All Forum Posts by: Account Closed

Bruce,

How did you make out on the contractor request?

Wally

@Jeff Valentino

Thanks for the suggestions... I am starting to believe good deals are becoming increasingly difficult for "agents to find/stumble across" here in Monmouth, Middlesex and Ocean counties New Jersey. Maybe our in house acquisition team is still the better option. I guess offering a steady paycheck and bonus with perks/benefits is just the way to go.... This might be the right environment to invigorate the the team with some new hires and incentives ($). Loks as though that  is the direction we need to investigate...

@Russell Brazil 

I agree that is the standard. I am seeking to offer items that will develop longer committed relationships. Like maybe marketing dollars for target mailings and pre evaluations of properties that fit our criteria. Mileage reimbursements for visiting properties and driving for dollars, 

@Jay Hinrichs

I agree with your assessment that is a regional thing. That said we often do not close with an attorney and we also work directly with the Title/escrow company. Many of the Title companies we work with are independents. I am not sure why but they get better rates and discounts than going to the underwriter directly. Again we have found no rhyme or reason. We have found we also can negotiate so many of the fees in getting a Title it just works for us.  

Continued Success

Maybe just a Central New Jersey issue....

I have worked with many agents in the past and it blows my mind how many "one deal and dones" they have provided me. It is not until I do another deal I find that they are on the sellers side do we cross paths again. I find them? They tell me they love working with me because I operate without any emotion and always have my ducks lined up and the transactions are easy... 

Are there ethical ways I can compensate them beyond commissions and offering the listing on a re-habbed home after renovated to them? Something where I am not throwing my money away but again still offering them something of value that creates a win win.... 

Thanks for your replies

In NJ I much prefer using my own hand picked Investor friendly Title Insurance company. They have prevented me from making mistakes in purchasing properties that did not have clear title... In one case an acquaintance purchased a property I was just a tad leary about and  BAMMMM a person whom had interest from three transaction prior surfaced and made claim to the property and they are still in litigation 3 years later and tens of thousands of dollars later... Another involved Tidelands issues along with crazy "utility and right of way easements".   

Hello all... We are trying to offer a better reward schedule to Realtors that bring us deals.. What! Pay more for deals? YES! why not. We are not greedy and believe in sharing the wealth for a job well done. That said what can we offer them to (legally and ethical please) bring us more deals? We do things like re listing with them after a rehab for flip...... What else come on Realtors there has to be at least one client you would like to do a lot of deals with that really rewarded you...

@Johnathan Boyle

I will admit we do mentor now in all levels of our business(s). That said we need properties NOW! Our investors are quite diverse and their demands can be challenging at times. That said we only partner with those aligned with the same goals and ideals as us. To spend time as a mentor with us requires a huge commitment (from both parties). That said we would rather provide above average compensation for a job well done with results needed in the short term as well as in the future. Again we have partnered with Realtors in the past but our in house performers that were not Agents we providing substantially better results using most of the techniques you read here on BP. I do like @Becca Summers thoughts on providing funds for marketing. That said we do a lot of marketing here  to include different types of mailings. So again a Realtor that offers more than just the give me money to market like you do does not fit as we have that already. Tell me you have non traditional contacts and lead generation techniques. That intrigues us and we are willing to pay for the results there of.... Lastly most Mentors we have had in the past that show signs of promise are offered very fair compensation packages for their efforts and remain here...

@Becca Summers.... Thanks for your reply. Finding truly dedicated full time Realtors that are truly vested in finding us REI Investors opportunity/grade properties appears to be at it's all time low. It truly might be the market is becoming depleted and there maybe to many investors. That said again I would be willing to up the ante for a Realtor(s) that hustles.... Someone that pounds the pavement, knows the markets we service and can work within our realistic budget and need expectations. Yes, they are realistic. Again I am trying to... No, very willing to offer a compensation package that makes it worth the while of a true professional to bring deals to the plate for us... So yes offering both ends of deals is always on the table. What I would like to know are there other "Perks" we can offer beyond the norm that can create a truly fair reward system for all their hard work and shared loyalty... Thx Again...

Agents share your thoughts please

We are looking to change our business model to pay more not less to investor grade real estate agents (Realtors) bringing us deals on distressed property opportunities. What about other incentives like gas/vehicle reimbursements, $ bonuses for great deals, re-listing opportunities on renovated flip deals and .....  you tell us NJ agents what do you need/desire to give us an edge?