Where there’s smoke, there isn’t always a guilty verdict apparently. A jury in Suffolk County,…
Browsing: real estate broker
It’s no secret that there are some smokin’ deals to be had on the MLS right now in the form of short sales and REOs. While having your real estate license is by no means a necessity if you want to score great deals off of the MLS, there are definitely some advantages to being licensed. Following are a few of those advantages..
Having access to the MLS
I’ve been wholesaling REOs for the last two years, and I can’t imagine doing so without having access to the MLS. Aside from being able to look up comparable sales, I can also do research to find out where the investor hot-spots are, as well as find out which properties have fallen in and out of contract multiple times, and which properties are due for a price reduction (I specifically target such properties). The MLS contains a wealth of information, and is something that I rely on heavily in my day to day investing activities.
Making a Commission on Purchases
Another upside to having your license when pursuing listed properties is that in many cases you will be allowed to take a commission on the deals that you purchase. While you may elect to give your side of the commission away to the listing agent in order to sweeten your offer, it’s always nice to have the option of making a commission on top of the profit you are making on your deal.
In today’s challenging real estate market where 30 offers on homes out here in Victorville, CA is the norm, (and I’m sure the same applies all over the United States) we need every little bit of information to help our offers stand out from the crowd.
I have made countless offers on REO properties including Freddie Mac deals, and these tips reflect my experience in dealing with them. These are the things that Freddie Mac always counters with and always wants flat out.
When making an offer to purchase a Freddie Mac or Home Steps owned property you should try and follow these guidelines to help your offer stand out from the crowd and help you save a day or two in negotiations with them.
The Top 20 Tips for Making offers on Freddie Mac, Home steps or FHLMC Properties
I can recall vividly my momma yelling at me, “Think before you act, child!” As adults, we too often forget momma’s sage advice. As business people, we are often even worse.
I certainly understand the tendency to act on the first impulse, to do the first thing that will grow the business, put cash in the bank, create a new partnership,whatever. But sometimes, we act too quickly, making rash decisions that hinder us down the road.
Your marketing “bible”
To avoid making quick-but-detrimental decisions in your marketing, you need a plan. A good marketing plan is your “bible” – the document that guides you, keeping your decisions on track with your larger strategic goals. It’s the document that will make it easy to project a consistent brand in every media. It will make integrating your strategy online and offline a smooth, effective process.
But how to create said marketing plan? I’m glad you asked. . .
Step 1: Know your customers
Your first step to developing an effective marketing plan is to “get to know” your customers. Ask, and answer, these questions:
She’s smiling again.
Now, grant it, this might not seem like much to you, but, trust me, this could be the biggest sign to date that the real estate market is finally starting to turn around…if only a bit.
She, is a real estate agent who has been selling units in my Los Angeles building for maybe five or more years now.
In recent years, since the recession set in, her visits, with possible buyers in tow, became fewer and farther between.
And, when she did show up, the expression on her face made her look as if she had just drank a powerful laxative for breakfast. Yeah, that bad.
She apparently wasn’t selling….but neither was anyone else. How she managed to even go to work in the morning is beyond me?
And then things began to change . . .
In recent weeks, though, I could not help but notice that she suddenly seemed to have a fresh glow about her. Her smile was there again and it looked like she may have even had a coating of sparkle surgically applied to her perfect teeth.
If she weren’t a real estate agent, I would have thought her glow suggestive of….well…..you know….we’re all adults!
Investing in real estate is just that—INVESTING. Risk comes with the territory. The key to successful real estate investing lies in the analysis and due diligence of a potential income property. When done prudently and methodically, the investor’s risk is not only greatly mitigated, but he or she should have clear line of sight as to the property’s return potential. Sounds relatively straightforward, right? Well, this task becomes much harder when the seller tries to make a monetary gain by feeding on the inexperienced investor’s lack of knowledge or inadequate due diligence. Luckily, we’re all savvy investors at BiggerPockets.com and we know how to spot these seller exaggerations and fallacies. Let’s examine some of the common ones.
It is no secret that real estate agents, as a profession, have had a tough time of it over the last several years. The recent real estate bubble created a feast or famine situation and many agents have not survived the famine. Meanwhile, over the last 5 years, I have sold over 500 single family homes, condos, or lots to my clients…including closing on 30 deals last month alone. This volume places me in the top 5% of all Realtors in the country (in both transactions and commissions.) I am not telling you this in order to boast or brag about my sales (as I know other realtors who have done far more business than I have) but merely to propose that my success has not been due to luck but rather due to a particular mindset that has worked very well for me over the last several years.
The Realtor’s Success Mindset
This mindset has entailed thinking as an investor instead of as a Realtor. I have never really considered myself a Realtor, in fact, but rather an investor who helps other investors. It doesn’t hurt that I own 20 investment properties of my own and have a lot of experience in searching for and closing my own purchases. But this is not a prerequisite to thinking like an investor. In order to position yourself as an investor Realtor you don’t have to own a lot of properties yourself, but you do have to develop a reputation with your clients for being more interested in their bottom line than you are in your commission. I have been able to do this, and in so doing grow a large investor database by using the following strategies that I would like to share with you:
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