All Forum Posts by: Account Closed

Congrats!

Agree with @Ty Burns , an executable contract contingent on viewing will have to be in place before it can be shown. Probably due to tenansts.

NAR forecasts 5.0 in Q2. I got 3.375 on my VA refi (IRRRL) last Jan. It's keeper I wouldn't even consider paying off.

Sage advice @Steven Stokes , the problem is most people starting out are tire kickers just learning the ropes at the agents expense. I would not call the agent unprofessional without knowing the full story. Granted, an investor with the means to purchase will be incredibly successful following your advice.

1) Depends on what you mean by viewing. If he's just opening up houses for you to assess as an investment, rehab, etc. then it shouldn't be a big deal for him to take calls. If you're in conversation with him or asking questions and he's inattentive and telling you to hold on, then find you someone else.

2) Not unreasonable but find someone else if it bothers you. My whole office has been AWOL for about 10 days now, even the broker, lol.

3) Depends on the nature of the call. If you're telling him you want to submit an offer on a property then by all means he should be very responsive. I wouldn't think twice about finding someone else. If he's shown you five houses and you just want to see more, then his actions are reasonable.

4) I went through real estate school last year, as an investor, and I can tell you ARV was never mentioned and was not on the test. Nor was any of the other lingo you'll pick up in flip books.

Why don't you get your license? That's what I did for many of the reasons aggravating you now. Most real estate agents are only interested in preapproved owner-occupied clients. They want to find a few houses meeting your criteria, show them to you, and close the deal. They don't have time for unproven investors wanting to view a home at a moment's notice just to submit a low ball offer which probably won't get accepted. With my license I have MLS access, the master key to look at most properties and I can write all the offers I want, when I want.

Until you prove yourself as an investor you need to take it easy on your agent because he/she will become disinterested very quickly. Also, instead of asking about ARV, ask the agent "After I buy and rehab this property, how much will you be able to sell it for?" If they know there are two transactions to profit off of they may be more willing to comp a property for you. They're not going to do this often so don't request it on every home. Besides, you should already have a good idea of ARV before you ever visit a property. Use the realtor comps to confirm your ARV just before you make the offer.

@Bill Gulley , perfect, thanks. It has occurred to me the small revenue increase could actually translate into a loss. I understand there is a huge potential for a conflict of interest, even if a company operates fairly and honestly, the perception of impropriety will exist. Charging a extra fee for problem properties is worth further consideration.

I've captured all of the discussion this thread, good stuff and very helpful. Thanks to everyone.

Any other ideas for "Revenue streams of a property management company" please post.

@Nicolas Gonzalez , I have been looking into various vendors, Buildium being one of them. I have not tried any of them but intend to try the free trial for each when I get closer to my launch date.

I am planning a PM company at this time. A few competitive advantages I looking into are:

1. Online owner portal with up-to-date and historical reporting. No PM in my market, that I've found, offers this. This would be a big one for me if I were an out of town owner.

2. Discounted vendor services. I would ask them what kind of discounts they command because of their market presence. Do they have vendor agreements in place for repair services? Do these discounts get passed on to the owner?

3. Preventive maintenance inspections. How often will they visit your property? How do they document and communicate issues with you?

Good luck!

I don't think your logo is necessarily bad but it looks like it should be on a polo or t-shirt. Recommend taking what you have to odesk, elance, etc. and have a photoshop guru whip it into shape.