All Forum Posts by: Jake Thomas

I am very transparent about being a Realtor and my investing at work. Just this year I have listed and sold 6 co-workers homes as well as helped 4 co-workers buy new homes, this doesn't count the referrals from those transaction either. I actually am afraid to leave my day job as my leads my dry up! I work in an office of roughly 400 people. People come to me all the time with questions about remodeling their kitchen and or bathroom. Which contractors to use etc. I figured if my director let me sell his house I am safe for now...

If I could do it again I would have gotten my license sooner just to help people out at work. It's a rich source of leads that are actually good buyers. They have jobs and make enough money to buy the houses they want.

@George P.

That is very very similar. Do you have a current picture of it?

I am closing on this rental today and need help on how to remodel this tub. The tub itself is in great shape but the blue shower surround is actually wood tiles. Being a rental I want to make this look as nice as possible while being as maintenance free and not spending a small fortune. I thought about doing tile but this house has a well and no guarantees on how rusty the water is regardless of the water softener. The window is also a variable as the ledge will hold water...

This house will rent for $1400-1500 so not high end but no low end either.

Also, the floor has hardwood, do you think putting tile over those or refinishing with the rest of the main level is the best direction to go?

Thanks for all your suggestions!

@Matt Gehrls

Get in contact with @Tim VandenToorn he might be able to help you out.

@Michael Jobe I was thinking of making 4.5% my rock bottom especially if I am responsible for the entire marketing budget. My current broker takes a $500 flat fee per transaction regardless of the amount but offers zero back office help. Setting up shop in a model is a good idea and one of the questions I will pose to the developer.  I also feel that I will be able to get both sides on the sale of some of these houses if the marketing is done well.

@Renee Cato

I am unsure on the marketing budget. These are all things I will need to discuss with the developer. Is marketing a development any different than selling other homes? The escalating commission is also a good idea. Thanks for your input.

Thanks

@Wayne Brooks

 I should have been more clear. I meant I will never get exclusive rights charging 6-7% overall commission. I always give the selling agent 3% (then I take the rest) no matter what. I won't make any friends in my market not giving them their full commission.

Ok fellow BP agents/members, I am looking for some insight and advice on how to handle this situation. This could be my chance to really go fulltime into RE all together. I have come in contact with a local developer that has just been approved for a high end development. It will consist of 80 houses and they will start breaking ground this fall/winter and start building next spring. We have had some preliminary discussions on allowing me to list some or have exclusive rights to list all properties. He didn’t seem to have any issue allowing it if we could work out a financial arrangement. I plan to take this gentleman out to dinner soon to discuss the details even more but would like some advice on how to get this locked up in a contract of some type.

Here are some details that may help.

-The average sale price will between $350-650K depending on location, let’s use $500K for an average. ($500K multiplied by 80 is $40 million in real estate over the life of the development).

-I work for a flat rate broker and can discount my commission percentage to whatever I want.

-The development is in a hot and growing area and the price point should be acceptable per the market.

This developer is also a licensed agent but flat old told me he won’t list these as he won’t have time. He knows some agents can be flexible on their commissions and that is what he is looking for. I know this isn’t his first rodeo and there is no way I can get exclusive rights at 4 or even 3% listing commission.

What would you do if you were in my shoes?

@Account Closed

If you are using an agent to buy your primary I would pick one or the other. If you are looking for rentals or flips then allow both to bring you deals and see who brings the best deal first to keep your options open. Don't let one show you a house and use the other to buy it. It has never happened to me but I wouldn't be wasting my time with that person anymore if it did happen.  

Also, do not sign an exclusive buyers agreement if you intend to use both for rental/flip deals.

Good luck.

@Willie Banks

 I suggest you look into getting your own license if you plan to do this often. It will make it easier to assign the contract and you can tie in the commission as part of your fee. This way you do not have to rely on someone else since most agents have no idea what you are attempting to do and feel uncomfortable with it.

1. I saw people working on a vacant house so I pulled over and talked to them, made offer on the spot and accepted a few days later.

2 . Sent to me from people I met on BP.

3. Auction.com

4. Family member sold us their house.

5. MLS