Expired MLS
I have tried the letters to agents, stopping by and trying to get a list from these people. Maybe it's because I live in a small town, but then again I've gone three towns out in all directions ...stopped just short of Houston. I can't seem to get anything from these people!
Does anyone have a different approach that would get them to share the wealth? I have New Year's Resolutions to keep for this year...and this isn't helping!!
Steena,
Try to get to know a few of them first and gain their confidence in you and your ablilties. Then ask them for referrals from the old listings,or whatever you are trying to gain access to.. The key is to find the most creative REA in the office and do what ever it takes to get to know them. Try offering to send business in their direction for them helping you, but you might have o produce before they will be willing to help. . Remember, some people are driven by the Green Back! Just a thought. Good luck!
Most MLS systems will kick out a list every day of expired listings. You need to get in with an agent that will forward this list to you - or have his assistant do it
[addsig]
Realtors pay hefty fees to use the MLS. Don't expect them to hand over information for free. Some sort of fair exchange is in order. Besides that, Realtors go after the expired listings themselves and may view you as unwanted competition. They, too, are trying to make a living.
As I am sure you are aware, most Real Estate Brokers massage expiring listings. After all most of them were high listed by Brokers needing listings. Besides it is a common practice to list high and then bit by bit reduce the listing amount as the seller becomes anxious to complete a sale. It is a method that I abhor and do not practice. I believe in the power of Transaction. Also when running an active office, I will in many instances quarantee a sale. I will list a property but sign contract to buy the property at the end of a 90 day period if it has not sold. Of course I deduct from the price the full commission, the costs of sale such as Escrow fees, title costs etc. etc. If called upon to preform on the offer I do, but I do a simple quicky search of title, record the deed and escrow within the office. Then offered the property out for sale and increase the price to compensate for the risk of a non qualified buyer buying with low downpayment. Assuming or buying subject to an existing first mortgage with the office coming back with the second. I write the second with a high interest rate usualy interest only to hold payment down and the period of time three years in an up market but five years in a down market or if the market is fluttering. (real estate prices flutter as market direction changes. This little phenomenom can be calculated and procedures changed.)
If you wish to work with a Broker you must bring something to the meeting. Perhaps your ability to ferret out properties in areas not massaged by the Broker. Or you are willing to accumulate properties in areas which are normaly reserved for advanced guerilla warfare training. Perhaps you have the eunique desire to buy a 60 unit, turn it into single mothers with small children only tennancy and open up in house schools for the children, Control Assistance checks so that the checks arriving on Mothers day, the 1st and 15th can be actualy used for food and shelter instead of the usual nickel bags and cheap wines.
Now that ability and desire is a value to a Broker who finds himself unable to sell these types of properties. You are now a welcome visitor to that Brokers Office and in time he will expose other little goodies for the truly qualified and motivated investors who wish to do great things.
One skill usually missing from the normal Realtors office. Is the highly skilled unlicensed person who eats, sleeps and gets off on crazy paper. You know the ability to arrange nothing down sales with high Seller participation and a subsequent layoff of discount purchases to finance these strange and nefarious John Doe Transactions.
Years ago into my office on Sunset Blvd. Located on the strip, came a crazy lady who mainly was an extra in big movies. Between Extra Jobs, she arranged the creation of some of the most creative mortgages I have ever seen in my life. All of which ended up producing high interest yields for a group of elderly citizens who had to live on earned interest. She was to them a god. My god a 15 to 18% yield was her standard. The notes she dictated needed attendent footnotes at least twice the length of the notes just to explain the various clauses. Due on Sale, Due on Color of Sale. Lease changes obligated penalty interest increases. Modifications of notes to adjust to senority of refinances all called for penalties and or increased interest rates. She belonged back in 1531at Fuggers Bank in the Note Department. She created notes the like of which had not been seen since the Antwerp Commodity Exchange was set up in 1534 and that began stock trading in the modern world. Now she was a Real Estate Investor. We all loved her and admired her talent. With a little study you too could fullfill that function in the average Brokers office. That is if you can put up with life in an average Brokers office. I refuse to sing the Realtors Song.
Lucius
I don't know what that subject icon means, but I've never seen anyone use it...thought it might be lonely...
Thank you for all your great advice. it is really helping. I have decided to look outside of where I am...find a small office in Conroe that is hungry for business. I will try the before mentioned techniques and see where that takes me. Through this experience I have been drawn to the saying "small towns, small minds". Although I cannot say that rings true for everyone here....it has definitely been a brick wall. I have been told that what I am "trying" to do is stupid and will never work. Go figure. I was told by one that he would accept $$$ for his list, however....he was far too busy right now, but he would keep me in mind. That one had my head reeling for three days....and I know him personally!!! So I will look elswhere, for I know my fortune is out there waiting not so patiently for me to arrive!
[addsig]
Lucious, you have some of the funniest asides, thanks for the laughs.
Steena, I'd be happy to help you but my MLS service is in the Dallas area and doesn't go that far south. I'll ask my broker if she knows anyone in your neck of the woods.
Seriously though, any realtor who is "too busy" is perhaps too laid back. My Dad always says, "If you want something done, give it to a busy man (person)".
Our MLS allows you to set search parameters which scour the listings on a daily basis and automatically forward properties meeting your criteria to you by email. Once it is set up, the agent in question can be sipping latte-blatee-das at Starbucks and from your perspective, he is furiously burning the midnight oil on your behalf.
I don't entirely understand the basis for the antipathy which seems to exist between many investors and agents. To me, we are natural allies in pursuit of a transaction. It's probably because we agents go to seminars and sales training which teach us how to find a nice comfortable niche without having to exhibit the occasional original thought.
Happy '04!
Warren
See! that was my thinking. If we can benefit each other...what's the problem? I think you are right...although I would not have used the word "laid back" but then again, I'm not as tackful...it must be the bruise on my forehead.
Steena