Working with investors as an agent

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Working with investors as an agent

Spence Kal
Rental Property Investor · OH (ohio) · Member since 2018 · 166 posts · 113 votes

Hey everyone, so this may be a controversial questions, or seem rude considering this is an investor forum, but how do you profit from investors in an area like Cleveland, Ohio. I'm a new agent (literally, licensed this weekend), so honestly I have the time and would love the experience, but I'm thinking about long term in the next 5-10 years. If I wanted to work solely with investors, how do agents typically do this to scale. If most of the houses they're looking at around here are in the 50-100k price range, is it possible to create systems, scale, and make up the difference with volume, or will you forever be insanely busy and overworked at that point. Or do you just start working more with large apartments or commercial buildings and make up the difference that way? Id love to help people realize their financial freedom, and invest, but is crazy to focus on investors when I'm surrounded by 400k residential homes flying off the market? 

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Wale LawalBusiness Member
Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
5y

@Spence Kal As a new Agent, you need to start somewhere. Success does not happen overnight. I like the idea that you are trying to Niche down and work with your ideal clients (Investors). 

I am an Investor-Agent myself and I can tell you they are great clients to work with. Just know your value proposition (i.e your selling point or what makes your unique) I know you probably don't have one yet as a new agent but start working on it ASAP. Also keep learning and thing will stat getting clearer as each day go by.

You need to know how to analyze deal and bring a deal together as investor-agent. You need to work your way to being an ON-FIRE Agent.

O - Organize (The Investor-Agent must be well-organized)

N - Network (The Investor-Agent must be well network with other Real Estate professionals like Lenders, Appraisers, Property Managers, Inspectors, Insurance Agent, Contractors, etc)

F - Focus (The Investor-Agent MUST Focus on YOU)

I - Investor/Investment-Savvy (MUST be INVESTMENT SAVVY)

R - Responsive (Must Be responsive and answer your call/text)

E - Experience (Must be an investor or have experience working with investors)

Goodluck

[email protected]832-776-9582Podcast Guest on Show #469
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  • Cole Simpson
    Rental Property Investor · Columbia, SC · Member since 2020 · 302 posts · 186 votes
    5y

    We do a minimum commission, so no matter the cost of the house my commission has to hit at least 4500, if the buyers agent commission does not cover it then my investor pays the difference out of pocket.  I would also say doing things like multifamily and larger commercial assets helps.

    1Reply
  • Spence Kal
    OP
    Rental Property Investor · OH (ohio) · Member since 2018 · 166 posts · 113 votes
    5y

    @Cole Simpson Thats a great idea I never even thought of that! Thanks

    0Reply
  • Wale LawalBusiness Member
    Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
    5y

    @Spence Kal As a new Agent, you need to start somewhere. Success does not happen overnight. I like the idea that you are trying to Niche down and work with your ideal clients (Investors). 

    I am an Investor-Agent myself and I can tell you they are great clients to work with. Just know your value proposition (i.e your selling point or what makes your unique) I know you probably don't have one yet as a new agent but start working on it ASAP. Also keep learning and thing will stat getting clearer as each day go by.

    You need to know how to analyze deal and bring a deal together as investor-agent. You need to work your way to being an ON-FIRE Agent.

    O - Organize (The Investor-Agent must be well-organized)

    N - Network (The Investor-Agent must be well network with other Real Estate professionals like Lenders, Appraisers, Property Managers, Inspectors, Insurance Agent, Contractors, etc)

    F - Focus (The Investor-Agent MUST Focus on YOU)

    I - Investor/Investment-Savvy (MUST be INVESTMENT SAVVY)

    R - Responsive (Must Be responsive and answer your call/text)

    E - Experience (Must be an investor or have experience working with investors)

    Goodluck

    [email protected]832-776-9582Podcast Guest on Show #469
    NETWORTH BUILDERS5236 Reviews
    WebsiteView Page
    5Reply
  • Spence Kal
    OP
    Rental Property Investor · OH (ohio) · Member since 2018 · 166 posts · 113 votes
    5y

    @Wale Lawal

    Thanks for the explanation, that structure really helps! Could you expand on the organization part? What does that mean, what am I keeping organized and how? Is it just keeping all paperwork and contracts in order and managing time well?

