your way, but I can do some role playing over the phone right now if you want. 

To find the right broker, simply call around your area and shoot them your questions up front. Unless someone here gives you a specific recommendation, this is the best way to do it. Also,  because of RE's incredibly high turnover,  nearly every brokerage will have a spot for you. 

Right down every single question you have and run through them with every interview you do. Every broker will be straight forward with you and should be able to thouroughly break down their fee structure. 

Go through as many brokers as you want untill you find one that suits your needs. They make money from you being there regardless of how you run your business, so I'm sure someone will accommodate you.

Just ask a commercial broker for a valuation. They will find similar properties in your vicinity and check their cap rates. They will then apply that cap rate to your property. 

As far as your updates go,  they really don't swing the numbers much,  certainly not as much as the going cap. 

Well first and foremost you must follow up and then follow up and then follow up untill you set an appointment. 

When following up,  don't make every single conversation about real estate. Take delicate notes when talking to them and ask questions that will get them to talk about their motivations and their personal life. Once you know these details,  bring them up on follow ups. This shows you actually listen and care. 

Side Note: If your serious about RE,  you should really use a CRM to keep track of notes and reminders. 

For instance, one person I spoke to who was thinking about selling in the spring mentioned she was having a surgery in 3 weeks. I am going to follow up in 4 weeks,  and the first thing I'm going to do is ask her how's she's feeling after the surgery. I might mention real estate at the very end.

And don't get discouraged if they don't feel like selling for a year. Keep following up, but less often.  We have clients that we kept following up with for nearly 2 years untill they did business with us.  

Remember your end goal should always be to get an to an appointment with the seller.  You are never going to get a listing by talking to someone over the phone. You need to get in front of them,  have them trust you,  and show them the value you bring. 

There are thousands of different types of mold out there. Some are harmful,  some are not. Get an inspector, identify how hazardous it is and the extent to which it exists, and get a mold remediation company to take care of it. Just the costs of closing on your current home likely cost thousands more then the course of action I outlined above. 

Let me know if you need a mold guy. 

Hey Raghav,  are you looking for commercial multi family or a residential home with 4 units or less? 

Most brokerages will waive their part of the commission in such a situation. Nonetheless, you should discuss it with your broker. 

@Robert Sexton Just ask right away. Most firms will tell you straight up what the pay to play is. 

Most agents operate both buyer and seller agencies. They can also do dual agencies, but they must disclose the fact to both parties.

In either case, the seller typically pays the commission of both agents. 

The seller and seller's agent typically negotiate the commission. This means that a buyers agent will simply accept the number on the MLS ticket.

A good sellers agent should have broken down this cost to the seller.   So the listing price should partially reflect the cost of commission. 

Nonetheless,  as a buyer in Michigan,  you need not worry about commissions in the closing costs. 

This is my first year and I know the average agent at my firm sells 24 homes in their first year. I'm going to take Gary Keller's advice and make my goal 35. If I hit it awesome, if I fall short I'll still be good. Nonetheless,  the point is I put myself in High achieving mindset.