All Forum Posts by: Burt L.

Slow in replying, but I do have an agents license, although I spend most of my efforts looking for properties to fix-up. Most all of the potential sellers I talk to have equity, instead of short sales.

I have heard both approaches - to look for a top listing agent to refer sellers to that have (or believe they have) properties that will sell for retail values. Conversely, since top listing agents don't have a need to split their commission with someone who referred them a deal, that I should look instead for a hungrier agent that isn't necessarily a top or established listing agent yet.

As for assuring that I will actually receive the commission split itself some months later, and there is no state-approved form for referral fees, its also been suggested that I should do a JV agreement with the person(s) I would refer retail seller deals to. Dont know if I need to bring an attorney in for drafting one, or use a standard agreement, if there is one.

If this can come together, it would seem that one could do as well or better with referrals than fixers, as my local market is becoming stronger and stronger.

How to transition from inquiring about a property as a fixer, to transitioning it into a referral lead is also something that I will need to develop as experience grows. This is the central core of the topic for me - what level experience agent to refer to, how to structure the agreement, and how to transition a fixer lead to a referral lead on the same phone call.

Caution - seven lonely paragraphs ahead..... In response to my marketing, I speak to many people who respond that would like to sell their properties, but who want top dollar despite their properties needing at least some fix up to obtain highest value.

Realizing that I'm throwing away valuable leads that I've done the work to obtain, I would like to work with a strong listing agent and obtain the referral commission which I understand is usually 20-30% of the selling agents gross commission. I know that @J.Scott mentions that he does quite well from the referral commissions too.

I'm not sure what to look for in a listing agent, or the agreement/arrangement to have. I can look up an agents ID and see what their sales activity is in the MLS as either buying or selling agents, and recently spoke to a buyers agent who offered assurance about doing the listing work, but the experience level didn't look so strong. It wouldn't hurt to provide a handful of leads and see how they do with them though.

I'm slow to realize it as it wasn't in my general business plan, but I see that I"m throwing away good referral leads, time, and the coin to get them. Any suggestions on what to look for in a listing agent and how to structure this business agreement? I dont see any form for it at the state's website. I don't know if a really good listor works as hard for 20-30% less, but referrals are common and I'm in a relatively strong sellers market now. Any suggestions on how to structure such an agreement or what to avoid?

How to transition from a fixer lead to a retail lead also needs sharpening, and maybe the listing agent could help with this - I'm currently thinking of something along the lines of "The property isn't quite what I"m seeking, but it looks like you could get full market value if it were listed....and I know someone that would work hard for you that I could put you in touch with."

Apparently the listing agent submits the referral fee info to the title company for the closing, but sometimes the listor can "forget" to do so, so perhaps there is something more proactive to do upfront. I also include a link to thread of an agent who had a problem collecting his referral fee, and would like to avoid that and I'm sure he doesn't want to go thru it again.

Similar to Goldilocks, I think I'm leaving a trail of wasted money on the ground. Hope the length of my post isn't a threadkiller.....but unused leads can certainly be put to better use. My coach reminds me I need to "monetize" all that I can.

[url]http://www.biggerpockets.com/forums/21/topics/78226-a-fellow-keller-williams-agent-refuses-to-pay-my-referral-commission---help

3. Person calls about a two bedroom for rent. I reconize them and say you've already signed a lease with me for a three bedroom, and you deposit check has not cleared. Response - We are exploring our options. My response - no have no more options with me - your lease will not be honored and I will tear up your check. Good-bye.

2. Person shows up to interview for a unit advertised as No Smokers. His coat smells like an ash-tray.

1. I'm thinking of getting my band back together - How many amps is the master breaker rated for?

The best evictions are done before the potential tenant moves in.

This is my first time at round two, and now going to a third round of mailing so I don't yet have any data about dealflow in the later stages of a campaign.

What I mean by more "creative" responses is that callers who have had two letters and then call to ask to be removed from mailings are much more outspoken and prone to profanity than those who called after the first mailing to ask to be removed. Maybe this just means my message is getting through now.

