Realtors.... Worthless or Priceless?

[PEERless]

win-win situations

Effective Habit #4! Always a good thing! How nice it must be to surround yourself with this kind of thinking!

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[AroundTheWorld]

Effective Habit #4! Always a good thing! How nice it must be to surround yourself with this kind of thinking!

To expand on this.... as it is something I have seen only when with this group.

People are HONEST about their situations.... there is no hiding the cards.... no trying to best the other guy that you so often see in real estate.

People really just lay it all on the line. When looking at a property, the most common questions are:

What does the owner desire? - - What is the goal?
What are the special skills of the owner?
What is the problem? - - - because there always is one - otherwise they wouldn't want to sell. Maybe it is boredom, maybe it is negative cashflow (called an alligator), maybe it is no longer being comfortable with the geographic area...

But it is discussed openly. How can you come up with a win-win unless you understand these things about each of the players? Under "ordinary" situations, it can be tough to show your cards, so to speak. But this is a very trusting situation - - people understand that they CAN be open about the situation because they know that the other people in the room will not use the info as a bargaining tool. Rather, they will use it to create a win-win.

Very cool.

 

[Bilgefisher]

ATW,

Do you have any recommendations on finding a good exchanger and what criteria do you look for in an exchanger. I am not at this point, but I am looking for future reference.

 

[MJ DeMarco]

They are creative as all get out. They really know how to look at the desired result (more then simply 'sell the house') and connect the steps to get there. Exchangors use something called "formulas." Formulas are basic methods that can be applied to a generic situation. Here is an excellent resource for some formulas.

Perhaps the formulas link should have a thread all on its own. Some quite valuable strategies listed therein! Might not get the exposure buried in the middle of the thread....

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[AroundTheWorld]

ATW,

Do you have any recommendations on finding a good exchanger and what criteria do you look for in an exchanger. I am not at this point, but I am looking for future reference.

This is what I look for:

In addition to the criteria I listed at the top of this thread for a realtor, I look for the following in an exchangor.

Someone that is not only a member, but an ACTIVE member of both a local / regional group and a national group. You want the connections. I begin my search with a member list of a national group.

Someone that does not take on too many clients. I don't want to get lost in the shuffle. A good exchangor will be pretty straight forward about this, and some exchangors will even say "no" to you - because their plate is full.

You will know you've got a good start if the first thing they want to do is counsel with you..... get together with you and find out your current situation and your goals.


Now, on to the idea that you are not ready for one yet. You don't need to be at a super-duper mega level to have an exchangor. If you are or want to be a REI - you are ready for an exchangor. You will probably get an exchangor that is just starting out - only a year or two in the business - and not one of the established old timers that already has a full client base. HOWEVER, that is okay. Look for someone that has a good broker - that IS the old hat at exchanging. Usually, the exchangor will grow with the clients. If not, you can always find a new one if you do outgrow your exchangor.

Does that help?

 

[hakrjak]

I have to say that my #1 qualification for a realtor in this slow and sometimes stagnant market, where credit issues abound is:

THE ABILITY TO GET DEALS DONE & CLOSED

There are so many realtors that will take a crack at making a deal happen, and then they walk away. Example:

Recently there was a house for sale where I have a bunch of rentals. I knew one of my renters wanted to buy a house on that street, so after watching a friend list their flip for 90 days with no success, I put my renter directly in contact with their realtor.

Their realtor tried 2 lenders, and very uncreative finance -- and let the deal slip through her fingers, since she could not get it closed.

I decided to let my realtor have a try, and of course -- I'm going to sell her the rental she's living in now, as a flip... So far, he's gone above and beyond anything the original realtor tried, and we have virtually guarenteed her a sub-prime loan (Gee I thought those were all gone???! LOL) -- and magically figured out a way to get her 10% down payment into the deal, even though she doesn't have a dime to her name.

Because of this, I don't have to list... will have no closing costs... and he's not even charging me commissions on this deal... We're adding that onto the purchase price, and kicking it out on the back end.

A good realtor is worth his weight in gold!

- Hakrjak

 

[AroundTheWorld]

Perhaps the formulas link should have a thread all on its own. Some quite valuable strategies listed therein! Might not get the exposure buried in the middle of the thread....

Good idea MJ..

For a discussion on Formula driven real estate - Here is the Thread!

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[rugreedy]

I have owned a mortgage company for 14 years and I decided to get my real estate license three years ago.It was the best choice I ever made. I was tired of sending my mortgage clients to Realtors who always seemed to screw up the deal.

The last Realtor I sent a client to kept calling me everyday, and asked "when is it closing". He kept this up every day until the deal funded at the end of the month. He also took my client to another lender ( who was his buddy) and tried to squash me out of the deal. Fortunately, I had done lots of business with my clients in the past, and they were loyal to me, and I closed the loan for them.

I called the Realtor and asked him why he sent my clients to another lender. He said his friend was hurting for business, and thought he would help him out. I asked him if he owned a home, and he said no. I also asked him if he had ever heard the phrase " Don't bite the hand that feeds you" He understood my point. I went and got my RE license 27 days later.

I don't hate him. If it wasn't for him, I wouldn't be the person I am today.

Real estate agents are a dime a dozen. I think they should pass a law requiring all RE agents to own their own home, and have at least personally bought at least 3 homes themselves.

A good Realtor is an asset, a bad Realtor can cause major havoc on a deal.

Some are worthless, but some are priceless, Just like any other profession.

 

[sgal]

I am a Realtor this is my first time on fast lane I learned long ago it doesn't matter how I feel about a property what matters is that I represent my clients wishes provided nothing illegal is involved. Naturally I would give my professional opinion and most importantly I want to know what is motivating my clients interest in any particular property, I ask many questions and listen to the answers. Yes, all offers must be presented, one never knows how motivated a seller is from one day to the next, it's also a requirement to keep my license. To find a great Realtor who will work hard for you ask someone you respect and know well for a referral, get a minimum of 3 agents to interview and keep interviewing until you find a good fit.
The general public doesn't know the real deal on an agents commission. First of all anywhere from 10% to 50% is split with the broker. There are listing fee's that must be paid to the MLS service - a % of the closed price, Realtors are independent contractors so taxes must be paid, car insurance is higher when transporting clients around, health insurance premiums are unbelievable, desk fee's apply to some brokerages, signs, business cards, dues for memberships and lots of other expenses. A Realtor has many expenses encoured with each transaction and not all clients go to closing so you have this risk as well. I am thrilled to know that many agents are getting out of the business due to the sluggish market, this is a blessing for all of us. For the moment I plan to observe your responses and learn more about being a buyers agent. I also purchased a great domain name for a rental business I am working on getting up and running. Feed back is welcome, thanks.

 

[PurEnergy]

Most Realtors don't know a deed from a deed of trust. That about says it all.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.