    0Reply
  • Wale LawalBusiness Member
    Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
    5y

    @Spence Kal

    Yes. It means been organize with all paperwork, leads, time management, contract, keep a clean CRM, proper follow-up, always on time etc.

    Goodluck

    [email protected]832-776-9582Podcast Guest on Show #469
    NETWORTH BUILDERS5236 Reviews
    WebsiteView Page
    1Reply
  • Wale LawalBusiness Member
    Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
    5y

    @Account Closed FYI

    [email protected]832-776-9582Podcast Guest on Show #469
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  • Corby GoadeBusiness Member
    Investor · Boise, ID · Member since 2014 · 3k+ posts · 3k+ votes
    5y

    I work exclusively with investors, it's a great niche to be in. The benefit of working with investors is that if the numbers work, they buy. You don't have to drive them around to 85 houses and listen to them cry over the phone when you tell them their offer wasn't accepted.

    In a market like yours, volume is key and you need systems to make that happen. I would join a brokerage that has systems in place that will simplify your life and help you scale. You'll need services built in for investors that set you apart- partner with a contractor, property manager, cleaning company, etc. The less your clients have to do, the easier it is for them, the more they will buy from you. 

    Good luck!
     

    1Reply
  • Spence Kal
    OP
    Rental Property Investor · OH (ohio) · Member since 2018 · 166 posts · 113 votes
    5y

    @Corby Goade thanks for the tips! I joined EXP so hopefully someone in my area has some connections like that, because my local team doesn't. Do you think its possible to build up my own connections and just refer investors to people like that, or is that just an uphill battle? Also what kind of systems would those be for dealing with that kind of scale, something like having an admin assistant to deal with all the paperwork and such? I haven't learned any agent systems yet, so I'm going to start looking into that this week

    2Reply
  • James Hamling
    Real Estate Broker · Minneapolis, MN · Member since 2011 · 5k+ posts · 6k+ votes
    5y

    @Spence Kal if your serious on being a REI Realtor in Ohio, step 1 contact @James Wise. Step 2 do what you gotta do to work for and learn from them, literally anything, wear a bakini and deliver coffee, what ever. Step 3, gain and master valuable knowledge BEFORE trying to set out as an REI Realtor. 

    It's so annoying how every jack-wagon get's a license and goes "so i just got my license and know absolutely nothing and am worthless as a Realtor, I know, I will be a "Pro" for Investment Real Estate, that makes sense....". This isn't a LaQuinta Inn & Suites commercial....... 

    Or, ya know, don't, whatever, lol. 

    1Reply
  • Corby GoadeBusiness Member
    Investor · Boise, ID · Member since 2014 · 3k+ posts · 3k+ votes
    5y

    @Spence Kal, sure, you can definitely build up your own network. I would start by connecting with local investment groups either via Zoom, in person or through FB groups. It's a great way to start building your network and you never know where your next great lead will come from. It's true in REI that referrals are your best friend- even if you connect with someone who isn't likely to ever pull the trigger, they may connect you with someone who will. Treat every interaction with respect and your network will grow.

    1Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    5y
    Originally posted by @Spence Kal:

    Hey everyone, so this may be a controversial questions, or seem rude considering this is an investor forum, but how do you profit from investors in an area like Cleveland, Ohio. I'm a new agent (literally, licensed this weekend), so honestly I have the time and would love the experience, but I'm thinking about long term in the next 5-10 years. If I wanted to work solely with investors, how do agents typically do this to scale. If most of the houses they're looking at around here are in the 50-100k price range, is it possible to create systems, scale, and make up the difference with volume, or will you forever be insanely busy and overworked at that point. Or do you just start working more with large apartments or commercial buildings and make up the difference that way? Id love to help people realize their financial freedom, and invest, but is crazy to focus on investors when I'm surrounded by 400k residential homes flying off the market? 

