What makes an awesome realtor?

I know it is all about making $$$$, but I feel like I do all the leg work and then they just turn the key to open the door to show me the property. I am on several email lists to get me new listings but I feel like someone else is getting the great ones first. I end up going to see some properties and there are no seller disclosure sheets. What do you all do to find yourself that key person for your team? Or is it a matter of training them as to what you would like them to be doing? What do you expect from your realtor?

graciez,

Your question was somewhat confusing. Are you a realtor or are you working with one not doing their job?

it sounds like you are no one’s client. when i am working with a client, i diligently work to find the property that meets their needs. but i would never work like that for someone that is working with multiple agents. form a true relationship then let them do their job, otherwise you are a chance customer that no one is going to pour their time into.

An awesome investor…

What’s wrong with working with more than one realtor? If you are truly producing good investment properties the client will buy.

mtnwizard hit the nail on the head.Just last Wednesday I called a realtor 2000 miles away I never met and since then she ran comps,called another realtor to get a better idea of the market I was asking about as it was 45 min from where she lived,she actually drove 45 min to physically look at the house I was callling about and call me while she was there to answer my questions as I had her climb into the attic to check the roof and drive around the neighborhood to see what the sold comps look like.Remember I never met this woman or anyone she knows and I never even been to the town before.Im not bragging Im just trying to get you to keep the faith.I have done this and hav had great success many times in getting realtors to guinne pig around for me.How do I do it.One of the biggest things a realtor wants to hear is “Im an investor”,When a realtor answers the phone here is my exact line I use on them. "Hi my name is Dave who am I speaking with?..Im calling about 555 no lane ohio what can you tell me about it?After some dialogue about bedrooms and bathrooms and condition I say."The reason Im asking is Im an investor and That sounds exactly what Im looking for!I would like to make an all cash offer as is with no contingincies.Would there be a way for you to email me more pictures of the home.When they say yes and they are usually very exited at this point even though it means they have to go to the home to take the pictures.“I then tell them I would like to close as soon as the title work is ready”.Now they are already looking for their camera and keys.Then I say “could you supply me with some comps first”. At this point they dont know which end is up and have nothing but making a quick buck on their mind.Try it it really works.

Carolann,
Sorry if I wasn’t clear enough. I am an investor, just a little frustrated with the realtor I am working with.

Thanks campbellgroup for the ideas!

Any other thoughts? ???

Personally I agree with the other RE agent that answered your question. If you don’t have a rep’s agreement with an agent or even more if working in a wide enough geographical area, then no agent is going to exert effort to find you something when they don’t have a contract garaunteeing that they get paid for the effort.
A real estate agent (if they are any good at their job) is more than just a database of houses, they are a powerful tool. They are an advocate for you, a filtering device, a source of experience and knowledge about the area etc. A good real estate agent is a font of good and even indispensible information. However, what most people don’t realize when they refuse to sign a rep agreement, is that for a RE agent, their advice and effort is their stock in trade, just as it is for a lawyer, or a doctor. Unlike a doctor or a lawyer REA’s aren’t allowed to charge in advance for services rendered, they are paid on a % of the sale. If you are working with more than one agent, and have no rep’s agreement, in a small geographical area, then their chances of being the one to find you the house you are looking for is reduced, but again, they have no garauntee of getting paid. Legally speaking, if you look at a house with an agent, and have not signed the contract you can contact the seller directly, buy the house, get out of paying the agent that found you the house their commission, and there is nothing they can do about it.
Besides all of that, depending on the state you’re in (I’m in Texas) without the signed rep’s agreement, legally the agent represents the seller, not you. Unless I, as an agent, have a document proving agency with the buyer my loyalties, and my fiduciary responsibility is to help the seller.
So all of this has led to this question for you, Graciez, have you signed a contract with any of these agents? If not, then try doing so and you may get a completely different result. If you’re unsure of your agent then sign a short term contract. I know that I, (this is just me personally), will do almost anything to be sure that my clients get their needs met. But I can’t do that for a customer, I can’t negotiate a better price for you, or really anything else. Call the real estate commission in your state and ask them what your agents responsibilities are and to whom they owe their loyalty.

Redtigress has hit the nail on the head!

If you’re working with more than one agent and the agents know it (or find out about it), then you’ll be getting less than nothing from them!

And that is the answer to your question as well Rich. That IS the problem with working with more than one agent. There has to be some give and take in a relationship with an agent, but it seems that investors tend to (especially new investors) think only of what can they take from the agent. My personal favorite is “I’m going to be buying X number of properties this year and I expect a discount on commission.” I love that! Why? Because I tell the agent, “I plan on buying X number of properties this year, and I’ll pay you a bonus if you find what I’m looking for.” Which one do you think that they’ll work harder for?

Campbellgroup, either you’re getting the new agent on floor duty, a real dummy, or you’re leaving something out. The first thing an agent ought to do when told what you said, and especially if they don’t know you from Adam, is “that sounds great! Send me a proof of funds letter over for the amount that you’ll be looking in, and I’ll get right on that.”

