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| Price: $70,000 | | FMV: $120,000 | |
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Hiring The Right Realtor
| | Wednesday, December 22, 2004 @ 05:22 PM EST
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Contributed by: John Michael
John Michael Properties
Read more archived articles about Buying
I suggest you work directly with the property owner under most circumstances but there will be times when you will need the right realtor to do the job for you.
The best reasons to do your own negotiations without a realtor are:
- To make sure you are represented correctly.
- To reduce cost.
A Realtor gets paid a commission and this will inflate the cost of the purchase in most cases.
Realtors can be a great asset if you inform them properly in what you expect and what you want!
Finding a good, flexible Realtor will take time.
I prefer to work with Realtors who are licensed auctioneers, as they seem to be supportive when I make a discount offer.
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It will take several contacts to find the one you can count on, who understands your plan and is prepared to work with you.
Make more than one Realtor part of your team. Realtors can be a key to your success.
Following are questions to assist you in developing a Realtor/Investor relationship:
- I am an investor and I buy property at a discount for cash and quick closing. Do you handle properties from motivated sellers that can be bought at a discount?
- I look at more properties than I buy do you know of any properties that can be bought at a discount?
- I will also need you to list some of my properties from time to time will you work with me on this?
- From time to time I will also need a view comps from you. Can you provide this to me in a timely manner?
- I want to assume no-qualify mortgages! Are you aware of any?
- I also need to refer buyers! Can you handle this?
- Are you familiar with county and city down payment assistance programs for first time homebuyers?
- Can you recommend a good appraiser, surveyor, Title Company, lender, termite company, etc.?
Get a No to any questions go to the following questions:
How about your associates?
No?
Let me speak to your broker.
And start over.
I keep 3 realtors in each of my market areas at any one time.
Keep in mind that a realtor does not get paid till they close a deal
RESPECT THEIR TIME!
Note: John Michael is the author of many guides that can help you become more successful as an investor. See http://www.thecreativeinvestor.com/ChanPart-JohnMichael.html
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