I will assume that your Realtors are aware of your inexperience. My question is, how experienced are they? Dealing with an inexperienced Realtor is like one blind person leading the other.
What you want is a Realtor who is experienced and knows how to transact real estate business creatively. If you are positioned to move quickly in investment deals, i.e., your credit is workable, have a little bit of upfront money, etc., you should have no problem with an experienced Realtor. Otherwise, if you do have issues, it will be more difficult for a Realtor to assist you. You may want to complete your initial deals on your own because you will need to elicit “owner financing” and there are a myriad of ways in which you can accomplish that. Realtors are in the business to make money and if they see that their efforts will end up in futility, they will opt not to waste their time.
To get started, look for distressed properties, i.e., a preforeclosure. Approach the owner and offer to get them out of foreclosure by paying off their past due payments and any imposed reinstatement fee. In return, they need to deed the property over to you by means of a proper closing. Immediately, put the house on the market for sale or look for a company who will do a no seasoning refinance. Of course each transaction will vary, depending upon what the owner is looking for in terms of monetary compensation; however, most owners in distressed circumstances can only negotiate so much if they want to save their credit.
The above scenario is pretty much a “nutshell” one. An experienced Realtor can assist you, or you can do it yourself.
This website can be very beneficial in terms of offering you the benefit of others’ experiences. Read and learn and also keep your eyes on your goals and you will succeed.
Unless you are going to make an offer on a listing today, Ive had difficulty in getting agents to pull listings for me consistently. They kinda just fade away…Any suggestions?
I am a realtor. Try being straight forward with what it is you are trying to accomplish and speak from a relationship basis. Most Realtors look at investors as a constant source of business. If you take care of them, they will take care of you. Also, there are tools at your fingertips which allow you to do your own preliminary searching if you don’t want to “jump in bed” with a particular Realtor–but you really should not fear doing that if you are looking to purchase properties that are listed by Realtors. The commissions will be paid regardless and you might as well have representation. Try searching Realtor.com. You will find that the listings are almost as current as those listed in MLS because they are gleaned from those data bases.
Re: Realtors, How 2 get Them To Search MLS For You? - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on April 26, 2000 at 09:14:29:
Lew,
You need an agent who understands what you want to do. Obviously you do no have one. So educate the agent or get an agent who understands creative real estate. There is one other option, you can become an agent. Good luck…ED
I have found a couple of realtors that I am currently working with and am concerned that I will lose their acquaintance. They have been very nice and professional with my inquiries. Yet I have not been able to make any deals due to my inexperience.
Although I am a licensed realtor now, before I got my license I found that it was easier if I found real estate agents who specialize in investment properties to be more helpful.
Traditional real estate agents who only represent sellers are ones to aviod. Look for buyer broker agents or investment real estate agents.