As Redtigress said, an agent is not paid until the deal closes. A smart agent will make sure that they have the highest chance of a deal closing BEFORE they put too much effort into the deal.

Raj

Someone in this forum said agents love to hear that you’re an investor. This is not true. Many have been burned by bad investors who work with many agents and have no loyalty. I hear agents say investors take all of your time, want you to send in lowball offers, then try to take your commission at the end. They say they’re cheap, want cheap properties, and aren’t trustworthy.

Not all agents love investors and even fewer specialize in investment properties. I happen to have a passion for investing, so enjoy the number crunching. I will not, however, run out to properties for some investor I barely know. I already have dedicated clients and don’t have to break my neck for ones who are not loyal or who I don’t know.

If you treat the agent as a partner and tell them exactly what you require, you can have a good, profitable relationship. If you think the agent doesn’t know how to spot a good deal or can help you narrow your criteria, then choose another one. Most investors work with 1-3 agents, but go with the one who finds the deal. If you’re dealing with an investor’s agent, they understand that you are working with other agents, but they also need assurances that if they find you a deal, you will work hard to pay for their commission. This means not going to another agent for the close.

However, what most people don’t realize when they refuse to sign a rep agreement, is that for a RE agent, their advice and effort is their stock in trade, just as it is for a lawyer, or a doctor.
Besides all of that, depending on the state you’re in (I’m in Texas) without the signed rep’s agreement, legally the agent represents the seller, not you. Unless I, as an agent, have a document proving agency with the buyer my loyalties, and my fiduciary responsibility is to help the seller.
So all of this has led to this question for you, Graciez, have you signed a contract with any of these agents? If not, then try doing so and you may get a completely different result. If you’re unsure of your agent then sign a short term contract. I know that I, (this is just me personally), will do almost anything to be sure that my clients get their needs met. But I can’t do that for a customer, I can’t negotiate a better price for you, or really anything else. Call the real estate commission in your state and ask them what your agents responsibilities are and to whom they owe their loyalty.

Thanks for the info I have not heard of signing an agreement with a rep. I am working with a buyers broker, because I want someone to be working for me not the seller and wasn’t aware of some of the above info. Appreciate it.

Happy I could help. Good luck in your future endeavors.

Thanks for the info I have not heard of signing an agreement with a rep. I am working with a buyers broker, because I want someone to be working for me not the seller and wasn’t aware of some of the above info. Appreciate it.

in the state of Texas “Information on brokerage” is a duty all agents have to anyone inquiring on a particular property. so apparently the agents you have been working with are remiss in their duties of explaining this to you. If you are working with a buyer’s agent they should explain up front they are representing you, but many Broker’s require their agents get in writing this confirmation of relationship.

Please excuse my newness… What does the comps mean? And, why are they important? Thanks.

Comps are Comparables. It’s comparing the house in question to the houses in its immediate area. It’s similar in concept to an appraisal only instead of telling you a house’s worth it tells you what a house is likely to sell for.

Wendy, I don’t think Graciez is in TX, I think she’s in the NE somewhere. Also remember that TX has, at least as far as I can tell, the STRICTEST real estate code any where in the country.

Gracie is in Iowa…

Keith

raj, This is not a game of dummies.I left nothing out .the unsaid part of my scenerio is the common sence.You have to follow through with what you are saying.The scenerio I stated is 100% what happened .Maybe I should have updated you since that post .The next day I asked the agent for her license # and wired her the escrow and a signed contract I filled out.She then submitted the contract and walaaaaa we got the property.Just waiting on the nuts and bolts the come togather now.I still have never met this woman or have even been to the town .However that will change on monday as we are flying out to see the house we bought and meet with the agent.If you use the Lines I stated in my previous post and obviously FOLLOW THROUGH you will have an agent eating out of your hands.I have worked with dozens of agents over the past 5 years and I have let some go during contract because they were putts’s .Its the simple rules of life .Do what you say and say what your gonna do AND DO IT .what comes around goes around.Screw your agent and your gonna get screwed. P.S DEin Austin .My agent has been an agent for 30 years,maybe you dont need to go out of your way for a client but obviously others feel personel attention to EVERY potential client is important.Let me ask you .Are you friends with every one of your clients?Then what difference does it make if they are sitting in front of you or calling you from 2000 miles away.Sounds like you pick and choose your clients.

Great point, Roger. An investor who I know had bought several properties here when he was working as an agent in Raleigh, NC, about 120 miles away. I was amazed to learn that he had not acted as a referral agent on these deals. He could have referred himself and earned a few thousand dollars commission on each deal.

His reasoning was that doing so would discourage his agent from alerting him to the best deals. Why would she give him a heads up when she would make more money selling to someone else?

In the last year I have seen him make hundreds of thousands of dollars on the sale of three properties. I don’t think he misses the few thousand commission dollars which he passed up.

Sometimes when we think we are making money, we are losing money. And sometimes giving up some money will make much more.

Thanks for your input, sounds like you get different perspectives if you are an investor only vs. realtor/investor. Graciez

Raj and Steve you guys couldn’t be more right. Just because you save a few pennies today doesn’t mean it’ll be a few dollars tomorrow…