Wholesaler & Broker Relationships

Bird Dogs, Wholesaling
1

This is a copy and paste of a post on another forum, still looking for help. Please ask any questions, as I may have not stated something clearly. Barely thinking straight today…haha.

I am still working on getting started. I started gathering my thoughts about anyone I know that could help me. I remembered working with a lady some time back at a bank. She used to have an RE license, but never practiced. Since then, she has left the bank. I emailed her just asking if she had access to the MLS, etc. She stated that she no longer had access personally, but that on the weekends, she works for a friend of hers that is a mortgage broker. She has access to the MLS through her.

We exchanged emails a little and I quickly realized that I could possibly have a very valuable resource. Because I don’t know a lot about real estate as an “industry”, I am not completely aware of how this could benefit me.

So, my question is two fold…what kind of help can I get from a mortgage broker. How can a wholesaler utilize this resource.

Secondly, how do I compensate? I mean, what’s acceptable? I will have to generate some cash first (she’s offering to help me for free, but wouldn’t dream of that) in order to pay her anything…so, what can I do in good faith? I mean, she and I worked together for a few years. We know each other well, so that’s not a real issue (the trust factor). I just want to make sure I maximize the relationship and that I compensate her well.

Thoughts?

2

if you’re trying to get info on property values and the ones for sale, your best bet is to team up with a realtor, as they have access to the Multiple Listing System (MLS) which list about 90% of all properties for sale and that have sold in your market. This info allows you to be able to make smart decisions before you buy and or sell

As for working with a mortgage broker, the benefit there is knowledge of how the financing process works so that you can buy and sell intelligently.

In both cases you’ll need to keep getting to know and maintain relationships with new ones, as many drop out of the biz every day.

As for compensation, allow them to process your deals and send them leads

3

Thanks Hassan!

This broker does have MLS access, for whatever reason. So, my friend is doing some searches on expired listings right now. Just wanting to make sure I am not leaving anything on the table…as far as them being able to provide any other benefits to a wholesaler.

4

just make sure that you include a couple more realtors and brokers on your team and you’ll do fine. Eventually you’ll be able to get access to MLS thru one of them; just make sure not to abuse the priveledge