How to Pick a Realtor

I was reading Aiming for Independence and the author has a post about buying real estate. He has a couple of paragraphs about picking a realtor that appears to be written for the non investor. I thought that I'd pick up off of that and expand on what he wrote. My purpose here is to show how to pick a realtor who will be a good partner for a real estate investor.

The first thing to think about when looking for a realtor is: do you need a realtor?

If you are totally new, then in the short run a great realtor will be less expensive than a real estate seminar. However, a bad or just average realtor will end up costing you a lot of money.

If you are experienced, a realtor can sometimes be helpful but is not a necessity. My general rule of thumb is: if it is listed, I bring in a realtor. If it is listed, a commission is being paid. Why not give someone a piece of that commission for representing your interest? Also, a realtor can be helpful if you are investing in an area that you are not familiar with (not a recommended strategy, by the way).

One place I like to look for realtors in an area is at real estate investment clubs. The realtors that attend those understand real estate investing. Also you can get referrals from other investors. The last thing you need is a realtor who only knows how to fill out the standard form.

Another place is to look through the free real estate magazines that are often available at stores. If you don't have access to those, look at the real estate section of the local news paper. Look for someone who is listing a lot of the type of property you want to buy. If they are listing a lot of that property, they probably have some expertise in that area.

Short Notice: Co-operative Purchase Option - Adam King

The Perfect Strategy to make Money in this Market this Market

Have you been waiting for a creative real estate investing system that shows you "once and for all" that there\'s a proven method of getting deals anywhere in the country that is simply un-fail-able? Well the wait is over!

You will be delighted to know Adam does everything different during his presentations. You will first notice that he has a lot of knowledge for what he does, but will also see that "what he does" is very different than what you have seen in the past. If you think this will be another event where you get the same old information and then get pushed to the back table to buy an expensive course, you are sadly mistaken.

Adam will go over a day you will never forget. He will be sharing in detail the Cooperative Purchase System, which has been molded by the times and the economy. There will be an incredible amount of information shared, but the most important point is the promise this system offers. It is the easiest system to get started with in the country! There are associates who have gotten their first deals in a matter of MINUTES. And the average person usually gets a property under contract within 48 hours of applying the basics of the system WITHOUT making an offer to the seller! And in many cases without even TALKING to the seller! If you cannot talk, walk or drive a car you can still apply this system. Even if you are afraid to leave your house, you can still apply this system!

And for one more very exciting bonus, Adam is allowing our members to be the first in the country to witness the much anticipated launch of the Cooperative Purchase ILOC ™ Program. This is the final compliment to the already successful systems within the Cooperative Purchase. This system will show you how to use banks and lines of credit (yours or someone else\'s) to dominate the foreclosure market. You simply will not believe all of the incredible attributes this system has to offer. For all of you who want to live the dream but have been stopped in your tracks because of, fear or of tedious and repetitive jobs and tasks taught by most national speakers, this is y! our last chance to see how a system can compliment anyone in any market. And for those of you who are reaching to go full time and creating a favorable living for your family out of creative real estate, you will see what you have been missing.

When Adam is asked about this system, he replies with; the simplest explanation of this system is the logo on the front page of the Cooperative Purchase Website. And that of course is; welcome, you have no more excuses.

Date:	Saturday, August 4th, 2007
Location:	Holiday Inn Southfield 26555 Telegraph Rd, Southfield, MI 48034
Time:	9am to 4pm

For more information or to register today call us at 248-762-0800 or email us at info@megaeveningevent.com

http://www.megaeveningevent.com/

Land & Distressed Commercial Properties

. . .with None of Your Own Money or Credit

Short notice!!!

They are holding two events and I just heard about them.

They are in San Antonio, TX 7/28 and Los Angeles, CA 7/31

The cost is only $19.95 if you register online. The cost at is $99 at the door.

Go to: CRE Riches

Or call 888-667-1653 anytime 24/7 to sign up

10 best places to own real estate

Good list of places.Of couse, if the general populace knows about them, it's time to start looking for new ones.

read more | digg story

Austin Real Estate Website

This is a usefull site if you are looking in the Austin, TX area. I just wish that it was easier to use and came with better instructions. Some people might not have the patience to play with it to learn it.

read more | digg story

Rent vs Mortgage Calculator

from real estate yahoo

read more | digg story

Dealing with Realtors After a Seminar

"You're not going to be throwing a low ball offer at me, like the last 4 investors, are you?"

I hear this a lot from realtors. I hate hearing this because of course I'm going to make a low ball offer as one of my purchase techniques. It's just not my only technique. That question, however make me think about what happens when many potential investors come out of the seminars.

Most realtors know when a seminar has been in town. They get flooded with low ball offers from unknown people with no money and no credit. Plus, all the offers tend to look the same. I hate to tell you but almost anything they get in those email floods gets tossed out. Think of it from a realtor's standpoint. Why should they put a lot of effort working with 20 offers from some newbie unknown that have very little chance going through escrow?

So, you've spent 1-4 days learning some great stuff and you're all fired up. It's Monday and you want to dive in and put your new found knowledge to work for you. In most cases the person giving the seminar gave good advice on how to find deals. Why then do so many people think that they can get a realtor to do all their work?

In most seminars, students are taught to avoid realtors and look for direct sellers. Why then do the realtors get a flood of offers after that seminar? Because a lot of people who want to be investors are lazy. It's easier to send stuff to a realtor than to look for your own deals, market for and court your own sellers and do all the footwork that is normally needed.

It isn't that realtors, themselves, are lazy. They will do a lot of footwork. They will fax offers, meet with clients, and do a bunch of your paperwork. They just won't do it for you unless they know you and trust that you can perform and get them their commission check at the end of all their hard work.

Thus, we get to the usual catch-22. They won't work with you until you're successful and you can't get successful unless they work with you. Fortunately, this is not insurmountable. Smart realtors know that everyone has to start somewhere and if they can get in the ground floor with "That Client" they have it made for life. How do they know that you're That Client? First, lets look at the things that indicate that someone isn't That Client. Most people who fail in real estate are either lazy or they don't stick to it and follow through (and usually they are both).

The goal here is to show that you are not lazy and you do stick to it and you do follow through. To do this court the realtor. Set up lunch dates if you are local or phone dates if you aren't. First thing is keep the appointment. Next, find out what the realtor is looking for. I could tell you 95% of what they'll say but I still ask because they see that you are taking the time to find out. Also, there is still that 5% that might be key to a good relationship. During this conversation, remember that we have two ears and only one mouth. That is an important ratio. Then tell the realtor what your strategy is and how it fits into what they want.

At this point, I ask for something easy like emailed MLS listings matching a specific criteria. In most states, this is something that takes them 5 minutes to set up and it is then automatic. Then write your offers and either fax them to the realtor or convert them to PDF and email them to the realtor. That way all the realtor has to do is forward the file or punch in the phone number. Since the realtor knows you and this isn't much effort for the expected payout, they'll do it for a while. At this point, if you perform, they'll love dealing with you and you can get them to do just about anything that's legal.

Another thing that you can ask for are non competing referrals. They get referrals from people they send referrals to. So if you need a good loan officer, escrow company, real estate attorney or title company in that area, ask the realtor.

Remember that a realtor can be a valuable ally but anyone who is desperate or inexperienced enough to let you walk all over them, isn't going to be a valuable ally. When hunting for a realtor look for a partner rather than a lackey and you will do much better.