How do I find Newbie Real Estate Agents
Hi,
I nned help getting ideas as where/how to find newbie RE agents. I need the agent to access the MLS and do searches for me based on the criteria I specify. They need to be OK with low offers and also OK with assignment of contract.
Any idea where to start finding one?
thanks, Louis
You will just have to contact the agencies to find out if they have new agents or place an ad in a paper that you are interested in looking for new agents.
I have the best realtor in the world!!!! We found her at an open house and she has sent in tons of stupid deals for us! I think she had been doing it for 4-5 years before I met her but she was not doing it full time or as we would tell her she was such a part timer but now she has moved to a new company and she is so over worked! But the coolest thing about her is that she lets us submit our deals and talk to the sellers realtors on our own if we want. We make sure our deals we find on the MLS go though her because she lets us use the MLS all the time. I think the key is to find a friend fist. We just happened to fit into the same personality as her and we are friends first. But our friendship started as her being our realtor. So I would say go to Open Houses! The real experienced snooty realtors have newbies doing Open House for them because they are too big to do them on a weekend!
[ Edited by Crayon on Date 03/02/2003 ][ Edited by Crayon on Date 03/02/2003 ]
Thanks for the responses...
I think I am going to pass on dealing with agents. I found one and passed it to a friend. WHY? well, the problem is that I see houses listed for $89,990 and when I do research, the Hillsborough County Appraiser Office tells me the Just value for that house is $64,910 only. Big difference between $89K and $64K !!! Of course, looking at comps did not help, because the properties were in much better shape than the one I looked at. So I did the Ron LeGrand calculation:
($64K * .7) - $10K Repair - $3K my fee= $32K .
So I told the listing agent that $32K is my offer for a house listed for $89K and she was not sure she wanted to make that offer. She was embarrassed to offer that.
Am I doing something wrong??? I also have to put a few hundred dollar deposit which can be lost if I do not find another investor buyer(rehabber). So that is why I am not sure about agents anymore,
Please let me know what I am doing wrong,
thanks, Louis
Louis,
Just Value is an amount used by the local property appraiser. It is not anywhere near fair market value.
County Property Appraisers value real estate below market value for a good reason. They cannot possibly spend the man hours and budget they have appraising every single piece of parcel in the entire county...so, they give a "Just Value" or also known as "Assessed Value".
The "Assessed or Just Value" of any property will be lower then the fair market value because the County does not want to be flooded with 100,000+ property owners disputing that their home is being taxed at a price that is too high..(menaing they'll have to pay higher taxes).
So, for the sake of saving time, money and headaches, they assign a Assessed Value, way below fair market value.
I am a realtor/investor in Lee County (Cape Coral-Fort Myers Metro Area)...I work with investors ALL the time...I hate realtors..although I am one, I do not list homes, I focus my attention on my own investments and working with other investors...
That being said, I would not have submitted that offer for you either. There is a difference between serious investors who understand that you cannot make $50K on every deal (late night tv wannabees) and investors who will work the deal so they can get into it with little or no money down (even get cash back at closing) and with built in equity.
I've learned it's not all about low-balling sellers...it's how you structure your terms and financing, that can be lucrative...
To your success...
Mike T
[addsig]
I am a Newbie REA in the Los Angeles / San Fernando Valley area. I am very interested in creative REI and without the capital to get started myself I am willing to Bird Dog for you!
Michelle
www.realhaute.com
Hi Lois,
I am a newbie in Chicago if that helps you.
Hi,
thanks for all the great feedback ...
MikeT1013, thanks a lot for the good info. I know the comps are the best way to go ... but sometimes the comps we get from Realtors are from Neighborhoods far from the target house and much better quality area. So I can not use those. So here is a question for you:
Based on what criteria, do realtors pull up comps from the MLS? Do they search in the target area for houses sold with similar sqft or ....? is the search engine in charge of doing the match up ? who decides the houses sold are good comps for the target house?
Here is another question from my buddy he asked me ... how do we know the DOM greater than 3 months?
--------------------------
as for realhaute_REI and noblephi, I am in Florida. So thanks for the offer to help ....
Also please read my next reply for more interesting question ...
thanks, Louis
Hi,
here is another interesting question ....
Most "Wholesale" gurus say that you can search MLS for keywords such as "handy man specials" or "fixer upper", .... So having mentioned that, would I not get a lot of properties cominmg back from MLS search result that are placed by other investors? Meaning they already got the property under contract and now they want to wholesale it. So I am already too late and I should not be searching for keywords such as "handy man specials" or "fixer upper" to begin with. Right?
As a wholesaler myself, I do not want to search for the above keywords, since the properties most likely are taken by a wholesaler trying to flip it. So what should I search the MLS under to get the right properties for wholesaling???
wow, I am too confused to even start working with a realtor Help ....
thanks, Louis
My friend, you are too confused to work without a realtor! Seriously, realtors do not have to be your enemy - just realize they are making a living just like you. If you get to know one or two, they will help you find houses that fit your needs. And yes they get a commission - paid by the seller, not you!
Contact the local brokers in your area, they will refer you to new agents. You can also contact the real-estate boards in your area.
Jeffrey Adam
[addsig]
Louis:
I work with have worked with many realtors in the past 8 years of investing. But, they are only one tool in my small but growing aresenal. When I began I only used agents. Look for hungry agents- newbies are a good bet because they are looking to grow a customer list. However, from what I hear most agents, at least in my area are hungry for buyers, so it should not be hard to find an agent. Cold call an office, usually the agents working the floors are newbies.
Louis,
I have not tried this personally, but I'll share some of Russ Whitney's suggestions (don't shoot the messenger, please).
1. Keep score of realtor signs in the area you are interested in. Call the ones with the most signs in your farm area, and ask if they own income properties themselves.
2. Try property management firms. Sometimes, someone there has a real estate license.
This one is my own. www.Realtor.com has profiles on realtors. It took some clicking, but I noticed 2 in my area say they sell investment properties.
If you try them let me know. I'm more interested in assigning deals at the moment, but will move to this area after acquiring some cash.
Cherie
louis..
In some states the board of realtors will list all the new memebers that have just sign on. Call your local board and ask them how they report new realtors.
Hi all,
I haven't posted here in a while. As of my last posting, I was still trying to decide whether to get my RE license. I chose to do so. If anyone is looking for a "newbie" RE agent in the state of WA, I would love to work with you. Please understand, however, that the current RE market in my particular area (Bellingham) is very hot. That doesn't mean you can't make any money. It just means there are currently not a lot of "steals" out there. However, it certainly looks as if the property values around here are going to continue to skyrocket for the next few years. Most local economists attribute this to the 2010 Vancouver B.C. Olympics and a recent article in Money magazine about Bellingham being the best place in the country to move to. Being licensed here however, means that I can act as your realtor anywhere in WA and I could use the practice on pulling up comps and researching on the MLS anyway, so I would be glad to help as long as it is understood that my time is worth money too. I certainly don't want to spend an exorbitant amount of time with someone who isn't going to understand that the offers have to be realistic. I still have a used car dealership back in upstate NY and that is doing very well, so I am not going to starve. I also owned a contracting business there for years, so I know houses and properties pretty well. Ultimately, my goal is to work with builders, developers, and investors, so this is a great place for me to get started. As long as you understand the logic of paying for my expertise and availability of information, I am sure we can find some great deals together. I know of one fourplex that looks pretty good right now, but it most likely won't last long. Even so, there will be others, so contact me. Nothing ventured, nothing gained...
Thanks,
Jeff
I am looking for a newbie RE agent to work with me for comps, etc. I live in New Jersey (Union county) area.