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How do you find a GREAT Realtor?

Dan_Eisenhauer

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I had posted this message in another thread. But, the subject seems to come up again and again, so I thought it was time for its own thread. Feel free to contribute your thoughts, Folks.


Without putting down all of the REIN members who are Realtors, I doubt every REIN member Realtor is a great Realtor. My suggestion is that you ask REIN members in your area who they are using. Ask people in your community who is one of the leading Realtors in your town. Go to various offices and ask to speak to the manager. Explain why you are there and find out who he/she thinks is an up and coming star in that office.

You should be able to develop a list of three to five possibilities. Invite each to lunch... at your expense... as you will be interviewing them, and they may not get the job. Tell them about your current position, especially if you are new at this game. Talk about your goals. Ask them what they will do for you, and how they work with their clients. Above all, listen to what questions he/she asks about you and your goals. If there are no questions, then I suggest you say, "You`re Fired!"

You may have concerns that a Realtor may not want to work with you if you are new at the game. Nonsense! If you are new, have no investments now, be honest. But also be honest about your plans. Any Realtor would love to work with someone who they think is going to buy multiple properties through them over a period of years.

Pick a person with whom you feel very comfortable, who is willing to work for you, who will give you advice, who would treat you as if you are their family member. No matter how good a Realtor is, if you do not feel a warm and fuzzy feeling when with that person, that relationship probably will not work. Do you get a feeling that they will be working for you, and not themselves. (My current Realtor told me a price I was considering recently was too high
. You want your Realtor to tell you that.)

As a Realtor, four years ago I did a deal with another Realtor whose income may be in 7 figures... certainly well into the high 6 figures. He was arrogant, snotty, cold, and full of himself because of his income and his self perceived position in the community. He showed no interest in me or my client. I saw him numerous times after that deal, and he had no idea who I was. He is one person who I will never call to sell my property... or to buy one either, for that matter. Genuine warmth is important. I have dealt with many genuinely warm and caring Realtors over the years.

I suggested you talk with up and coming stars. They are showing a keen interest in the business. Their business is still growing, and they have not become jaded by having business fall into their laps, like my arrogant friend. They are still open to new ideas and concepts, and chances are that you will be introducing them to investment ideas that they have not been aware of before.
 

bigbabba

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How do you find a GREAT Realtor?, That is a question many ask.

they exsist?

realtors dont sell homes, homes and mls sell homes. Realtors are just a middle man that dont need to be there to begin with, there is nothing a realtor does that an average person cant do on their own, if you are an investor buying 3 propertys weekly then I can see an assistance of a realtor but all in all we dont need them. They have no special skills beyond and average persons skills or abilitys. It`s all an illusion that people think they need a realtor to sell/buy homes, the faster they realize this deffect the faster they will put more money in their pockets.
 

moniq

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QUOTE (bigbabba @ Dec 27 2008, 10:23 AM) How do you find a GREAT Realtor?, That is a question many ask.

they exsist?

realtors dont sell homes, homes and mls sell homes. Realtors are just a middle man that dont need to be there to begin with, there is nothing a realtor does that an average person cant do on their own, if you are an investor buying 3 propertys weekly then I can see an assistance of a realtor but all in all we dont need them. They have no special skills beyond and average persons skills or abilitys. It`s all an illusion that people think they need a realtor to sell/buy homes, the faster they realize this deffect the faster they will put more money in their pockets.

Maybe you are right. If you have the knowledge, time and the inside you do not need a realtor. But......

A Realtor has the ability to take away all the little problems you do not need to deal with.
We ease the stress and client will be not burdened with little problems. We deal with it. We are Stress Reliever!!!

It is convenient (lock boxes) you do not need to stay home all day (especially when you are not living there anymore).

More exposure with the MLS then advertising in the newspaper.... and cheaper then trying to advertise it through your local newspaper....

Commission is negotiable and client does not feel we are putting more money in our pockets.... Everything is negotiable....and everyone is happy after a good transaction. The house is sold and there is no bitter taste afterwards. Important is communications and my clients do not feel being cheated.


That`s my way of thinking.
 

robertmcleod

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Dear Bigbabba, I feel I need to make a comment about your comment about realtors, but first let me comment that it`s 5:03AM Monday morning and I just got to work for the day.

Before I started my career in real estate I decided to sell my own property after having bought and sold a few, my brokers at each occurrence made the time made it look easy, so I took their skills for granted. Where I am today is completely opposite to where I thought I was going to be, having gone from working 60 hours a week to 90-110 on a typical week.

Realtors show houses, set up appointments, do 80% of things that any common person could do if they took the time and interest... you`re 100% right. Beyond that there`s the 20% of things that cloud the picture a little and of those things, boy they`re pretty intense. Day to day real estate working with first time buyers and sellers, you tend to run into the same things; inspections gone wrong, bad financing, clients not understanding the process, normally things that with some discussions and calls get resolved. Investment real estate is where things take on a life their own, in this case you do need a realtor or more accurately said a person with the contacts and a pile of personal experience doing what you want to be doing-right, a person with the awareness of the right deals, a person who can "include" you in the action. Maybe I set myself apart here, I`m a realtor that invests before my clients invest, I put my foot forward to test many of the investments before any client takes the plunge. But also especially in this market don`t you want to be working with someone who`s being told... "hey if you know of anyone who can get me out of this property bring them by". You know you have the right person sourcing you deals and advising you on what to do when simply put they can tell you and measure their equal success.

