Working "WITH" Real Estate Agents????
You Gyrlz n Boyz know how I'm always railing against realtors about what pains in the #ss they are; get this:
I was talking with a Century 21 broker the other day and he asked me about my Loss Mitigation business. I explained to him that my job was to help people who are behind in their mortages, in collections, loss mitigation, foreclosure, etc., and work with the lender to resolve the issue BUT that sometimes, folks just don't have the money to qualify for a work-out plan and just need to get out of the home fast in order to avoid the foreclosure on their credit.
He was all over that until I explained that sometimes the deals were upside down or short on equity and needed to be sold short.
Then I laid an egg on hime and told him how I would love to list with a brand name RE Agency but that I felt that agents were too self-serving, lazy, unflexable and not attuned to the needs of the seller.
Anyway, he assured me that if I would work with him in the distressed property area, (give him some listings) when he got thru laying off 28 of his agents, he would have me and my partner come in and teach his active agents how to deal with pre-foreclosures, distressed property and the like.
Then I laid it on him that I had over 20 investors an investment group that are (DFW Real Estate Investment Co-Op) always looking for deals.
To wrap this up, I'll be keeping you all updated on my progress inworking WITH realtors. This shoudl be a hoot.
C-
CPifer:
WAY TO GO!!!
Sounds exactly like how I've been operating!
You'll be plenty busy + PLENTY PAID to boot!
KEEP US POSTED onYOUR PROGRESS and CHALLENGES!
Best of Investing to You!
Derrick
Most Realtors will not be interested in applying what you have to say. They will listen to you because it sure beats a dull sales meetings. They just wont do the type of job that the distressed property owner needs to get them the relief they need.
I think instead of a bus tour to see the office's new listings- the drive will be to steps of the courthouse.
SV, I agree with both your statements that suggest that "Most Realtors will not be interested in applying what you have to say," and, "They just wont do the type of job that the distressed property owner needs to get them the relief they need."
But they should NOT be asked to "do the type of job that the distressed property owner needs...." That's our job.
Let the real estate sales people do their job IN CONJUNCTION with the work that we (preforeclosure short sale acquisition speculators) do...
Once we (preforeclosure short sale acquisition speculators) learn that we aren't in competition with this valuable service provider.... and learn to harness their efforts to make our jobs easier... then we'll be closing more shorts with less work.[ Edited by TheShortSalePro on Date 12/04/2003 ]
SSP:
I agree wholeheartly with you regarding who SHOULD do what and to/for whom.
The problem is trying to convince the Realtor. Once they got the listing they seem to get in the way and are afraid of
losing control.
For a moment forget about short selling.
Talk to any builder. The Realtor brings the client. Does the Realtor let the expert do his job? No. They are constantly in the way. Same thing applies with mortgage brokers, etc. etc. They just can't keep out of the way.
Basically, I'm following lender and fha protocols to help my loss mit clients qualify for a "deed in lieu of" foreclosure avoidance. It is not my favorite and it's my last ditch effort to avoid foreclosure prior to bankruptcy which i try to avoid at all cost.
I don't accept loss mit applications unless i know, in advance, that i have a 98% chance to mitigate successfully.
Some prospects, however, will not qualify for a work-oit plan and must liquid. I have an agreement with my realtor that i can cancell the listing any time for a flat fee - just in case i get an investor.
Does that make a bit more sense?
C-
Yes, but it is the nature of the beast. Most people that make their entire living by commissions only , tend to be understandably controlling
[addsig]
If anyone has any apprehension about bringing a listing to, and/or working with a licensed, real estate broker (doesn't have to be a Realtor) on a potential short sale... PM me. If your deal makes sense, I'd be very happy to instruct and guide the real estate broker or broker's agent on what is expected, and required.
You need a cooperative, working relationship, not an adversarial relationship. Too many of you are missing the boat on what could be the turning point in your speculative investment career.
Let's turn that corner, folks.
Please don't get me wrong - I am excited to be working with this broker - he is very hip on SS's and I'm looking forward to working with him and one of his agents that is a dear friend ( and newbie in RE) of my partner, Liz. There is a lot of trust there.
I just have a tendency to **Please See My Profile** on real estate agents. They are right down there with "most" car salesmen and "most" bankruptcy attorneys.
C-