e of the key people on your team is a good Realtor. Realtors can get you information on the market trends; get you access to the MLS; introduce you to important players in your markets and bring you deals before they are listed to the public (pocket deals). The problem is finding a Realtor that understands that investors are not the enemy let alone one that wants to work with investors.
Before you approach a bunch of Realtors, ask yourself what do Realtors need? Realtors make money when they list houses that sell and when then they bringbuyers to the table. In other words, they only make money when something is sold. They don’t make money when an investor finds a seller or when an investor finds a buyer. Clearly there is no money made by giving information about the market to investors. Realtors also need word of mouth advertising.Let’s look at ways you can help meet those needs. Do they have any houses they just cannot seem to sell? Do they have any “ugly houses” that aren’t moving? Can you introduce them to others and help them grow their network? Surely there is something you need to bring to the table before asking them to help you.
First, ask any local investors if they recommend a Realtor. If you hear the same name a couple of times, you will want to contact them. The MLS or local real estate company website (local to the area you are looking to invest) has all the homes listed and their listing agent. Often you will see Realtors listing similar type homes. Note the Realtors that list the types of properties you are interested in. Often you will see a few Realtors with a lot of listings. You can also ask your banker, insurance agent or other local contact for recommendations.
houses for sale near me
Real Estate Listings
Real Estate Agent Near Me
Real Estate Agent
Finding a realtor
Realtor near me
Now pick up the phone and start dialing. Keep a note pad and pen handy as you will want to take notes. Introduce yourself as an investor that is working with a network of investors to purchase whatever type of property you’re looking for. Or if you see a property they have listed that might be of interest, ask them about the property located at 123 XYZ St. Let them know you have no interest in wasting their time or yours. Let them know the type of property you invest in and your purchasing criteria. Ask them if they currently have a property listed that might meet your criteria. Also let them know that dual representation is not a problem with you and is actually preferred. This gives the Realtor both sides of the transaction and double the commission. Additionally, let them know that you have no intention of asking for a reduced commission as his/her hard work should be rewarded.
Be brief on the phone, no more than 3 – 5 minutes. The Realtor that doesn’t know anything about his/her own listing should be crossed off the list. The Realtor that indicates they don’t know of anything matching your criteria, should be crossed of the list. Good possible contacts are ones that takes down your name and contact information. They should have a listing or know of a listing that might meet your criteria. They may not know of a property right now, but want to follow up with you. Watch how long, if ever, these contacts follow up with you. The good ones will have a list to you within 24 hours or less and they will follow up with you.
If you really want to become well known with the Realtors (and you do), then send a hand written post card thanking them for their time. Include your contact information and your desired property criteria. One hour of research online, one hour of phone calls, and one hour writing post cards and you should have a list of 2 – 3 solid Realtor contacts that will work with you.