All Forum Posts by: Dale Miller

Well, the question is more if that broker is going to get a hot deal, why would he come to you first?

I would NOT sign a buyer rep agreement.  However, I would put together a pretty good resume on why you are an easy to work with and likely to close buyer.  Then I'd send it out to as many brokers as possible and be as specific on what type and how much the property should be.

Part of it is on you to tell the realtor what you are looking for. I don't want to waste their time and don't want them to waste mine showing my things that are out of my price range or not even close to what I want (ie don't show me a condo if I want a single family house). 

I want them to listen to what I am looking for and if they see something that might work, show it to me.  If they know of something that is coming on the market either their listing or through their network, but isn't listed; I'd want them to let me know.

Personally being a real estate investor I got frustrated with the lack of attention I was get from the realtors I worked with and became one myself. You are asking a great question and will be putting yourself ahead of many of the other realtors by taking the advice that I plus others will give here.

To Answer your question:

1.  listen to me and what I am wanting for a property. 

2. Don't try to sell me, If I am a professional Real estate investor I know what I am looking for I just need you to present deals to me that I am wanting to buy.

3. Respond quickly to request

4. Being another set of ears and eyes looking out for my best interest

5. Bring to me value added experience that keeps me loyal to you. Anyone can set me up on a MLS feed and have me call you when I see a property I may be interested in. Dig deeper for deals not every one is on top of. call people with expired listing that I may want and see if they would be interested in doing a one time purchase agreement with an investor if the deal works.

Its all about a win win situation.  I have a need to buy and you get paid when I do buy.  If we are successful in doing that once and I as an investor see you as a realtor being out for my best interest and not just getting a sale. We will do many more deals in the future.

@Dave Gallogly: Thanks Dave. Those are some great tips. I too think it's important to give the buyer attention so they stay interest it in what they're trying to do.

Over time, you will eventually be able to estimate the costs in your head, but there is real value to having a licensed General Contractor on your team. A good GC can make all the difference. Not just because they can tell you what they "think", but because they can tell you what they actually "pay" for parts and labor in their area. 

I have had them in the past, but now have enough experience to do it in my head.

Over the years, I have seen many wholesalers and investors put out list like this for people, the problem is real people are doing the work and products each investor uses varies much in cost depending on what your own personal quality standard is.  For example:  We can do a completed bathroom gut job and rebuild with our team pulling permits (that cost more money) and all for $6000 on average.  But if you had to hire a general contractor to do the same job it would start at $10,000 or a all cash handyman for $4000.

The best thing for you todo is find a local General Contractor or Handyman and had a real person put numbers together for you.  They are on the street in you state buy products from your local stores.  Otherwise you are going with someone else's guess and who knows if that is accurate.

I forget which state contract it is but I've definitely seen "Accept", "Decline", "Counter" check boxes at the end of a purchase and sale contract. I doubt it's law to check a box or anything, but not a bad idea. 

@Dale Miller I think the onus falls on the buyer's agent to keep following up, grease the skids etc. I definitely  always make a call before sending an offer, follow up after they've had time to review it, and following up again (and again if necessary) if there's no reply and the deadline is approaching.

I've worked on deals recently where there were 10 or more offers made on a Sunday night. It's hard to keep track of them all, listing agents and sellers can easily be overwhelmed with multiple offers and it's impossible for them to keep in close touch with everybody. So the buyer's agent really needs to follow up to make sure their client's offer is getting attention, not slipping through the cracks and that all of the terms are clear. Sometimes the listing agent will communicate through text or even the Showing Time app if they don't have time to reply to each offer individually. Definitely always have a deadline for acceptance as well.

I always try to communicate a lot with the listing agent when writing an offer, as I like to find any pain points or wants and needs the seller has that can play to the buyer's favor. If there's no communication up front there's not much chance of the deal going through. Also the strongest offers tend to get the most feedback, while lowballs often just get ignored. 

 

@Steve K.: It's understandable that people have so much going on but I think it is unprofessional to not give a reply in 24 hours. I agree with your reasons

@Dale Miller I don't any state has a law requiring any type of response to an offer. Your agent should be contacting the sellers agent before even sending an offer. Then contact them again after sending to verify receipt. I have sent offers that received no response and in my opinion is it is rude and unprofessional.