All Forum Posts by: James Dean-Howell

 
Can you define specifically what you mean by "taking advantage of agents" or "beating around the bush?"

The reason I'm asking for specifics is because I thought signing an exclusivity agreement was standard and that if I didn't I was potentially taking advantage of an agent. Now I'm told that it's not appropriate to sign an exclusivity agreement for a REI.

So I need to know specifically what proper educate on REI and Realtor interaction is. It's not intuitive, as the position on signing exclusivity agreements shows.

Thanks for taking the time to respond.

Ahh! See this is something I missed and something no one told me. Not in any of the books I've read or the podcasts I've listened to. There is so much contradictory information out there.

Just so I am prepared. What is the reason I shouldn't sign an exclusivity agreement so I can explain my position in the most logical, non-emotional way possible?

 
Thanks! Yea this definitely makes a ton of sense. The issue I'm having is that realtors want me to sign an exclusivity agreement. Which means I couldn't work with multiple. Both the realtors I've interviewed so far wanted me to sign one and said that it was standard. One of them was a realtors I met here on BiggerPockets.

It makes sense to me. From their perspective they are doing all this work to help me find a deal but then there is a chance I don't end up buying from them because I find a different/better deal with another realtor. I would have a problem with that too if I were working on 100% commission.

I'm in Lansing, Michigan. Is an exclusivity contract as common as they say?

@Joe Villeneuve


I appreciate the response. However this wasn't very helpful.


I'll ask the question in a different way so you can give a good response. How should I approach a realtor I've turned down after I've choosen a different realtor? Since we will be intereacting regularly.

I attended my local real estate meeting for the first time and connected with a few realtors there. They were vying for my business and I got a few business cards. I've already met with two other realtors and haven't yet decided which one to go with.

The issue I'm having is that the realtors at the meeting know each other and I'll probably be seeing them regularly. IF I do choose one I have a fear that the other might grow resentment.

Am I overthinking this? How do I make sure I'm being polite and respectful towards the one I turn down?

First I want to say that I appreciate all of your help and answers in advance! Thanks for your time!

I started writing letters to a list of people in my area. Off market properties. I'm a newbie and I asked one pro when I should start writing letters to look for my first deal and they said "TODAY!"

So I did. I started writing letters but now I'm actually getting calls and I have to talk to people and make offers for their houses since my letters asks them if they are looking to sell.

I am definitely not as prepared as I could be for this. I'm making mistakes but learning at the same time. Last night a caller hung up on me because I asked her for her address. Lesson learned.

So I guess I'll ask specific questions to help in my learning process.

I'm going to try letting all calls go directly to voice mail so I can at least get their name and address before I talk to them. Does that sound like a good idea? I work a full time job so It's not like I can pick up the phone every time it rings.

How do I get numbers on the typical downpayment amount and general loan terms of financing I'd potential use? I'd be buying my first house using financing and even though I've read a few books on Real estate investing including Brandon Turners' guide to real estate investing, I learned very quickly that I don't know much about loan terms, Downpayment amounts, etc.

What should I know about owner financing? Where can I learn more? What is the typical downpayment on owner financing? Where do I get these documents for owner financing? A title company?

How do I make offers to these home owners who could just sell their homes for higher on the MLS? What beneifit could I offer them as a person who called them attempting to buy their property off market that would make them want to avoid listing their property on the MLS? I'm only interested in win/win deals so I'm not looking for a deal where they could have just put it on the MLS. Especially since I'd probably offer lower than what they could get just listing it.

I know why that pro told me to start TODAY but I also wanted to wait until I was a bit more prepared. Still, now that I'm getting calls I'm in the thick of it so I need to learn fast.

First I want to say that I appreciate all of your help and answers in advance! Thanks for your time!

I started writing letters to a list of people in my area. Off market properties. I'm a newbie  and I asked one pro when I should start writing letters to look for my first deal and they said "TODAY!"

So I did. I started writing letters but now I'm actually getting calls and I have to talk to people and make offers for their houses since my letters asks them if they are looking to sell.

I am definitely not as prepared as I could be for this. I'm making mistakes but learning at the same time. Last night a caller hung up on me because I asked her for her address. Lesson learned.

So I guess I'll ask specific questions to help in my learning process.

I'm going to try letting all calls go directly to voice mail so I can at least get their name and address before I talk to them. Does that sound like a good idea? I work a full time job so It's not like I can pick up the phone every time it rings.

How do I get numbers on the typical downpayment amount and general loan terms of financing I'd potential use? I'd be buying my first house using financing and even though I've read a few books on Real estate investing including Brandon Turners' guide to real estate investing, I learned very quickly that I don't know much about loan terms, Downpayment amounts, etc.

What should I know about owner financing? Where can I learn more? What is the typical downpayment on owner financing? Where do I get these documents for owner financing? A title company?

How do I make offers to these home owners who could just sell their homes for higher on the MLS? What beneifit could I offer them as a person who called them attempting to buy their property off market that would make them want to avoid listing their property on the MLS? I'm only interested in win/win deals so I'm not looking for a deal where they could have just put it on the MLS. Especially since I'd probably offer lower than what they could get just listing it.

I know why that pro told me to start TODAY but I also wanted to wait until I was a bit more prepared. Still, now that I'm getting calls I'm in the thick of it so I need to learn fast.

@David Hall

This is all great advice and exactly what I was looking for. 

Really quickly, what is DOM? 

 
Good Idea. I'm going to be making a few phone calls. 

I've already read it and it doesn't help because the numbers are too general and doesn't help for my specific area.