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All Forum Posts by: Matt Cramer

Matt Cramer has started 16 posts and replied 138 times.

Post: The 70% Rule

Matt CramerPosted
  • Residential Real Estate Agent
  • Rochester, MI
  • Posts 152
  • Votes 52

I believe expenses should include all fees and costs associated with the sale. 

Post: Where's the Money in Being An Agent?

Matt CramerPosted
  • Residential Real Estate Agent
  • Rochester, MI
  • Posts 152
  • Votes 52
Originally posted by @Johnny L.:

I'm really having trouble seeing where the money comes from from being agent. It seems that if you're not selling 12, 20, 30 homes that it's extremely difficult to make a living. From the experiences I've heard it's hard to even sell 5 or 6 houses a year. Take away the marketing money and the commission split and you're left with almost nothing. Can someone help clarify this for me? Speaking from your own personal experience? Thank you so much in advance!

Johnny Lujan

You answered your own question. You need to sell 12, 20, 30 or even more homes a year to start seeing the real money or sell higher priced homes. The money is there, you just have to go get it. Hard to sell 5 or 6 homes a year? Yes at first it seems that way, as you grow it becomes hard to sell 5 or 6 a month then 5 or 6 a week etc. Just have to go at it with determination and be willing to do what needs to be done when it needs to be done. 

Post: Should I sell or buy and rent?

Matt CramerPosted
  • Residential Real Estate Agent
  • Rochester, MI
  • Posts 152
  • Votes 52

The reason I'm questioning it is from a podcast about how someone wished they had kept every house they had owned and rented them out. 

Post: Should I sell or buy and rent?

Matt CramerPosted
  • Residential Real Estate Agent
  • Rochester, MI
  • Posts 152
  • Votes 52

I have a house I purchased on a lease purchase agreement which I'm able to assign. (ie I can sell it and keep the profit)

I have it for $137,500. The market is about $150k-$160k it would take about $5k in upgrades to reach that $160k mark and it may still only be $155k. Tough market to get exact numbers as it's pretty rural. 

I could buy it and rent it out, downside is I'm moving 2.5 hrs away and wouldn't be by here to often. I could also put the 5k in and hope for the top of the market. Or I could sell as is and get $145k or better and walk away and buy my next one. 

What are your thoughts?

Post: Calling Expired Listings

Matt CramerPosted
  • Residential Real Estate Agent
  • Rochester, MI
  • Posts 152
  • Votes 52

I personally prefer "aged expireds" They are not being hounded as much as the new ones and are often receptive to getting more than they asked for their home 2-5 years ago. I typically go back up to 7 years I prefer last year yet it depends how many their are for my area. I work a smaller market when it comes to expireds which is why I can afford to go back so far. They are never too old. 

Post: Best Realtor Custom Website

Matt CramerPosted
  • Residential Real Estate Agent
  • Rochester, MI
  • Posts 152
  • Votes 52

Totally agree with @Lucas P.

 Custom is better in a densely marketed area and with SEO you can beat them with an out of the box site, but it will be tougher. Google LOVES Unique Content.

Post: Best Realtor Custom Website

Matt CramerPosted
  • Residential Real Estate Agent
  • Rochester, MI
  • Posts 152
  • Votes 52

The best one is the one you use. 

I know several agents (doing 30+ million in sales) using out of the box sites. Some are using custom stuff some are using the site their brokerage gives them. The difference between them and agents who make no money off their sites is they drive traffic. That is the biggest thing with a RE Website. You need to know how you plan to drive traffic. Then figure out if you are looking for buyers or sellers. If you start driving massive amounts of traffic can you handle the leads? 

Sites that are known to do well. Tiger leads, Boomtown, TeamLeads. You want blogging, it's part of building the SEO for the natural traffic. Unless you will do all ppc traffic in which case forget the blog. 

Post: HUD homes

Matt CramerPosted
  • Residential Real Estate Agent
  • Rochester, MI
  • Posts 152
  • Votes 52

It's all about price and condition. Doesn't matter who is selling it. HUD homes can be good deals but I've often seen them not be good deals as well. Ask for a Property Condition Report. They don't usually have sellers disclosures but this is the closest thing to it. Know that if things are broke and your lender requires them be fixed for financing they have to be fixed and you're not allowed to do them typically and HUD won't usually do them. It magically has to get fixed to finance occasionally.

Also they often have a 15-30 day period for owner occupant only. IF it isn't sold in that time period there is a reason figure out what that reason is before making an offer. I'd rather find owners to sell them to me before they go to HUD but that is more difficult.

Post: Real Estate Agent Contract - Is this normal?

Matt CramerPosted
  • Residential Real Estate Agent
  • Rochester, MI
  • Posts 152
  • Votes 52

It's not uncommon. Often I see that it is paid at close and not up front. I know of a couple agents though that do this because if you search for 6 months for houses with them and then never buy it's the only $ they get out of showing you homes for 6 months. I doubt it's per house. I would just pay it and if you don't feel your agent is doing their job well then go to them and say so. If they don't cooperate, go to the broker. Then remind the agent that you will be leaving reviews all over. I don't know a single agent who would trade bad reviews for $595. 

The only problem with this is if the agent isn't worth it. Otherwise, you want a professional agent and someone who values their time often (not always though) brings value to the table. 

As far as the difference in 3% and $2000. Is it an issue for you? Will you be buying houses that don't meet the $2K cut? If not who cares. If so then talk with your agent. Let them know you plan to buy several houses over the next few years and you want to build a mutually beneficial relationship. I work deals with investors I work with because I will be working with them for many years. Heck if they are an amazing agent and get you a better deal than you thought you could get make them get an extra $2k out of the sellers price to cover the commission. 

Post: Why you NEED a mentor!

Matt CramerPosted
  • Residential Real Estate Agent
  • Rochester, MI
  • Posts 152
  • Votes 52

Have to agree. Having a mentor has been incredible for me. I have actually been able to invest in some of his deals in order to get started. Then when I found a deal with a large spread he was able to jump on it and was happy to take me along. I heard somewhere, "when the student is ready the teacher will appear" it was totally true in my case. What about yours?