All Forum Posts by: Townsend Derick

Can’t prove verbal in court, that’s all that matters. Verbal comes down to being ethical and staying true to your word because neither party has anything on paper. But in an unethical world that we live in today, you really are taking a risk when you do anything verbally. Im not saying step on another agents toes but sell your self and they may sign with you.

Hi silver,

Well if they haven’t signed a contract they don’t have an agent. Just ask them straight up, "Is there a reason why you haven’t signed yet"? Let them know that you would love to earn their business and that you would like to meet or answer any of their questions they have. I know also that when I do work for really close friends I don’t have them sign a buyer seller contract because they know I would hurt them if they left me for another.lol. But since these people went out the way to say they haven’t signed a contract that might have been a indirect way of them hinting to you to sell your services.

No one has a problem when you don’t thank God but most people have a problem when you do. And when did praying and giving thanks to the creator become not cool? Good things happen to good people. He only answers questions people ask so it’s not like he's some type of minister telling people they are wrong and going to burn foreva. I root for him because I admire anyone who gives thanks to the man upstairs.

Chris, I have a couple of out of state rentals. Honestly it’s hard to know if your PM is keeping late fees for him or herself. My feeling is if the PM wants to keep that little bit of late fee then so be it. People who do shady things like that want be in business for long. I feel as long as you are getting your rent on time that’s all that matters. I completely understand where you are coming from. The management agreement you sign with the PM is the number one place to discuss what you expect of them. I line out things I don’t like and I add verbiage that is attached to the agreement of things I expect of them such as timely communication certain documents maintenance over a certain dollar amount etc. If you run into a PM who is not willing to sign off on your request this should raise a red flag especially if your request are within good logic and reasoning.

Just my two cents. Being an agent myself, I don't think it's the agents being lazy. Most neglect to change it so it will continue to populate to other sites so they can have individuals call and inquire about the home with the intentions of lead generating. Sleazy in my opinion but most agents are starving so I guess they do what they have to do. It never hurts to go after a property even if it is Contingent or in an option period. Deals fall thru all the time especially with SS and REO's.

I like to keep things simple. Why not just call the bank and ask them directly and get the info from the horse's mouth. If they say no then say "why not"? If the answer is still "no", then it comes down to you personally, are you willing to let a house go with a steep discount and possibly a large sum of equity over 2.5%? I think either way you will be a winner and if they let you get a commission your a double winner. I went to buy a REO and the bank told me I would not receive a commission and I told them "OH, OK" hung up and continued my search. I don't see it as a conflict of interest. It would be different if you were trying to short sale your own property. You are a willing and able buyer but you happen to be an agent that's your benefit. I've learned in RE everything is negotiable.

Joe,

Most agents get started with doing BPO's. If you go to Google and type "Bpo companies" you wil get many results. Sign up with as many bpo companies as possible and since you want to do REO's make sure to target those bpo's. Try to get in contact with as many Asset Managers as possible and let them know you're interested in listing REO properties. Bpo's range from $50-$150 or more and make sure you do your homework if you want to become a REO agent. Depending on the bank you may be responsible for upkeep upfront such as lawn care, evictions and cash for keys etc... You may also be in undesirable parts of town. Some companies take a while to reimburse you and some pay rather quickly so you just have to check and do your due diligence.

I’ve been a Realtor® since June 2011. Lol, My first month I was trying to build my bank account back up to its normal level. I was fresh off of spending 3-4K on dues, training, supra-keys, etc... I was in a new part of the country so I found a niche which was Veterans and Active-Duty military. To supplement my income I would help people locate rentals and they slowly began to turn into buyers. Most new RE agents work their (SOI) "Sphere of Influence" their first few months and let those individuals be your free marketing.

Hey Phil, Property Management is not as easy as you think and is not for the faint of heart. There is allot of book keeping and dealing with different personalities. Also there is a bunch of things that can get your pants sued off from both the home owner and tenants. You have to have good solid plan good management agreements and know local and state laws.

Rick, 3 months over something that seems pretty petty. By no means am I taking up for banks but you are losing money. Im assuming you are doing a Refi to get cash to do more deals. Time is money my friend stroke their ego and keep it moving so you can make more money.