RE Agent offering this for partnership

RE Agent offering this for partnership

Real Estate Investor · Bartlett, IL · Member since 2010 · 33 posts · 1 vote

I'm new, so don't know if this is a good partnership deal to form or not. Can you help?

I have spoken with a RE agent about being my preferred agent. Here is what she's offering and she wants it under contract. . .

"I can not provide you the MLS information without representing you as a buyer. I’ve been told that many agents have been approached by investors. I still have a few unanswered questions but my proposed resolution in working together is as follows:
I am able to be the investor’s agent, in order to locate the foreclosed properties for you on the MLS and give you the comparable properties. This can be accomplished as long as we have a signed contract to work together (between the investor and I) and Baird & Warner will handle the negotiations. I will get paid from the commission earned as the buyers’ agent. Also, since you are bringing me the investors (buyers) and the amount of the commission is unknown, I proposed giving you 30% of my commission. Therefore, you will get paid by the investor for finding him/her the property and I will give you 30% of my commission."

Does this sound like a good partnership deal to have with a RE agent? Would an investor go for this if I brought a deal to them?

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  • Virtual Assistant · Myakka City, FL · Member since 2010 · 10 posts · 2 votes
    16y

    Hey Paul,

    Check out
    this thread:

    Hope this helps,
    James

  • Real Estate Investor · Bartlett, IL · Member since 2010 · 33 posts · 1 vote
    16y

    Thanks for the thread reference James :)

  • Real Estate Investor · Frisco, TX, TX · Member since 2010 · 388 posts · 138 votes
    16y

    Just a thought Paul, I don't sign an exclusive as a buyer with any realtor. Because as an invetor you want to be able to work with any agent that brings you a deal.

    I do have a realtor that I work with, who is an investors agent. My understanding with her is regardless of how I buy, she will get a vast majority of my listings (verbal). Because she knows that, she is even willing to look over another realtor's work to make sure things are in order.

  • Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
    16y

    Here's another thread where these "exclusive buyer agent" agreements are covered:
    http://www.biggerpockets.com/forums/21/topics/45169-what-is-typical-in-buyer-s-agreements-

    You can tell I'm not a fan. :wink:

    Other investors might feel the same way. Your realtor wants your end buyer investor to sign those type of contracts is how I read your post. Run it past them to see if they'd agree to sign. I wouldn't.

  • Real Estate Investor · Bartlett, IL · Member since 2010 · 33 posts · 1 vote
    16y

    Ali and Steve,

    These are all exactly the perspectives I needed to determine what my expectation should be in an agreement with an agent. Thank you both so much for responding. I appreciate the mentoring.

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