In the marketplace we`re in, I feel good when I know I help my buyers get the right deals, but also in knowing when I see the sellers who need out and I`m able to get them the cash they need and the new home before the bank steps in too.

Food for thought, I just wanted to air my case, now it`s back to work... maybe too early to start my calls yet!

Success,

Robert F. McLeod, CSI
#1 Residential Realtor Re/Max Real Estate & Top 100 Re/Max Worldwide
Managing Partner-McLeod Project Marketing
[email protected]


QUOTE (moniq @ Dec 27 2008, 12:55 PM) Maybe you are right. If you have the knowledge, time and the inside you do not need a realtor. But......

A Realtor has the ability to take away all the little problems you do not need to deal with.
We ease the stress and client will be not burdened with little problems. We deal with it. We are Stress Reliever!!!

It is convenient (lock boxes) you do not need to stay home all day (especially when you are not living there anymore).

More exposure with the MLS then advertising in the newspaper.... and cheaper then trying to advertise it through your local newspaper....

Commission is negotiable and client does not feel we are putting more money in our pockets.... Everything is negotiable....and everyone is happy after a good transaction. The house is sold and there is no bitter taste afterwards. Important is communications and my clients do not feel being cheated.


That`s my way of thinking.
 

JerryCharlton

Remax Realty Professionals - Calgary
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Aug 30, 2007
Messages
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Great Customers
1 - Know a lot about what they want and need
2 - Tell their Realtor clearly what they want and need

Great Customers
always have Great Realtors and Great Lenders and Great Lawyers and Great Contractors and Great ................ the list goes on
 

RedlineBrett

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QUOTE (bigbabba @ Dec 27 2008, 10:23 AM) How do you find a GREAT Realtor?, That is a question many ask.

they exsist?

realtors dont sell homes, homes and mls sell homes. Realtors are just a middle man that dont need to be there to begin with, there is nothing a realtor does that an average person cant do on their own, if you are an investor buying 3 propertys weekly then I can see an assistance of a realtor but all in all we dont need them. They have no special skills beyond and average persons skills or abilitys. It`s all an illusion that people think they need a realtor to sell/buy homes, the faster they realize this deffect the faster they will put more money in their pockets.

I was once like you... and then I got my license because I thought it would be easy money... LOL. Interview some seasoned investors and ask them if they use agents or not... I bet you will find out that nearly all of the successful investors have agents/brokers working with them.

Many investors start out doing it all themselves and quickly realize they can accomplish so much more by adding members to their team and trusting them to play their positions. Do you think the best deals are found by looking at pricing alone? Do you think all properties are on the MLS??? If you do then you are missing out on a lot.

I can understand your feelings because that`s honestly how I felt when I worked with my first agent. But I had a bad one. I think you need to interview some potential `good` agents and let them pitch their value proposition to you. Ask for some references for things they`ve done to go above and beyond.
 

Dan_Eisenhauer

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I have been a Realtor in both Nova Scotia and British Columbia. Some of what Bigbabba says above is true. We do not NEED a Realtor to buy a property. But, even with my experience, I will choose to work with a Realtor, close to 100% of the time, if not all the time, for all the reasons the other have made.

IMHO, buyers do not save money by buying a FSBO. FSBOs are often overpriced, and unless the Buyer really knows the market, chances of over paying are good. But, you say you won`t over pay because you will be saved by the appraisal. What if the Seller still has his head stuck in the clouds and cannot see reality, and won`t budge on price? Think of the time and energy wasted on this deal.

The FSBO is a FSBO because he wants to save the commission. The Buyer is often going it alone to save the same money. How can two parties save the same money?

When selling, Realtors have a much higher success ratio than FSBOs do. I worked FSBOs in NS, and became the FSBO King of my office. I cannot recall one FSBO that sold on their own, and most listed within 8 weeks of my contacting them.

Will I use a Realtor in every case? Probably not!! I may have someone I know, such as my lawyer, or a friend, refer a potential purchase to me. I am not going to turn down a deal like that. But, I will not going looking for deals on my own. The advantages of using a Realtor when buying or selling far out weigh the disadvantages.
 

mcgregok

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Full time Realtors may be able to inform you of opportunities that you may miss. Its difficult to know everything that is going on in different cities. Since I live in Calgary and deal in Edmonton Realtors are my answer for info. I really don`t what to be running back and forth. I do find that I have to coach most realtors on what I want. Unfortunately many realtors I have delt with are a little short on knowledge. I usually ask a few simple questions that I know the answers to see if they can answer them ( whats is the vacancy rate?, what is the average rent for house , apt. etc?) If they don`t know at least the basic I move on. Realtors only do so much. Knowing what their job is helps in dealing with them.
 

RedlineBrett

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QUOTE (NorthernAlex @ Dec 29 2008, 06:37 PM) To stay with the topic: How do I find a good realtor?

