Too Good To Be True Or What?
I get calls from people time to time saying that they need to buy "X" amount of properties a month. But when I ask them about the financing they say they have an investor that will pay cash. What is the proper way to screen these callers so that I won't be wasting my time?[ Edited by DallasREpro on Date 10/30/2003 ]
I don't know what to tell you.
But I bet each time a "Seminar" is in town you get the most number of those calls.
I think only some of us are serious but I found most realtors in the DFW metroplex aren't serious about working with investors becuase we are unconvetional and they like to stay in thier box.
I don't ever call and say that. I have actually been told by a DFW realtor after going thruogh the interview process "oh you steal properties".
I call and say I am looking for investment property period. I do not state qty.
I do state: that I only want a serious realtor. I buy at substantial discount, I look for distressed property or very motivated sellers. I tell them that they will most likely not make big bucks on one deal but will get repeat business and my listings.
They don't like to present my offers becuase of my contingencies and low ball offers either. This tells me that they still can't pull away from thier box thinking. They all want to make big cash on as few deals as they can.
I also will walk away if a realtor asks for lender preapproval before showing me property. I will offer them a look at my finacial net worth statement but only a look.
I feel that I am a customer and I am really working as hard as they are for my money so I should get the curtousy that I give them. I don't ask them how much money they make or what thier finacial status is.
If they do the job for me I need we are great business partners what else should they want. We both make money. They have to work hard for short periods, I have the longer hard work to do to get my money.
I have two great realtors but none in DFW at this time I dropped the one I tried to work with for her "box" mentality was hurting us. My others stick by me thru thick and thin but we both work hard and they trust me and I trust them.[ Edited by Dreamin on Date 10/30/2003 ]
I'm a realtor and I know some of my counterparts work with some really productive and experienced investors. I understand there are no get rich over night ventures but I surely know time is money. Just FYI, most of the brokers or real estate agents are told that investors waste a lot of your time and steer clear but they forget we are independent contractors and sometimes you have to take risks. On the other, if the investors can explain what they are looking for from the realtor maybe that could help get them "out the box". I have no problem with that as long as its legal. Thanks for the response. dreamie
From an investor's point of view, it is very simple for a Realtor to understand what I am looking for. I want a super hot property that he/she has come across that they would want to invest in themselves or see one of their relatives acquire except that they don't have the wherewithall to do the deal.
Your Welcome DallasREpro.
I do try to explain but often they just do not grasp the concepts, I think I covered most of it here - simple to me. I have often believed that something to the affect of slander was presented to many a realtor by someone either uneducated, greedy or simply been burnt.
We do nothing illegal. Maybe unconvetional but never illegal. But I do know that the unethical in our midst hurt both sides of the coin(investors and Realtors).
That is why I am so greatful for the two realtors that I work with they are a God send and they know how much they are appreciated. (I hope anyway, I tell them often)
We have an experienced RE atty that looks over all my contracts, terms, and arranges my closings most times. This is to protect sellers as much as buyers regardless if it is us or clients of ours.
I don't leave home without him
You are well within your rights that when an investor contacts you, you can have them give you their critieria for RE. You have mine