     Get great systems like Followupboss, Folio, and Ylopo. Then get VAs to delegate a lot of your busy work.

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
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    1Reply
  • Account Closed
    Rental Property Investor · Torrance, CA · Member since 2016 · 724 posts · 1k+ votes
    5y

    @Spence Kal

    Market yourself as our “boots on the ground.” Know the neighborhoods and rental rates. Build relationships with contractors, PM’s, and wholesalers. Find us off market deals and handle the rehab process on properties that need work. It’s a lot of work but remember we are repeat buyers. I have agents in two different out of state markets. Both of them do this for me. Like @Corby Goade said we’re easy because if the numbers work we buy.

    1Reply
  • Brandon GoldsmithBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2020 · 1k+ posts · 1k+ votes
    5y

    Like many others said, If you have good systems in place you will be successful. Also if you even pick up your phone regularly you will already be better than most agents. As for the deal part. If you find good deals and bring them to investors, someone will for sure buy it. @Spence Kal

    [email protected]614-963-3340
    0Reply
  • Spence Kal
    OP
    Rental Property Investor · OH (ohio) · Member since 2018 · 166 posts · 113 votes
    5y

    @Remington Lyman Thanks! I've heard of followupboss, I know EXP is supposed to have an amazing CRM, I'm hoping that works the same but I'll compare the two and see. I also joined a team with an office manager and Transaction manager, so do you think that will be enough or should I start looking into VAs now for the future?

    I'm starting a youtube channel, super new, but I'd love to possibly do an interview with you, talking about CLE vs Columbus, your company , or working with investors. If you have time and would be up for it. It'd probably be in a couple months after I get past this firehose of information as a new agent haha

    1Reply
  • Spence Kal
    OP
    Rental Property Investor · OH (ohio) · Member since 2018 · 166 posts · 113 votes
    5y

    @Brandon Goldsmith thanks for the tip! Maybe I should start building a list of investors and criteria for now and just sending them things when they come on the market. I've been wondering, as an agent we work ON the market, so have you found any opportunities to present off market deals at all? It seems like a lot of investors expect an off market deal, but do agents really deal in that kind of thing? I dont want the reputation that wholesalers have around here...

    0Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    5y
    Originally posted by @Spence Kal:

    @Remington Lyman Thanks! I've heard of followupboss, I know EXP is supposed to have an amazing CRM, I'm hoping that works the same but I'll compare the two and see. I also joined a team with an office manager and Transaction manager, so do you think that will be enough or should I start looking into VAs now for the future?

    I'm starting a youtube channel, super new, but I'd love to possibly do an interview with you, talking about CLE vs Columbus, your company , or working with investors. If you have time and would be up for it. It'd probably be in a couple months after I get past this firehose of information as a new agent haha

    My VAs cost $4/hour. I have two on staff 16 hours a day, 7 days a week. 

    Yeah I would be happy to be on your channel

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
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    1Reply
  • Kyle O'Donnell
    Rental Property Investor · Atlanta, GA · Member since 2015 · 31 posts · 44 votes
    5y

    @Remington Lyman

    Hey what vendor do you use for VAs that cost $4/hr?! Do you recommend them?

    1Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    5y
    Originally posted by @Kyle O'Donnell:

    @Remington Lyman

    Hey what vendor do you use for VAs that cost $4/hr?! Do you recommend them?

    She is a small contractor. I do not want to refer her out because she can barely keep up with my demand

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
    Reafco512 Reviews
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    0Reply
  • Brandon SturgillBusiness Member
    Real Estate Broker · Columbus, OH · Member since 2013 · 3k+ posts · 1k+ votes
    5y

    @Kyle O'Donnell we use UpWork...we eventually moved to US-based VA's only, but you can still find folks that are capable of doing basic tasks working for pennies...

