All Forum Posts by: Brett Tousley

@Jesse Chunn I am just a residential real estate broker and I know that commercial is a bit of a different animal from my limited experience with it.  BUT if you have $500,000 and are a serious buyer for the right deal I'm shocked you can't find someone to work hard for you.  

I agree with your assessment regarding large multifamily properties vs single family.  I would guess the reason you don't see more content about the subject is mainly due to lack of funds for the majority of the audience here in BP.  

To me you would be a whale that I would focus my whole attention on as the commission and future networking with you would be huge in my world.  I think if you continue to search you can find the right broker for you locally.

Did you run this survey idea past your attorney?  I understand the desire to get answers but I would think sending out the survey as is would open you up to further financial pain, this time from your tenants.

Even if the attorney gives you the OK, I"m not sure that I would mention anything about the former management having issues.

You may get your answers and be better protected with a more generic letter introducing the new and improved management team and encouraging the tenants to bring any outstanding issues to their attention right away.  Make it a positive letter and not give the tenant pool an opening to stick it to you would be my goal.

Best of luck, it's too bad that person turned out to be untrustworthy.  Add money to the mix and many people seem to struggle with their morals.

Beautiful job on that home and some very good advice thrown in as well.  Congratulations on your well earned profit!

Welcome Sherman!

@David Fritch  I'd like to attend those meetings as well.  Can you send me the info or post it up here please?

I should add that judging from your questions and responses, I would consider you an excellent client to work with.  If your current agent is not able to fulfill your needs, you should have no trouble finding another local agent that would work very hard for you. 

The difference between you asking the question and your agent is probably only that the listing agent feels your agent is doing their job and earning their share of the commission if they call vs you asking the listing agent to do it and the buyers agent getting paid.  In reality to the listing agent, especially since you were good enough to disclose up front you are working with another agent it's the same amount of work.

It frustrates me a bit as well to do someone's job but as a listing agent, I'd provide the info you were looking for and skip the code of ethics sermon. 

The advantage of working with your own agent vs the listing agent?  I don't know NJ agency law but where I am, if I have the listing, I work for the seller.  That means I will do everything I can to get the seller what they want.  We have dual agency here where technically I can represent both the seller and the buyer but you can see how there may be a conflict of interest in that situation.  I do it at times but fairly rarely.

Generally, if you have your own buyer's agent that knows what you are looking for and is willing to provide you the info you are looking for, I feel you are better served working with that agent.  The listing agent wants to get that one particular home sold.  The buyers agent should be more focused on getting many homes purchased for you under the terms you find most favorable to you.  

You have violated the listing agent's code of Pet Peeves and nothing more. I could type a book out here about the subject but I'd get carpal tunnel syndrome.

To break it down to just the meat and potatoes, listing agents do get tired of handling questions from people that are working with family members, part time agents and just agents that aren't available to answer their clients questions on their own.  

The reason for this is the commission is split most often split 50/50 and some listing agents get cranky when they feel like they are doing the buyer's agent job.  It's annoying to the listing agent because they are probably just as busy and usually busier than the agent you didn't want to bother with the question.

Your agent should be making these calls for you and if you've both agreed to work together as a partnership she or he shouldn't have a problem with how you do business.

Having said that, by disclosing you are already working with another broker, I'd give you the info you were looking for, ask who your agent is and then contact them right away to see if we could put a deal together.  Your agent would and should be embarrassed that they weren't doing their job but I have no motivation to make them feel bad about it.

I work for the seller and I want to get the property sold. Emotion isn't in my wheelhouse, it's just business.

 Be prepared for your interview to be a 2 way street as well.  I'm an investor friendly Realtor depending on who you talk to.

For example, I don't work with wholesalers and I do not work with investors that want me to push out 10 offers a day at 60% of list price on mls listed homes.  I do work with investors that have defined goals for me to reach both flippers and buy and hold.  

Real estate agents have a tremendous failure rate, at any time there is a significant portion of the Realtor population on their way into the business and generally an equal amount on their way out.  :)

Here are some of the questions I would have for you in our meeting.

What do you want to buy, how many are you going to buy, where do you want to buy and how are you going to pay for it?

I also need to know how you would like to work together.  Do you want me to send you every home on the mls listed under $100.00 per sq ft or do you want me to send you only the deals I think could hit your investing targets?  Will you want to visit every property prior to making an offer?  Will you be making offers 20% below asking price? Etc

A good Realtor and a good Investor can make a lot of money together if they respect each other, understand their common goals and strike while the iron is hot.  Meaning, don't waste my time, be honest with me about your goals and buy the homes I bring you that meet those goals.   If you disappear on me for 2 months vacation after you pocket $30,000 on your first flip, I'm probably not going to send you a Christmas card.

Congratulations for moving to action, you've already surpassed the vast majority of hopeful investors.  I hope you team up with a great agent and make a ton of money!

I was at a home inspection so I didn't get a chance to read it all but this looks to have some good info as well that I'll read through tonight.

https://www.biggerpockets.com/forums/93/topics/243...

Thank you for the helpfull responses.  

The distinction between listing (establishing a fiduciary duty as an agent) and entering under contract as a principle just seemed very thin as I was pondering it. 

It's helpful to know that others are successfully doing it.