Best Way To Make Offers?
For all of you who have had success buying thru a realtor, how do you make offers on property? Do you make phone calls or do you send offers in the mail?
What format do you use? "Hey this is (your name) I would like to make an offer on property xyz" How does this work if you are making tons of offers?
Thanks ,I wanted to start making offers but since I have never done it before I wanted to limit how much laughing I had to endure from agents who thought my offers were ridiculous. I read an article that said the investor mailed out hundreds of offers so I did not know if that was how offers were made.
If a Realtor is the person who brought me the property, I will use their CAR form (Calif Association of Realtors). My offers are presented by my Realtor (it is written into the Offer to Purchase). I need to know what the Owners want, not what someone thinks they want.
As an Investor if you present, act and show knowledge as a Professional you will not be laughed at. They need your business no matter how active the market. If I am having problems with the Realtor who brought me the property, I will talk to the Broker of the house and request another Realtor to complete the deal with no commisiion to the Realtor. If he does not agree (in writing), then I will go to another brokerage and submit the offer.
If you are going to make offers on listed properties look and ask around and find a guy who is a licensed broker and a member of your local MLS and who understands what you are doing and will work with you. Don't worry if this guy has any properties listed which you want to buy. Make all your offers on listed properties through this guy. This way he gets half the commission to be paid by the seller. This will motivate him to do two things on your behalf, 1) scout for properties that fit the profile of what you are looking for and bring those properties to your attention 2) make you look good. I.e. write your offers for you on the appropriate forms and interceed with other brokers/sellers and tell them what a knowlegeable, professional guy you are (even if not entirely true) and that you will CLOSE, the only concern of realtors everywhere.
Thanks commercialking, that makes sense. So you are saying I don't have to use the agent who has the property listed? Cool I have a work partner who is also an agent maybe I will see if he can make any offers if need be.
Thanks again.[ Edited by wmwealth on Date 04/06/2004 ]
wmwealth,
Taiyo and Commercialking give good advice.
Here is a non-professional answer to your question..... I use the "kick my realtor in the _ss" approach. He NOW knows that this works well for me and for him!
We have already worked together for a couple of years and will likely be a long time to come. This is because, believe it or not (based on my comment above) we have a mutual respect for eachother. He knows exactly what I am looking for, and we know what each needs to get their job done and quickly. I dont waste his time , he doesn't waste mine.
Even in PSL, I sometimes screen 30-40 homes before getting him involved, and likewise with him. Sometimes we dont even talk for week or two even though we have deals cooking and then we'll work together for 3-4 days straight to make things happen.
Like they said, IF you are going to work with any realtor...Get someone on your side, working for you, and he will help to make your offers quickly and responsibly, while protecting your interests. Until you get the hang of things....
SG
Thanks "G" your advice is always welcomed and is pretty comical as well.
I am interviewing several realtors now to get a good one.
Thanks to all who have posted.
Oh, I almost forgot I found an investor/buyer who basically told me look no further because they are the only buyers I will ever need. --Now thats what I call getting a good start on building a buyers list.
So, "Kick the Realtor in the ass" is how you effectuate a good long term working relationship???
Hummm. If that's the case you need to get a better Realtor. I only work with Realtors who are professional, motivated, and very top of the line. The care and feeding of a good Realtor has mucho merit and muchisimo fall out via good deals that haven't yet hit the MLS and early warnings of deals which are in the pipe line. I can't imagine getting those benefits from a Realtor who needs to be "kicked in the ass".
Ok Sammy got your point.
Didn't mean to offend you....or any realtors in general, Or to imply to wmwealth that this was a "physical" way of getting someone to assist. Too serious.........................
However, I have a great realtor, we have been friends for many years! We have a great Professional relationship and work fast and by the book. We have FUN! making money.
What I was suggesting, and I think that was clear to wmwealth as we have talked before and work the same area, is that you have to take control of the situation "IF" you work with realtor and make sure you are working together for the same goals. (This does take some experience)
And yes wmwealth, a GOOD realtor will provide a "wealth" of knowledge and assist you greatly in making your offers.
By the way I bring my realtor as equally as many deals as he brings me, many of which are not "listed on the MLS" or anywhere for that matter. We make eachother plenty of money.
And he kicks me in the _ss once in a while too! Have fun making your profits through educated decision making.
SG
The realtor that I use always attempts to present my offers in person (myself included at the time) I prefer to seal the deal right then and there...and it also saves time between offers and counters. Any time lost, is an opportunity for someone else to come along and offer more money or worse yet, make an offer that is accepted. If I'm interested in the property then I know what I'm willing to do to get it, so it only makes sense to me to get it done ASAP.