All Forum Posts by: David Martinez

Hey Juan! You will learn a lot getting your license. I would recommend going through a few deals to understand the process even better. I was a licensed agent in NJ but no longer have time for it as all of my time is taken up doing contracting. Welcome, and feel free to reach out if I can help in any way!

@Ray J.

Hi Ray, welcome to Bigger Pockets! Glad to see another from my area on here. I invest in Port Jervis NY. Good luck starting out again!

@Anthony Liguori

Give them 30 days to vacate, there is no lease so that is all you need now

If they refuse to leave; one great strategy that I have learned to save the headache of an eviction is “cash for keys”. Give the tenant their 30 day notice to vacate, if they refuse to leave then offer them money for them to leave. It ends the situation amicably almost always, and actually saves you money. If an eviction is going to cost you $1,000 but you offer $700 to a tenant who hasn’t left after their 30 days, not only did you save $300 in the process, you got the tenant out faster, saving you even more money.

@Charlie MacPherson

That’s a great attitude to have! I am sure in the long run it has helped you pound less of that sand you have so readily available!

@David Martinez

If that is not the case, then it’s a great day to learn something new!

@Charlie MacPherson

Okay! Thank you for clearing that up. Once you pass that off to someone in your office you are no longer collecting both sides though correct? (Maybe a 25% refferal). I do not know the ins and outs of Massachusetts or Maine, but to my understanding you have to be a disclosed dual agent in order to collect the buyers and sellers side of the commission (what I meant by when a buyer decides to work with the seller’s agent, offer writing, inspections, etc, anything further than a showing).

“Lots of sand for pounding should the need arise.” 😂😂

I do think disclosed dual agency can fall into murky waters when you have less ethical people working the transaction. I am lucky to have a non competing manager who is very ethical, and willing to help with the handling of those transactions.

@Charlie MacPherson

Also, I totally agree with you about not being able to handle both sides in an unbiased manner. I don’t like that aspect as well. That is why I have my broker handle one side, so that both parties are handled in a fair manner. Thank you for your insight as well.

@Charlie MacPherson

Hey Charlie, thank you for your input! I think we may have a miscommunication. I was saying that a seller’s agent does NOT have a fiduciary responsibility to a buyer. One

Thing you said that interests me is how disclosed dual agency works for you. Your seller does sign a disclosed dual agency acceptance form right? In NJ, once you become a disclosed dual agent, you no longer are allowed to have a fiduciary responsibility to either party, but are still obligated to handle the transaction in a fair and honest manner (spoken from a legalese standpoint). Usually what happens for me is that I have my broker handle all steps with the buyer and I continue to represent the seller. Where are you licensed?

@Dave Williams

Most on this post have already cleared a lot of things up with precise information on what a buyers agent does. To add, when you contact a seller’s agent they have a legal fiduciary responsibility to the seller, representing the seller’s best interest. When you decide to work with the seller’s agent, they then become a dual agent, legally obligated to give fair honest service but having a fiduciary responsibility to neither of you at that point. No one is going to be more likely to accept your offer because you aren’t coming into the deal with a buyer’s agent. The % is pre-determined and the only way you affect that as the buyer is whether it all goes to the seller’s agent and their brokerage or if it gets split between 2 agents and their brokerages.

You are putting yourself more at risk by not using a seller’s agent, which puts a licensed professional in your corner with, here is the most important part; a fiduciary responsibility to only you and your best interests as the buyer.

@Gerardo Rodriguez

Welcome Gerardo! There is a lot that can be learned from the members, blog posts, and podcasts on this site. I wish you luck starting out in real estate. Where in NJ are you?