question about working with a realtor

I would like to use a realtor to make offers on “fixer” houses. Once I find a realtor that is willing to work with me should I drive by the house first then make an appointment with the realtor? I want to respect their time with the hopes of doing multiple deals together. I have also read that Steve Cook fishes for deals, which involves making offers on houses that he hasn’t even been in by assuming everything is wrong to test the motivation of the seller.

The good news is that you already have the right mindset. You want to make sure you work with an agent who will be a true partner. Here are the steps:

  1. Talk with the agent to discuss your strategy and qualifications of the properties you want to buy.
  2. Both of you should network in local investor circles and market the fact that you can provide home owner solutions.
  3. When an opportunity comes up, evaluate the deal to see if the numbers work. If they don’t, no need to see it.
  4. One or both of you will need to drive to see it and you need to meet the owner to get a contract. Without a contract, you don’t control the deal.

The value the agent will provide is being on top of market conditions, accurately telling you what how to maximize value and knowing how much the home will sell for. They may be able to list it after or help you flip the contract.

I was thinking of using a realtor for strictly MLS properties, but it sound like you are suggesting that I also use one for non listed properties. Do I have this correct?
My thought was to shoot out a lot of offers on MLS properties that are priced below market because of known repairs that have to be done to it.
I like the idea of having the assistance of a realtor for non listed properties. How dd you arrange their parment in this case?

I always suggest to my students to Find one good agent to make your offers through, One realtor that becomes your “Go to” realtor. I also tell them not to sign a buyers agency contract with them unless it is set up on a per address basis.

I would tell your “go to” realtor that you will buy anything that they call you about, or anything that you see on your own through them. But, if another agent calls you with a property that they have somehow missed then you will buy from that agent. This provides motivation for you 'go to" realtor and provides you with leads that you may not have gotten had you decided to work with one agent.

I am an agent myself, and that is the program that I use with all of my investors, when I am not buying

I have another question about working with a realtor. Do you have them run comps on every property that you plan to put an offer on?

Ok, here’s a correction to what you’re saying. First, most properties on MLS won’t be listed below market. If they are, they’d be sold. You don’t want to waste time “shooting” a bunch of offers that won’t be accepted.

  1. The agent will peform comps so you can evaluate the properties before making offers. If they’re an investor’s agent, this isn’t a problem because they will either charge a flat fee or hourly fee OR do it for free as part of your strong partnership.

  2. On unlisted properties, you’d pay your agent’s buyer representation fee. They may give a discount if you both buy and list with them, but it depends on their setup. In our case, we have more expenses with having a full team, so can’t afford to discount too much.