What value does a Realtor need? / What would help them the most?

Question

So, basically, I am about to meet all of the Realtors in my area in the coming weeks. Im going to put my feet in every one of the properties that meet my criteria and are in my area. This is something simple that I can and will do. But then, I start thinking; how much progress can I actually make from doing this? How cool would it be to have an army of realtors on my side (idk for what purpose, but still.) So since I am meeting with so many realtors what is the best value I can give them? It can be simple or creative. I know its a little vague, but what do Realtors need? My one idea so far would be offering free aerial (drone) footage of their properties if they need it. (Its illegal to charge for it anyway) ((For now)) Just something I can offer in addition to saying "Hey if you need me to take pictures of a house, or drop off a whatever, Give me a job" etc.Thanks in advance BP for all of your wisdom.

Russell Brazil · Answer

Thanks for the tag Steve. The more you can narrow down what you want in the property the easier it will be for a realtor to help you locate it. If you are looking to flip, then knowing what kind of spread you are looking for is important as well.Now if you have never done a deal before....you are not going to be able to mobilize multiple agents. You are going to need to work with one exclusively. An agent is going to put a ton of work into walking you through the process, educating you to have you close a deal with someone else. Now if you have closed 20 deals or something, then you can utilize multiple agents because the working relationship is different. Then it is an agent bringing you a property asking if you want it, and if you dont then they move down their list to the next rehabber. I work with a number of rehabbers, and they work with a bunch of agents. Also what is important to note is in my market at least is if an agent brings a person a deal...then that same agent gets the listing on the back end. This even applies if the agent is a rehabber themselves. Ive seen people put out of business for violating that unwritten rule.The other important thing an agent needs from you is to see that you have the ability to close a deal. If you want to rehab, you need money, because no HML is doing 100% on a property. If you are looking to buy and hold they have to see you got the credit and money to buy. They also have to get the sense from you that you will close. I size people up pretty quickly to decide if I think they can close or not. If I dont think they can, I dont take them on as a client. Im sure I miss out on a few transactions, but I save myself a lot of time by weeding out a lot of people who will waste my time.

Dan Krupa · Answer

@Michael Johnson , seems to me like you are wasting a bunch of people's time to learn your area. A better solution, and what I did, was become an agent myself. You get the MLS, you get the ekey, you get access whenever, you write your own offers, and you recoup a portion of the commission every time you buy or sell. Plus, you learn the game and aren't wasting a lot of peoples time who could be off earning money working with other customers.I am all about making life a win-win and being the best investor I can be. I am not about to be a real estate agent that assist a typical buyer. However, my goals and wants should never come at the expense or time of others. So I say use redfin, work with one agent solely who you are going to do the deals with, or bite the bullet and become an agent.Best of luck to you!

Steve Vaughan · Answer

Ok - you want to be an investor. A buyer. Nice!What the realtors need is a qualified buyer that knows what they are looking for and will pull the trigger when found. What specific area, age, size and type of asset and at what price point.That's it! LOL, right? Narrow all that down as much as you can and know how much you qualilfy for @Michael Johnson@Russell Brazil may have time to chime in and help. Thanks, Russell!

Steve Vaughan · Answer

IMO, what realtors need is more education about how to creatively solve seller problems.But I digress.What is it you are trying to achieve by having an 'army of realtors' on your side @Michael Johnson?Are you an investor? An aspiring agent? Just looking for some work? Thanks!

Connie Bhimireddy · Answer

If you didn't want to just become an agent yourslef, which was a great suggestion(!) then I as a new Realtor would appreciate even a simple testimonial/shout out via social media (like a picture of us seeing the house together and a blurb along the lines of: I just met Connie, a Realtor in _______ and she was so knowledgable about the area, responsive and super-helpful! Check out her FB page!"

Michael Johnson · Answer

@Dan Krupa I understand that sentiment, and I would be telling these realtors up front. Not taking much of their time either. i.e working around the showings that they have scheduled etc. Because I actually am looking for a personal residence. I'm just figuring out what the deals even look like in my market. But I wouldn't try to drag my best contact (realtor/investor lady) through every step of the "boots on the ground" work that I have to do. But you do have a valid point.

Mary Shea · Answer

Find a new agent who is hungry to work. It is difficult to build a referral base, so they will be happy to submit multiple, low ball offers for you, and preview properties that meet your criteria. You can also look for a real estate agent that is also an investor. They already know what to look for in an investment property. Too bad I am not in your market :) I have been flipping homes, recently got my license, and am working on building my referral base so I can start selling while my team works on my current flip, since at this point, I am only doing 1 flip at a time, 2 max.

Michael Johnson · Answer

Well, I'm just getting started. Ive learned alot and now just taking as much action as possible. Really its not even about the Realtors, its about me learning the market. Having first hand knowledge throughout my area. (8sq mi). Trying to do that as efficiently and progressively as possible. Meaning as cheaply and entrepreneurial-y as possible. As far as my goal goes, I want to buy and hold in this specific market as a live-in college rental, 2nd exit strategy airbnb for the nearby sports arena. 3rd sell it off because its a nice area w/ schools. I agree that realtors really do need to learn more about the investor side of things. However I dont have enough relevant credibility to stand on to be like "oh I'll teach you"@Steve Vaughan

Jake Thomas · Answer

I would interview 2-4 realtors to pick which one you want help you find a house. Meeting with that many isn't a good use of your time either. Most Realtors don't know anything about investing and you're not likely to change that. Get some referrals from local investors or even from here.

Michael Johnson · Answer

Yea, that seems like an easy fix. Not bad at all. Also I am not opposed to getting my license.. But its not time for that yet. @Connie Bhimireddy