I do look forward to a better deal-flow after the second touch, which I believe has been the experience of others.

I am in round two of a direct mail campaign and callers are getting more sharp in their replies; its said to expect creative responses to creative marketing and of course I'm hearing more "creativity" sent my way after the second letter than after the first letter.

I wonder what others use for their mailing frequency? I've heard it should be each 4-6 weeks. It doesn't seem like enough time to create a new financial urgency, where there wasn't one strong enough to make a call before. But maybe I"m missing the point about establishing mailing "rapport" in the first place.

I"m trying to choose between the new Iphone 5 and the Samsung Galaxy 3 and the reviews are mixed, so I thought to ask those who use them regularly here; I also suspect that most of the regular contributers at BP are using their phones to post instead of sitting at laptops/desktops. When I see all the posts by the frequent contributers here, I have to believe alot of them are done while on the run to look at deals and monitor construction progress, etc.

The Galaxy 3 has a larger display and probably works better for texting with a flat screen, especially as I text with "all thumbs". It also avoids being tied to the I-tunes store, which can be expensive for apps, etc.

The I-phone operating system is supposed to be more "intuitive" and it has a better camera. It also requires a special charging cord that doesn't interchange with micro USB cords requiring a person carry multiple cords.

I would like to know what phones work better for your uses surrounding your real estate activities, and also for monitoring and posting at BP while doing anything else besides sitting at a desk. It seems that by having a phone that almost doubles as a laptop a person could avoid owning an I-Pad and require less desk-time and allow more time looking at deals or driving for dollars etc.

I'm sure there are real estate uses for smartphones many including me, haven't even considered.

Telling them on the phone is great to know - I would be in shock too if I learned I would be receiving 15K or so less than I had planned on. I'm also glad the owner has no debt against the property.

I spoke to the neighbors across the alley today and they said they replaced their sewer line voluntarily due to multiple problems with their line, but that the next door neighbor was required to replace his line and tap by the city. Apparently they "scope" the main line periodically and require those with cracked taps, etc to replace the tap at the homeowners cost. When a homeowner doesn't do it, the city does it and places a lien on the house.

This tap is in the alley and accessible. The line is probably 50 years old and the house was built in 1890. Its in a desirable downtown area. The plumbing company indicated just the tap could be replaced, but it would seem wiser to do the whole line. A call to the city will likely be revealing. The seller did know of having to have the line cleaned periodically, and the scope showed it hadn't been cleaned in a while.

I have a copy of the DVD to show the seller. It sounds like I should take a copy of the Notice of Cancellation with me to the renegotiation, if it doesn't go well. I will try to meet with the seller the day before the notice deadline though. Giving the Notice at the meeting might be a little heavy-handed; I am not a pro at this.

Telling the seller that the contract was for a fair price with the information I had at the time sounds like a very good approach. Thank you for the suggestions, K. Marie Poe.

I'm not quite sure what to do about the showings, as they are already scheduled and cancelling without a clear explanation could also be damaging.

I have a first deal under contract, and on the sewer scope it show cracks at the City Tap (city is not responsible for taps) and the first person to view the property noticed that there is some blocking put in place under the floor joists to level it out and that another floor joist was cut almost all the way through when gas furnace venting was later installed.

Replacing the sewer line costs 10k and I am estimating 5K to put some piers under the flooring as the structural company can't come out for two weeks and the inspection deadline date is in three days.

It is an inherited property without debt, and I have more showings scheduled before I can go to renegotiate with the seller. The price to my buyers is 175K. How can I mention this on my showings when I don't know the outcome with the seller about these issues?

I haven't done a renegotiation with a seller and also seek guidance on how to re-approach them on it. Maybe the contract should be rewritten if the renegotiation goes well? What a learning process this has been.

Yes, I misread the statement from K. Marie Poe. I was thinking of the eventual seller/rehabber and how their final selling price is moving around in their thoughts throughout the rehab and before closing as well.

I need to find out what the rationale is with the local title companies - I'm not the only one with a wholesale property to move around here and its not a situation unique to me.