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How Investors Can Deal With A Real Estate Agency
Real estate investors are seen as hassles by a real estate agency. A real estate agency prefers to do business with owner-occupant home buyers who have a down payment saved up, have good credit, and can easily qualify for a conventional mortgage. The goal is to make a profit as quickly and painlessly as possible. Part of the problem is that real estate agency agents rarely, if ever, work with creative financing deals that investors need. A real estate agencys sales force is usually just that – a group of people who excel in sales but not much else. However, the real estate agency is the only place to access the Multiple Listing Service (MLS) and the real estate investor should find ways of being able to work with agents.
For a real estate agency to take you seriously as an investor, you should offer a reasonable amount of earnest money. Many investors are accustomed to putting as little to no money down as possible, but a real estate agency will not give you a second look for $50 down. Somewhere around the $500 range should get their attention.
You can also get an agent to take you seriously if you offer a fast closing. The thought of getting a commission check in 2 weeks instead of 2 months will make them work that much harder to close the deal. Usually, an agent will advise the home seller to accept an offer with a higher amount of earnest money and faster closing over an offer for a higher selling price.
If you have a creative offer, see if the agent will allow you to present it directly to the seller. You might have to fight a little bit to make it happen. A creative offer that you dreamed up wont get the same treatment from an agent. The agent will infuse his or her own bias when presenting your offer. You want the seller to hear the offer directly from you, as no one else can accurately and enthusiastically present your offer. It will also allow the seller to ask any questions directly to you, instead of going through the agent as a middleman. There is too much that can be lost in the translation and can adversely affect any potential deals.
In dealing with agents as an investor, youll undoubtedly encounter one who is uncooperative. Many agents dont want to work with investors simply because itll require more work than just writing up a contract and handing you the keys. Dont be afraid to confront an uncooperative agent, especially if they are unethical. They might lie and tell you an offer was rejected when it was never presented to the seller in the first place. If you find out about it, go over the agents head and consult with the broker. If you cant get any help from the broker, go ahead and work with the seller directly.
Real Estate News and Events
- Media by-law on real estate marketing to be issued soon (Khaleej Times)
DUBAI — A media by-law, which will govern how real estate developers market and advertise their developments, will be issued in about two weeks, the CEO of the Real Estate Regulatory Agency (RERA), Marwan Bin Ghalita said yesterday. He was speaking at the launch of RERA's new logo.
- PRESS: Austria's Raiffeisenbank to buy majority stake in Czech realestate agency Lexxus (Interfax)
PRAGUE. OCTOBER 17. INTERFAX CENTRAL EUROPE - Austria's Raiffeisenbank will acquire a majority stake in Lexxus, one of the Czech Republic's largest real estate agencies, to help the agency expand into foreign markets, Czech daily Hospodarske noviny (HN) reported Wednesday.
- Real estate agent tore out rivals' ads (News Interactive)
A NEW South Wales real estate agent will have to perform community service after leading a "cell" of fellow agents in preventing the advertising of rivals' cheaper fees.
- Media by-law on real estate marketing to be issued soon - UAE (MENAFN)
Media by-law on real estate marketing to be issued soon - UAE
- Real Estate Notes (The Cincinnati Enquirer)
Thursday | Real Estate Investor Association of Greater Cincinnati Membership Meeting: 6-9 p.m., Hamilton County Community Action Agency, 1740 Langdon Farm Road, Evanston. Free. www.cincinnatireia.com.
- Global real estate giant showcases latest realty projects at Cityscape 2007 (Gowealthy)
Emaar Properties, one of the world's largest real estate companies and global provider of premier lifestyles, will highlight its new global growth model that focuses on geographic expansion and business diversification at Cityscape 2007, the region's largest property investment and development exhibition.
- France's Attali commission criticizes real estate transaction costs (Sharewatch)
PARIS (Thomson Financial) - A commission set up by President Nicolas Sarkozy to identify obstacles to economic growth in France has questioned the level of tariffs applied by real estate agencies.
- Real Estate Investment and Mass Media Marketing Specialist 1-800-SELL-NOW Retains NewsMark Public Relations as Wave of ... (Broadcast Newsroom)
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BOCA RATON, Fla., Oct. 15 /PRNewswire/ -- Real Estate Investment Specialist 1-800-Sell-Now today announced it has retained NewsMark Public Relations to guide its national media outreach strategy to investors and homeowners as record foreclosures and the worst housing decline in 16 years present opportunities for a new breed of investors.
- Teles Properties Launches New Real Estate Brokerage Model in
Los Angeles (Business Wire via Yahoo! Finance)
LOS ANGELES----In a market where many real estate companies are downsizing or even closing their doors, Teles Properties announces the launch of a bold, new real estate company designed to provide both exceptional agents and exceptional customers with unparalleled services.
- Winter Park ad agency branches out (BizJournals)
WINTER PARK -- A longtime Winter Park advertising agency that specializes in catering to real estate clients now wants to grow its business by wooing hospitality industry clients.
- Teles Properties Launches New Real Estate Brokerage Model in
Los Angeles (Business Wire via Yahoo! Finance)