Mon, Mar 22, 2010
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Do We Really Need Realtors?
| | Monday, April 27, 2009 @ 04:12 PM EDT
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Contributed by: Jason Hanson
Jason Hanson Properties
Read more archived articles about Buying
Most people know that I'm not a huge fan of Realtors®. That I think you need one on your power team to run comps and that's about it. I was doing some reading online and I found an investor with a good thought/quote. This individual said that a "Realtor® is only useful if they do exactly what I tell them and if they remember they work for me". It also mentioned that seasoned investors rarely ever use Realtors® and that rookie investors think they are necessary.
I fully agree. That is because seasoned investors use the techniques of the pros: wholesaling, subject-to, etc. While rookie investors think that you invest in real estate by hiring a Realtor® to find you an investment property.
Let's go back to that part about how they’re only useful if they do exactly what you say. This is not only true for Realtors®, but any member of your power team. Your accountant, lawyer, and handyman-they all work for you and should be quickly replaced if they're not doing their jobs (and don't forget you will constantly be replacing certain members of your power team such as Realtors®, handymen, home inspectors).
As I mentioned at the beginning, Realtors® are needed for comps. I've received several emails lately from people who are having trouble finding someone to run comps for them. First, you can try the websites www.sitexdata.com and www.realquest.com to run your own comps.
Then, you need to have multiple Realtors® who can run comps for you and the best way to find these people is by networking at your local REIA meetings. One of my mentors has a saying "You can't do business sitting on your butt". So, if you don't have any Realtors® on your team you can go hit ALL of your REIA meetings this month and make it your goal that you will not leave until you have at least one business card from a Realtor® who you can now work with (and remember the key of getting them to work with you is offering them all of the leads that you get and cannot use….always give them an incentive to do business with you).
Don't just read over that part about making it your goal to collect one card from a Realtor®. You need to sincerely promise yourself that you will not leave the meeting without a new contact. You need to write it on a sheet of paper. Stare at it before you head to your REIA meetings. These type of small goals—making a new contact at a meeting, making 5 calls per day, spending two hours per week driving for dollars, attending your REIA meetings, sending out 1,000 pieces of mail per month, sending 5 emails per day—these are the "secrets" to real estate wealth and freedom.
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