Did the Real Estate Agent Letter ( Matt Larson agent) Work for other agents

Jason,

I sent 7 letters via email (almost exactly like the book except I definitely didn’t say 100 properties….but narrowed it down a bit), and got one email response that they wanted to meet. I was ok with that ratio as I knew that letter IS SERIOUS, so I knew that whomever would respond, would hopefully be SERIOUS about their business, serious about working with investors, and serious about the workload of many offers and closing on properties every month. My thought was GREAT! This email/letter saved me time and let the screening begin! My stomach still knots up thinking about stepping out with a letter like that and the courage it took to meet with someone having declared those things out loud! Accountability for sure in such bold statements.

I actually still plan to send more “letters” this week and meet with at least 2 more agents if I can get a good response.

My experience is on this other DG post: http://www.deangraziosi.com/real-estate-forums/contracts-and-offers/2919...

While overall it was positive, in reflection, I feel that I “caved” on two points, that I would still like to iron out with this agent:

****Remember from the book ---Star, Matt’s agent ---she wrote a great “testimonial” letter about working with investors with this 25:1 strategy. In the letter, she states that when she works making offers on other properties represented by other agents, in a sense, she “relieves the blow” on the low offer a little by saying to the agent “Our intent of course is not to insult, but rather for the client that accepts, we can close quickly” ----I put this in my letter in addition to saying, “saving time and money for those selling which is paramount to very motivated sellers.” So when talking to this agent, I also used this same language to express this benefit for the other end. And when she asked “so closing quickly….CASH within 7 days kind of quickly?” ----this is where I caved and said “yes, 7-10 days” -----I mean, I am planning to have cash buyers that can indeed close that quickly -------but what about my great buyers on the list that can close within 30 days? I can’t promise for every buyer on my list that they will be able to close in 7-10 days, and if I’m looking to assign a contract to them, I don’t want them to be “off the list” merely because they can’t close with cash in 7-10 days. I want the ability to make these low offers with the knowledge that it may be more days. I plan to get all my buyers, if not cash or hard money, pre-qualified, so they will be ready to go….maybe if they are pre-qualified for a loan, this timing may be 15-20 days which may still be considered fast? If someone is pre-qualified, how fast can they close? I’m still learning!

****2nd point I need to go back to review with agent: This due diligence issue for each offer. Per my other DG post ----Matt makes 25 offers with no due diligence as to not waste time ----usually 1 of those offers accepts, and that is the one he and/or his agent spends time on with due diligence once accepted. So this agent I spoke with ---good rapport, is an investor, etc…but does not want to make an offer without due diligence. She likes a higher ratio of accepts, and although her system is automated for her offers, she prefers to do the due diligence first (on each property). So in other words the process:

• Placing 10 offers a week
• She would send me her MLS search that I specify, houses with selling price listed
• I would mark down exactly what I want to offer on each property….50-65% FMV…whatever (on 20 or so properties) and email it back to her
• She felt the verbal and/or email offers were not binding, and afraid if others are making offers, we would lose out to one that made a formal offer, and that her automated offer system was seamless enough to make the “real offer” happen without too much work.
• She would take my list of offers, do the due diligence on each of those properties (this is what she wants to do ---tax records, loan spread), and decide which ones we would offer based on what she finds….it may be exactly 10 offers, maybe 12 or 13 offers, or may be 7.
• This is where I am not sure b/c that is not sticking to the 25:1 principle of throw it at the wall with no work other than the offer, and watch 1 of the 25 stick.
• But my thought is ----as long as she has the bandwidth (she has 2 licensed agents as assistants) ----to get this due diligence done without burn out ----and be able to make on average 10 offers a week (AFTER doing her due diligence), so sometimes 12 offers, sometimes 8 offers, then it still may be a win-win. As long as we’re able to get 40 offers a month at minimum in, that is OK with me!! Maybe I’ll try it for a couple weeks with her and see where we are at…
I welcome any feedback on these two points, from anyone that has “been there” or has suggestions!!

I know my posts are long ----my apologies if I get too wordy!

Jason, best of luck to you with your letters/approach. Let us know what happens!
Louisa

Thanks for you input, I see it more cleary now

Gosh I love the 25:1 filtering system. It still works for Star and I today. I love being able to "create" deals at big discounts "at will".

I copy it excatly like in the book,posted it on Craigslist and got 3 responses and now I have a great realtor.
Thanks Matt Larson