1. Ask around people you know or even this forum if anyone knows of a good agent you can interview
2. Call a couple candidates, ask if they are willing to either meet with you or arrange a time when they can talk to you about your search.
3. Ask each a few of or all of these questions if you are shopping for an investment property:

- How many investors do you typically work with? (This gives you an idea of how much business they do with investors.)
- When was the last time you sold an investment property? (This lets you know how on top of their game they are)
- What can you tell me about the rental market in the area I`m considering? (If they sell rental property or own some themselves they should know what rents are like in the area.)
- If I were a landlord in this area what things could I market to my tenants? (You want to hear things like "one bus route to this employment center, 10 min walk to C-train, good school nearby etc. Shows if a realtor is "plugged in" to the area.)
- If you work with a lot of investors what do you do when two of your clients want the same property?
- What can you tell me about city infrastructure initiatives in this area?
- Tell me about some of the good deals you`ve negotiated for clients
- What are some of the reasons I should work with you rather than another agent?

4. Ask for some recent client references that used him/her to buy a similar type of property

5. If you are using an agent to `trade up` or sell your current home and move into your next one ask them what fees they charge if you give them business on both ends.

Going through that process should give you a pretty good idea and you should be able to tell which agent you would work best with.
 

FayWong

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QUOTE (bigbabba @ Dec 27 2008, 10:23 AM) How do you find a GREAT Realtor?, That is a question many ask.

they exsist?

realtors dont sell homes, homes and mls sell homes. Realtors are just a middle man that dont need to be there to begin with, there is nothing a realtor does that an average person cant do on their own, if you are an investor buying 3 propertys weekly then I can see an assistance of a realtor but all in all we dont need them. They have no special skills beyond and average persons skills or abilitys. It`s all an illusion that people think they need a realtor to sell/buy homes, the faster they realize this deffect the faster they will put more money in their pockets.If you have been dealing with average or below average realtors then your comments are true.You do not need any special skills to be a so-so realtor. That doesn`t mean that none of them have special skills. If you are ever fortunate enough to have a good to excellent realtor on your team your view would change. A good realtor may sell your home for more, faster but more importantly they can help you find good buys, ones you might miss and negotiate great deals and help you avoid the dogs.
 

Jack

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QUOTE Full time Realtors may be able to inform you of opportunities that you may miss.
Realtors do
certainly have a purpose (bigbabba, ouch!). People can do it by themselves, if they`d like, but they can also very well do their taxes by themselves, try to learn how to ski by themselves, cook their own meals, etc. But, because people don`t want to do those things, they hire accountants, they hire ski instructors, and they go out to restaurants. It`s really no difference when dealing with a realtor. I mean, who has the time or desire to deal with all that crap (showings, paperwork, etc.)?

One issue I have in working with realtors exclusively as an investor is the inherently flawed idea that "they can find and bring you amazing deals that nobody else can". Really? If that were the case, why wouldn`t they be buying the properties themselves? Surely they wouldn`t pass on an asset that could generate them long-term cashflow and have solid potential for capital appreciation for a one-time commission of, what, $5,000 - $10,000? It`s kinda like these full-page advertisements seen everywhere that try to sell people on real estate investments in Costa Rica, Hawaii, wherever; if they`re truly that good of an investment, why are they trying to sell
them to you
?

Think about it.
 

RedlineBrett

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QUOTE (Jack @ Dec 31 2008, 08:26 AM) One issue I have in working with realtors exclusively as an investor is the inherently flawed idea that "they can find and bring you amazing deals that nobody else can". Really? If that were the case, why wouldn`t they be buying the properties themselves? Surely they wouldn`t pass on an asset that could generate them long-term cashflow and have solid potential for capital appreciation for a one-time commission of, what, $5,000 - $10,000? It`s kinda like these full-page advertisements seen everywhere that try to sell people on real estate investments in Costa Rica, Hawaii, wherever; if they`re truly that good of an investment, why are they trying to sell them to you?

Think about it.

Really very simple. Not everyone has the $$ to buy all these deals themselves. I buy investment property, yes, but I have to sell a bunch of houses to get my next DP. Takes almost 10 5-10k commission cheques to get a solid 20% dp for a good property!
 

GarthChapman

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QUOTE (Jack @ Dec 31 2008, 08:26 AM) One issue I have in working with realtors exclusively as an investor is the inherently flawed idea that "they can find and bring you amazing deals that nobody else can". Really? If that were the case, why wouldn`t they be buying the properties themselves? Surely they wouldn`t pass on an asset that could generate them long-term cashflow and have solid potential for capital appreciation for a one-time commission of, what, $5,000 - $10,000? It`s kinda like these full-page advertisements seen everywhere that try to sell people on real estate investments in Costa Rica, Hawaii, wherever; if they`re truly that good of an investment, why are they trying to sell them to you?

Think about it.

Jack, as Brett says, they can`t buy them all. Also many Relators are not property investors. In fact the vast majority of Realtors do not buy any investment properties at all. Those who do are in competition with their investor clients, and that is an issue that should be addressed between the parites so the rules of the game are clear.
 
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