LOOKING FOR A REAL ESTATE AGENT

Its no defferent from hireing some one to work in your office.You are the boss and if they dont live up to your expectations then replace them with someone that dose.
Bill

When you meet with an Agent, show them your plan and explain to them how you are going to make it work with their help. The Agent is going to determine, through this interview, if they want to work with YOU. Show confidence and knowlege in what you are doing. If the Agent does not think you are able to pull off your plan and complete deals, they will probably walk away. The Agent is looking for a business partner, not a "boss". If you present yourself as the "boss", good Agents will probably not be interested. You do want an Agent that is willing to work with your plan and do the work that is necessary to pull it off. If the Agent is not willing to do this, then you need to move on. You're the salesman here. You need to sell your plan.

Good luck, Al

If you have a agent that is working for you they will listen to your wants but if they are not working for you then you need to move on. Maybe what I said about being the boss was a poor analigy but do you realy want to work with some one that is down playing what you are trying to acomplish.I cant tell you how many agents have told me that I canot buy property on a LO. Do you think I am going to give this person my buisness.
Bill

Hi DG Family,

I've been reading "How to Profit from Real Estate Right Now", and WoW - what an incredible book! Clearly, Dean is out to help anyone looking to get into real estate.
Definately one of the best books I've purchased in my life, and certainly (as Dean puts it himself) the best investment you can make!

Okay so I too am looking for a real estate agent. During this process I've come across some resistance. My question is posted below, but first here's my dilema.
I met with three real estate agents and explained my strategy to purchase some houses at 50% below fair market value (FMV). This is the strategy I explain quite simply to the agent:

1. I ask the agent to gather a list of properties that have been on market for 90-days or more within a target area. I'm looking for highly-motivated sellers, so filter this data according to that criteria. Send this list to me.
2. I will determine which of these properties meet my appetite for purchase from this list.
3. I ask the agent to determine whether the seller is willing to accept offers below the asking price. If yes, then do step four (below).
4. Place an offer at 50% below FMV with contingency that I take a look at the place. (this is where resistance comes).

Here are the responses I got back from three agents:
Agent 1: "I will not put in offers below 70% FMV. Houses around here are not selling below 70% asking price."

Agent 2: "I am willing to put low-ball offers out there, but not with a purchase contingency to 'look at the place'".

Agent 3: "I have not seen or heard of offers being accepted at 50% below asking price. It would be wasteful and insulting to attempt doing so."

I would love to get feedback from folks who have interviewed RE Agents. I could really use some encouragement on this.

Am I off-base with my requests to these agents? Am I doing something wrong, unethical?

I personally feal they should present any offer that is made on a property If they dont they are cherry pickin,and are not hungry enough.I personaly would interview more realitors tell I find the one who wants to partner up and work for you.
Bill

Any updates on your agent search? Looks like you’ve been busy which is great!

I just found this post, but had posted my real estate agent interview experience, etc…on this DG post under Contracts/Offers: http://www.deangraziosi.com/real-estate-forums/contracts-and-offers/2919...

Anyway, per the above, Agent #2 sounds like a perfect match, actually. Did you have a good rapport with this agent? I mean, someone that is willing to make low ball offers contingent upon walk through if accepted….AWESOME! What else do you need? (At least that is what I’m thinking…but anyone, feel free to post to the contrary, I’m still learning too!)

If I remember correctly, Matt Larson mentioned somewhere (I can’t remember if it is the book or on this site), that the only properties he sees out of the 25 offers, are the ones that accept, and I thought for sure, his offers were made contingent upon walk thru ----and he saved time, by placing all these offers, and only visiting the ones that accepted….at a ratio of 25:1 of course. Now maybe you felt this agent didn’t want to work with you or you got a bad vibe from them. If that is the case, then keep on searching, but if overall, you had a good gut feeling about this person, but were just unsure with the end result of making offers contingent upon walk thru….then I would say call them back and get started with them and see how it goes! Let us know where you are now with it all!

Anyone else have thoughts on this Agent #2 ??

Another post from me on more of my agent experience and where I am now:
http://www.deangraziosi.com/real-estate-forums/profit-real-estate-right-...

Keep us posted Cazcade!
Louisa

well,,,being a real estate broker u have to think on the part of the agent...
it is the agents reponsibility to get the best deal for both the sellers and buyers....depending on the property to be sold....it can be an insult to offer a price below 50%...depeneding on the property and where it is located....'
most agents will call the listing agent and try to get a idea of what the other offers are...if they say all offers are above listing price..then offering a price below listing price is a waste of time...agents do not get paid for writting up offers...a lot of agents wont give you a clue of the other offers but the good ones will give u and idea....they dont want to waste fax paper.....
if offers are below listing price then its okay to offer below...
jumping to automatically offering 50% less can cause you to get no response, get a counter, or getting it for that price.....but it all depends on where the property is and the condition....be patient with agents....its their duties to get the best for the buyer and seller.....

This is just my opinion and for my area, Southern California. Going for 50% FMV with a 25:1 strategy does not work for my area. Depending on where you live is going to depend on whether you can get away with the 25:1 and 50% FMV. Banks are already putting them on the MLS at or below 50% FMV. This creates a frenzy and the house ends up selling at a much higher % rate. My recommendation is that you stay away from buyer representatives. You need to go direct to the listing agents. They are the ones who are getting the deals for their ALL CASH investors. Follow up is very important. I know some investors that are staying away from these low offerings and going at the over priced homes. They're submitting at 50-60% of FMV, but they're having to follow up every 3 to 4 weeks, resubmitting their offers and then getting them accepted at the 3rd or 4th month. You really need to play with the system and tweak it to fit your area. For my area, you just keep submitting until you get an offer accepted. Sometimes it's 25:1, sometimes less or more. Hope this helps.

KimmyJ
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