Re: Best way to choose RE Agent - Posted by Chyna
Posted by Chyna on July 02, 2005 at 07:43:58:
I think agents, like most people, are motivated more by money than good intentions. Some people suggest promising the agent that you’ll refer listing to them if and when you find any but that’s probably a waste of time. If you actually DO refer listings to them, that’s a different story. The problem is that it’s hard to do that in the beginning.
I also agree that it would help to find a new, “hungry” agent. I’d talk with that agent outside his or her office, maybe having lunch if you can organize it. I’d have your criteria written down and give it to her becuase it’s a lot to remember. But most important I’d pay her for her help. You could pay her a certain (small) amount per lead, regardless of whether you actually are able to use it. More importantly, pay her a decent chunk for each lead that actually helps you get a property…a percentage or a flat fee, depending on the deal. If you can swing $500 to 1,000 I think that’s pretty motivating for most people (but in some markets that’s not a lot of money). Then the other stuff, like pulling comps, she’d do for free. Another way would be to put her on “retainer” where you pay her a few hundred a month for all her work but I don’t like doing this as much as the “per deal” way.
Just remember that if it’s an active listing, brokers and agents (other than the one you’re working with) must get paid by someone and if you’re able to get the property at a deeply discounted amount, that someone probably will be you.