Establishing Realtor Rapport

[Webb Sledge]

I'm meeting with a Realtor in the near future who is focused very much on foreclosures in a market I'm looking to break into. He's an amiable guy, as far as I can tell through emails, and I'd like to establish a relationship with him. I'm new at REI, and having never done this, the question is: what can I as a real estate investor bring to the table that would benefit him?

[Dick Green]

You may need to meet with several before you find one that will work well with you. Simply be upfront and let him know that you're trying to get the biggest bang for the buck.

Items that you'll need to bring to the table:

1. Know what you're looking for.... you need to know what type property, and margins that you're wanting to hit.

2. What's your overall plan? Flip or Hold. Will you need help managing?

3. Are you using cash money or financing

4. You will need to supply time to schedule viewings....use it wisely. Don't get hipnotized and look at stuff that does'nt somehow relate to your equation.

5. You will need some knowledge of the market area. Granted it may only be based on generalities to begin with such as noticeable growth, stability, or depreciation but take this basic info and ask him if he can provide data which supports your market assumptions.

If not, ask him if he has data to support some of his assumptions.

You will need to gain some basic knowledge about his MLS software so that you can easily talk his lingo when asking for reports. Find time to sit and watch him run the different market reports instead of just having them emailed to you. This will acquaint you with various filters available and also enable you to request customized reports i.e. properties located within yaddy, yaddy, ya...on the market more than 140 days, with agent comments pre-foreclosure,pre-fore,shortsale,short-sale,reduced price ect....

6. Assure him that you're a quick learning who will possibly bring him/her more future business.

There's somethings that you must insist from him/her as well.

1. Communication is vital - I hate chasing people down. I just go on to the next. And as a client I need to know that I'm important. If I have to always chase someone who's representing me, I tend to not feel important.

2. Integrity and honesty- anything less stinks to the high heavens. I'm a firm believer of anyone who works for me making a profit...a laborer is worth his hire and don't mussle the ox that treads the corn but, don't let me discover at the closing table that you're making some unbelievable bonus.

3. Competency....we both can't be on the beginner learning curve. One does not need to be a seasoned pro to be competent. Sadly though, starting out....It's hard to know what you don't know. Continue to ask questions and seek advice in BiggerPockets along with any other trustworthy real estate support group.

4. He needs experience in dealing with investors. Investors have a different buying mindset than regular homebuyers and many times need an investor thinking representative.

Homebuyers generally are looking for something nice to live in. On the other hand....to achieve your objective, you want an agent who's goal is to maximize your profits and/or generate income.


Note: I would avoid the fast talking salesperson....I hate feeling like a bag of groceries.
Before I go down that road....I would find someone new right out of real estate school and we learn together.

Didn't mean to ramble so much...
Good Luck!