Posted by Dave R on December 12, 1999 at 02:05:46:
I agree with GL’s comments.
Also look for a broker who actually owns investment property.
Some newer brokers can be “trained”, as they have not been conditioned by the conventional method of thinking and are hungry to work with anybody.
Good Luck
Dave R
Finding A Good Realtor - Posted by Bob Richards
Posted by Bob Richards on December 11, 1999 at 17:44:44:
I’m banging my head against the wall trying to figure this one out: what do I look for in a realtor? I would like to use one (or more) for searching the MLS looking for fixer uppers. My question though is what kind of a broker/agent do I search for?
I’m really kinda perplexed here; All help is greatly appreciated.
Thanks,
Bob Richards
Re: Finding A Good Realtor - Posted by Adam
Posted by Adam on December 12, 1999 at 15:11:04:
Realtors - New Or Seasoned Realtors?
A new Realtor is usually very motivated, not structured, and
is receptive of money-making ideas. A new Realtor requires
a lot of hand holding and teaching in order to accomplish
the goal you set for them. On the other hand, a seasoned Realtor is usually
structured, understands how to retrieve information quickly, and does not
require much hand holding or teaching, but a seasoned Realtor may only
be interested in a very narrow-focus money-making strategy, one that does
not include working with Investors. A seasoned Realtor because, of their
past training, experiences, and current mindset may not be willing to break
the mold and work with Investors on new money-making strategies. There
are as many pros for working with a new Realtor versus a seasoned Realtor
as their are cons.
One strategy for finding a new Realtor is to call various brokers and ask for
the newest Realtors in house. You may be able to find a new Realtor by the
tactic of looking in the MLS book for Realtors with just one listing. Of course,
having only one listing does not exclude a seasoned Realtor. The same
tactic in reverse works to find a seasoned Realtor: you could look in the
MLS for Realtors with many listings. This would almost definitely indicate a
seasoned Realtor, since it is unlikely a new Realtor would have a large
number of listings.
When researching the MLS, look for Realtors that have REO listings, or
have an abundance of fixer-uppers. The key is to find a compatible Realtor
who sees the big picture (your view) and is willing to do some research for
you. One requires more training and handholding, but once trained, could
be an enormous asset on your business team. The other does not need
much training, but requires convincing that you are not going to waste their
time. Here is a list of some of the pros and cons for new Realtors and
seasoned Realtors:
New Realtors:
Pros:
Motivated
More willing to accept new ideas
More willing to learn and become involved in unorthodox techniques
Cons:
Little research training
Other non-helpful seasoned trainers may spoil the possibilities
More time to teach and explain
Seasoned Realtors:
Pros:
Little teaching and hand holding
Can research more quickly and efficiently
May already understand what you are trying to do
Cons:
Some only list and will not help you find
Past training and conditioning may prevent acceptance of any new
strategies presented
If you don’t convince them you are not wasting their time, they will go
away quickly
Re: Finding A Good Realtor - Posted by GL
Posted by GL on December 11, 1999 at 19:28:11:
The questions you are worrying about are irrelevant.
Don’t bother calling agents with such general questions. Don’t try to dicuss creative ideas and ESPECIALLY never mention “nothing down”. When you say “nothing down” they hear “no commission check”.
Look in the paper until you see something interesting. Call the listing agent and say “I am interested in the property you have at 123 Maple Street”. He will ask you a bunch of questions. Don’t ramble on. Tell him you are looking for investments of whatever kind you are interested in and make an appointment to see him. That is where you get a look at the MLS book.
Unless I have a real good agent I use the listing agent. I figure if he is collecting both sides of the commission he has an extra incentive to put the deal through and I can deal with him better if I don’t have to go through another person.
If I do find a good agent I use him exclusively for everything. I send him commission check after commission check until he blows up on me and I have to start looking again.
Don’t Hold Your Breath Until You Find One - Posted by GL
Posted by GL on December 11, 1999 at 19:11:12:
I finally found a real estate agent who does not actually stop me from making deals. She is not too sharp but she will go along with most of my ideas as long as they do not require any work or thought on her part. So far I have used her on 3 deals and she has collected 3 fast commission checks. The only problem is when I need her she is out of town about half the time. She takes 3 or 4 long expensive foreign vacation trips every year, 3 to 5 weeks at a time. She seems to make plenty of money. I guess I am not the only one she does not prevent from buying property.
The others are all like “You can’t do this” “You can’t do that” “You don’t want to buy that kind of property” “You want to buy this property” etc etc etc.
I am not joking or jesting. Anyone who has been investing in real estate for a few years can back me up.
Good Perspective, Thanks - Posted by Bob Richards
Posted by Bob Richards on December 13, 1999 at 07:04:52:
Adam,
Thank you for your helpful insights. I had kinda done a “pro & con” of experienced and inexperienced in my mind and came up with some of your points. To be honest, in light of my thinking and yours that is similar, I am inclined to seek out newer, inexperienced agents. While there might be a degree of “training” involved, I think it is the best way to go all in all, for both myself as the investor and the newbie agent…as long as I produce by closing deals!
Thanks again for your insights and happy holidays to you.
Bob