I was hoping for some input on successful Realtor/Real Estate Agent and Investor relationships.
I recently met w/ a Realtor who is willing, and seems anxious, to work w/ me. Before meeting, we e-mailed back and forth multiple times. I was clear w/ my intentions, what I do, and what I would be asking from him.
Now that we have met and established that we would like to work together, what is the next step?
I figured that I would immediately request that he begin pulling properties and making low offers. However, I do not have a buyers list. So, when asked what the 1st step would be, I told him to hang on for a short while so I may establish a buyer/investor list.
Am I wrong for saying so? Should I be looking for properties while looking for buyers/investors? I know this is probably a matter of opinion to many, but I would like some advice (Preferably based on personnel experience).
Now that I have found a willing Realtor, who seems motivated to work w/ me, I am unsure as to how I should handle our relationship. What should be my next move?
What I am doing to establish my list of buyers/investors:
- I joined an REI club, but unfortunately could not attend this months meeting. Now, I will have to wait until next month.
- I have classified adds on Craigslist, Lycos and Backpage. However, I currently have no capital to put into marketing. Due to this, I am very limited in terms of advertising. (Side note: Any advice/information on free marketing is greatly appreciated!)
I am also wondering how you factor your Realtor/Agent into deals which they aren't directly related (IE: Properties which they aren't the listing agent, such as deals I find on my own)?
The Realtor makes offers on any listed property which I would like to pursue, I understand that. But, how does he get payed?
If he is not the listing agent, he does not get payed from the Seller, does he?
Is there a contract between the Realtor and myself, or, between the Realtor and Buyer(s)?
I thought that I had a good handle on how our relationship was going to work, I am now finding that I was mistaken. I am confused as to the details needed in order to establish a successful relationship.
I will be in contact w/ him on a very regular basis, but, he is out of town until Monday. I am hoping to develop a good basic 'game plan' for the future of relationship, over this weekend. In hopes of really getting the ball rolling, right away.
If anyone can offer advice or shine light on the subject for me, I will GREATLY appreciate it!!
Thank you for your time, anyone who reads this, and GOOD LUCK!