    937-979-7000
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  • Adrian Chu
    Real Estate Broker · Seattle, WA · Member since 2014 · 1k+ posts · 427 votes
    5y

    I started out working with investors on cheap foreclosure condos ($50-100k) price range.  Over the years, I've expanded to bigger deals like development sites, apartment buildings, commercial buildings, and luxury homes.  Start with the people you know and figure out how you can add value and pivot accordingly.

    1Reply
  • Adrian Chu
    Real Estate Broker · Seattle, WA · Member since 2014 · 1k+ posts · 427 votes
    5y
    Originally posted by @Remington Lyman:
    Originally posted by @Spence Kal:

    Hey everyone, so this may be a controversial questions, or seem rude considering this is an investor forum, but how do you profit from investors in an area like Cleveland, Ohio. I'm a new agent (literally, licensed this weekend), so honestly I have the time and would love the experience, but I'm thinking about long term in the next 5-10 years. If I wanted to work solely with investors, how do agents typically do this to scale. If most of the houses they're looking at around here are in the 50-100k price range, is it possible to create systems, scale, and make up the difference with volume, or will you forever be insanely busy and overworked at that point. Or do you just start working more with large apartments or commercial buildings and make up the difference that way? Id love to help people realize their financial freedom, and invest, but is crazy to focus on investors when I'm surrounded by 400k residential homes flying off the market? 

     Get great systems like Followupboss, Folio, and Ylopo. Then get VAs to delegate a lot of your busy work.

     What sorts of tasks do you delegate to VAs?

    1Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    5y
    Originally posted by @Adrian Chu:
    Originally posted by @Remington Lyman:
    Originally posted by @Spence Kal:

    Hey everyone, so this may be a controversial questions, or seem rude considering this is an investor forum, but how do you profit from investors in an area like Cleveland, Ohio. I'm a new agent (literally, licensed this weekend), so honestly I have the time and would love the experience, but I'm thinking about long term in the next 5-10 years. If I wanted to work solely with investors, how do agents typically do this to scale. If most of the houses they're looking at around here are in the 50-100k price range, is it possible to create systems, scale, and make up the difference with volume, or will you forever be insanely busy and overworked at that point. Or do you just start working more with large apartments or commercial buildings and make up the difference that way? Id love to help people realize their financial freedom, and invest, but is crazy to focus on investors when I'm surrounded by 400k residential homes flying off the market? 

     Get great systems like Followupboss, Folio, and Ylopo. Then get VAs to delegate a lot of your busy work.

     What sorts of tasks do you delegate to VAs?

    Offers

    Email Inbox organization

    Adding Contacts to Followupboss

    Timelines Via Folio

    Sending Underwritten Deals Via Email

    Send OM Agreements

    Follow up with Investors

    Farming for off market leads

    BiggerPockets Client Farming

    Setting clients up on MLS Searches

    Off-market Deals

    Referral Lead Generation

    Utilities

    Utilities info

    Transaction Coordinator

    Closing Deals

    Creating and posting Social Media Post

    Creating and Posting Social Media Posts for REVIEWS

    Adding people to Rolodex

    Updating Procedures

    Adding Inspectors to Folio

    Updating income sheets

    Getting missing files for rest of brokerage

    End Day Report Procedure

    Adding a listing to the MLS

    Pulling Lists

    Skip Tracing

    Procedure on Remington's Missed Calls

    Event Scheduling

    Buildium

    Scheduling Weekly Reafco Meetings

    Invoice procedure

    Add Agent License

    Procedures for creating an Underwritten Comps

    VA Zillow Call Procedure

    VA Zillow Invoicing Procedure

    Adding Collaborators and Merging duplicate contact Procedure

    MLS additional home lead procedure

    Cold Texting

    Getting Info Off-market property

    Checking Zillow Market

    Leasing

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
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    0Reply
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