Posted by ScottE on April 19, 1999 at 12:12:35:
Walt,
Glad you found this site, you are in the right place.
Try not to get into(if you aren’t already) the ‘paralysis of analysis’. If you’ve been studying for a year about REI, read everything that is on this site -articles, etc.- then get after it!
Funny thing about them “stones”, they shrink if you don’t use 'em!
Go get 'em!
Scott
Brokers - Posted by Walter
Posted by Walter on April 19, 1999 at 11:48:36:
Hello all,
I just wanted to thank you for the oportunity to participate in this news group!I have been studying creative real estate for a little over a year now and still havent found the stones to actually buy something.I have alot of material on the subject and I’m always reading more.I think it’s great that there is a place where I can talk real estate and not have people roll their eyes and change the subject.(not alot of support here,if you know what I mean)My first question is,How do you choose a broker to work with?And are you locked into working with that one or do you just work with whoever lists the property?That and more to come,I’m sure.
Thank you for your opinion and I look forward to hearing from you!
–Walt
Re: Brokers - Posted by mike
Posted by mike on April 20, 1999 at 19:21:29:
think outside the box. act outside the box. forget realtors, they are too big an obstacle. do some thinking on your own. farm the courthouse. run your own ad. put an ad on a billboard, on cable tv, in a flyer. let the deal come to you. go find some money, you’ll need it sooner or later. build a team. put a realtor on it when you find a good one. think creative…
Re: Brokers - Posted by Carmen
Posted by Carmen on April 20, 1999 at 07:21:15:
Funny thing about real estate - it doesn’t hurt!
I “thought” about doing real estate for 2-3 years but was always too “busy” and I always wanted to “know more” (I’m an info junkie)- finally, my husband had the “stones” to quit his job and just jump in full time. Now, it was sink or swim - and although it took us about 5 weeks, we have 2 closings in the next 2 weeks, which will net us about $15K and a positive income of $270/month. Don’t know anywhere else that will pay me that for a few hours work. I’m still employed, until we do a few more and pay off all our “doodad” bills (by end of year, we expect), then I’ll be in with the sharks.
Oh, your question was about brokers! Read the articles on this site re:dealing with realtors. Realtors are the same as Agents. Agents work for Brokers. Agents find homes to list, but Brokers “own” the listing. A typical “commission split” is this: about 6% of sale price (from seller); split between the Listing Broker and the Selling Broker (3% each). Each Broker then splits it with the Agent and keeps the rest (Total about 1.5% for each agent)
If you go directly to a listing agent, they are happier to see you - they get to keep more of the commission (3%).
I am a realtor, but never claim my commission - I found that when I tried, I had far less offers presented and accepted. I have access to the MLS, so I go straight to the listing agent. They are the ones with their names on the signs in front of the house and on the ads.
Having said that, if you find a good agent to work with (and usually, you will need to find an agent - brokers are “the boss” so they don’t usually do the real work), they can find you many leads, and deserve their part of the commission if they will push for you. The only way to find a “good agent” is to call many - tell them exactly what you do, and if they are positive, give them your criteria (be specific) and see what they come up with.
Re: Brokers - Posted by Zeus
Posted by Zeus on April 20, 1999 at 01:30:14:
Remember that a listing agent works for the seller. A buyer’s agent works for you. They are all just middle-men(middle-people) trying to get a piece of the pie. Exclusive listings- you deal with the listing agent or your buying agent will if you go that way and find one that will help you do creative offers. MLS(multiple listing service)- You can go to any agent you want and they will split the comission with the listing agent if the sale goes thru.
More importantly listen to the “Wise Ones” on this board and get your butt in gear! Go to the “How To” section and read “Learn How To Generate Cash First” by Scott Britton as well as every other article there. You know what you are looking for so find them. It doesn,t cost one penny to look at property and only a deposit check of $100 or less to make an offer on something for about 50% of its value. If they say no, you got your feet wet and it will get easier and better every time after that.If they say yes, WOW! It can happen!
Think of it as a new part-time job. Everyone is a clutz when they first start, but man does it get easier with a little practice, and it’s a whole lot of fun. A game really. What else are you going to do?Good Luck and never say die!
P.S. I am not a “Wise One” I’m a beginner like you. Have made one deal(netted $40 thousand in equity) But have no problem talking to realtors. They want your business. You are in control. You are making the offer that will put money in their pocket and man do they want it!