I have several offers in various stages that I hope to complete before July.
What I have noticed is that unless your agent/broker is experienced, full time and is knowledgeable of the area in question, it will be extremely tough to market and sell properties thoughout this weaker real estate market. What can we do to help them?
1) Realize that your broker/agent is full time or part time for a reason. They have every intention of being full time, they just can’t survive with the lower volume of sales. OR They have every intention of being part time, they just have other priorities other than real estate. Not getting an answer from the other agent in a transaction because they are working a second job, is becoming the norm in this market. Be polite. Ask for a secondary contact – someone in their office/company that works with them to assist in filling the communication gaps. Full time agents will have this ready for you. Part timers will get it to you since you are trying to give them business.
2) Be accessible. If your broker calls you, answer the phone! Many deals are decided upon within hours and if you fail to pick up the phone because of the NBA Playoffs, then you may just miss out on that particular deal.
3) Work mulitple deals at once. Make sure you maximize your broker/agent’s time. Don’t just talk about 1 little deal. You lose respect as well as lose perfect opportunities to gain momentum in building your business. Would you rather close 1 deal in two months or close 5 deals in three months??? Trust me, given the choice, your broker chooses the latter.
4) Keep your requirements very clear. Make sure your agent/broker knows exactly what you want before they start looking. I typically tell my agent and my broker that if a property does not fit within these criteria, keep looking. Don’t even bother me with something that fits everything except “it’s only $5,000 above your target”. If you tell them not to waste your time, they won’t waste theirs.
5) Be prepared to burn some gas. I always am ready to jump in the car to meet my agent at a property. In addition, I am always driving downtown to meet my broker to sign paperwork. I know this sucks initially… But, $500 in gas versus $15,000 profit in two months. You decide. And if you are just starting out, be creative! Fax machines, email and lunch breaks are terrific ways to meet with your agent without putting on the miles.
6) Get to know your agent. Find out if your agent works with real estate investors or not. Find out if they are just starting out or have 30 years experience. See if they wish to do 30 deals in a month or 10 in a year. This information will help you guage the amount of effort you need to put into that relationship. Alternatively, you and your business can always find someone else!
7) Don’t be afraid to get your hands dirty. Sometimes in a crunch, all we can do is pick up the slack and do part of the agent’s job in the transaction to keep things moving forward to close. Don’t place blame. Just get to work. Afterall, it is your business right? I will meet with buyers, attend closing, if necessary, and make phone calls. I want to close and get that check. It makes it all worthwhile in the end.
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