What is your technique in reaching out to new realtors?

Question

When entering a new market, what is your most reliable technique when reaching out to work with new realtors and why? I have been using Zillow's Find an Agent tool and the basic Google search but only about 40% of those who I contact will respond back. I am curious to how other investors find reliable realtors to work with.

Chris Tracy · Answer

@Julian Pilate-Hutcherson- On behalf of agents everywhere... your average real estate agent's enemy is the "tire kicker" and/or the "newbie".  Do everything in your power to avoid being perceived as such.  My guess is... it's most likely something in your communications that are not helping your cause.  What arena are you looking to play ball in?  I'm guessing residential since you're using Zillow??  If you want to buy larger apartment buildings, let me know... I can help you with what to say to brokers who work with those types of deals.

Amy Kendall · Answer

@Julian Pilate-Hutcherson I think this is a great question.  As a real estate agent myself, I often get people that reach out to me.  I had someone the other day email me for the first time with very little introduction and ask if I had any flip deals available.  Without knowing a lot more about this person, I would have a hard time giving them a great deal on a possible flip.  I have other investors that I have done past deals with and have built relationships with that I would be much more inclined to present a good deal.  Keep that in mind when you approach and introduce yourself to a new agent.  I enjoy when people want to get together and tell me about the goals, it helps me see how serious they are.  Also, it might be helpful to try and find a real estate agent that also invests in properties, because he/she will have a good understanding of the types of properties you will be interested in and you won't waste each other's time.  Good luck!

Tyion Bridgeman · Answer

As a broker myself the best thing to do in an initial conversation or message is express that you have a serious intent to buy and within what timeframe. I personally love working with investors, but hate working with want to be investors that never actually buy. Just let them know that your serious, and they should be happy to help you. Then again most agents suck so you're going to go through a couple of bad ones first.

Henri Meli · Answer

@Julian Pilate-Hutcherson . Have you tried getting references from someone else? I have found that getting someone else to reference you gives you a better entry point. You could use BP to connect with people in their markets and ask them to reference you someone else they have worked with in the past. Also, make sure you continue to build your brand so that people can easily understand what you do. Do you have web/online presence? Do you have social media presence with enough information, that shows that you are serious in your field? If 10 strangers were to reach out to you every day/week and you had x-amount of time to dedicate to them, which ones would you chose and why?

Michael Pearse · Answer

@Julian Pilate-Hutcherson

I would recommend drafting a letter of intent that you can send to any real estate agent of interest. That way it will be very obvious for people to understand what you looking for. It will save you time as you won't have to draft a whole new email every time you want to reach out to someone new. Once you meet an agent/general contractor, ect, I would recommend explaining to them your goals and investment strategy. It helps tremendously to think about both sides of the relationship. Show them that you in real estate long term. Tell them that as you make great returns, the sooner you can work with them again to purchase another deal. A really good agent will find deals for you to help you grow, which will in return help them grow. This applies to all aspects of the business. The key is to build long term relationships that understand each other and are beneficial to both parties. Hope that helps!

Joel Owens · Answer

I do commercial but when an investor contacts me the first thing I do is send out a one page PFS statement to fill out.

I want to know their capability before we even jump on a call. If a buyer wants to remain a mystery they go BYE,BYE.

If they cannot give me the courtesy upfront to show they are real then we do not proceed any further.

I have had some people make a big deal about it that were worth 1 million meanwhile I have had others worth close to 100 million give me the PFS right away.

PFS and bank statements a broker/agent will generally take you more seriously when they know you have the money.

Julian Pilate-Hutcherson · Answer

Yeah, I realize a lot of agents do not come in clutch. Also, in my introduction I never included my purchase time frame. That's a good one. I'll add that for now on. Thanks.

Rome Wells · Answer

To be honest local networking meetings are the way to go... I am also doing a bit of online... marketing...

I think it boils down to your communication skills and just being a nice person in general and they will reach out to you.  However, yes to speed up the process local networking is the way to go beyond just online.

Online... is a long and tedious process :) but if done consistently can be a great supplementary way of getting other folks to notice you and wanting to work with you...

You just have to be honest, and even if you are a tire kicker and the newbie, as long as you present your journey showing who you are and where you are coming from and why you are thinking the way you are thinking then folks will learn to trust you, believe you and connect with you, which may or may not of course result in you get the right agent in your local area.

Remember what may seem tire kicking to some, and means business as usual.... to you it's the entire life savings... type of decision...

Kyle Ransom · Answer

Hi Julian what is do the connect with brokers is try to connect with them via Linkedin or BP and develop a rapport with them. If I feel that there is synergy I offer to do lunch and build a strong relationship with them. It's going to take sometime but consistent effort will bear fruit for you.

What is your technique in reaching out to new realtors?

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