Investor · Minneapolis, MN · Member since 2013 · 59 posts · 11 votes
Specifically curious from wholesalers @jerry Puckett, @sharon vornholt, @sam craven, @aaron mazzrillo, and @lamar cannon....but any other BP member, please respond if you have experience with this...
It seems wholesaling could create a contentious or adversarial relationship with real estate agents (because they won't get a listing) and with other wholesalers (direct competition in a cutthroat market space). Please inject any clarity if there is anything wrong with this statement)
With that said, how do all of you mentioned above best network with RE agents and other wholesalers? Is it possible to have win/win relationships with several agents and wholesalers, perhaps to find cash buyers, find motivated sellers deals, etc or some other advantageous relationship with these folks, without butting heads?
With realtors; turn over leads that would work as a short sale or traditional listing, but don't have enough room for you to work with.
With other wholesalers; bring them a deal that you can't find a buyer for that has room for both of you to make money on and offer a split.
People will have a hard time turning away someone who's giving them an opportunity to make money, but it's very easy to say no to someone who's just asking for favors.
@Justin Hennig I am still on the hunt for a good real estate agent for my team. I have heard many experience and successful wholesalers either obtain their RE license or they discover investor friendly RE agents and make the relationship beneficial for both parties. I go to open houses to find real estate agents that are investor friendly. Most will say yes they are and then you will have to question them to find out for sure. A lot of them won't know anything and some will.... The best investor friendly agents are investor themselves or endorsed by your local REIA.
The key is finding an investor friendly agent. They will be more experienced agents, often investors themselves. Additionally there are several ways to keep business coming to your agent. Some wholesale short sales or/and reos only or/and very often. Some wholesalers such as myself do fix and flips which will call for the realtor's business on one if not both sides. If you wholesale some of the time or most of the time creative marketing helps always. For instance, if you have a deal you're wholesaling negotiate with your buyer if they use your agent to retail the property you'll give them $500 off...
The only way the relationship is ever adversarial is with a non-investor friendly agent. Friend, relative or otherwise nice person they won't be an asset to your team. Get rid of them....
There are plenty of investor friendly agents in various housing markets in various states. The plain fact is wholesalers aren't dying out. In this economy its likely they are growing each day. The solution to not finding an investor friendly agent is for the wholesaler to get their realtors license. Now they DEFINITELY are competition and no longer need that agent....
Agents - Most deals I do, they wouldn't touch. Whether its the speed I get the owner cash or the issues I have solve/mediate they can make better money dealing with Bob and Sue homeowner or Mr. Bigshotflipper.
Competition keeps me on my toes and nothing motivates you like hearing your buddy just nabbed a wholesale walking distance from your house!