Originally posted by hakchinoy:
Jose is soooooooooo right about "most people would rather die than admit they don't know something." I also have run into hundreds of Realtors/agents/brokers who told me (and others) that I couldn't do something that I actually knew that I could do. I usually silenced them by referring them back to the relevant law(s).
For example, I once told a Realtor that I wanted to write certain terms on a contract, and explained that handwritten terms trump the legal verbiage in a contract according to contract law. He admitted he was unaware of that, and he check with his broker. His broker told him that I was wrong, and I referred him several links including ones from Harvard and Standford citing that law.
Like Ryan, I read every line of every page--including the fine print, and I'll hire a real-estate attorney to interpret the provisions that I don't understand.
I used to find it quite difficult to work with Realtors until I changed my approach. I found that most Realtors had a greater issue with writing multiple offers rather than writing low offers, and of course many of them also had issues with writing low offers. Now, I'll send a copy of my business and marketing plans to any new agents that I intend to qualify, and I'll ask them for a copy of their marketing plan. I explain that I'll use LOIs and I won't have him/her to write up anything until after I have an accepted LOI, and I won't schedule any visits for properties that I don't already have under contract.
We need to realize that a Realtor's time is his/her most valuable asset, and a little consideration goes a long way.
Your comments were great and I gave you a thumbs up. I find your comments humorous about agreeing with Jose. I work with investors, so I know the answers to most of their questions. If I don't know I'm not ashamed to say, "I don't know, but I'll find out and get back to you." Strictly from a liability viewpoint that's what people should say. Ethically they should have that as a standard. I'll trust you guys on this because even if I'm working with another agent as an investor, I always disclose that I'm an agent as well. Top three things you can do in this industry to stay out of trouble; disclose, disclose, disclose.
Yes read the contracts, every word, I actually do this as an agent. I also stress to my clients that it is there deal, and they are responsible for reading it. If you don't understand anything, get an attorney.
Yes agents are most concerned with the quantity of offers. It takes time. No matter what the price is, it still takes the same amount of time to make the offer.
What I really liked most about your post was presenting your business and marketing plans to your agent. Everyone should do that. Let me make sure I understand your strategy, and that I'm comfortable doing it. If you want a 100 offers a week sent with these terms is different than let's drive around and look at ten houses to see which ones you want to make offers on. A relationship between two parties is all based on expectations. As an agent I have certain expectations of my investors and I go over them.
As for a marketing plan. I've got a 17 page business, plan I'm not sure you want to read the whole thing. I do have a one page document that summarizes how I work with investors. Most people don't like reading documents so I try to make it short.
Let me know if you are ever thinking about investing in Denver, CO.
