What is the best way to utilize 40+ Real Estate Agents if you could ask them to do anything!!!

Question

Hello BP Members,

I'm somewhat in a unique position where I have great funding sources, and a strong ability to get residential deals bought, fixed and sold. I have several agents that work with me directly that have brought great deals and also buy many properties off market. I'm looking to find as many deals as possible that make sense for either taking down or wholesaling. I have a ton of buyers that are also willing to buy from me... so my problem is getting enough deals.... but I now have a unique opportunity...

I will be speaking to and presenting in front of 40+ RE Agents who range from new to very advanced. These agents are willing to work with me and help me find deals in ways that I suggest... However, instead of asking and showing them "find me good distressed deals, and shortsales, and this is how you calculate ROI and ARV and this is what a good deal looks like" I am coming to this forum to see what unique and innovative ways i can direct these agents that would yeald the best result...In a dream world, how do i get their help to bring in GOOD deals all day!!!

Any ideas on this strategy will be very useful...

Jay Hinrichs · Answer

@Rav Ram

you will be lucky if you get 2 or 3 to work with you. do you think this is the first time they have been approached by an investor who says the can buy every great deal etc. they get hit with this every time a guru comes through town.

I would be shocked if you got 40 agents in one room to listen to you in the first place and the experienced agents that are already knocking down 250 to 500k or more will probably walk out I know I would...

So for a suggestion I would focus on 1 or 2 agents that are newer and need deal flow.. you may even pay them in Advance ( I do this personally)  just like any other marketing you may do..

You don't really bring any value to them.. there are buyers all cashed up all over the place.. they could take their deals to any number of them...

So build a small but very loyal team and reward them. it may necessitate some risk capital on your side.

Alexander Zeisberg · Answer

I absolutely agree. I'm a new broker and getting little bonuses here and there to learn this game by putting in the work sounds awesome. Now for the bigger money people, no way. Ive been super surprised, i somehow thought it was alot more automatic but each deal requires time, and do you want to invest your time in a 100K deal or a multi mil plus deal? So i think Jay is dead on.

Rick H. · Answer

@Rav Ram Teach them something useful. Show them what makes a deal and the criteria that makes or breaks a deal.

Show what documents you need and have a system for filter leads and get your agents in the feedback loop so they understand why a oarticular opportunity fails to have merit.

Bring outside experts in as additional resources. Make their connection to you valuable.

Add value by having the ability to say yes or no quickly and to act with great speed.

Motivate and lead.

Provide good training material.

Be a go-to guy.

Practice power listening.

Devon Garbus · Answer

As a RE agent myself-

Talk to them about what you are looking for.

I wouldn't stress the 'arv' side too much. I use the 70% rule myself when considering for my client (can rehab and acquisition be under or at least close to 70% of ARV?). That is easy to teach and understand.

Mostly you will want to explain to them- You don't want a list of what's on MLS. They will make a lot of money if they pull tax records and find lies pendens and get them to you. Talk to them about probate leads and how to handle them. Get them to grow some balls and knock on doors.

But it in a dollars sense. "There are 40 of you here. I have the capital to buy X homes per month. I don't care if one of you gets it all or all of you share it. If 1 person gets all X of my budget tahts Y dollars to them in buyer commissions. It's Z dollars in rental commissions. It's W dollars in listing commisions on fix and flip. Who wants to make Y+Z+W dollars every month for the next year?"

Christopher Brainard · Answer

@Rav Ram

Well, therein lies the problems for most of us.

I don't think there is any 'secret sauce' to finding deals, its all about hard work and digging. Unfortunately, that is generally easier said than done, the market right now is saturated with sellers who think their homes are gold plated and the fewest number of motivated sellers I've seen in years. Additionally, most realtors are MLS focused and I don't think you're going to encourage them to knock on doors, cold call people, or search the county records for absentee owners. Finding properties off the MLS will be key.

I'll be interested to see what suggestions people may have, however, if I had a ton of good deals thrown my way, I wouldn't need to be in a unique position to close them all.

-Christopher

Clinton Holmes · Answer

@rav ram

Like any great leader you need to share the vision, get the team enrolled, and help them get started.

Start by showing them what exactly it is your looking to build. For example, a portfolio of expertly run residential multi families. This helps them understand WHAT you are looking for.

Then make it about them! Show them how their life could change by helping you. Then it becomes a shared vision, not just yours. This helps them understand WHY they should help.

Finally, give them a starting point. What is one thing they can do TODAY to help move towards the vision? This helps them understand HOW they can help.

I know post was a bit brief, but hopefully it makes sense,

Let me know how it goes,

Clinton

Jordan Decuir · Answer

What is it that you do that puts you in this unique position?

What is the best way to utilize 40+ Real Estate Agents if you could ask them to do anything!!!

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