MLS??

Question

I'm really interest  in getting some deals off the MLS but have a few questions on how to do it.  How do I get on the MLS with out being a Realtor ? Once i get on the MLS  do i make offers my self or do i go through a Realtor? If i go through a Realtor do i use his contract or do i use mine, how do i structure that?

Brett Russell · Answer

@Christopher Todd Stephens, since you posted this in the wholesaling forum, I presume you are hoping to wholesale deals listed on the MLS?

I would strongly encourage you to look elsewhere for your deals.  The whole point of a wholesaler is to find great deals that other people don't know about and then pass them on for a profit.  Uncovering those great deals is the service a wholesaler provides for which they get paid.

If you are just finding listed properties, you aren't providing much service.  Anyone can find those same deals and negotiate directly with the seller, so why do they need to pay you?

Steve Vaughan · Answer

In my area, most realtor brokerage sites provide links to view the properties available for sale on the MLS.  It's much more limited than true MLS access, but you can at least view the properties for sale and some notes on it.

I do use the standard realtor forms to submit offers on the MLS, but I represent myself. I put "N/A- see addendum" in the selling broker section at the top. Then on the addendum I state I am not currently represented by an agent but reserve the right to obtain one (that the listing agent will have to share their commission with) in case my offer is countered. Guess what?  My offers are looked on more favorably as is and countered a lot less often. Amazing!

The theory that having a buyer's agent costs the purchaser nothing is a myth.  If you are a seasoned purchaser, represent yourself and save thousands.  If you're new, get a quality agent and allow them to walk you through the process the first few times.  Just my $.02

Steve Vaughan · Answer

Not trying to go on a tangent from the post title, sorry...

@Aaron Montague  - not having a realtor represent you as a buyer is not for everyone and I am not anti-agent. As proof, the listing agent gets both sides of the commission my way.  The way the intial offer is written, anyway.

As I stated, by not having an agent, more of my offers are accepted as written. They are priced to what works for me. The listing agent is on my side as they do not have to co-broke the commission.  If the offer is countered, I can elect to request the commissions paid by the seller be limited to the listing agent's side.  I don't like to do that, but it does in essence, increase my offer 3% without raising the price offered.  Agents, please don't hate!

Christopher Todd Stephens · Answer

Thanks everyone for the advice, I believe just going out and doing a little hard work will better and the benefits will be greater.

Andrew Davis · Answer

As others have said in this forum, you don't get full MLS access without being a licensed Realtor.  Many on here have advocated getting your RE license as an important step in your investing career/education.

I would suggest finding an agent who's also an investor, they should be able to help you deals and will have an idea of what a deal is in the first place.

Che Chiu Wong · Answer

Maybe I should clarify a little bit more.  Most of my deals are shortsales, so the listing agent is essentially the gatekeeper of the deal --> needs to keep him/her happy.

If regular deal I agree the listing agent doesn't matter as much --> the seller is the decision maker.

Steve Vaughan · Answer

@Che Chiu Wongmy area is pretty warm, but not hot like yours.  I don't ask the listing agent if they care or not, I just present my offer to them. If they truly don't care either way, then there is no advantage I guess.  May as well get your own selling agent and have them help.  It's a lot more work doing it on your own, of course. If there's no advantage, have a good agent represent you!

Che Chiu Wong · Answer

@Christopher Todd Stephens

Get a realtor license and you can get MLS.  Meanwhile, get a friend who is a realtor to get temporary MLS access.

@Steve Vaughan

Your idea of saving thousands in commission by representing yourself is a great idea.  A lot of others BP members (e.g. @J  Scott) mentioned that too.  Does it work in practice in your area?  The reason I say this is that in my area I tried this myself before and it backfired on me (I lost the deal altogether).  That includes deals where the listing agent claimed that s/he doesn't care if I submit it versus s/he gets both sides of commission.

Maybe because it's the area (my area = Jersey City = currently a very hot market), and listing agents almost always take it for granted that they will take both sides of commissions.

How does your area look like?

Donald Taite · Answer

when looking at properties is it wrong to work with more than one RE agent?

Aaron Montague · Answer

Steve - Could you lay out the savings you receive by not using a Realtor?

MLS??

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