When is it time to fire your Realtor?

Question

Hello, I have a realtor that is giving me a good deal on his commission since I've wholesaled him a few properties.  He is also a investor.  I've noticed that on his properties when he lists them he does a virtual tour, writes a lot of agent remarks and he puts out his realtor signs early before he lists the house.  On the house he's listing for me, he put a two sentence agent remark, put the sign out a couple days after the listing and does not have a virtual tour.  Also, we had one buyer back out after the appraisal and 5 others who are interested, but no offers.  I can see what he writes to the other agents, and it's very simple sentences with no thank you at the end.  It seems like he doesn't care that much.  Please advise..

Justin S. · Answer

I have a slightly different take on it.  If you were paying the agent full commission, I would agree with rest.  I used a discount agent in the past, but I did the following to ensure my properties sold:
1.  I wrote the public remarks
2.  I wrote the private remarks
3.  Professional staging and photos
4.  When allowed, I did the follow up calls to the other agents.

Right now, you have no control over the selling process, and you need to obtain control of it.  It is the most vital part of flipping process.  Good luck.

Joel Owens · Answer

It's all perception.The value I have is cultivating my network over the years.

I have a targeted audience to sell my clients commercial listings.If they want to play "let's discount commission" I simply tell them I don't do that.The value is getting the property out to the players that are not agents in the MLS.

That buyer broker/agent that contacts you may or may not have qualified that purchaser properly.I spend a lot of time on my  list separating pretenders from the real thing.

If you didn't spell out as the seller what you wanted in the beginning and made it crystal clear in writing then in my view you don't have a beef that is valid.

Of course the investor agent is going to push his properties harder and do extra to sell them.The payoff is much larger versus another investor expecting the world for a nominal fee.

Some may not like me because I won't work for peanuts and my time is valuable.One thing that I won't be mistaken for is misleading someone when taking a listing.

Communication is key to any facet of real estate investing yet many fall short and it leads to problems.I find with contractors,attorneys,etc. I have to be very clear and connect the dots real close of what I expect.

Then they decide if they want the business with the conditions attached or not.I respect them if they do not and I find someone else.What I don't do is tell them to do a,b,c and then load on more and more trying to squeeze more out than was agreed upon.Ultimately that kind of stuff comes back to hurt your business.

So it's as simple as telling the broker/agent I see you do x,y,z for your listings and mine only x.I want x,y,z.If the broker says I am only doing x because you are paying a small commission then ask will you do x,y,z for the small fee??

If the broker says NO then you either ask what amount would it take for them to do x,y,z or you move on to someone else and you part ways.

Chris Calabrese · Answer

This is a great point.  It's the same reason I would never use a property manager who owns their own rental properties.

If you have the time, you should be able to get a flat-fee service to list your house on the MLS and you can field the calls and do the legwork.  I'm a Realtor and investor, but I believe listings have become commodities in the internet age.  The fact is, if you're on the MLS people will see your house, and if it's priced right it will sell.  Except for high-end or unique properties, there's nothing any listing agent can do to change that.

Scott Hubbard · Answer

I agree with the others, you have failed to set expectations.  Set some guidelines and benchmarks.  If he continues on his path, then find another REALTOR.

Another point here is why hire your competition to buy and sell properties?  Talk about letting the fox guard the hen house.  At the very least, your pushing the envelope of a good fiduciary by allowing him to compete and perform.  In my opinion, if he is working harder to sell his properties than yours, he is in violation of his fiduciary responsibility to you.

It is no different than a stock broker selling his shares in a company first, then calling his clients to sell also.

Are there not any non-investor agents to work with?

Will Barnard · Answer

Justin also makes some valid points, of course, since you bring other value to the table (wholesale deals)simple communication letting him know you would like him to do the extra's for you so you don't have to would be beneficial to you (saving you the time) and beneficial to him due to the extra value you bring to him.

Joe Abbascia · Answer

Unfortunately, you hit the nail on the head within your first sentence..I am a real estate broker / investor. Most agents are very short sighted when it comes to their commissions, they do not look at a big picture...By giving you a commission discount, this agent will not spend any additional money or time involved with your listing, it is pretty clear..This agent is not taking into account your wholesale deals to them...I would have a conversation regarding how you feel and to see if it can be worked out... I would also start looking for another agent to work with(in this business it is wise to always work with a couple)...I got my agents licence and then my brokers licence for this same reason...

Richard Martin · Answer

Similar to what the others said. Talk to him. It sounds like you are getting discount service for the discount commission and this is not what you expected or want. Since he seems to know how to sell a house there is a misunderstanding here. If he doesn't correct the situation immediately then fire him. It's his job to know what you want and to explain what he will and won't do.

Will Barnard · Answer

Like Chris said, communication is key, if you do not express in deatil what you need, you will likely be dissapointed. Now, once you express what you need and nothing changes, at that pint, time to find a new one.

Chris Colvard · Answer

Talk to him and be clear about what you want.

He ma not understand that you really expect him to do the same job for you that he does for himself.

Greg P. · Answer

Anyone please?

When is it time to fire your Realtor?

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